Sooner or later, the investor will always have to deal with the topic of opening a current account in Costa Rica. Banks are authorized by the Costa Rican law to offer said service, so their clients can be assured that their money is duly guarded.

To a greater or lesser degree, the concept of a current bank account is rather known. However, it is useful to explain, from a legal point of view, what is this figure.

It should be clarified that the demands requested by the banks may vary a little bit since these rules are not a concrete list stipulated in the law; depending on each specific case, a bank can order different conditions when dealing with several new clients. Nevertheless, most banks ask for the same demands nationwide.

For the purposes of this article, it will be provided the requirements that can be ordered to a natural (individual) person or a legal entity (corporations, associations, companies, etc.) by a bank in order to open a current bank account or to access to their services.

  1. Natural person (Costa Rican or foreign):
  • Costa Rican citizens: original and valid identification card.
  • Foreigners citizens with DIMEX card (residence card).
  • Diplomatic officials with DIDI card (identification card for diplomatic officials).
  • Non-resident foreigner citizens: Passport with the entry stamp and the visa entry stamp in the cases that are needed in Costa Rica.
  • Modification in the identification’s number or name: must provide the new identification card.
  • Sign the Know Your Client Form (“Formulario Conozca A Su Cliente”).
  • Documentation that can demonstrate the source or origin of the funds that justify the transactions that will be carried out.

 

  1. Legal Entity:
  • Notarial certificate or legal entity registration certificate that indicates the representatives, their powers and faculties and the appointment period of them.
  • Certificate of the capital stock of the company according to the shareholders’ book in the case of Costa Rican corporations.
  • Associations, charitable foundations, coperatives and similar organizations: must request the equivalent documents of this type of entities.
  • Sign the Know Your Client Form (“Formulario Conozca A Su Cliente”).
  • Proper justification of the company’s income, documentation that can demonstrate the source or origin of the funds that justify the transactions that will be carried out.
  • For the justification of the company’s income, the following documentation can be considered reasonable (for linking up the account and further updates):
  • Financial statements of the last fiscal period which must be provided certified, audited or duly endorsed by the accountant and the legal representative.
  • Companies that will start operations can provide their proyected cash flow statement, which must be updated at the end of the client’s first year of operation and then replaced by their financial statements that will need to be audited, certified or duly endorsed by an accountant or their legal representative.