New regulations for off-shore banking in Costa Rica

The regulations from the General Superintendence of Financial Entities will come into effect on December 18th and will limited off-shore operations.

Tuesday, December 2, 2008

The regulations (Accord Sugef 8-08) establishes that the license granted by the authorities for off-shore entities should be general and not international, as it has been up to now.

With the international license, the country where the off-shore bank is registered issues a permit to the entity so that it can set up in its territory, but cannot carry out operations there.

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