Banco de Costa Rica
With branches throughout the country, Banco de Costa Rica is considered the most profitable and probably best-run state commercial bank.
Tel. (506) 287-9000
Fax. (506) 255-3316
Apdo. Postal: 10035-1000
San José San José

Banco Crédito Agrícola
de Cartago
(Now Known as BanCredito)
Is the smallest of the state
run banks.
Tel. (506) 223-8855
Fax. (506) 222-1911
Apdo. Postal: 5572-1000
San José San José


Private Costa Rica Banks:

Scotia Bank
Scotia Bank offers a wide range of personal, commercial and retail, corporate, and trade finance
services. With 14 branches across
the country.  Scotia Bank offers
an extensive range of retail and commercial banking services.
Recently, Scotia Bank, of the
Canadian Bank of Nova Scotia, purchased Costa Rica’s Banco
Interfin, to get a foothold
in this country.


Grupo Mutual

MDO Mortgage Services
At MDO Mortgages Services, we
offer solutions to all your financing
needs here in Costa Rica. Whether
you are looking for a home, condo,
or just buying land, we offer the best mortgage home loan financing
options, available on the market,
through Local Costa Rica Banks, International Financing Institutions,
and Global Investors. Costa Rica
is an amazing place to start a
new business, plan retirement,
and find incredible investments.
We also offer financing to
developers for Commercial Projects,
such as condo developments and
retail centers. Whatever your
financing, mortgage and home
loan needs are here in Costa Rica,
we can find a solution for you.
We service the whole country,
including places like Guanacaste, Tamarindo, Coco, San Jose, Jaco,
Nosara, Quepos, Golfito, Arenal,
Dominical and many more.
We also provide mortgage home
loan services in Panama and the Dominican Republic.


Loan Brokerage
Dollar Cash Out
Costa Rica / Panama
 
Financiera Desyfin
*Investments  *Mortgage & Car Loans
*Factoring (Local & International)
*Letters of Credit
*International Wire Transfers

GLC Business Consultants
*Legal Financial Advice
*Real Estate Law  *Immigration Law
*Offshore Corporations
*Real Estate Investment
*Relocation Services.

King Mortgage
Of Costa Rica
(Brasilito - Guanacaste)
#1 Source for Your
Borrowing Needs!
*Lowest Rates  *Fast Answers
*Clear Response
*Most Flexible Programs
*No Prepayment Penalties
(Lots - Construction - Single
Family Homes - Condos)
 

Let Our Network Professionals, that
have the connections and experience,
help you get Costa Rica Residency

Real Estate, Business investments,
Businesses for sale, apartments in
Escazu... we have it all. 
*The only Lawyer we Recommend!
cr.info@costaricainc.net

Banco San José
The bank is part of the BAC
Credomatic Network, comprised
of eight banks in Central America,
the Caribbean, and Panama,
and Credomatic, the largest credit
and debit card issuer and processor
 in the region. BAC Credomatic
Network is the financial branch
of Pellas' Group, a corporation
with over 125 years of history.
Tel. (506) 256-9911
Tel. (506) 222-8208
Apdo. Postal: 5445-1000
San José San José


Corporación Banex
Bought by HSBC
BANEX offers customers advanced
on-line banking services as well
as a line of financing technology,
international money transfers
& Investments.
Tel. (506) 257-0522
Fax. (506) 256-0210
Apdo. Postal: 7983-1000
San José Av. 1, C. Ctrl,
Edificio Banex, San José

