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What type of id or documentation do I need to open a bank account? I have read many posts about the different banks available and I’m still unsure of which is the best for my needs.
Preferably I would like an account with easy wire transfer capabilities (from here) and a debit/credit card. Is there one bank you folks are happier with? Can I navigate my account from both the US and in CR?
Should I use the same bank for my 60K pensionista account-is that held separately in some gov account?Can I open a second account for my son if he’s not with me this summer? Thanks, Tracy
If I’m in the Flamingo/Potrero area, what would be the closest/best bank.
I opened my US$ denominated savings acct at BCR after forming a S.A. corp. The attorney provided domicile for the corp and helped me get the acct open. He provided a letter of reference, proof of domicile (electric bill for his office), and personally called a guy at the bank who handled my processing.
I have a debit/credit card and use offices anywhere i need or the web site.
The acct is in the corp name and uses the corp cedula.is it recommended to form a corp, prior to my purchase of property? Is it better to purchase the property through a corp? What kind of references are needed/from whom? Are there BCR branches in the Flamingo area, do they have a Spanish/English website for me to research? thanks
There is a BCR in Flamingo. It is my understanding that you must have an S.A. or resident status to open a bank account. Most people do it with the S.A. Although, the banks are different in enforcement of their requirements, you will typically be asked for a domicile address (whether your own or that of the S.A.), a copy of an electrical bill that matches your address or S.A.’s address and a letter of reference, which would come from your lawyer or an upstanding citizen you have known for a while.
Very good, so I need my Sa first, is there anything I need from the consulate? The closest consulate with jurisdictional say in my region is in Atlanta (anyone dealt with that office before)? Sometimes it takes forever to get certain documents and paperwork put together so I’m trying to sort out what I need ahead of time! thanks
You need nothing from the consulate to for an S.A., just a good CR attorney. There are several Scott would recommend on this site. Pensionista, Rentista or Inversionista status is akin to getting residency/citizenship and there is a lot of paperwork. It takes anywhere from 2-6 months to form an S.A., that will allow you to open a bank account. It may take a year or more to get residency status and it gets tougher every year. The easiest way is $60,000 per person in a bank account that you must withdraw $1,000/month/person for 5 years. There are many other requirements, like good standing legally (no criminal record) and other required paperwork, but it is best to consult an attorney.
Buena suerte.Hola, traceymartin. It has been our experience that you do not need to have CR residency or an SA to set up a bank account at ScotiaBank, a private bank with English-speaking staff. You can keep your account in dollars or colones. You do need to have two banking references where you have had accounts in the US and three personal references and perhaps a couple of other small requirements. It is very easy to wire money from the US to ScotiaBank. They seem to have offices in many areas of Costa Rica. You will also get a debit card for your account. Their website is http://www.scotiabank.com/cda/content/0,1608,CID7_LIDen,00.html
Great info guys, I appreciate all the tips. Can anyone clarify the 60k account, can that money be in a regular account (like a savings account in my name)or does that money go into a special account. I’m guessing that amount will at some point go up, as our dollar goes down, so I wanted to start that process early too. Do I have to monthly change the dollars to colones or is that automatic?
I read somewhere I need to show a criminal background check to someone, is that in CR or at the consulate or to the lawyer I hire? Thanks,Tracyvb is right. You can oprn an account at one of the international banks like Scotia or HSBC or Barclay’s and have access to your $ in CR. If you really want to know the legalities of residency, business practices, criminal law etc., I recommend buying Legal Guide to Costa Rica that is advertised on this site. It is extremely useful.
Many S.A.’s have two accounts, one in dollars and one in colones. Transers between the two is always subject to the current exchange rate. The dollar has been falling against the colon over the last year, but in the last 10 days it has gone up. Ticotimes.net always has the current exchange rate.
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