Openning a Bank Account in Costa Rica

Opening a Bank Account in Costa Rica: The Complete Guide

Foreigners allowed
to open a bank account
ID + Proof of Income
Required for individuals & companies

The Costa Rican banking system is robust and modern, offering services for both residents and foreigners. Opening a bank account is essential for receiving payments, paying bills, and securing your funds against theft or loss.


Requirements for Opening a Bank Account

Profile Main Requirements
Individual (Resident) – Costa Rican ID (cédula)
– For foreign residents: valid DIMEX card
– “Know Your Client” form
– Proof of income
Individual (Non-Resident) – Valid passport + entry visa/stamp
– “Know Your Client” form
– Proof of income
– (Some banks may also request address or additional references)
Corporate – Certificate of good standing
– Company’s shareholder certificate
– Documentation for corporate reps
– Proof and explanation of origin of funds
– Last fiscal financial statements (audited or certified) or projected cash flow if new

Note: Requirements and procedures may vary between banks; it’s best to check directly. For non-residents, banks increasingly accept passports and select bills/contracts for address verification.

Typical Step-by-Step Process

  1. Choose a reputable bank (public or private, see summary table below).
  2. Gather all documentation required by the institution.
  3. Fill and sign the “Know Your Client” form (anti-money-laundering compliance).
  4. Make the initial deposit (amounts vary by bank/account type).
  5. Wait for compliance approval to activate your account.
  6. Start using online and branch services once approved.
Tip:
If you’re denied an account at one institution, don’t be discouraged—requirements and flexibility differ from bank to bank. Try another bank or consult a legal specialist.

Main Banks in Costa Rica: Public v. Private

Bank Type Features
Banco Nacional Public Largest, high stability, best for secure holdings and broad reach
Banco de Costa Rica Public Solid reputation, strong government backing
BAC Credomatic Private Excellent online services, streamlined for foreigners
Scotiabank (Costa Rica) Private Flexible requirements, competitive digital platforms
Promerica Private Modern branches, strong online experience

AML (Anti-Money Laundering) & Ongoing Compliance

  • All banks must comply with Law 8204 (anti-money-laundering); account holders must periodically update their “Know Your Client” info (at least once a year).
  • Proof of income or source of funds is mandatory for all individual and corporate accounts.
  • If you fail to update your profile or answer compliance requests, the bank can close your account.
Important:
Be transparent with your income sources and respond quickly to bank compliance updates to keep your account active.

Frequently Asked Questions

Can I open a bank account as a non-resident foreigner?
Yes. Most banks will allow foreign nationals to open an account with a passport (often requiring a tourist visa stamp), proof of address, and proof of income, but the process is easier with a residency card.
Is there a minimum deposit?
This varies by bank, but usually starts as low as $20 USD. Check with each bank for specific requirements.
What if my application is rejected?
This is common—simply apply at a different bank. Requirements and policies vary, so persistence pays off.

Reinstaling of dissolved companies

🧾 Reinstating Dissolved Corporations in Costa Rica (Law 10255): Complete Legal Guide

On May 31, 2022, Costa Rica enacted Law No. 10255, published in the Official Gazette (La Gaceta No. 100), introducing a legal process for the reinstatement of dissolved corporations. The purpose is to reactivate commercial entities and stimulate the national economy by allowing previously dissolved companies to recover their legal status.


✅ Who Can Reapply for Reinstatement?

According to Law 10255, corporations that were dissolved under the following conditions are eligible to apply for reinstatement:

  • Dissolution due to non-payment of the Legal Entities Tax
  • Expiration of the company’s legal term as per Law No. 9428
  • Expiration defined in the company’s articles of incorporation (Article 201, Commercial Code)

The request must be submitted within three years from the official date of dissolution through the National Registry’s Department of Legal Entities.

📋 What Are the Requirements?

  • All outstanding taxes, penalties, interests, and legal obligations must be paid in full.
  • The request must be submitted by the corporation’s legal representative.
  • Corporations must also comply with Law No. 9416 (Anti-Tax Fraud Law), by submitting the Ultimate Beneficial Ownership Declaration within 2 months of reinstatement.