HSBC BANK
HSBC – Global Bank

HSBC – Costa Rica

Banex is Now HSBC Bank.
You may have noticed the
bright red and white sign,
that hangs where the former
Banco Banex blue, used to rest
in the commercial centers of
Costa Rica. That’s the famous
HSBC logo (Hong Kong and
Shanghai Banking Corporation),
which signifies the takeover, of
all of the latter’s facilities in
Costa Rica.
Based in London, HSBC is one
of largest banking and financial organizations in the world,
comprising over 10,000 offices
in 83 countries and territories in
Europe, the Asia-Pacific region,
the Americas, the Middle East
and Africa. It purchased Banistmo,
which owns Banex, in November
2006, for $1.770 million,
simultaneous taking over branches
in Costa Rica, Nicaragua, Honduras,
El Salvador and Columbia.
There will be 100 HSBC Costa Rican branches in the next 5 years.
and add more employees to the
1,200 it inherited from BANEX.
These workers will be trained in
HSBC's high standards of customer service, said HSBC operations
manager David Duncan.
At HSBC, clients are provided with
linked international technology and
 they are offered personal financial services; commercial banking;
corporate, investment banking and markets; private banking; and
U.S-style mortgage lending. Its
large size, is said to provide an advantage, and they are promising
 to link Costa Rican accounts to the United States banks within a year.
HSBC Costa Rican general
manager is Sergio Ruiz.

Banco Cuscatlan
Corporation UBC International is the holding company that owns the Cuscatlan Groups in the region. This Group has duly regulated operations in El Salvador, Guatemala, Costa Rica, Panama and the United States of America, by means of family
remittances. Corporate shareholders include partners, such as the International Finance Corporation,
IFC, in addition to the Central
American partners of the most
prestigious business groups of
the region.
Tel. (506) 221-2845
Tel. (506) 220-2140
C. 28 y 30 P. Colón,
San José San José
 

Banco Interfin
Established 1979, Corporación
Interfin S.A. is dedicated to
providing international financing
and business services for industrial
as well as commercial companies.
Recently, Scotia Bank, of the
Canadian Bank of Nova Scotia, purchased Costa Rica’s Banco
Interfin, to get a foothold
in this country.

Banco Cathay
Offers a wide range of banking
services but relatively few branches throughout the country.
Tel. (506) 290-2233
Tel. (506) 296-5721
Pavas, San José

Banco Promerica
Established in 1992, Promerica
offers a wide range of financial
services. Branches are available
only in the central valley.
Tel. (506) 296-4848
Fax. (506) 232-5727
Pavas, San José


World Bank Organization


Exploring Economies – World Bank Organization

Offshore Bank Accounts
Review of Costa Rica's
Banks

Costa Rica's financial Institutes,
include the Central Bank, 3 State
Owned Commercial Banks, 19
Private Commercial banks,
(Including one jointly owned
State Bank), 1 Worker's Bank, 1
State Owned Mortgage Bank,
and four mutual house-building
companies,15 private finance
companies, and 27 Savings
& Loans Coops.

Also there are 30 Investment
& Retirement Funds or Trusts, run
by both the state and private
commercial banks, and the State
Insurance Company.

Offshore Banking in Costa Rica,
is not considered the kind
associated with tax havens
and illicit financial schemes.

The Costa Rican Authorities
cooperate with International
Agencies in Preventing Money
Laundering & Report any
Possible Drug Related
Transactions.

Costa Rica Banks must also
follow the local laws, regarding
Banking Privacy. Offshore
Bank Accounts in Costa Rica
offer you privacy and asset
protection.

Costa Rica Bank Regulation
How Safe is Your Money?

The Central Bank of Costa Rica
regulates Banking Policies
in Costa Rica.

The SUGEF
(The General Supervisory
Agency of Finance)
Enforces Compliance with
Central Bank Policies.

The Legal Reserve Requirement
on-sight deposits is 15%.

Total Assets may not exceed
11 times a bank's equity. The
legal lending limit is 20%
of total capital per customer.

There is no deposit insurance
on Private Banks, but the
Costa Rican Government
backs the State Owned Banks.

Banco Anglo Costarricense
was closed by the Central
Bank's Examiners in 1995,
after incurring $200 million
in losses, due to bad loans
and fraudulent investments
in Venezuelan Bonds, that
subsequently vanished.

Criminal Proceedings were
successful, against members
of the bank's board & management.
many of whom, are serving
prison sentences. Not one
depositor lost money in this
banking scandal.

Private Commercial Banks
are relatively new to Costa Rica,
since only the state owned banks,
could offer checking & passbook
savings accounts to the public.

