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I just read on one blog that you have to be a resident of CR to open a bank account. My wife and I are preparing to build a home and my builder just told me we need to open a bank account there, including saving and checking.
This way I can have control of transferring money from the saving to checking and he can have check writing privileges to pay for the materials and labor. I am not a resident, so what are my options?
We opened a bank checking account prior to becoming residents in Costa Rica and used our passport numbers for ID purposes. Our building manager was a German friend so he had signing powers but we used to transfer monies into his account when requested.
Unless you know your builder very very well and he is a non Costa Rican I would not give him signing powers. There have been too many scams in this country to take any chances. Our manager had accounts at the 3 building supply companies so I was able to check all the monies paid and goods ordered. Hope this helps.
A question are you registering a non trading corporation for your home or is it to be in your personal names? Hope this helps
Very good advice in previous post!
Having said that, to answer your question, no, you need not be a resident in CR to open a bank account, checking or savings. It is not as easy as doing it in the States, but it can be done.
And opening a personal account is much easier than opening an account for a corporation. In the last 2 weeks we have had renters in our guest house each week, and both couples purchased property here and both opened accounts before they left CR.[quote=”costaricabill”]Very good advice in previous post!
Having said that, to answer your question, no, you need not be a resident in CR to open a bank account, checking or savings. It is not as easy as doing it in the States, but it can be done.
And opening a personal account is much easier than opening an account for a corporation. In the last 2 weeks we have had renters in our guest house each week, and both couples purchased property here and both opened accounts before they left CR.[/quote]Advise your renters that they need to access and use their accounts frequently (at least every couple of months) or the bank will simply consider the accounts as abandoned and close the accounts and confiscate the deposits. This is being done.
Bill, did your renters personally open the accounts or did they have a lawyer do so for them. I was told it is worth paying the lawyer to handle this because it is daunting.
Also, our property is in a S.A. Corp. Was told to open the account in the corp name because the expenses could help in getting residency later on. Our builder is from the US and appears to have a very good reputation. Thanks for everyones advise.Very good advice in previous post!
Having said that, to answer your question, no, you need not be a resident in CR to open a bank account, checking or savings. It is not as easy as doing it in the States, but it can be done.
And opening a personal account is much easier than opening an account for a corporation. In the last 2 weeks we have had renters in our guest house each week, and both couples purchased property here and both opened accounts before they left CR.[/quote]i just opened an account for my husband and the bank told me (HSBC) that yes, you need a cedula or DIMEX i.d. to do this because the new law went into effect july 1.
These two instances happened in two separate weeks within the past 3 weeks. I did not go into the bank and sit with either couple, but in both instances they went to the bank on one day, were told what they needed (included was a copy of an electric bill from ICE – any electric bill, so in one case they used mine, in the second case they used another neighbor friend’s bill).
They went back the next morning and the next time I saw them they were all smiles and “mission accomplished”.
I could not believe it and in fact on both occasions I told them that they were likely to be disappointed.
So you don’t need to take my word for it, but it did actually happen – twice.
[quote=”costaricabill”][quote=”DavidCMurray”]Which bank, bill?[/quote]
BNCR[/quote]
They were lucky !! BNCR in Tilaran requires:
1)that the person who wants to open the account can prove that they have been living for one year in C.R. (fake or real rental contract),
2) the last electric or water bill for the house on the contract,
3) that they already own property in C.R.,
4) 2 recommendation letters from BNCR clients (at least one of them has to be Tico)
5) income statement from a C.R. Contador Publico (if the income is generated in the U.S. they want also a statement from your U.S. bank manager about your income, certified by your accountant in the U.S. and the C.R. consulate in the U.S. etc. etc. ……..)
I think it’s all about the bank branch. I opened a BNCR account a few weeks ago, in my name, with my Passport, copies of some US Bank Statements (untranslated) and two letters of recommendation from neighbors who hold accounts there and are well known to the bank manager. I don’t have residency. BNCR DID, however, want to know how much money I’d be moving into the account, and since I don’t plan to use it for more than household expenses I said, “less than 1,000 / month”. That answer was, apparently, the key…it seems moving higher amounts raise the red flags, (the IRS presumably).
The moral of the story: Ask around!
Oh, and I’m building a home here. To fund my build, I wire transfer draws to my builder when needed, generally to cover expenses they’ve already paid on my behalf, plus a cushion for advance purchases. I have full audit rights over invoices and good visibility on purchases (I can see what’s being delivered on site as I live next door).
I agree it’s not a hot idea to grant your builder to have check writing rights…but you do have to figure out something that’s practical while minimizing your risk.
What you say makes good sense. In the total cost of building a home, a few wire transfers directly to the builder and for expenses already incurred seems like a good way to go. The cost per transfer is pretty steep, but you wouldn’t be doing it often, so in the total scheme of things it wouldn’t add much to the cost.
[quote=”sstarkey”]I pay $25 per transfer. It’s a drop in the bucket really.[/quote]
May I ask what bank you use? We have wired funds to our lawyer a few times from the US and our bank charges $45 and the receiving end charges $50. This adds up fast. Anyone use paypal to send money?
I’ve pursued the matter of using PayPal to send money to my Costa Rican bank account several times. Short answer: It can’t be done.
I’ve also tried sending money from one of my PayPal accounts to another PayPal account and then withdrawing it to a Costa Rican account. Short answer: No Go.
When I’ve pursued it with a PayPal customer service supervisor, I still get a flat “No” answer.
You can send money from your Costa Rican bank account (at least from Banco Nacional) to a PayPal account and then withdraw it to your U.S. bank account, but you cannot withdraw money from a PayPal account to a Costa Rican bank account.
This has something to do with matters of money laundering, terrorist funding, and the fact that Costa Rica is not in full compliance with international banking regulations. Were it that it were otherwise.
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