Off shore Banking and Real Estate in Costa Rica

Off shore banking in Costa Rica is not what normally comes to mind when thinking of the term “off shore banking”. Costa Rican banking is not party to illegal financial schemes and is not a tax haven. Authorities in Costa Rica readily cooperate in international laundering and drug related investigations. By Costa Rican law, offshore bank accounts are private in order to protect assets.

State owned banks in Costa Rica are government backed and are considered a safe repository for your money. State owned banks are spread throughout Costa Rica. Privately owned banks are fewer in number and offer less depository insurance than state owned banks. Even so, private banks are the most popular with foreigners.

If you are considering purchasing real estate in Costa Rica either as an investment or with the intention of moving there, you will need the service of a real estate law firm in Costa Rica. You may wish to expand your business or create a new business in Costa Rica. In order to assure conformance to all Costa Rican laws, secure the service of real estate law firm in Costa Rica that specializes in commercial real estate law.

It is legal in Costa Rica for foreigners to buy, trade, sell and dispose of real estate property. Foreigners may also legally set up and transact business in Costa Rica. One benefit of owning a business in Costa Rica is that it often results in residency status for the owner(s).

Offshore companies are corporations chartered in a foreign nation for asset protection purpose. The companies are called IBC’s or International Business Corporations. The main benefit of an IBC is greater account privacy, less regulation, lower taxes and profit deferral. IBC’s utilize Costa Rican off shore banking for the privacy extended to their accounts.

Real estate law firms in Costa Rica work with IBC’s in obtaining properties and setting up the corporation while maximizing privacy, minimizing taxes and assuring compliance with home country reporting obligations.

The main purpose for private individuals (as opposed to IBC’s) to utilize off shore banking and a real estate law firm in Costa Rica is to be in compliance with CR law when investing, leasing or buying. By utilizing a real estate law firm in Costa Rica that specializes in foreign buying and selling, the possibility for a smooth transaction is more likely to be achieved.  Using the services of a real estate law firm in Costa Rica will clarify the intricacies and nuances of CR law as it pertains to your situation. They will be able to advise you about off shore banking and how it may be used to your advantage all the while keeping in mind CR reporting regulations.

Costa Rica is a beautiful country with an attractive lifestyle. It is not a tax haven for those attempting to dodge tax liability. What a real estate law firm in Costa Rica will provide is a way to minimize taxes in your native country and counsel you in off shore banking that will protect your account information to the fullest extent of Costa Rican law.