Until the Banking Law was changed
in 1995. The law also granted
Private Banks, access to the Central
Bank discount window & Emergency
Loan Facilities. It also requires
private banks to fulfill one of 2 requirements: 1. Opening 4 branches
in rural areas & depositing the
Equivalent of 10% of demand
& short term time deposits,
(30 days or less) in a state owned
bank. Or 2. depositing the
equivalent of 17% of demand
& short term time deposits
(30 days or less) in a state owned
bank.

Offshore Banking from Costa Rica.
Many Costa Rican banks have
subsidiaries or affiliated banks
registered offshore. These offshore
entities are not permitted to capture
deposits or lend money within
Costa Rica, though they work with
Costa Rica clients. Recent banking
law reforms, stipulate that any
SUGEF regulated holding company,
or financial group, owning 25% or
more of the equity of an offshore
entity, must include the offshore
assets on it's balance sheet.
But SUGEF, does not regulate
authority over the operations or
individual accounts of the offshore
entities.

The State Banks
There are 3 State Owned Banks:
*Banco Nationale de Costa Rica
*Banco de Costa Rica
*BanCredito (Formerly Banco
Credito Agricola de Cartago).
*BICSA, is bizarre, as it is a private
commercial bank, jointly owned, by
the 3 state commercial banks.
(And is chartered in the Bahamas).

*It has charters in Panama, Miami
and a representative office in
Costa Rica. *Banco de Costa Rica,
is the most profitable, and possibly
best run state commercial bank.

*Banco Nationale is the largest
State Commercial Bank in both
assets & number of locations.
(Although Banco de Costa Rica
has nationwide coverage too)

*Banco Credito Agricola de
Cartago (Now known as BanCredito)
is the smallest bank.

These State Owned banks offer you
the advantages of being safer for
your money, since they are backed
by the government. They also have
more locations throughout Costa Rica.
They have a wide range of services,
especially banking online and paying
your bills online. Many of the State
Owned banks, also have long lines.

The Private Banks
The private commercial banks, are
relatively small. The largest in assets
are *Banco Interfin, *Banco San Jose,
*Banco Banex and *BanCrecen.

*Banco San Jose offers a good mix
of fast service & a large variety of
services and several locations,
including mini branches in super
markets. They are part of Grupo San
Jose, (which owns credomatic),
one of the largest issuers of credit
cards in Costa Rica.

*BanCrecen offers more locations,
but they are not a full service bank.
*Scotiabank, is a Canadian owned
bank, so most of the staff, speak
excellent English.

The Private Banks offer you several
advantages over the State Banks.
Shorter lines, faster service, more
English speaking employees, and
more flexibility in bringing in
more new products & services into
Costa Rica. The greatest problem, is
the lack of deposit insurance. Private
banks have been undergoing consolidations.

Internet Banking in Costa Rica
is widely available. Banco Nationale
is most prevalent. The internet
services are: account balances, up to
the minute account statements,
transfers between your accounts in
the same bank. Transfers to other
peoples accounts, within the same
bank. Requests for new checks and
savings passbooks, and payment of
utilities, bills and other services from
your account.

*The Superintendence of Financial
Markets (SUGEVAL), was created in
1998, to supervise and regulate
the Costa Rica Stock & Bond Markets.
*Relieving SUGEF of this
responsibility.

Coldwell Banker Vesta Group
(Dominical Beach)
*Mortgage Alliance Program
*Residential Loans

Century 21 Sun West Realty
(Esterillos Beach)
*Mortgage Alliance Program
*Residential Loans


Century 21 Jaco Beach Realty
(Jaco Beach)
*Mortgage Alliance Program
*Residential Loans


Resort Realty
(Jaco Beach)
*Mortgage Alliance Program
*Residential Loans


Nexus
(Jaco Beach)
*Mortgage Alliance Program
*Residential Loans


2 Costa Rica Real Estate
(Manuel Antonio Beach)
*Mortgage Alliance Program
*Residential Loans


Century 21 Paradise Realty
(Montezuma Beach)
*Mortgage Alliance Program
*Residential Loans

