Can Costa Rica make a turnaround for its expats

By: Garland M. Baker B.

Exclusive to A.M. Costa Rica

Editor's Note: While this article was accurate at the time of publication, some information may now be outdated. We are currently preparing a comprehensive update. Sign up for our Alerts to be notified as soon as the revised content is live!

People with legal problems in Costa Rica should try mediation to resolve their issues. Arbitration and the courts are expensive and slow. Most contracts today include arbitration clauses by default, and they are signed without giving much thought to the process. Do not get locked in without doing some homework.

Here are the important points to consider before signing a contract with a section on arbitration: 

Foreigners face barriers to open a bank account

By: Garland M. Baker B.

Exclusive to A.M. Costa Rica

Editor's Note: While this article was accurate at the time of publication, some information may now be outdated. We are currently preparing a comprehensive update. Sign up for our Alerts to be notified as soon as the revised content is live!

Expats are having a very hard time understanding the new rules and regulations set forth by national and private banks in Costa Rica. They were outlined in detail on March 31.  They do not understand why they cannot open a bank account if they are on a tourist visa but own property or have other investments in the country.

It is the fault of the Banco Central de Costa Rica. They issued a communication to all Costa Rican banks on March 27, 2012, stating the only people with valid acceptable documents can make interbank transactions via SINPE. The Banco Central is the central bank of the country. The organization who is responsible for controlling inflation, printing and managing money, and maintaining the stability of the Costa Rican currency.