Costa Rica BanksCentral Banks Directory

Costa Rica, officially the Republic of Costa Rica, is a country in Central America, bordered by Nicaragua to the north, Panama to the southeast. Non residents companies and individuals are not prohibited from opening an account, but most banks require a current utility bill as proof of address. However, banking secrecy laws are in effect, so no government (or private) agency may get access to your specific account information without a court order.

Costa Rica income tax legislation is based on the principle of territoriality. Therefore, foreign source income is tax exempt. All persons, individuals and business enterprises residing in Costa Rica are solely subject to tax on income of Costa Rican source. All foreign source income is exempt, as are dividends derived from said income. An annual declaration should be filed in December attesting that the company did not conduct any taxable activity during the period.

Income tax law in Costa Rica defines taxable income as income derived from services rendered, goods located and capital used within the national territory. Income derived from contracts, negotiations or agreements on assets or capital located abroad is notconsidered taxable income, even if the said activities are conducted from within Costa Rica. The law also establishes that dividends derived from foreign source tax-exempt income are also exempt from dividend tax. There is no capital gains tax.