Opening a Bank Account in Costa Rica — We Make It Easy for Foreigners, New Residents & Companies
Here’s the truth: Costa Rican banks welcome foreigners—but KYC/AML paperwork can feel overwhelming. Our banking lawyers pre-screen your file, match you with the right bank, prepare you for the compliance interview, and accompany you until your account is live. No guesswork, no back-and-forth.
If you’re investing, relocating, running payroll, or simply tired of paying international fees, a local bank account is essential. We work with non-residents on passports, new residents on DIMEX, and companies setting up treasury. Our role is practical: translate the bank’s language into yours, organize your documents, and make sure approval is not blocked by small mistakes.
Table of Contents
- Why work with AG Legal (what we actually do)
- Requirements you’ll need (individual & corporate)
- Our lawyer-led step-by-step process
- Public vs. private banks: who is best for you?
- Fees, timelines & currencies (realistic expectations)
- Non-residents & digital nomads
- Corporate accounts, UBO & compliance
- KYC/AML under Law 8204 — what to expect
- FAQ
- Talk to our banking lawyers
Author: AG Legal • Reviewed by: Corporate & Banking Team • Updated: Oct 16, 2025
Why work with AG Legal (what we actually do)
- Bank match: We recommend the bank most likely to approve your profile (risk matrix varies by institution).
- Document pre-screen: We assemble IDs, proof of address/income, and (for companies) bylaws, UBO chart, and source-of-funds narrative.
- “Mock” compliance interview: We rehearse the questions banks ask (transactions, countries, amounts) so you are ready.
- Branch accompaniment: A lawyer attends your appointment, helps with Spanish forms, and keeps things moving.
- Aftercare: We set a compliance calendar so you don’t miss periodic KYC updates that can freeze accounts.
Requirements you’ll need (individual & corporate)
| Profile | Main requirements |
|---|---|
| Individual (resident) | DIMEX or cédula, proof of address, proof of income (contracts/pay slips/statements), bank KYC form. |
| Individual (non-resident) | Valid passport (+ entry stamp/visa), proof of address (utility/lease), proof of income, KYC form. Some banks ask for home-country tax ID. |
| Company | Good standing certificate, bylaws/shareholder list, legal rep’s powers, UBO diagram + IDs, source-of-funds memo, financials (or projections), tax ID & fiscal address. |
Tip: If your documents are abroad, we guide you on apostilles and official translations so the bank accepts them on the first try.
Our lawyer-led step-by-step process
- 15-minute intake: We map your goals (personal, business, dual currency, online needs).
- Bank selection: We propose 1–2 banks with the highest approval likelihood for your profile.
- File preparation: We compile IDs, address, proof of income, and (for companies) corporate & UBO files.
- Mock interview: We rehearse answers to typical KYC questions to avoid red flags.
- Appointment & accompaniment: A lawyer attends your branch visit and helps finalize onboarding.
- Activation & aftercare: We help set up online banking/tokens and add you to our compliance reminder calendar.
Public vs. private banks: who is best for you?
| Bank | Type | Good fit when… |
|---|---|---|
| Banco Nacional | Public | You want stability, wide branch coverage, and payroll/utilities integration. |
| Banco de Costa Rica (BCR) | Public | You need government-backed services for SMEs or import/export activity. |
| BAC Credomatic | Private | You value strong digital banking and smoother onboarding for foreigners. |
| Scotiabank Costa Rica | Private | You prefer an international network and credit products. |
| Promerica | Private | You want agile onboarding and modern branches for daily banking. |
Fees, timelines & currencies (realistic expectations)
- Opening fees: often low or waived; minimum deposits typically $20–$100.
- Monthly fees: small maintenance fees—sometimes waived with minimum balance.
- Timelines: same-day to 1–2+ weeks depending on KYC complexity and workload.
- Currencies: CRC (colón) and USD are available for individuals and companies.
Non-residents & digital nomads
You can open on a passport with proper KYC. If you have a Digital Nomad Visa or are applying for residency, bring those records—some banks view them positively. We prepare your income & address evidence and help you avoid phrasing that can slow approval.
Corporate accounts, UBO & compliance
- We build a clean UBO diagram and collect IDs so onboarding doesn’t stall.
- We draft a short, bank-friendly source-of-funds memo that answers AML questions up front.
- We align bylaws/representations so the right signatories pass KYC on the first attempt.
KYC/AML under Law 8204 — what to expect
Banks verify identity, address, and source of funds, and ask about countries, counterparties, and volumes.
We rehearse answers and keep your profile updated so your account stays active during periodic reviews.
Frequently asked questions
- Can a foreigner open a bank account without residency?
- Yes. Most banks accept passports for non-residents with proper KYC (address + income). DIMEX helps but is not always required.
- What if a bank declines me?
- It happens. We’ll pivot to a different bank and strengthen your file. Each institution has a different risk appetite.
- Can I hold USD and CRC?
- Yes. Dual-currency accounts are common for personal and corporate needs.
- How long will this take?
- From same-day (simple personal accounts) to 1–2+ weeks for corporate or higher-risk profiles. Our pre-screening shortens the timeline.
Related resources:
Talk to our banking lawyers — we’ll handle everything
Share your passport or DIMEX, address, and proof of income—we do the rest: bank match, document prep, mock interview, appointment, and activation.
This content is informational and does not constitute legal or tax advice. Confirm specific bank requirements and timelines with our team.