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.

More on this topic

Who Doesn't Need an Offshore Account?

April 2016

Legal tax engineering is a mandatory business practice for anyone who wants to be competitive in today's globalized world, and only those who are not entrepreneurs can afford to refuse to acknowledge this fact.


With the same firmness that we criticize businesspeople who evade taxes or bribe officials to get a contract, we must defend every business practice which is framed within the law to pursue the best use of available resources to generate wealth through the production of goods and services, which is what businesses do.

Guatemala: Tougher Rules for Offshore Banks

July 2009

The proposed modifications to the Banking Law will establish minimum deposits and limitations to investments.

The General Secretary of the Presidency is currently analyzing the proposal, and it could reach the Legislative soon.

"Among the new measures there is a $12.500 minimum for opening accounts", publishes

Panama Offshore Banking: Asset & Privacy Protection

May 2008

The banking industry in Panama has developed quite an allure for businesses and corporations that are engaged as offshore operations.

Panama has become the most modern and successful country in Latin America and its international banking center can be described in a similar fashion.

Scotiabank and BAC close Costa Rican offshore operations

April 2008

Two Costa Rica banks – the local unit of Canada's Scotiabank and BAC San José – announced the closure of offshore accounts.

Representatives of both banks made the announcement after the Costa Rican government sent its Congress a bill to impose new regulations on offshore accounts.

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