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Rentista Residency...How do you get the required bank letter and which bank did you deposit your US$60K?

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Mia2020
7/19/2019 14:51 EST

Hi,

We are in the process of applying for our Rentista Residency for Costa Rica. We are working with an attorney in San Jose, CR. The attorney tells us that we need to deposit $60K into a Bank Account either in CR or the US and the bank must provide a letter to CR immigration with the exact required wording. The problem is that NO US bank will sign the letter required due to US laws that don't allow US banks to act as guarantors of the $60K.

So our attorney tells us that we can set up a trust with them and they can provide the letter or we can go to a bank in CR to get the exact letter that immigration requires. We do not want to set up a trust with the attorney and many people on this site have advised against doing so. So the question is which banks in CR will provide the required letter with the exact wording necessary for immigration where it will be safe to open a bank account and deposit our US$60K required for Rentista Residency? We are not yet residents of CR, but are in the process of applying for Rentistas Residency. Any guidance or advice from those who have successfully achieved residency through the Rentista category would be greatly appreciated. Thanks so much in advance.

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Drneuro100
7/19/2019 18:32 EST

You have to set up a trust with the attorney. There is risk in everything I suppose, but we had to do that for our Rentista application. We used Outlier Legal, who many on this blog trust. Outlier Legal is now working on a complete investment arm for these types of accounts since there are so many, which would allow for some actual returns on our "investment."

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Kohl
7/19/2019 20:25 EST

Please be aware that a second US$60,000 will be needed to be deposited, 2 years later for Rentista residency.

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peter2017
7/20/2019 01:01 EST

The wording in that letter is retarded. “Permanent and stable” for two years, lol.

I had a friend at the bank sign it for me, but only because she knew my family and did it as a favor.

Kohl is right, another 60k will be required during renewal.

So the steps are:
1. Get a bank letter from your home country, yes, it must be with that retarded wording
2. Get your first cedula
3. Open a bank account in CR with your cedula
4. Transfer 60k in 2.5k monthly transfers
5. Renew your temporary cedula
6. Apply for permanent cedula

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Kohl
7/20/2019 10:11 EST

You will need to open a bank account, and arrange the transfer of the US$'s BEFORE you receive your cedula. The CR bank will deposit US$2,500 per month into your account, for your living expenses. You will have to repeat this, in 2 years.

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Mia2020
7/20/2019 11:07 EST

Thank you all for your responses! So helpful...

We have reached out to our US Bank and several other US Banks, but are unable to obtain the letter with the exact wording that CR immigration requires. A trust through an attorney in CR was suggested, but we don't think this is a good idea. We are planning a trip to CR to open up a Bank account with the hope of obtaining the letter from a Costa Rican Bank. We have been in discussions with Coopenae and they are willing to give us the letter only if we open up a 2 year CD in Colones. We prefer not to convert to colones and lock up our funds for 2 years. We would appreciate any guidance from folks who have gotten their Rentista Residency. Again thanks so much for your responses!!!

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Kohl
7/20/2019 14:23 EST

Whatever bank you use here, they will expect you to have a 2 yr CD...and colones are the currency of Costa Rica.

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shermanwc
7/20/2019 14:29 EST

I was able to set up $60K CD's in dollars at Scotiabank and BCR. However, BCR only paid interest monthly, not the full $2500.

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princzz
7/20/2019 17:58 EST

Contact Attorney Marcela Gurdian, tell them Dr. RICKS referred you for a discount you can get. SAN JOSE OFFICE
PHONE: (506) 2290.8050 / 2290.2794 FAX: (506) 2290.8055 P.O. BOX: 226-1200
EMAIL: INFO@IMMIGRATIONEXPERTSCR.COM

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PombinhaCoco7
7/21/2019 21:40 EST

Marcela Gurdian also has offices in Tamarindo and Playas del Coco.
She is the lawyer I used when applying for residency in Costa Rica.

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Mia2020
7/22/2019 12:59 EST

Thanks Shermanwc, this info is very helpful. Did Scotiabank or BCR provide you with the bank letter required by CR Immigration? Were you able to open a USD account with them prior to obtaining your Rentista residency?

Could you or anyone in the CR Forum share the contact information for the expat liaison at Scotiabank or BCR who speaks English and can provide additional information? Would like to get in touch with them before we go down to CR. Would appreciate a private message if you prefer not to post their contact info on the CR forum.

Can't thank you enough for your guidance!

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shermanwc
7/22/2019 15:54 EST

With BCR and Scotiabank, we were able to open both a dollars savings account and a CD account in dollars, and the money from the CD was paid out in dollars. (In 2011, when we purchased our condo.)

They each did provide a letter acceptable to Migracion - the wording was not identical to the sample provided, but it included the necessary information.

Since we owned a corporation (for our condo purchase), we were able to open a bank account prior to obtaining residency. I understand that they are now more lenient in allowing a bank account to be opened prior to being a resident, but I do not no what the current limitations are now.

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lindyluvsCR
7/22/2019 17:00 EST

Mia - I may be wrong, but I doubt a phone call from the US for info would last long before being disconnected.

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Mia2020
8/5/2019 19:26 EST

Thank you Shermanwc,

What BCR branch did you use to open up your USD CD?

Could you please recommend the best BCR branch in the San Jose area where they are more accommodating to expats and English speakers.

Thank you!

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Mia2020
8/5/2019 19:26 EST

Thank you Shermanwc,

What BCR branch did you use to open up your USD CD?

Could you please recommend the best BCR branch in the San Jose area where they are more accommodating to expats and English speakers.

Thank you!

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shermanwc
8/6/2019 08:33 EST

My bank was in Tamarindo, Guanacasate.

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Drneuro100
8/6/2019 13:14 EST

We gave up on the hassles of trying to open a bank account before our temporary residency was approved and still living in the US. Perhaps we will regret it but we did set up a trust with our attorney at Outlier Legal in San Jose. So far so good. Filed for residency last October and hoping to get the temporary approved soon and will then open a ScotiaBank account. We have been told they have the most English speaking employees of any bank and are more "solid" then the state owned CR banks.

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Beaver2015
8/6/2019 15:39 EST

Drneuro100,

You will have to open a bank account AFTER you get your TEMPORARY cedulas and deposit $2500 per month for two years. No you cannot deposit $60K in one transfer. Bank will only allow for $2,500/month for rentistas or $1000/pensionados.

When you do that they will ask you for your SSN/SIN number and you will have to reveal all your investments in your home country.
The transactions in your account will be reported to the tax agancy in your home country.

Otherwise, you will not be able to open the bank account with your temporary cedula.

Those are the most recent OECD/CSR requirements.

As a foreigner resident you'll not be able to raise your deposit limits, so they will be $2,500/month or $1000/month until you die or close the bank account in CR.

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Drneuro100
8/6/2019 20:18 EST

According to our attorney to even start the process 60k must be moved into CR in some form and documented. Once we get the temporary status the $2500 is paid back to us monthly for one year, then the 60k we have "collected" is deposited again for another year. This is documented to meet the proven income stream necessary for the long residency process.

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Drneuro100
8/6/2019 20:21 EST

We could have gone the pensionada route but both my wife and I are working full time and didn't want to take social security until we are 70.

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Kohl
8/6/2019 20:49 EST

DrNeuro, wouldn't that be 'collected for two years"?

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Drneuro100
8/7/2019 12:17 EST

Hmmm. It has all been very confusing and according to the Rafael at Outlier, somewhat of a moving target for meeting the requirements, which have changed in subtle ways just the past two years versus some of the information others have experienced in the past (from reading the blog answers).

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