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A costa rican resident has some state side friends wire money down, for the purpose of buying and selling real esate.
Nothing fancy, they want to form a corporation and issue certificates of shares. About how long should this take the attorney to complete?.. Thanks in advance
An off the shelf corporation may be available immediately.
But, if your “stateside friends” are sending serious money down to Costa Rica, it would best to have those people appointed as the executive officers of that corporation which can take some time.
After that has been done, before wiring money, that corporation must open a corporate bank account and the executive officers will have to supply not insignificant documentation about themselves and prove the source of funds and they may be required to physically be here to do that…
Depending on the bank, they will probably also have to prove in writing what that money is being sent for, meaning they will probably be asked to show the contract to buy the land.
Total time? I would think 6-8 weeks.
Scott
It took me about 6 weeks. Make sure you verify that you are working with very good lawyer (check them out). The minor cost increase is worth it.
Marion:
Forming a corporation takes about 4-6 weeks. That is a standard proceeding.
Now when you say they inted to wire money to Costa Rica to “buy and sell” land, we enter the “know your client” policy of banks and that is complicated.
First of all, most banks will not open an account to non-residents; not even to corporations whose managers are non-residents.
So, the Costa Rican resident will have to appear on the corporation as the manager and signatory on the account, to begin with.
Also, if they can get that far, filing of detailed information will be required to perform every single movement of money avobe $10,000. Including contracts, personal information of the parties, etc etc.
If you have any further questions, feel free to contact me.
Regards,
José Rafael Fernández
Attorney
iblawcr@gmail.com
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