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Redbeard

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  1. Redbeard

    Banco Nacional - Account Types

    Thank you for the responses. I "will" go to BN to get more details but wanted to get some idea as to what to expect before going there. Induna, the information you provided on your account at BN sounds like the type of account that I would like to get.
  2. Redbeard

    Banco Nacional - Account Types

    The way I read the limits on the form I signed for the simplified account at BN, both my maximum balance and my maximum value of transactions per month are currently limited to $1500. - even though my DIMEX number was also shown on the form. While I likely could get that limit increased to $5000 based on the info provided above, I would prefer an account that does not have such balance/ transfer limits, and I would like to have both dollars and colones accounts. Thus the simplified account is not sufficient for my needs. I have a $60K CD at BCR, which eventually will be transferred lump sum into my regular dollars account at BCR and which I would then transfer to BN. (I will be applying for Permanent Residency soon.) What account types does BN have that would be suitable for such requirements? What documents would I need to provide to them to open such an account?
  3. I currently have dollars and colones accounts at BCR, but I am considering moving my funds to Banco Nacional due to problems I have had at BCR. I do not plan to write checks in CR, but I do plan to make pay utility bills online, use SINPE, use the ATM, make wire transfers into and out of the account, etc. A few months ago I opened a "simplified" account at BN, but that limits my balance to $1500. I have tried researching other account types at BN, but I cannot find much useful information on their website. Where do they show requirements and limitations of available personal account types? I have Rentista Residency and own property and live in Costa Rica. The lack of useful information on their website is now giving me concern about using BN. Are others happy with their personal accounts there? Is their website easy to use for online transactions? Redbeard
  4. rodo, I don't think that shares inherited by a spouse would be subject to a transfer tax, but my understanding is that in 2012 or 2013 a law was passed that eliminated the exemption from paying the real estate transfer tax when selling corporate shares that own real estate. My lawyer also said that if I transferred my condo from the corporation name into our personal names, we would have the pay the transfer tax (which would make that transfer rather expensive). I read that the new corporate law has a provision for dissolving a corporation before the new law takes effect in a few months - I plan to ask my lawyer if the new law will allow such a transfer without requiring payment of a transfer tax.
  5. With the corporate tax about to be reinstated, I am wondering if it is time to dissolve the corporation that our condo is owned by. My understanding is that the new corporate tax law allows an opportunity to dissolve a corporation before the new tax takes effect. We used a corporation to purchase a condominium in 2011 when there were tax advantages (i.e. real estate transfer tax exemption) as well as some other advantages that may still apply. But since then the transfer tax exemption has been removed and taxes on inactive corporations have been added. Furthermore, I have found my USA income tax reporting to be more complicated due to ownership in a foreign corporation. I am wondering if the advantages of ownership of real estate in a corporation still offer enough advantages to offset the disadvantages. One concern is whether a transfer tax would apply if we dissolve the corporation at this time and transfer the property into our names. That would be a change in title on the property which normally would require payment of a transfer tax - and that would make the transfer rather costly for us. But if the current law allows a change in title without payment of the transfer tax, that may make it an opportune time to make such a transfer. One advantage touted is better protection against property theft using identity theft methods. Is this still a big advantage? Or with current disclosure laws relating to corporations, is there sill much advantage? I will be discussing this with my attorney, but I would also like to get other viewpoints on the pros-cons of corporate ownership of real estate in Costa Rica based on current laws.
