Costa Rica Banking System Overview
Since the 1990s, the banking system has begun to develop actively due to the opening of the local market to foreign commercial banks. This has stimulated the development of the entire system, high competition, and the introduction of digital technologies.
Financial supervision is carried out by SUGEF, which monitors the stability of the entire sector, verifies AML/CFT compliance, and checks the capitalization of banks. The Central Bank (BCCR) is responsible for the stability of the national currency and the credit and cash system, and also controls SINPE (the payment system).
When opening a corporate bank account in San Jose, Costa Rica, investors can take advantage of:
- Services of more than 50 financial institutions.
- Fast opening period of 4-8 weeks.
- Remote document processing, online banking, mobile applications. 80% of payments are made online.
- Payments in USD/CRS.
- Compliance with international standards.
- National payment system – SINPE, which allows payments to be made in seconds.
- FOGADE – deposit guarantee fund, including for legal entities.
Types of banks in Costa Rica
| Type of Bank | Example | Advantages | Disadvantages |
|---|---|---|---|
| State Banks | Banco Nacional de Costa Rica; BCR; Banco Hipotecario de la Vivienda; Banco Popular y de Desarrollo Comunal | Government deposit guarantee; Extensive branch network | Long compliance process; Fewer corporate products |
| Private Banks | Banca Promerica; BAC; BCT; Banco Lafise | Modern technologies and service; Fast processing | High fees; No government guarantee |
| International Banks | Scotiabank; Citibank; Banco General; HSBC; Banco Cathay | Multi-currency accounts; Experience working with global corporations | High balance requirements |
| Cooperative Banks | Coocique R.L.; Coopealianza R.L.; Coopeamistad R.L. | Best for local services; Low fees | Not suitable for large corporations |
For international business, the guarantee that this is a reliable, predictable, and regulated banking center is that:
- The country has joined CRS and FATCA.
- It actively cooperates with FATF and EC on financial supervision issues.
- Banks are required to comply with Basel III—high levels of capital, liquidity, and risk management.
Why Open a Corporate Bank Account in Costa Rica?
Costa Rica is one of the main regions in Latin America that is actively developing the finance sector in order to attract even more foreign investors.
When opening a corporate account, a business receives the following benefits:
Access to markets in South and North America.
Companies have the opportunity to expand their customer base and establish new business relationships.
Economic stability.
The country has the lowest level of corruption in Central America, a stable national currency, and a balanced political situation.
Territorial taxation system.
When considering whether to open a bank account in Costa Rica, it is important to note that income earned outside the country is not taxed and remains in the client’s account.
High level of confidentiality of banking operations.
Access to information about assets and fund movements is not public. International regulators have access to data within the CRS and FATCA.
No currency controls for USD transactions.
Access to multi-currency accounts, easy currency conversion, and SWIFT and SINPE transfers.
Investment opportunities.
Foreign clients have access to deposit programs, investments in mutual funds, and real estate.
Favorable business environment.
The government has simplified the conditions for registering companies, introduced Free Trade Zones, and stimulates the development of startups.
Comparison of banking jurisdictions: Costa Rica vs Panama vs BVI vs Cayman Islands
| Parameter | Costa Rica | Panama | BVI | Cayman Islands |
|---|---|---|---|---|
| Type of jurisdiction | Onshore | Offshore / Mid-shore | Offshore | Premium offshore |
| USD accounts | + | + | + | + |
| AML/KYC | FATF, Basel III | High requirements; FATF recommendations actively implemented since 2023 | High standards | High standards |
| Remote opening | Possible | Possible | Physical presence/video verification required | Possible |
| Minimum deposits | $500–$5,000 | $1,000–$10,000 | $10,000+ | $20,000+ |
| Opening speed | 4–8 weeks | 2–6 weeks | 3–8 weeks | 3–8 weeks |
Remote Bank Account Opening in Costa Rica
After the 2019 pandemic, banks began to actively implement remote KYC processes and digital document circulation, which opened up access to online services, multi-currency transactions, and investment opportunities for many international corporations.
Today, it is possible to open a bank account in Costa Rica remotely, taking into account the following features:
Check whether banks accept applications remotely.
