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I live in US. I have a BN account thru which i pay a loan and taxes on land I bought in CR. I am getting a request to update my account data. Whenever I try to do it a get a message we cannot process your request at this time.
Anybody else with the same problem? Also what is this law about. If I can’t update the info will this affect access to my account on line?
I understand the info wanted is address marital status income etc. If I supply a US address will it also affect access?
I have a $100k plus in the account from a previous home sale so I am obviously concerned. I assume its related to comply with new US bank laws.
Unfortunately, most changes and/or updates to your account must be done in person, because new “signature cards” are usually required.
Just yesterday I went to BNCR to update my account from my passport as ID to my cedula. Only took 10 minutes but I did have to sign new card.
I had a copy of my wife’s passport and a copy of her cedula, but they said she must come in in person.
Also, I hope you are complying with the US FACTA law and reporting your account (IRS form 5471).
If you have all of that sitting in a checking account you could be earning some good interest if you desired. 7% +/- in a dollar savings CD and 12-14% in a colone CD at one of the “cooperatives”. Check out the rates and terms at Coopenae.
The account was registered as a corp back in 2007. I am not a resident and the only cedula I have would be my Corp.
I just sold the house in August so the amount in the account until then was under $10k so I think I have to report it before July 4014. Is this correct? Thx for the help
The announcement in “red” when you go on-line at BN is for Ley 8204, a requirement of SUGEF in Costa Rica against money laundering, and they supposedly ask for an update every 2 years. BN told me that you can update your information on-line from anywhere in the world, you do not need to visit one of their offices. The new notice is currently in the ‘testing mode’ so don’t worry if your info is not updated, you can still access your account and do business.
I have experienced the same problem, If you are not here in the Country to personally update your account every year “YOU NEED A LAWYER”. I have had excellent, reasonable $$$, professional service from Abogados Guanacasta Law
Licda. Alejandra Jaen Hernandez:
Alejane16@HotMail.Com
506 2266 0326 tel
506 2266 0638 faxThe “update” button on the BNCR page is quite new and they apologize with new webpage design etc. My friends in Germany have the same problem, they have to do it in person once they come to Costa Rica in 3 weeks.
For Corporations, a person with POA generalissimo can probably update the info.
[quote=”elindermuller”]The “update” button on the BNCR page is quite new and they apologize with new webpage design etc. My friends in Germany have the same problem, they have to do it in person once they come to Costa Rica in 3 weeks.
For Corporations, a person with POA generalissimo can probably update the info.[/quote]
I would not put all my stock in the advice “not to worry” about it. And you are lucky you are just NOW getting this treatment. I was forced to update my info about 3-4 years ago (by a different CR bank) and when I could not get down there to take care of it they FROZE my account. I luckily only had a small amount of $ in it so it was no big deal but if I’d had more it would have been a big deal.
Unfortunately all this invasion of privacy is about Uncle Sam getting his from the little guy – even though of course many corporations legally pay zero in taxes.
I too had a corporate account and now you can’t have one unless you are a resident. So if you have one the best bet is to find a way to not let them freeze it because if they freeze it you MAY (?) then no longer be allowed to have one.
I had to update my info several time in the past, but since I live in Costa Rica and the bank can call me any time, I have no problem with that. In case of my friends, I am a signer on their bank acct. and if the bank decided not to wait another 3 weeks I could withdraw money and put in a CD for the meantime, leaving an almost empty account for the bank to freeze.
For part timers we can only hope that the online update will work in the near future.It sounds like foreigners who do not have residency will not be able to have a bank account. So you can own property but have no way to pay your bills as a foreigner. I have a
paper certificate (cedula) for my Corp under which my bank account is registered but it sounds like they want more.Banks will more closely monitor financial transactions
October 2nd, 2013 (InsideCostaRica.com) The Superintendent of Financial Institutions (SUGEF) is strengthening its monitoring of bank transactions equal to or greater than $10,000 USD as part of a plan to increase its measures against money laundering and terrorist financing.
The new regulation requires financial institutions to gather more detailed information on customers performing such transactions, regardless if the customer is an individual or business, Costa Rican or foreign.