  6. induna, thank you for your responses. Although I could not easily locate your previous posts with references, I have been looking further at Reglamento Extranjeria, Title IV, Chapter III. I had seen Article 214 of Reglamento Extranjeria where it states that if a Temporary Resident is absent from the country for over 2 years (or 4 years for Permanent Resident) their residency will be cancelled unless good justification is provided. But I had misunderstood the language in Article 216 that states: "The foreign person who despite having his or her stay in force, has remained out of the country for a longer period than the period established for its category, must also provide the requirements requested for each migratory category or subcategory, the following documentation: a) Written justification of the reasons for which they have remained outside the country for a period exceeding the one established for their category. If the foreigner remains outside the country for a period of more than one year, they must present the reasons and certification of criminal records duly legalized and authenticated or apostilled for the country where he/she stayed." The application of bullet point "b)" was confusing to me as to whether it only applied if one has been out of the country for the 2 to 4 years required for their residency category as stated in the opening sentence. But now I see that the renewal instructions for both Rentista and Permanet Residency also state: "If you have been outside the country for more than a year, at the time of renewal, you must submit the Criminal Background document of the country where you have been." Thus you are correct that being out of the country for more than a year would not cancel your residency but would trigger the requirement for a new criminal background check. (I had also looked at Ley 8764, Title IV Chapter II, on the Migracion website, that lists obligations of foreign persons, but I could not find anything about a minimum stay in CR for temporary or permanent residency in that document.)
  7. Induna, could you cite where the law states that you must be in the country for one day each year for temporary or permanent residents? I have seen the law regarding being out of the country for up to 2 to 4 years, but I could not find any mention of a need to be in the country for one day each year on the Migracion website. Thanks. Redbeard
  8. ReevesTribe, thank you for this information. I would be ok with quarterly deposits, although it may be too late for me to change the CD. I am shocked that a national bank would write a false statement to Migracion regarding the monthly deposits, when they never had the intent to honor that. I would be interested in hearing from any others that recently opened a CD at BCR to meet the Rentista income requirements.
  9. The $60K (or $2500 per month) no longer needs to be converted to colones, but it does need to be deposited into a CR bank (dollar account is ok). The conversion to colones is an old requirement that is no longer legally required. I just opened a 2-year $60K CD at BCR and they gave me a letter to give to Migracion stating that $2500 per month would be deposited to my savings account each month. But now BCR tells me that they cannot do monthly transfers of principal from a CD account but can only pay out the monthly interest to my savings account. I had planned on using the $2500 per month to pay bills in CR but now my money will be locked up in a CD for two years and I will need to wire additional funds to CR to pay my bills. I am on my second 2 years as Rentista. The first two years I had a $60K CD at Scotiabank CR, and they did pay out the $2500 per month into my savings account, and then paid the accumulated interest at maturity. So make sure the bank you use is clear about how your money will be paid out to you.
  10. stfree, you answered the question I had about the certified marriage certificate - how does the issuing agency know if you are still married? Apparently they do not know - so you could be divorced and still get a currently certified marriage certificate. Such an absurdity to require getting another certified copy once you have already presented one to get your residency!
  11. Great, thank you for the responses. If we can have it done at our EBAIS with our Cedula, Carnet, and CCSS receipt (without going to the CCSS office), that will make it easier. Hopefully we won't need to show proof of our local address - we do live locally, but we don't have any good documents that prove it. All of our monthly bills are paid thru BCR online and don't show our address. I used to have a Cable Tica receipt that showed our address when we had cable set up in our condo, but I can't find it anymore. I think that CCSS kept it when we first applied.
  12. My wife and I will be renewing our Rentista Residency soon. I noticed that our CAJA Carnet lists the same expiration date as our Cedula. What is the process for renewing our Carnet for CAJA? What documents are required? Do they re-review your income/ caja payment again? Will EBAIS turn you away if your Carnet is beyond the expiration date? Redbeard
  13. Redbeard

    Caja premiums

    It should work the same for Pensionado - both are conversions from temporary to permanent residency after 3 years of temporary residency.
  14. Thank you CMinCR - that is very helpful information.
  15. My wife and I currently have Rentista Residency and have deposited $60K in a CD with a $2500 per month payout to satisfy income requirements. My understanding is that one does not need to guarantee a specific income when applying for Permanent Residency. Since CAJA is typically based on a percentage of stated income, how will the CAJA fee be determined when we apply for Permanent Residency?
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