Costa Rica Offshore Guide
It may sound too ideal, but offshore companies and bank accounts can be created by any individual in Costa Rica, whether that individual is a citizen or a mere tourist. Costa Rica is a Central American republic flanked by Nicaragua, Panama, the Pacific Ocean, and the Caribbean Sea on all sides. It is a Spanish-speaking democratic republic that earned its independence from Spain on September 15, 1821. The country has over 4 million in population as of 2007 census, and is distinguished as an indomitable leader in the tourism industry in all of Central America. However some of the foremost industries in the country for the previous years have also included electronics, pharmaceuticals, and financial outsourcing and offshoring.
One of the most remarkable advantages when choosing Costa Rica as location for offshore companies is the privacy that it provides. These businesses are maintained in absolute confidentiality, and there is no way for any other persons or entities to demand which individuals actually control these corporations. Moreover, persons who hold sway over a corporation or business can choose not put his or her name on public or any corporate records, maintaining absolute concealment of personal details. These offshore corporations can even engage in any forms of commerce both within and outside of the country.
Another benefit in establishing offshore companies in Costa Rica is that banks in the country are obliged by law to preserve utmost confidentiality among its accounts, therefore any transaction between bank and client cannot in any way reach the knowledge of the government or its agencies. If you have opened an anonymous corporation in Costa Rica, you won’t be required to pay any taxes should you make any business profits outside the country’s borders.
If clients choose Costa Rica as the jurisdiction of their offshore companies, there are several requirements that must be complied with before such businesses can be created. The name of the corporation must be created and although this business name can be in any international language, it must be suffixed with S.A. instead of the usual "Inc." in most offshore businesses. S.A., an acronym for "Sociedad Anonima", translates to anonymous society. There will also be recurring fees, such as the agent’s fee and minimal government taxes and filing of annual taxes that shall commence in the second year of the business. Plus, opening a Costa Rican bank account typically requires a recommendation letter.
With the 96 percent literacy rate in Costa Rica, it is not entirely surprising why this tourism hub in Central America has also performed competitively enough in the offshore business. While tourism and eco-tourism specifically have contributed immensely to the revenues of the government, financial outsourcing has also taken a huge role in shaping the economic progress of Costa Rica. Opening an offshore account is relatively uncomplicated, and within a short period you will be able to enjoy anonymity and privacy in all of your offshore business affairs. Offshore companies will moreover allow you to participate in international dealings while saving you taxation costs in the process.