Century 21 Green Estates
(Peninsula de Osa)
*Mortgage Alliance Program
*Residential Loans


Sunset Realty
(Santa Teresa Beach)
Guanacaste
*Mortgage Alliance Program
*Residential Loans


Emerald Shores
(Flamingo Beach)
Guanacaste
*Mortgage Alliance Program
*Residential Loans

Century 21 Coastal Estates
(Langosta Beach)
Guanacaste
*Mortgage Alliance Program
*Residential Loans

Century 21 Ocean View Realty
(Coyote Beach)
Guanacaste
*Mortgage Alliance Program
*Residential Loans

Century 21 Coastal Estates
(Playa Grande)
*Mortgage Alliance Program
*Residential Loans

Coldwell Bankers Del Mar Realty
(Nosara)
*Mortgage Alliance Program
*Residential Loans

Century 21 La Costa Realty
(Nosara)
*Mortgage Alliance Program
*Residential Loans

Remax Coastal Property
(Samara Beach)
*Mortgage Alliance Program
*Residential Loans

Century 21 Best Value Realty
(Samara Beach)
*Mortgage Alliance Program
*Residential Loans

ABC Real Estate Costa Rica
(Samara Beach)
*Mortgage Alliance Program
*Residential Loans

Century 21 -At the Beach - El Coco
(Coco Beach)
Guanacaste
*Mortgage Alliance Program
*Residential Loans

Century 21 Tambor Hills
(Tambor Beach, Paquera,
Naranjo Beach, Nicoya)
*Mortgage Alliance Program
*Residential Loans

Century 21 Coastal Estates
(Tamarindo Beach)
Guanacaste
*Mortgage Alliance Program
*Residential Loans

ABC Real Estate Costa Rica
(Tamarindo Beach)
Guanacaste
*Mortgage Alliance Program
*Residential Loans
 

Century 21 North Star Realty
(San Carlos)
*Mortgage Alliance Program
*Residential Loans

Andres Zamora Realty
(San Jose)
*Mortgage Alliance Program
*Residential Loans

AC Law
(San Jose)
*Mortgage Alliance Program
*Residential Loans

Link Estates
(San Jose)
*Mortgage Alliance Program
*Residential Loans

Century 21 Paradise Real Estate
(San Jose)
*Mortgage Alliance Program
*Residential Loans

Calima Group
(San Jose)
*Mortgage Alliance Program
*Residential Loans

2 Costa Rica Real Estate
(San Jose)
*Mortgage Alliance Program
*Residential Loans

Business Center Real Estate S.A.
(San Jose)
*Mortgage Alliance Program
*Residential Loans

Panaticos Mortgage
Consultants


Costa Rican Mortgage
Private Money Lenders

Mortgage - Calculator

Instituto National
de Seguuros, INS
National home, mortgage,
auto, home, fire, life and
theft insurance.

Stewart Title
provides Title Guaranty
and Escrow services to
minimize risk and protect
your interests with real title
guaranty in Costa Rica.


Grupo Empresarial
Tomas Fernandes &
Asociados
real estate, legal support,
foreign advice, development.


R & G: Reinhold & Goudsmit
S. A.
R & G is set to become the top
specialized real estate management
company in Costa Rica offering
expertise, based on our experience
in real estate development, to a select
group of clients such as real estate
developers or investors. We assist
our clients  based on their needs,
ranging from finding suitable
properties to managing the whole
project, or any phase in between.


Reinhold y Asociados S. A.
This is a company that specializes
in trouble shooting for investors.


Costa Rica
Asset Protection
(English )
In Costa Rica, helps establish
offshore corporations, trusts
or foundations.

Provident Group
Provident Group is an international
investment bank that provides
financial solutions tailored specifically
to the needs of its diverse customer
base of institutions, family offices and
wealthy individuals, as well as to foreign governments and Non-Governmental
Organizations.

Godutch Realty
Mortgage Negotiation, Escrow
Accounts, Financial Business
Brokerage, Investment Analysis,
Private Mortgage Service,
Tax Planning & much more.

