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Hi,
I am having a hard time having my bank write the letter as stated in a sample letter i got from Javier Z. The problem is: some of the wording is just not accurate.
An account that is stable and irrevocable – the bank manager said that “stable” can mean so many things and that any funds is never “irrevocable”, since the account owner always has the right to close or take out funds (true, penalties might apply).
I really need some advice here. How did the bank write the letters for anyone (who this applies)?
I talked to three different banks and basically got the same answer. Kindly advice or relate how you were able to get this requirement. Thanks.
ibarra
Ask Javier how Mark D. did it. He is a rentista, and had a similar problem, so I think he put the requisite deposit into Scotia Bank in Costa Rica and then they wrote the letter. There may have been more to it than that, but Javier was instrumental in getting all that set up for my friend, so do ask him about it. Banks in the States are very uncooperative, apparently, when it comes to abiding by what CR requires, so maybe putting the money in a bank down there is the way to go.
I too am curious as to this problem. My bank has questions and Javier sent me the same sample letter. I really Do Not want to put all tht money in a C.R. bank. I will love to hear more on this subject.
Terry From Texaswhich brings up another question: What, if any, are the negatives to having the requisite money deposit for residency in a Costa Rican bank? I maintain a small bank account in Costa Rica and so far as I can see, there is no problem.
Deposits in the (eight, I think) nationally-chartered banks in Costa Rica are secured by the Costa Rican government in much the same way that deposits in federally chartered banks and savings and loans in the U.S. are protected by the U.S. Federal Deposit Insurance Corporation (FDIC)and the Savings and Loan Deposit Insurance Corporation (SLDIC). The real question is about the Costa Rican government’s ability to stand behind those guarantees. If only one nationally-chartered Costa Rican bank failed, there would probably be no problem.
Private banks, on the other hand, while permitted to operate in Costa Rica, are not covered by that deposit insurance system. Should a private bank in which you have money deposited fail, there is little to guarantee your money.
Moral of the story: If depositing the required money in a U.S. federally insured bank or S&L won’t suffice for residency, at least deposit the money in a nationally-chartered Costa Rican bank.
diversification…same good advice that holds true for stock market and real estate investments apply to banking as well. This leaves me considering what could trigger a crisis that would sink more than one nationally chartered Costa Rican bank.
The issue here is that the wording of the Bank letter is just not accurate. I can see the bank’s point of view, which is basically its hard for them to sign a legal document that is basically false and misleading.
I do not want to put all the required funds in a CR bank, since they have increased the required amount. I’ll try to update what happens, but if there’s more advice out there, kindly post or email me.
Ibarra
Ibarnon, what do you mean “now that they have increased the required funds?
I questioned the amount of either $600.00 per month or 1,000.00 per month do you know which is correct?
Terry From Texas$600 a month is what you need to prove in income to attain pensionado status. The $1000 a month is what you draw down on deposited money to attain rentista status. There was talk of increasing the $60,000 to $120,000 but I don’t know if that has taken effect yet or not, but my friends who were applying for rentista used Javier to get it done quickly before the new amounts went into effect.
The fund requirement was $60k per family before, now its per person plus $30k for each dependent for rentista.
Hi, you are so right about the banks not wanting to write that letter, i had a heck of a time myself. I went to all 3 banks that I have accounts with. No one would write the letter, they all said the way it was worded was a problem. after weeks of making calls and having meetings with people at the banks I got no where! Finally, i introduced myself to a young VP of the bank(Chase) and explained my problem. He looked at the sample letter that my Costa Rican attorney sent me and wrote the letter just like the sample and I was out of there in 10 minutes. The banks can do anything they want to do. The “keyword” here is “want” There is nothing in the letter we are requesting that places the bank in any kind of jeapardy. I suggest you bring your sample letter and make an appoitment with a bank officer, NOT a manager or managers assistant, they have no power to make decisions like this. I hope this helps you. Your Costa rican attorney can send you a sample letter…you will need that becasue the bank will tell you that they don’t know what you are talking about. Hope this helps,
Artie & Luz Giordano
geminigio, thank you for this information. I now agree you should go to an officer not a manager. I had not thought of this. I really do appriciate your sharing this with all of us because it looked like a real road block but now we can see that it does not have to be. It is what they Want to do not what they Can do…your 100% correct.
Terry From Texasgeminigio, thank you for this information. I now agree you should go to an officer not a manager. I had not thought of this. I really do appriciate your sharing this with all of us because it looked like a real road block but now we can see that it does not have to be. It is what they Want to do not what they Can do…your 100% correct.
Terry From Texasgeminigio, thank you for this information. I now agree you should go to an officer not a manager. I had not thought of this. I really do appriciate your sharing this with all of us because it looked like a real road block but now we can see that it does not have to be. It is what they Want to do not what they Can do…your 100% correct.
Terry From TexasEdited on Jun 27, 2007 13:00
geminigio, thank you for this information. I now agree you should go to an officer not a manager. I had not thought of this. I really do appriciate your sharing this with all of us because it looked like a real road block but now we can see that it does not have to be. It is what they Want to do not what they Can do…your 100% correct.
Terry From Texas
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