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I am working with a lawyer, recommended here in the forum, and getting together all of the documents needed to file for my Rentista residency.
Short version of the story: I have the funds, but am having a very hard time convincing either of my banks to sign off on the required language that is required.
Meaning, I am asked to provide a letter which states that I have at least $150,000 in an account that is secure for five years, and that I will be drawing $2500 per month from.
This is common knowledge to many.
The problem is that this type of account does not exist.
Either the funds are not locked in, as in a savings account, or they are locked in but can not be accessed, as in a C.D.
So far my only thought is that those that are successfully applying as Rentistas are able to get their bank to sign off on “a lie”
Is this the case? Because my banks will not do this.
Does that mean that even though I do have the funds that I will not be able to file?
My immigration lawyer does not have a clear answer at this point. He is working on it, but I wanted to put it out there, to see what you think.
Thanks for any input.I think you may need an annuity. I think that annuities are generally issued by insurance companies rather than banks.
We had to deposit it in an account here in CR because we were unable to get our bank to sign off either. It was with Banco National. It was like a CD account, but they knew exactly what was needed for the immigration process. They then would deposit the specified amount each month directly into our personal account. We received our permanent residency before the five years was up and we were able to receive the remaining balance after three years, with a small “early withdrawal” penalty of course.
I put my money in five-year CD with Citibank and I had no problem. I gave my banker the letter from my immigration attorney and he typed it exactly as I needed it. I’m not sure what the problem is with your bank.
[quote=”Andrew@CR”]I put my money in five-year CD with Citibank and I had no problem. I gave my banker the letter from my immigration attorney and he typed it exactly as I needed it. I’m not sure what the problem is with your bank.[/quote]
The problem is that the letter requires a statement that says that funds from the account will be transferred each month for five years. A C.D. would not allow this.
Did your bank state that you would be transferring money each month, using the account?Are there not some “open-ended” CDs (for lack of a better term) that do permit you to draw funds from them during the course of the life of the deposit? Maybe I’m thinking of something offered here in Costa Rica?
The letter must be issued by international banks [i]that are registered within Polk’s Bank Directory[/i], as well as Costa Rican banks. so this tends to be a problem
No, my letter did not talk about transferring money each month but said exactly the following and worked just fine for immigration since I was approved:
XXXXXXX has an account open with this institution, and the current balance the account is at least [US$60,000 if single, $120,000 if married plus an extra $30,000 per child]. Furthermore, the funds are deposited in our institution in a permanent and stable manner for five years.
Upon the written request and appropriate wiring instructions from Client, Bank Name (“Bank”) can transfer funds to a bank account to be opened by Client at a bank in Costa Rica.
This letter is issued at the request of Client, who is going to present this letter as part of Client’s application for legal residency in the Republic of Costa Rica.
Note that the above poster is talking about the previous amount required, now it is $150,000 for you and your whole family.
The $2500 amount is deposited in your account, which you [i]must then be prepared to show[/i] that you have converted the dollars to colones when you go to renew your [i]cedula[/i]Thanks Andrew,
I’m sorry to keep bringing up the same point, but you included:
“Upon the written request and appropriate wiring instructions from Client, Bank Name (“Bank”) can transfer funds to a bank account to be opened by Client at a bank in Costa Rica.”
If you have a C.D., you can’t transfer funds from it.
Is your bank saying that you can? or that you can transfer from another account?
Or is it being ambiguous? That’s where my problem occurs.
My bank is not willing to be ambiguous.
Sorry to keep asking, but this is the main issue here.
Thanks for any help.On your statement [i]”So far my only thought is that those that are successfully applying as Rentistas are able to get their bank to sign off on “a lie”,[/i] I would like to add that of all the times this question has been asked on this forum and others, I have only seen a positive response from one person, saying that their bank, I think Scotiabank, would sign this letter, and they felt it was only because of a long time association.
It would simpler if you deposited the funds in Costa Rica.I get your point but I guess fortunately for me, my bank didn’t seem to care. Note that my letter says “from client” so I decide, not the bank, which is why I guess they had no problem with the letter. Plus my letter says “funds” but doesn’t necessarily say from the CD. I guess I’m not seeing the ambiguity, at least in my letter. You might want to try a different bank?
I’m sorry to keep bringing up the same point, but you included:
“Upon the written request and appropriate wiring instructions from Client, Bank Name (“Bank”) can transfer funds to a bank account to be opened by Client at a bank in Costa Rica.”
If you have a C.D., you can’t transfer funds from it.
Is your bank saying that you can? or that you can transfer from another account?
Or is it being ambiguous? That’s where my problem occurs.
My bank is not willing to be ambiguous.
Sorry to keep asking, but this is the main issue here.
Thanks for any help.[/quote]Yes, this is true but it can be any money, according to my attorney, not necessarily money from your CD or other fixed income account.
Note that the above poster is talking about the previous amount required, now it is $150,000 for you and your whole family.
The $2500 amount is deposited in your account, which you [i]must then be prepared to show[/i] that you have converted the dollars to colones when you go to renew your [i]cedula[/i][/quote][quote=”Andrew@CR”]I put my money in five-year CD with Citibank and I had no problem. I gave my banker the letter from my immigration attorney and he typed it exactly as I needed it. I’m not sure what the problem is with your bank.[/quote]
If you are still around, Andrew, please let me know the location of your Citibank banker. My local Citibank would not provide the letter with the required language. Thank you.I must confess that I am disgusted with the New World Order banks all over the world.
Recently I wire transferred a not unsubstantial sum of money from Costa Rica into another country through BAC San Jose….
One of the forms I had to sign made me mad as hell…. In effect, this signed form waived AL MY RIGHTS should the money go missing.
The form declared that it wasn’t the responsibility of the bank to find the money should it go astray – WTF? – And, that I could not hold them responsible ….
My old friend George Carlin has a great solution for the bankers:
“Forget the dealers, you want to slow down that drug traffic, you got to start executing a few of these f****g bankers. White, middle class Republican bankers.” George Carlin.
WARNING! His language is graphic!
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