Banks operating online include Banco Nacional de Costa Rica, BCR, Scotiabank, Credomatic, fintech platforms, and digital banks.
Meet the requirements for providing documents.
To conduct AML/KYC procedures, you must provide ID documents, incorporation documentation (notarized with an apostille), and undergo video verification (KYC).
Make a minimum deposit.
Depending on the established risk level for the business profile and the complexity of the corporate structure, the bank sets the required deposit amount (for high-risk businesses, it can reach $100,000).
Required Documents for Costa Rica Corporate Bank Account
When opening a bank account in Costa Rica, banks focus primarily on the company structure, UBO identification, and verification of the sources of funds.
The main documentation includes:
Corporate documents:
- Certificate of incorporation (translated into Spanish, original or notarized copy).
- Articles of association, internal documents indicating the management structure and powers of those authorized to represent the company.
- Certificate of Good Standing (issued no more than 3 months ago).
- Board resolution on opening an account, granting powers to signatories.
- Register of directors (full list with addresses).
- Register of shareholders (their share in the company).
- Corporate structure diagram.
Personal documents:
- Copies of valid passports of all UBOs/managers (all pages) and proof of residence.
- For residents – Cedula/ID.
- For managers – professional resumes, certificates, contact details, references.
Business and financial documentation:
- Detailed description of business activities (10-20 pages).
- Source of authorized capital (statements, contracts).
- Bank statements, recommendations.
- Financial reports for the last 2 years.
- Licenses, permits.
- Contact details: website, e-mail, telephone.
Requirements for Costa Rica Corporate Banking
When opening a bank account in Costa Rica, it is important to take into account the norms of the local and international regulatory system, namely:
- Foreign companies (S.A., Ltd, and other forms) can open an account without any requirements for the residency of managers, shareholders, or a physical office.
- Minimum authorized capital is mandatory for high-risk companies (there are no requirements for the amount, but financial solvency must be proven); for S.A., there may be a requirement for a portion of paid-up capital (especially from private banks).
- The minimum deposit can range from $500 to $5,000, with private banks requiring high minimum balance requirements.
- The company’s activities may be related to trade, consulting, real estate sales, and e-commerce. Prohibited activities include: illegal activities without the necessary license, violation of sanctions, trade in prohibited substances, activities related to adult entertainment.
- Restrictions when working with clients from high-risk jurisdictions or from sanctions lists.
- Mandatory disclosure of UBO, with special attention to PEPs (if they are on the list).
- KYC/Due Diligence for managers and shareholders.
- Confirmation of funds receipt (special attention if funds come from high-risk jurisdictions, FATF blacklists).
Types of Bank Accounts Available in Costa Rica
When asking how do I open a bank account in Costa Rica, you should decide on the purpose, the main direction for which the account was needed, whether for investment or for receiving payments, etc.
Among the available account types are:
- Current accounts provide access to balance checks and remote fund transfers.
- Deposit accounts are used to store company reserves and generate stable profits.
- Dual currency accounts (USD/CRC) allow you to make payments outside the country and carry out exports/imports.
- Trading accounts with the ability to connect terminals and payment systems are often used in e-commerce.
- Investment/brokerage accounts provide access to the stock market (BNV) and mutual funds (Fondos de Inversion).
- An escrow account is necessary for settlements under real estate contracts, court or arbitration disputes.
- Credit lines are often used to cover cash gaps (interest rates are higher for non-residents).
Detailed Process of Opening a Bank Account in Costa Rica
When opening accounts, international companies undergo more thorough compliance checks than local ones.
In general, the procedure consists of the following stages:
Stage 1. Assessment of the client’s business profile.
The bank must verify:
- Country of origin.
- Description of the business, main activities, presence of partners, counterparties.
- UBO structure.
- Check for high-risk indicators.
Stage 2. Collection of documents.
Documents are provided in accordance with the bank’s requirements, notarized, and apostilled. At the same time, financial institutions have the right to request additional information, such as contracts, statements, letters of recommendation, and a personal meeting with the manager/representative, etc.
Stage 3. Application submission.
Applications can be submitted in person during a meeting with a bank manager or via a special online portal.
Stage 4. In-depth compliance (Due Diligence).
