What you need to know about Opening a Bank Account In Costa Rica.

Blog Summary

A detailed and informative blog post outlining the step-by-step process of opening a bank account in Costa Rica as a foreigner. It begins by providing a brief overview of the banking system in Costa Rica and its history. Then, details the specific documents required for non-residents to open a bank account, including any identification, residency, and financial documents necessary. We also cover opening a Corporate Account in Costa Rica for those who are investors. We describe the entire procedure from initiating the account opening process to final approval, highlighting important considerations or potential challenges along the way. Additionally, we provide helpful tips or recommendations based on personal experience and or research to assist foreign individuals in navigating the banking system in Costa Rica smoothly and effectively. The aim is to present the information in a clear, concise, and engaging manner to educate and guide readers interested in opening a bank account in Costa Rica as a foreigner.

To begin the process of opening a bank account in Costa Rica, you will need to visit a local branch of the bank of your choice. It is recommended to research different banks and compare their fees, services, and requirements before making a decision. Once at the bank, you will need to inform a bank officer of your intention to open an account as a non-resident.

The bank officer will guide you through the necessary paperwork and documents required to open the account. They may also ask you to fill out additional forms and provide additional information depending on the bank’s specific requirements. It is important to ask questions and clarify any doubts you may have during this process to ensure a smooth account opening experience.

As a foreigner looking to open a bank account in Costa Rica, you may be required to present documentation demonstrating ties to the country, such as: letter from the employer confirming employment, document showing commercial ties: proxy or representative of locally domiciled companies, or document proving property ownership for personal use or commercial exploitation, marital connection (affinity), and first-degree consanguinity.

1. A valid identification Document:

·       Passport: A valid passport is required to verify your identity as a non-resident and it must have current entry stamps. If you are from a country that requires a Visa, the stamp must be valid and have a current residence authorization from Costa Rica.

·       DIMEX: If you are a resident of Costa Rica, you need an original migration document

·       DIDI: for diplomats.

·       The bank will have you sign a Know Your Customer form when linking your account.

2. Proof of Residency or Address:

·       While you do not need to have permanent resident status in Costa Rica to open a bank account, it must be established that you have been in the Country more than 6 months.

·       You will need to provide proof (verification) of your current address in your home country. This is usually proven with a recent utility bill or lease agreement.

3. Financial information:

·       You will require a reference letter from a first-tier bank from your home country.

·       Proof of income from a bank statement or employment salary or pay stub.

·       If your salary is less than 1,250,000 colones or approximately $2,500.00 and you will be using less than 731,000 colones or $1,462.00 from your account monthly, there is no need to produce evidence of income. The BCR bank specifies if you have an income less than $5,000.00 you will not be required to justify your source of funds.

·       If you will require a greater sum than above for your transactions, you must have a salary certificate from your employer. You may also be required to supply documentation supporting the source of funds to justify the transactions to be carried out.

·       If you are self-employed, you will be required to have a certification letter from a Certified Public Accountant.

If you would like to open a Corporate Bank Account there are additional steps required:

·       First you will be asked to fill out an application and Know Your Customer form (KYC) in person at the branch.

·       A Certified document no more than 15-days-old from the Costa Rica Public Registry showing your Corporations Legal Entity ID Number with a copy of the founding deed. This entity must be established for more than 6-months – if not there are additional forms that need to be completed.

·       Identification for all who will have access to the account (authorized signatures). This includes a verification of the shareholder composition which will require a certified copy and notarial certification of legal representation of the shareholder book by a lawyer for all shareholders who own at least 10% of the company shares or the shares held by the largest shareholder if under 10%. The type of share, the number of shares, its valueand the beneficiaries will need to be specified.

o   If you have a general power of attorney include a limit on amounts, with power

of substitution and revocation.

o   If the shareholder is aU.S. company, please specify whether shares are registered nominally or if shares are not bearer shares.

Note: This certification must have a validity of no more than one month at the time of linkage.

·       A Costa Rican CPA (Accountant) must provide evidence of income or for a new corporation a projection of cash flow. This includes financial statements issued at the last fiscal close, copy of the sales and income tax.

·       The bank will conduct a business registration study and there must be an authorization from Management.

Checking Account

The initial deposit is required of approximately $100.00 (50,000 colones) and a minimum income of $1,000.00/month is required.

Helpful Tips for Opening a Bank Account in Costa Rica:

1. Research different banks and compare their fees, services, and requirements before making a decision.

2. Be prepared to provide all the necessary documents and information requested by the bank to expedite the account opening process.

3. Ask questions and seek clarification on any doubts you may have during the account opening process.

4. Consider using a reputable financial advisor or lawyer to assist you with the account opening process if needed.

5. Keep track of your account details and log-in information to access your account online or through mobile banking services.

Conclusion

In conclusion, opening a bank account in Costa Rica as a foreigner can be a straightforward process if you are well-prepared and informed. By understanding the requirements, procedures, and potential challenges involved, you can navigate the banking system in Costa Rica smoothly and effectively. Follow the steps outlined above and use the helpful tips provided to ensure a successful account opening experience in Costa Rica.