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Costa Rica 3 Count: How to Open a Bank Account (Without Losing Your Cool)

The Costa Rica 3 Count, where we bring you 3 stories that you shouldn’t miss.

Costa Rica money

How to open a bank account in Costa Rica as an expat.

1: How to Open a Bank Account in Costa Rica, (Without Losing your Cool)

First up: The rumors are true, setting up your first bank account in Costa Rica can be nightmare, but luckily, once that’s done, banking is pretty straightforward.

It’s best to check with the bank and know the requirements to set up an account, but most now require that an applicant have Costa Rican residency to open an account.

But generally ask for:

  • Passport
  • Residency documents
  • Utility
  • Letter of recommendation from a financial institution in your country
  • Letter from your employer with the official stamp of the company (if employed)
  • Reference letters from current account holders at the bank you are applying

2. What Type of Overseas Property Buyer Are You?

Next Up: Great news for those thinking about buying property in Costa Rica, the current combination of world property market, foreign currency rates, and economic factors are presenting unique opportunities.

If you have been looking at property for some time, or you have an overseas destination that you love and keep going back to, or even if you have considered retiring there one day, you will be happy to know, the timing is perfect.

3. 10 Things to Consider When Deciding to Rent or Buy as an Expat

Finally. Buying real estate in Costa Rica, or anyplace overseas, is fundamentally about diversification. When soon-to-be expats decide to make the move abroad, the first big question he or she often considers is where – but in reality this question should be: Is it best for me to buy my retirement residence overseas or rent?

San Jose, Costa Rica and Panama City are good examples, both offer expats lifestyle options, and neighborhoods just a mile or two away from each other can make for dramatically different living experiences. Buying before giving yourself a chance to understand this can mean the difference between loving your new life overseas and regretting it.

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