While SUGEF’s press statement was vague, the legislation requires banks to gather information on all shareholders of a corporation who possess at least 10% of shares, and to ensure that foreigners provide Costa Rican – issued identification (cedulas).
“The legislation provides that supervised institutions should conduct risk management against money laundering and terrorist financing that allows them to know the customer and identify their risks,” said SUGEF chief, Javier Cascante.
During 2012, financial institutions in the country reported 1.7 million transactions equal to or greater than $10,000, half of which were in cash.
Therefore I never withdraw or transfer more then $ 9990 in one single transaction and per day. Otherwise they have to fill out a stack of papers. Stay below the 10 K mark and there is no problem.
Regarding bank accounts, one of our clients just opened a bank account at BNCR, he has no residency yet. One of the requirements was to prove that he has been a property owner for more than 1 year and he had to bring financial statements from the U.S. (he owns several businesses).
[quote=”costaricabill”]Unfortunately, most changes and/or updates to your account must be done in person, because new “signature cards” are usually required.
Just yesterday I went to BNCR to update my account from my passport as ID to my cedula. Only took 10 minutes but I did have to sign new card.
I had a copy of my wife’s passport and a copy of her cedula, but they said she must come in in person.
Also, I hope you are complying with the US FACTA law and reporting your account (IRS form 5471).
If you have all of that sitting in a checking account you could be earning some good interest if you desired. 7% +/- in a dollar savings CD and 12-14% in a colone CD at one of the “cooperatives”. Check out the rates and terms at Coopenae.[/quote]
[quote=”costaricabill”]Unfortunately, most changes and/or updates to your account must be done in person, because new “signature cards” are usually required.
Just yesterday I went to BNCR to update my account from my passport as ID to my cedula. Only took 10 minutes but I did have to sign new card.
I had a copy of my wife’s passport and a copy of her cedula, but they said she must come in in person.
Also, I hope you are complying with the US FACTA law and reporting your account (IRS form 5471).
If you have all of that sitting in a checking account you could be earning some good interest if you desired. 7% +/- in a dollar savings CD and 12-14% in a colone CD at one of the “cooperatives”. Check out the rates and terms at Coopenae.[/quote]
[quote=”costaricabill”]Unfortunately, most changes and/or updates to your account must be done in person, because new “signature cards” are usually required.
Just yesterday I went to BNCR to update my account from my passport as ID to my cedula. Only took 10 minutes but I did have to sign new card.
I had a copy of my wife’s passport and a copy of her cedula, but they said she must come in in person.
Also, I hope you are complying with the US FACTA law and reporting your account (IRS form 5471).
If you have all of that sitting in a checking account you could be earning some good interest if you desired. 7% +/- in a dollar savings CD and 12-14% in a colone CD at one of the “cooperatives”. Check out the rates and terms at Coopenae.[/quote]
[quote=”costaricabill”]Unfortunately, most changes and/or updates to your account must be done in person, because new “signature cards” are usually required.
Just yesterday I went to BNCR to update my account from my passport as ID to my cedula. Only took 10 minutes but I did have to sign new card.
I had a copy of my wife’s passport and a copy of her cedula, but they said she must come in in person.
Also, I hope you are complying with the US FACTA law and reporting your account (IRS form 5471).
If you have all of that sitting in a checking account you could be earning some good interest if you desired. 7% +/- in a dollar savings CD and 12-14% in a colone CD at one of the “cooperatives”. Check out the rates and terms at Coopenae.[/quote]
[quote=”costaricabill”]Unfortunately, most changes and/or updates to your account must be done in person, because new “signature cards” are usually required.
Just yesterday I went to BNCR to update my account from my passport as ID to my cedula. Only took 10 minutes but I did have to sign new card.
I had a copy of my wife’s passport and a copy of her cedula, but they said she must come in in person.
Also, I hope you are complying with the US FACTA law and reporting your account (IRS form 5471).
If you have all of that sitting in a checking account you could be earning some good interest if you desired. 7% +/- in a dollar savings CD and 12-14% in a colone CD at one of the “cooperatives”. Check out the rates and terms at Coopenae.[/quote]
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