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$202.00 paid for both inactive SRL’s we have. One holds land the other a townhouse. We use a reputable law firm that has been around for 75+ years in CR.
Petty thief very common and other crimes seem to be increasing especially night time break ins. It’s sad to see this.
Home invasions or break ins during the night while your sleeping seem to be happening quite a bit now in the Guanacaste. Recently, I know one family friend who was held at gun point while his house was raided.. He was simply watching the sunset on his porch with his son. Then, our next door neighbor was broken into while sleeping and items taken and lady groped while sleeping. Police were interested in the groping but could care less about the computers taken. I could go on telling more stories about things happening in Coco/Playa Hermosa during the last year but I’ll let others chime in with their stories.
I use these guys for filing my foreign SRL’s. There seems to be so many new rules and changes that you can quickly find yourself in a bind. One missed checked box could cost you.
Also, check out John’s blog
I agree about wiring money to an account from the US to CR. Have done it several times this year to pay for fees.
The Scotia rep made several mentions about their new requirements that a person could not wire money back and forth from a Scotia account (in my case a corp account) without certification and Dimex for payments. It sounded like this was the case now or in the very near future. That’s all I can remember since many other topics were being covered at the time. It does sound like things are getting complicated though.I was in Scotiabank yesterday talking to the representative about our construction loan. She mentioned that an bank account holder was now required to have Dimex to wire money back and forth from the US. She said this could be set up with a Personario from the attorney.
With our land property, we have an SRL corp. (LLC). We have designated it as a foreign entity classified as a partnership (form 8832). No 1065 needed yet because it is non-income producing and not connected with any US business. If you build/buy and do rentals for income, then that income will be treated differently than your ordinary personal income tax rate. Also, if you sell your property, the capital gains will be taxed at a lower rate. This may make a difference with the Obama tax increases looming next year. If you decide to use a CR corp. and are a US resident, highly recommend hiring an accountant to handle necessary filings. Too many gotchas now and governments sharing info and mostly just aggravating paperwork like David M. said above. Check out this cpa’s blog. He helped us get things properly set up.
http://fideicomiso.wordpress.com/
or this guy…http://www.usexpatriate.blogspot.com/
However you decide, research, hire professionals, and follow in the steps of giants with the proper structure.
Also, paid $180 CR corp tax for inactive SRL.
Go talk to the local branch of Scotiabank in Liberia. Sit down with the retail bank manager, introduce yourself, and get the information your looking for and build a relationship with them. They seem pretty accepting to new applications for purchase and construction at this time . Not sure how it turns out in the end though (like Scott said) since I don’t know of anyone completing the experience. Were about to start the process for new construction early next year in Guanacaste and this is how we have proceeded with so far. Rates and terms are higher and more restrictive than US rates but much better than years past. Don’t know of brokers in CR.
Sprite,
Couldn’t agree with you more on how the irs works. The tax code is crazy complex and penalties are absurd. Maybe Ron Paul can abolish it in 2013 😉
Just hoping to use this thread as a sort of info source for those interested in the old forms(5471 or 8865) or new forms (8938 ) required for foreign CR corporations (SRL, SA, Limitadas). I guess bank accounts would be included in this discussion too. It was Scott’s webmail on Form 8938 (Thanks Scott!!) that peaked my interest into this subject on what to do with my filing situation since I have property held in a CR corp structure.
For those interested, I found this cpa blogsite to be a good source of info. Just read back far enough to get a good feel for upcoming filing. Ciao…
New IRS Reporting Requirement for all Foreign Bank & Financial Accounts.
Now you must tell the IRS that you have a Foreign Account even if the high balance was only a Penny!!!
The 2011 Schedule B for reporting Interest & Dividend Income now states:
Check the “Yes” box if at any time during 2011 you had a financial interest in or signature authority over a financial account located in a foreign country.
Check the “Yes” box even if you are not required to file Form TD F 90-22.1.
The following exception on the 2010 instructions is now gone: Exception. Check the “No” box if the following applies to you.
The combined value of the accounts was $10,000 or less during the whole year.
There is also a new question on Schedule B that allows you to check “no” if you’re not required to file Form TD F 90-22.1.
Note that the new Schedule B instructions discuss the requirement to file Form 5471 for Foreign Corporations, Form 8938 for Specified Foreign Financial Assets and Form 3520 & 3520-A for Foreign Trusts.
http://www.irs.gov/pub/irs-pdf/f1040sb.pdf
…I think were all caught up in this drag net one way or another.
After reading this thread, I did some research on the revised Form 8938 (as of irs site 12/21/2011). Looks like the official 8938 is ready to go for tax year 2011 to be filed in 2012. It’s finally going live. Looks like some updates to the $$ amounts assets that must be reported and if you reside in or out of USA.
My wife and I own land and hold it a CR Limitada. The land is the only asset of the Limitada and produces no income. We have never filed any US paperwork since it is not income producing ( reference Maravila earlier post for my thinking and also my accountants advice) yet we will now need to file the 8938 for informational purposes since we have a foreign entity holding land as an asset.
Anyone have any other comments or research to add on this and if my research is correct. I want to get this right the first time around and do not intend to play cat and mouse with irs. 🙄
