www.CostaRicaTicas.com

I went the 60k route and it's been just fine. It's with Banco National, which is about as secure as any bank here. The deposit earns pretty decent interest (around 6% I think) and it transfers $1k a month into a Colon account which I access with an ATM card. I may be wrong on this but I believe Banco National is one of the government chartered (sanctioned, run, whatever) banks in CR, and is, as they say, 'too big to fail' (meaning the govt will bail it out if there are problems).

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"The only normal people are those you don't know very well." Joe Ancis

Suppose I change my mind on the residency, has anyone had any problems withdrawing all 60K at once. Since there is some repriprocity with the US Governemtn, I suppose IRS is aware of this transaction as well.

There is no reciprocity as far as that is concerned. However, many of the banks in Costa Rica are now owned by US companies, or companies that have offices in the US, and noe require american citizens to fill out an I-9 (which they report to the IRS), but Banco Nacional is not one of those banks IIRC.

For example, Banco Cuscatlan I believe was just bought by Citigroup, and Bannex was bought by HSBC. I think Banco San Jose is also owned by a large banking interest is well. I read that BCR and Bancocredito may be merging with BN as well, not sure if that will actually happen though.

Just wondering are you making a joke or speaking from personal experience...YMMV

Thank you for your attention to this post.

pv

Elroy

Lived in Isla Verde for two years and enjoyed the high that the jp4 exhaust from the STOL on that particular minimum yardage runaway... "and hide".

Whenever, I see a whiffer breathing glue out of a sack on the seedy streets of SJO I have flashbacks and enjoy a free high.

pv

Elroy

I have had some unique experiences over the last couple of years in Miam with banks here.

They readily admit that they don't have any new customers; only suspects

pv

Elroy

Banco Central de Costa Rica is the equivalent of the Costa Rican Federal Reserve.

My understaning (and it could be flawed, but I did consult for them) is that they are they only ones allowed to back another banks debt. There is a list of the FDIC-equivalent banks backed by BCCR, but cannot find it.

what would be the advantage to residency other than not having to leave for the 3 day rule?

don't have to leave every 90 days.
insurance, insurance and insurance. i think that's about it but i don't live there, just planning...

Thanks for the reply Cariden....

Insurance? That's a topic I haven't seen discussed much here....Seems so far like the smartest thing to do is rent, don't marry, and don't have a live in novia. The three day rule isn't too bad...don't think I would need car insurance since I wouldn't drive down there anyway...those roads are really bad and they would probably steal the thing anyway.

Health insurance maybe?

Thanks again.

Being as "proxy marriages" were brought up here as a route to residencey--hasn't the CR government (what there is of it) started cracking down on this fraud? Is this really now a viable option?

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"A man accustomed to hear only the echo of his own sentiments, soon bars all the common avenues of delight, and has no part in the general gratification of mankind"--Dr. Johnson
"Amen, brother"-ED

health insurance costs in wisconsin for me 53 and preexisting conditions $400
a month.. cobra runs out in july of 2009 cost in cr on their national insurance about $60-75 a month so even if i pay for extra insurance still money ahead, no car no car insurance, renters insurance for clothes only not going to have.. so cuts my monthly costs a lot. just my quick thoughts... might be all wrong worst thing that would happen after selling everything is i would have to come back after a coupla years and have to start over with out all the crap... good plan, for me yes...

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I know nothing, nothing!

"Bannex was bought by HSBC" -HSBC is not owned by a US bank, it does have branches within the US. Its actually a subsidiary in the US. Its headquarters are in the UK.