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[quote=”elindermuller”]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).
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Elindermuller, I have no doubt what you are saying is true for your client but I do have doubts as to whether that is generally true for most non-residents who wish to open an account.I will find out the next time I’m in Costa Rica as I will myself go to BNCR and try.
However I talked to ARCR, I talked to 2 attorneys, and I spoke with 2 different people at BCR and all of them told me I could not open a bank account because I am not a legal resident. This, even THOUGH I did previously have an account at BCR which was frozen and then closed because I could not come down in time to save it from being closed.
I hope BNCR IS giving accounts to residents with property but as I understand it, that is against the law.
[quote=”orcas0606″][quote=”costaricabill”][edit]
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]
My question is, are these CD’s completely safe as they are in the USA or is there a risk of losing one’s money with a CD in Costa Rica? I ask because it seems they pay more than in the USA and I am wondering how/why.
You may be able to open a bank account with one of the private banks, but without a cedula/DIMEX you will not be able to use internet banking to transfer funds to another bank, just to another branch of the same bank.
Some of these private facilities are offering a good rate on CD’s, [i]but[/i] you will need residency….:roll:Please tell me where I can find the $ CDs at 7%? The best I can find is abour 3.75% for a 36 mos CD. Also commercial banks (BNCR, BCR, Scotia etc.) have to charge a 15% tax. Cooperativas are exempt from this tax.
uote=”pdsnickles”][quote=”orcas0606″][quote=”costaricabill”][edit]
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]
My question is, are these CD’s completely safe as they are in the USA or is there a risk of losing one’s money with a CD in Costa Rica? I ask because it seems they pay more than in the USA and I am wondering how/why.[/quote]
[quote=”orcas0606″]Please tell me where I can find the $ CDs at 7%? The best I can find is abour 3.75% for a 36 mos CD. Also commercial banks (BNCR, BCR, Scotia etc.) have to charge a 15% tax. Cooperativas are exempt from this tax.
[/quote]LOL. So you get 7% but pay 15%? Really?!
Yes, really!!! I guess I shouldn’t have to explain but the 15% tax is paid on the interest earned.
quote=”pdsnickles”][quote=”orcas0606″]Please tell me where I can find the $ CDs at 7%? The best I can find is abour 3.75% for a 36 mos CD. Also commercial banks (BNCR, BCR, Scotia etc.) have to charge a 15% tax. Cooperativas are exempt from this tax.
[/quote]LOL. So you get 7% but pay 15%? Really?![/quote]
Anytime YOU give YOUR money to SOMEONE ELSE, whether it is to the Villalobos brothers, Savings Unlimited, Freddie or Fanny for a mortgage or Coopeande for a CD you are at risk of losing your “camisa”. The greater the risk the greater the return. It isn’t all that difficult to understand that if a bank loans money at say 25% and pays 12% interest on CDs there is a lot of wiggle room.
[quote=”orcas0606″]Please tell me where I can find the $ CDs at 7%? The best I can find is abour 3.75% for a 36 mos CD. Also commercial banks (BNCR, BCR, Scotia etc.) have to charge a 15% tax. Cooperativas are exempt from this tax.
uote=”pdsnickles”][quote=”orcas0606″][quote=”costaricabill”][edit]
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]
My question is, are these CD’s completely safe as they are in the USA or is there a risk of losing one’s money with a CD in Costa Rica? I ask because it seems they pay more than in the USA and I am wondering how/why.[/quote][/quote]
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