Expat Exchange
Free MembershipSign In

Costa Rica Expat Forum

7 years ago

Rentista Funds at BCR

7 years ago
Question for those that have a $60K CD at BCR as required for Rentista Residency:

Does BCR transfer $2500 per month to your personal account at BCR for the duration of the CD?

For my first 2 years of Rentista Residency, I had a CD at Scotiabank CR and they transferred $2500 per month for 24 months to my personal account. For my second 2 years, I decided to move my bank accounts to BCR, and I opened a CD for $60K at BCR to satisfy residency renewal requirements. They gave me a signed letter to give to Migracion saying that these monthly deposits will be made. We now have our new cedulas and I went to BCR to ask when the monthly transfers will start. The bank manager told me that BCR does not do withdrawals of $2500 per month from a CD account, they only pay out the interest earned on the CD each month. I must wait for 2 years to receive the principal balance of $60K!!!

Really? Is this consistent with what other Rentista Residents have encountered with BCR?? I planned to use the monthly deposits to pay local bills, but BCR seems to prevent customers from spending their money in CR - contrary to the intent of the residency requirement!

It is true that my CD Certificate does not say anything about the monthly distributions of principal. But the signed letter to Migracion makes the intent clear.

Universal Tax Professionals
Universal Tax Professionals

GeoBlue
GeoBlue

Top-quality coverage for people who live, work, study and travel internationally.
Get Quote

GeoBlueGeoBlue

Top-quality coverage for people who live, work, study and travel internationally.
Get Quote

Living in Costa Rica GuideLiving in Costa Rica Guide

Our Living in Costa Rica Guide is a primer on everything about living in Costa Rica: best places to live, cost of living, pros and cons, healthcare and insurance, and more.

Costa Rica Forum Costa Rica Forum
Join our Costa Rica forum to meet other expats and talk about living in Costa Rica.

Contribute to Costa Rica Network Contribute
Help other expats and newcomers by answering questions about the challenges and adventures of living in Costa Rica.

Best Places to Live in Costa Rica Best Places to Live in Costa Rica

If you're dreaming about living in Costa Rica, here are the 15 Best Places to Live in Costa Rica in 2023.

Healthcare in Costa RicaHealthcare in Costa Rica

Costa Rica has both public and private healthcare systems. When you become a resident, you must enroll in the public healthcare system (CAJA). Many expats use the public system for routine healthcare and have private expat health insurance for specialists, surgeries and emergencies.

Cost of Living in Costa RicaCost of Living in Costa Rica

If you're moving to Costa Rica, you'll want to understand the cost of living in Costa Rica. Lifestyle, location and health insurance are part of the formula.

Moving to Costa RicaMoving to Costa Rica Guide

Moving to Costa Rica has become more popular among expats. Making this choice requires a lot of research to ensure the expat experience you hope for will be realized.

Real Estate in Costa RicaReal Estate in Costa Rica

Real estate listings in popular cities and towns in Costa Rica.

Pros Cons of Living in Costa RicaPros & Cons of Living in Costa Rica

Take off your rose-colored glasses and learn what expats have to say about the biggest challenges and the greatest rewards of living in Costa Rica.

Retiring in Costa RicaRetiring in Costa Rica

Advice for people retiring in Costa Rica.

Visa and Residency Costa RicaCosta Rica Visa & Residency Guide

Applying for residency in Costa Rica can be a daunting process. Which type of residency is right for me? Do I need an attorney? Do I have to leave the country every 90 days? What is a cedula? This article answers these and many other questions.

10 Tips for Living in Costa Rica10 Tips for Living in Costa Rica

If you've recently arrived in Costa Rica, here are 10 tips for digital nomads living in Costa Rica.

GeoBlue
GeoBlue

Top-quality coverage for people who live, work, study and travel internationally.
Get Quote

GeoBlueGeoBlue

Top-quality coverage for people who live, work, study and travel internationally.
Get Quote

Contribute to Costa Rica Network Contribute
Help others in Costa Rica by answering questions about the challenges and adventures of living in Costa Rica.

Universal Tax Professionals
Universal Tax Professionals

Copyright 1997-2024 Burlingame Interactive, Inc.

Privacy Policy Legal