⚠️ How Does This Differ from the 2017 Reinstatement Law?

Unlike the 2017 reinstatement window, which required all tax arrears to be settled by December 15, 2017, Law 10255 does not impose a specific deadline for repayment. This makes reinstatement more flexible and accessible to a broader range of dissolved companies in Costa Rica.

Need Legal Assistance to Reinstate Your Corporation in Costa Rica?

Our legal experts at AG Legal can guide you through the reinstatement process, handle filings, settle outstanding taxes, and restore your legal status in full compliance with Costa Rican law.

Contact AG Legal Today

Legal and Tax Implications for Inactive Companies In Costa Rica

In past years it was very common to use inactive companies as a legal structure to protect assets. The foregoing, because it was a corporate figure that was exempt from certain tax requirements, unlike those that develop a commercial activity.

Because of the entry into force of the Law on Strengthening Public Finances (Ley de Fortalecimiento de las Finanzas Públicas) in 2018, the benefits of using an inactive company as a corporate vehicle for the protection of assets, undergoes a significant shift. The above, because it converts this type of companies into taxpayers and it forces them to comply with 5 tax requirements, which are the detailed as follows:

FILING OF D-140 FORM: Once an inactive company is dully incorporated before the Costa Rican National Registry, it must file before the Tax Authority an update of the information regarding its legal representative or representatives and its tax address. Additionally, the company must be registered under the economic activity of “Legal persons incorporated in the country that does not carry out economic activity of a Costa Rican source”, which is governed by code 960113. It is important to consider that in the event of non-compliance with this first post-incorporation requirement, the company is exposed to a sanction. Lastly, this requirement must be complied within the period of 10 business days from the incorporation of the company.

 

CORPORATE TAX: This is a tax must be paid annually, during the month of January of each year. The amount to be paid varies from year to year and can be paid from any digital platform of the banks registered in the national financial system. The amount to be paid varies depending on whether it is an inactive company or an active company.

EDUCATION AND CULTURE STAMP: This tax It is included with the legal expenses at the incorporation of the company. Subsequently, this tax must be paid annually between the months of February and March of each year. The net capital reported in the Income Tax return of the immediate prior fiscal year, is used as the basis for calculating such tax.

ULTIMATE BENEFICIARY OWNERSHIP DECLARATION (UBO): This declaration is filed annually during the month of April before the Central Bank of Costa Rica. The purpose of this declaration is to indicate who is the final beneficiary (physical person) who is owns company. The omission this requirement carries out several sanctions to the company, such as a pecuniary fine, the non-issuance of good standing certifications and the non-registration at the Costa Rican National Registry of documents in relation to the company.

INCOME TAX RETURN (FORM D-101): One of the most important modifications that are introduced with the aforementioned law, is the filing of the Income Tax Return, in which the capital stock, assets and liabilities of the inactive company must be stated. This declaration will be taken as the basis for the calculation of the Corporate Tax, Education and Culture Stamp and other future tax liabilities. The failure to submit this declaration form entails financial penalties and in the face of an audit by the Tax Authority, the company would be exposed to an additional penalty for the increase of the corporate assets without justification. This requirement must be submitted annually and expires on March 15.

In conclusion, with the introduction of these new tax requirements that all inactive companies must fulfill, this promotes to maintain the corporate information updated. The above, because these companies stopped being simple holders of assets and from now on, they are subjected to a meticulous tax inspection. Therefore, the only way to avoid this type of sanctions is to keep everything in order and in compliance as if the said company, would be developing a commercial activity like any company called “active”.

TAX OBLIGATIONS

INACTIVE COMPANIES

               DUE DATE

FILING OF D-140 FORM

10 business days from the incorporation of the company before the CR National Registry,

CORPORATE TAX

January 31st

EDUCATION AND CULTURE STAMP

From February to March

UBO

April 30th

INCOME TAX RETURN (FORM D-101)

March 15th

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