Costa Rica: Hospitable and Expatriate Financier

A land full of new opportunities

One of the mishaps that most affect the people who leave their country to settle in another, is the monetary factor. This is an essential element to be able to develop the proposed goals in any nation. There are few countries that grant financing possibilities to expatriates. In this regard, Costa Rica is one of the exceptions existing within the globe, because it grants financial possibilities to foreigners who have recently settled in it.

Investment opportunity

The foreigner residing in the Costa Rican region who wants to enjoy the financial products offered by the bank, like other countries, must have the pertinent legality. Well, this Central American country confers to be an organized entity that governs banking operations through a national law that regulates such activities and it is related to the migratory precepts of the region. Among the financial products that offer advantages to foreigners residing in the country is bank credit.

In this beautiful Central American republic is understood as credit bank, the acquisition of financial assets without the need to make any immediate payment. This financial tool is executable under a contract that raises the premise of the future payment of the bank loan with interest on favorable terms for the person involved and the bank. The term will depend on the characteristics of the bank, the credit to request, or, in certain cases, the agreement established by the aforementioned.

There are credit modalities that allow access to short and medium-term financing, to carry out goals related to studies, purchase of vehicles, medical assistance, housing acquisition, among others. These loans can be obtained in colonies, local currency, or dollars. The loans offered by Costa Rican banks are characterized by having different modalities, to which the native inhabitants and foreigners resident in this nation have access.

Costa Rican people are very hospitable

On the other hand, in Costa Rica, the foreigner has at his mercy a variety of banks, which may visit one by one to observe the modalities of credits they offer and thus make the best decision. To this, it is added that this Caribbean country has the most advanced technology in Latin America, which means that the amortization and management of bank credit transactions are mostly automated.

As it was already specified, in order to have access to the credit alternatives offered by the Costa Rican bank it is necessary to define the legal situation within the country. There are different forms of residence in Costa Rica, but only one allows access to the said benefit. This modality is the so-called “permanent residence“, and it is acceptable because it provides the foreigner with the possibility of working for more than a year and living without temporary conditions within the region.

With permanent residence, the foreigner will be able to approach the Costa Rican bank of his preference and apply for the loan. It is important, before any step, to have defined what type of credit will be requested to comply with the requirements required by law and banking. Among the most general requirements are the respective filling out of the application form, the copy of the permanent residence certificate, the salary record together with the employer’s order, a copy of the bank account statement that he has and the copy of the Water, electricity or telephone cancellation invoice from where you reside.

In cases where the source of income of the expatriate is derived from the exercise of an economic activity independently, must have on hand an income certification that is validated by a certified public accountant (CPA), also, as in the previous case, It is necessary to present statements of accounts and relation of expenses and debt of credit cards.

Looking for new opportunities
Looking for new opportunities

The possibility of taking a loan, being a foreigner, exercising some productive work independently, is a great advantage because it opens the doors to increase production and improve the quality of work. In this way, Costa Rica is constituted as an Eden for the foreigner, because, without so much bureaucracy, through the request of a bank loan, the foreigner will be able to expand his investment and provide a better service to the Costa Rican society.

Having the opportunity to access a loan in this Central American country, the ecological patrimony of America allows starting a productive life under the framework of economic and social stability. Being foreign in a nation is not easy, however, Costa Rica offers hospitality with ample opportunities for those who yearn to establish themselves in it with a view to producing and contributing to the growth of the nation.

If you are a foreigner and reside in Costa Rica, you have a great future ahead in a country that promises progress and quality of life. So, it only remains to define your goals, specify or legalize your status as a resident and resort to Costa Rican banking to carry out the objectives set and achieve the stability we all want.

SOURCERichard Acosta
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Oriundo de Monagas, Venezuela. Profesional en Lengua y Literatura, Teología y Administración.