In cases involving complex corporate structures, international activities, large transactions, and high-risk industries, the bank additionally uses the following systems: World-Check, Thomson Reuters, and Lexisnexis to verify identity and reputation and search for negative media coverage, corporate connections, and court cases.
Stage 5. Decision making.
When approving the opening, the company must make an initial deposit ($300-$5000), connect online banking, SINPE, and request a corporate card if necessary.
What is the tax system in Costa Rica?
For corporate structures, the jurisdiction has a territorial taxation system, which allows foreign companies to optimize their expenses.
Types of taxes:
- 0% on income earned outside the country (online services, investments, contracts with foreign clients, sales abroad).
- 30% corporate tax (local income). For SMEs, a progressive scale from 0% to 20% applies.
- 0% on dividends, 15% for residents.
- From 5% to 25% royalties.
- 13% VAT.
- 15% capital gains tax, with exceptions for foreign investors.
Costa Rica complies with FATCA and CRS requirements and has four double taxation agreements.
Bank fees and minimum deposits in costa rica banks
The jurisdiction offers a wide range of terms for cooperation between banks and businesses, so the main thing is to determine your priorities and submit an application to the financial institution of your choice.
Comparison of fees and minimum deposits
| Category | State Banks (BNCR, BCR) | Private Banks (BAC, Lafise) | International Banks (Scotiabank, Citi) |
|---|---|---|---|
| Minimum deposit | $300–$1,000 | $1,000–$5,000 | $5,000–$20,000 |
| Minimum balance | $0–$500 | $500–$2,000 | $2,000–$10,000 |
| Maintenance fee | $5–$15 | $10–$25 | $20–$50 |
| SWIFT | $20–$45 | $25–$60 | $40–$80 |
| SINPE | $0.10–$2 | $0–$2 | $0–$2 |
| Corporate card | $5–$15 | $10–$20 | $15–$25 |
What are the most popular banks in Costa Rica?
It is important to remember that in any case, the KYC procedure is mandatory when establishing business relations with a selected bank in a given region.
Top banks in Costa Rica for corporate services
| Bank | Features |
|---|---|
| Banco Nacional | Holds the largest share of deposits and assets |
| BCR | Prioritizes lending |
| BAC | Rapidly growing and expanding |
| Banco Popular | Large client base |
| Scotiabank | Focuses on international companies |
| Banco Promerica | Has a high rating |
| Banco Cathay | Shows strong performance; monitored by Moody’s |
Why you should use Corporate Services by Gofaizen & Sherle
Gofaizen&Shere focuses on building long-term relationships based on trust, aimed at meeting client needs, taking into account the specifics of the business and market requirements.
The team of corporate experts at Gofaizen&Sherle has many years of experience and can help both startups and large holding groups by offering:
A full range of services from company registration to account opening:
- Registration (SA, Ltd, etc.).
- Preparation and legalization of documents (apostille, translation).
- Assistance with AML/KYC compliance.
- Selection of the optimal financial structure, tariffs, and currency types.
Why Businesses Benefit from Professional Bank Account Opening Support
- Time savings, as the company handles all communications with government agencies, document translations, and apostilles itself.
- Expertise in compliance. Knowledge of local legislation and international standards helps to form a complete package of documents and reduce the risk of rejection during UBO verification.
- Optimization of tax expenses. The jurisdiction offers favorable conditions for business, such as a territorial taxation system and reduced tariffs in Free Trade Zones.
- Post-opening support: renewal of documents in case of change of ownership (UBO) or reorganization.
- High degree of confidentiality, as the company works with clients who value privacy and asset protection.
Gofaizen&Sherle has 10 years of experience, more than 200 open accounts, and works with clients from over 30 countries.
FAQ About Bank account opening in Costa Rica
Is it possible to open an account without residency?
Yes, it is possible to open an account remotely without residency, provided that you pass the bank’s verification.
How quickly is the card issued?
When setting up a company and deciding to get a card, you need to wait 1-2 weeks after activating the account.
How long does the KYC verification take?
Depending on whether the documents are submitted online or offline, the KYC verification can take from 1-6 weeks.
What to do if the bank refuses?
If you receive a refusal, you should analyze the package of documents that the offshore company received during formation and use the services of a representative.
