New rules expedite transfers of money

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Editor's Note: While this article was accurate at the time of publication, some information may now be outdated.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!

Anyone living in Costa Rica who moves money in and out of the country needs to know about wire transfers and the terms that surround them. Those that do not will end up waiting for their money because it will get lost or returned. Usually, this is because incorrect information is on a wire transfer form.

Recently, an expat had money he was waiting for returned to the United States because it did not have an IBAN number. Because he is North American, he did not have a clue what an IBAN number was or where to get it for his bank in Costa Rica. He only knew about ABA and SWIFT codes.

There may be ways to lessen impact of luxury tax

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Editor's Note: While this article was accurate at the time of publication, some information may now be outdated.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!

Law 8683 taxes are due Jan. 15. Many expats and foreigners having a property with a house on it in Costa Rica are confused about this tax. Some pay it when they should not be doing so. Most people refer to this assessment as the luxury tax.

It applies to homes of more than 128 million colons or approximately 239,000 U.S. dollars at the current exchange rate. The kick-in-the-pants is that if a house qualifies for the tax, the computation of value adds the land and the construction it sits on as well as other factors into the equation. Adding everything up makes it costly.