Offshore Costa Rica

Offshore Costa Rica is a growing hub for business and investing.  There are many factors that promote Costa Rica as a destination for business offshore; Costa Rica enjoys market access to 2.4...

Costa Rica Offshore Banking

Costa Rica offshore banking can safely be regarded as international banking as currently there are no pure ‘offshore banks’ in Costa Rica as one would find in the classic tax haven.  Costa Rica...

Banks in Costa Rica

The first efforts to establish a bank in Costa Rica occurred between 1847-1849 under the leadership of Dr. Jose Maria Castro Madriz.  His ideas were taken to Parliament through a proposition to...

Costa Rica Bank

Costa Rica bank initiatives began in 1847 with the efforts of Dr. Jose Maria Castro Madriz and others. The plan in 1847 was to establish the National Bank of Costa Rica. This was achieved in 1857 under the Crisanto Medina Agreement but was short-lived, lasting only one year due to administrative and financial problems. It was however not until some 14 years later, in 1863, that the Anglo-Costarican Bank, the first Costa Rica bank was founded through the private enterprise of a group of English men and Costa Ricans.

A person who holds a second passport stands to gain from higher savings interest rates which lead to great wealth accumulation. Spillover effects include better pension or retirement planning and financial wealth. Countries with economic citizenship programs and citizenship by investment arrangements have no capital gains tax and lower corporate tax rates. Such conditions are good for business in a second citizenship.

From then on, other initiatives to establish a bank of Costa Rica were attempted, eventually leading to the creation of several Costa Rica banks over time. Banks in Costa Rica were becoming of necessity because of heightened economic and trading activity and population growth. The Central Bank of Costa (Banco Central de Costa Rica) was established over the period 1950-1953 and today plays an important role in Costa Rica banking and finance. There are four main types of banks in Costa Rica: government owned banks, private banks, multinational banks and regional banks.

In addition to the ordinary commercial bank of Costa Rica, a mortgage bank; privately owned commercial banks, a workers’ bank and several savings and loan cooperatives are in operation. The Central Bank of Costa Rica (Banco Central Costa Rica) oversees the external value and foreign exchange rate of the Colon (Costa Rica’s currency), issues notes and coins, determines general credit policies, coordinates the national financial system and works with various economic sectors of the economy.

Every financial institution and bank of Costa Rica bank is regulated and licensed by the General Superintendence of Financial Entities (Superintendencia General de Entidades Financieras/SUGEF). Among the array of services available, personal checking accounts, corporate accounts (including corporate checking), savings accounts and certificates of deposit are four basic services that are available at all Costa Rica banks. Banks in Costa Rica require a document of identification (usually a passport), a completed and signed Know Your Customer form and a utility bill for proof of address for opening personal saving Costa Rica bank accounts.

Costa Rica offshore banking is not administered under any specific ‘offshore banking’ regime in that Costa Rica bank accounts can be opened by locals and foreign nationals alike. Foreign nationals can open Costa Rica bank accounts as offshore accounts and benefit from the privacy that is obtained from having a foreign account. Costa Rica offshore banking is suitable for foreign investors who do business in Costa Rica and the other parts of Latin America. Costa Rica offshore bank accounts can be used to protect assets and mobilize capital safely and discreetly. It is important that, before opening Costa Rica offshore bank accounts that all relevant information on fees and services are obtained to avoid any disappointment.

Investors who incorporated companies in Costa Rica can aim to further reduce tax liability while expanding their goods and services internationally by opening an offshore bank account in Costa Rica and managing their affairs as they would with ordinary offshore banking. Costa Rica banks offer investment banking, trust services, online banking, credit card facilities for individuals and corporations, and debit cards.

Costa Rica offshore banking also works in the best interests of foreign corporations that operate at free trade zones in Costa Rica. Corporations that enjoy full tax exemption at the free trade zones can amplify their tax shelter a Costa Rica bank that operates as an international/offshore bank. Costa Rica provides this possibility as restrictions are not placed on Costa Rica bank account holding by foreign nationals provided that they meet the due diligence, Know your Client (KYC) and financial requirements (which vary according to bank) for Costa Rica bank account opening.

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