Lankin Technologies
Leading Edge Software Company
In terms of tailor-made applications,
JUST-IN is a business line of software
that is customizable to the needs
and imagination of the client. It can
be incorporated into a number of
different work environments and
platforms.
 

Hi FX
Intelligent Currency Services
Buying in Costa Rica?
Make Sure You Get the Best
Exchange Rate.
Work with dedicated specialists who
will handle your property
transaction and help save you money
on the currency exchange.

Grupo Camacho
(Member of Morison International)
We have 2 decades in dealing with
values & success.  Beyond the borders,
we have set our services in world wide locations. *Accounting Services
*Tax Advice *Financial Advice
*Management Support Center

 
"Monetary Policy"
of Offshore Banking
in Costa Rica

The Costa Rica Colon, is standing
on it's own now, while the U.S. dollar,
has lost value. The Colon is freely
convertible into any foreign currency
and contracts may be negotiated in
any currency. The Costa Rica Central
Bank establishes exchange rates,
through auctions and a well publicized
policy of daily mini-devaluations.

The Central Bank may authorize
SUGEF regulated institutions to set
their own exchange rates, under certain
conditions. There is no divergence,
between Central Bank exchange rates,
and those prevailing in the open market.

The Central Bank records inflows from
exports, but places no requirements,
on where those profits, must be deposited.
Dividends and Money Transfers may
be sent freely.

The Central Bank is authorized, in
Emergency Situations, to introduce
and regulate the use of short term
measures, to alleviate economic
imbalances or liquidity crisis. Such
measures include: imposing sur charges
on imports, limiting credit growth of
financial entities. Increasing the
minimum legal reserve requirement,
(up to a ceiling of 25%).
Fixing the maximum intermediation rate,
(spread between lending & deposit rates).
Centralizing Currency Transactions
in the Central Bank and obligating the
sale of currency, derived from exports,
to authorized entities.

The Central Bank must comply
with limits on these extraordinary
measures, which can only be imposed
for 1 year or less, which cannot be
applied in a discriminatory manner
among financial institutions or among
sectors within the portfolio of each
institution. The sum of the surcharge
duties, are to be used by the Central
Bank to amortize the monetary
stabilization account.
 

Offshore Costa Rica 
 

Real Estate Law
"The Legal Guide to Costa Rica"


Bufete Abarca & Associates
Abogados y Notarios
(Lawyers and Notary Services)
*Francisco Abarca Umana
Attorney at Law
*Real Estate *Corporate *Tax
*Analysis of Loans & Mortgages
*International Law

First Mortgage CR

Financing


Pacheco Coto Abogados
Law Services
San Jose
(Phone: 258-1619)


Trade Mares CR
Intellectual Property - Legal Services
Abogados - Lawyers
*Copyrights *Trademarks *Logos
*Patents *Authors *Corporate Law
*Industrial Law *Sanitary Registration
*International Law
San Jose
(phone: 258-2270)

 

Green Globe 21
"Environmental Certificate"
Program
for Developers, Hotels
& Businesses!
Each Developer, that wants to
develop land in Costa Rica, should
be required to sign an agreement,
to comply with
"Green Globe 21"Certification.
"Green Globe 21" provides a
certificate system, that responds
directly to the major environmental
problems facing the planet,
including the greenhouse effect,
over-use of "fresh water" resources, destruction of biodiversity, production
of solid and biological waste and
infrastructure and social responsibility
to the community, they will impact.
Costa Rica's Government,
should be working hand-in-hand
with this global organization to
ensure that developers comply
with land-use laws, to build a better
system, and create a "win-win"
situation, that in the end, will
boost everyone's profit, including
the environment.

"Green Globe 21" should also develop
a program to educate the
Ministries of Environment Conservation
and Developers alike, at the
Peace University in Costa Rica.

To Register for
The "Green Globe 21" Developer's Certificate:
Go Here: Green Globe 21: http://www.greenglobe21.com 
*Cathy Parsons is the
Global Manager of Green Globe 21.
*Annalisa Koeman is the
Customer Services Manager.
email:
 customer.services@greenglobe21.com