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Financing . . . . . . . . . . . .. . . . . . .. . Download pdf of Frequently Asked Questions
• What are the steps to financing property in Costa Rica? What are my options?
Anyone may open a bank account in Costa Rica. You will need your passport or residency card, a letter of recommendation from your US bank and possibly a local letter of recommendation to be provided by Palm Springs. Tourists are not prohibited from opening an account, but most banks require a current utility bill as proof of your address and residency. Banks are subject to many of the 'Know your customer' reporting requirements to prevent money laundering, including the $10,000 transaction reporting limit. However, banking secrecy laws are in effect, so no government (or private) agency may get access to your specific account information without a court order.
There are both government and private banks in Costa Rica. It is recommended that you keep your accounts in dollars, and change to colones when needed due to the devaluation of colones currency in comparison with the dollar.
As part of the purchase and sale process our team will help you determine whether you need a Costa Rican bank account. We will provide you with 3 banking options and help you facilitate getting an account set up.