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Costa Rica: foreigners will not be able to move funds between banks

Wednesday, June 13, 2012

A foreigner, who does not have an Immigration Identification Document, and who has a account in a bank, which is part of Costa Rica's national banking system, will not be able to transfer funds to another bank in the system, as of July 1.

The new rules aim to crack down on drug trafficking and other abuses, by ensuring that only the properly-identified owner of a bank account, can use the system.

The measures also apply to any legal entity (usually a company), which does not have a Costa Rican identification card. The card can be obtained by listing the company in the National Registry.

The new rules will not affect the right of a foreign individual or foreign company, to move funds between a Costa Rican bank and a financial institution in another country.

For more information please contact Mónica Arias at [email protected] or (506) 2257-3553.