Bank transfer tax not the big one

A bill in the legislature would impose a small tax on the transfer of money between banks, but this is not the bite that expats fear. The tax would be for domestic transactions, but it is receiving opposition.

William Alvarado of Partido Unidad Social Cristiana presented the bill, No. 19.959. If passed, the measure would levy a .02 percent tax on interbank financial transactions. That would be 20 colons for each 100,000 colons. The money would go to disadvantaged regions, according to the bill. Some officials have come out against the idea.

Expats are more concerned that the government might enact some type of tax on the receipt of money in Costa Rica from foreign sources. That would have an impact on retirees here who receive pensions from elsewhere. So far that proposal has gone nowhere because the central government has been occupied with more substantial tax proposals.

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