How easy/hard to set up a bank account

[SYLVIE BOUCHER]

We are Canadians looking at an expat life in Costa Rica. We read recently that it is hard for American citizens to open up any accounts in Costa Rica because of all the rules that a Costa Rican bank must observe for such an account. Does this problem affect all North-Americans?…… and how any of you have been dealing with this fact. Thank you for all your information.

[JASON HOLLAND]

Hi Sylvie,

Due to regulations like FATCA, banks around the world are now compelled to give details on their U.S. account holders to the IRS. In some countries, banks have decided not to do business with U.S. citizens anymore. Not so in Costa Rica – at least not yet. A U.S. citizen can open an account in any Costa Rican bank – same for expats from other countries. As a Canadian you’re totally in the clear. 🙂

There are some requirements however. First you have to be a legal resident of Costa Rica, in the pensionado residence program, for example. You cannot open an account on a tourist visa – this rule was instituted a few years ago to combat money laundering. You’ll also need to bring a referral letter (from a current customer of the bank, for example), a utility bill from where you live in Costa Rica (no need to own the property), proof of your income source, and your passport.

[SYLVIE BOUCHER]

Thanks Jason

[MICHEAL LEVINE]

Jason,

Regarding requirements to set up a bank account —

1. Is a tramite for the pensionado program sufficient? Or do I need to have the cedula?
2. I have submitted documentation to the immigration authority showing my income level in order to qualify for the cedula; do I need to repeat this information for the bank?
3. Do I need a postal address in CR to open an account?

[JASON HOLLAND]

Hi Michael,

1. The official rule is that you need your DIMEX aka the cedula (like the Costa Rican green card basically) to open an account.

2. Yes, the bank requirement is separate from the immigration authority.

3. This might be different from bank to bank but I believe all you need is your home address – as shown on a utility bill. With the address system in Costa Rica it will be something like 100 meters south of the Los Angeles church in Grecia. Seems strange but that’s how it works.

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