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...

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 billion people, has signed investment and promotion agreements with 15 nations worldwide, provides duty free access to the US, Canada, Caricom, Singapore, China and the EU (among others). To pursue investment interests offshore, Costa is place for high consideration.

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Because of its opened tax regime, offshore Costa Rica companies can take the form of an ‘Empresa Individual de Responsabilidad Limitada’ (Individual Limited Liability Corporation), or any one of the numerous types of ‘sociedad’ that can be incorporated in Costa Rica. A Costa Rica offshore entity ‘sociedad’ can be incorporated as a Sociedad en ‘Nombre Colectivo’ (General Partnsership), ‘Sociedad en Comandita Simple’ (Limited Partnership), ‘Sociedad de Responsabilidad Limitada’ (Limited Liability Company) or a ‘Sociedad Anónima’ (Joint Stock Company or Corporation). The Sociedad Anónima is the Costa Rica offshore company that is most popularly incorporated.

Costa Rica tax on income is levied on a territorial basis for both natural (individuals) and legal persons (bodies corporate). As a result, taxes are due only on income that is generated in Costa Rica, not overseas.

This type of tax regime promotes offshore activity by both overseas and Costa Rica based businesses. Costa Rica offshore regime is one therefore that does not distinguish between Costa Rica offshore companies and Costa Rica domestic companies in the sense that offshore activity and tax benefits are strictly limited to Costa Rica offshore based and offshore operating companies. Costa Rica offshore tax regime promotes international investment and expansion by local companies.

Costa Rica offshore regime is further enhanced by the free zone system which was established in the early 80’s. Costa Rica offshore companies (that is, Costa Rica companies that target international markets) that manufacture their goods and offshore services domestically can do so under very low operating costs because of the Free Trade Zone Regime. Provided that a Costa Rica company satisfies the minimum fixed-asset investment requirement, such company is capable of operating in Costa Rica free from taxation. Costa Rica companies that set up their operations in areas that are less developed qualify to reapply for tax exemption for a period ranging anywhere from 6 to 12 years, with the possibility of further renewal thereafter.

As a destination for manufacturing offshore, Costa Rica provide an array of sectors in advanced technology, a skilled labor force and developed infrastructure force which cerate the ideal climate for outsourcing and other offshore Costa Rica investment and business activities. Major sectors for producing goods and services in Costa Rica offshore, include the sectors, advanced manufacturing sector, life sciences and clean technologies, including medical tourism, textiles and agriculture which are other subsectors of Costa Rica offshore and onshore economic activity.

In developing its image as a hub for trade and commerce offshore, Costa Rica has made great strides in creating apposite conditions for offshore investors. Panama, the United States, China, Singapore and Canada are among the countries with which offshore Costa Rica has established Free Trade Agreements. Approximately 90 percent of Costa Rica offshore exports go to these nations, providing employment for at least 355,000 Costa Ricans in over 2,300 business and manufacturing companies.

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