Dear A.M. Costa Rica;
What Costa Rica could do to make things better for everyone would be to try to develop some sort of consistency in your regulatory regimen. U.S. citizens are used to dealing with regulations, but when the rules are interpreted differently by each official we deal with, it encourages all people to avoid compliance and the resultant hassle.
The banking rules currently in place, no matter if they are required by the U.S., Costa Rica or the international community, will discourage investment and cash flows into C.R. simply because of the uncertainty involved in the transactions. It will have a dampening effect on the real estate market in particular given that in C.R. it is largely unregulated and therefore risky for investors.
We love our place and Tico neighbors in C.R. and have returned every year for the last 14. We plan to spend much more time there when we retire, but we would really like to see the banking procedures cleaned up and standardized. Otherwise, we are happy with C.R.’s requirements and wouldn’t think of heading for Panamá. We are hoping the new administration can make some headway with these issues…