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It looks like after waiting for over a year that we are finally able to close on the lot we are purchasing in Manuel Antonio. Long story short, the segragation took a while.
I’m looking for advice as to what matters I should start the process on now that we will own the land.
We plan to move down and start building in a year or so, but from what I gather, it is a good idea to get things started now. Things such as bank accounts, phone lines, utilities……We have our corporation in place, as well as a lawyer that we are happy with,so far. We plan to build a home, as well as a couple of bungalows with spa treatment rooms. We are massage therapists and plan to offer accomodatins as well as spa treatments.
So, any advice out there? Thanks in advance. Mark, in Key West.Try and get everything started as soon as you can yes…
Depending on the type of account, it can sometime be problematic to open an account long distance but it’s getting tougher and tougher EVERYWHERE in the world to open bank accounts, especially for US citizens so get it done when you can.
Depending on the area, telephone lines can also take quite some time to get so once again, you would be best to gets that process started too …
I do not know if there are any special permits required to conduct the type of business you plan on building but I am hoping that you already know all about that…
Scott Oliver – Founder
WeLoveCostaRica.comThanks Scott, I’ll be there for the closing, so i’m not looking at doing this long distance. I’ve got a good bank connection who suggests that I set up a minimal, say $500, cd to get the ball rolling. Does anybody know if there is a specific order which these things are best accomplished? As in bank account first, and then phone,utilities etc? Thanks again in advance.
You will need a bank account to ‘prove’ that you have a legitimate presence in Costa Rica when you apply for other things… So yes! That would be a good start…
If you plan on doing everything for the spa in a corporate name to protect your personal assets, then open the bank account in that corporate name.
Keep your business assets in one corporate name, each car in it’s own corporation name and your personals assets (minimal) in your own names.
Keep six months living expenses inside Costa Rica, keep the rest safely ‘offshore’ meaning out of Costa Rica.
“Just because you’re paranoid, doesn’t mean that they’re not trying to get you …”
You will also need an accountant if you are planning on doing business here and I would recommend Randall Zamora. Seach for ‘Zamora’ on this site and you’ll find him …
Scott Oliver
WeLoveCostaRica.comInstead of a cd account, I’d open a checking or savings account so you can use internet banking from the U.S.
Bank of America has a flex CD which allows you access to your money without penalty and is also internet friendly and can be linked to other accounts that you may have with them such as a checking account or several accounts so you can tranfer funds between them. See a personal banking rep wich will help you as your own private banker. All they require is a minimum deposit of 100,000 dolars. I am sure other major banks have similar types of accounts. You may want to choose a bank that has an international banking relationship with a Costa Rican bank for easier wire transfer from both in the US and Costa Rica. If your bank doesn’t have this type of relationship than you have to be at a branch in person to make wire transfers. You can arrainge wire transfers in either country if the bank has a branch or a relationship in both countries. I know its wordy I just hope you get the point I am sharing to try to hep make things easier for you.
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