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Banking in Costa Rica – Banking information in Costa Rica – Costa Rica Banking

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Banking in Costa Rica – Banking information in Costa Rica – Costa Rica Banking

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Banking in Costa Rica fall into two classes: National (State) Banks and Private Banks.

The differences of banking information in Costa Rica are extremely significant. National Banks involve some security as deposits are insured, somewhat like the Federal Deposit Insurance Corporation (FDIC) in the united states. How well this would work in case a national bank went under remains to be seen.

Abroad banking in Costa Rica Private and public banks

Offshore banking in Costa Rica isn’t always the kind connected with tax havens and illicit monetary systems. Actually, the Costa Rican authorities and international agencies cooperate in reporting drug associated trades that are possible and preventing money laundering. That said, the Costa Rica banking should also follow the local laws regarding banking privacy. Below are information about the state owned banks, private banks and other system of banking in Costa Rica

Offshore bank accounts: Review of Costa Rica’s Banks

Costa Rica’s financial sector includes the Central Bank, 3 state-owned commercial banks, 19 private commercial banks (including one jointly owned state bank), 1 workers’ bank, 1 state-owned mortgage bank and 4 common house building businesses, 15 private finance companies and 27 savings and loans cooperatives. Additionally, there are trusts run by state and private commercial banks along with the state insurance company or 30 investment and retirement funds.

Offshore banking Costa Rica: How safe is your money? Regulation

The Central Bank of Costa Rica makes banking policy in Costa Rica. The SUGEF (the General Supervisory Agency of Finance) enforces compliance with Central Bank policies. 11 times a bank’s equity may not be exceeded by total assets, and the legal lending limit is 20 percent of total capital per customer.

The Costa Rican authorities backs the state owned banks, although there’s no deposit insurance on private banks. The Central Bank’s examiners office in 1995 closed Banco Anglo Costarricense after incurring US$ 200 million in losses due to bad loans and doubtful investments in Venezuelan bonds that afterwards vanished. Criminal proceedings were successful against members of the board and management, a number of whom are serving prison sentences of the bank. Not one depositor lost money in this scandal.

How safe are the private banks?

Private commercial banks are relatively new to Costa Rica, since just the state-owned banks could offer checking account and passbook savings accounts to the public until the banking law was altered in 1995. This law also allowed private banks access to crisis loan facilities and the Central Bank discount window.

Offshore banking from Costa Rica

Many Costa Rican banks have subsidiary or affiliated banks registered offshore. These offshore things will not be permitted to capture deposits though they cater to Costa Rican customers or give cash within Costa Rica.

Recent reforms stipulate that any SUGEF- financial group or controlled holding company owning 25 percent or more of the equity of an entity that is international must range from the offshore assets on its balance sheet. However, SUGEF doesn’t have individual accounts of the offshore things or regulatory authority within the operations.

Foreign banking Costa Rica: The State Banks

Banco Nacional de Costa Rica, Banco de Costa Rica, BanCredito (once Banco Credito Agricola de Cartago). As it’s a private commercial bank is chartered in the Bahamas and jointly owned by the three state commercial banks BICSA, is a strange animal. It has a representative office in Costa Rica and branches in Panama and Miami.

Banco de Costa Rica is the most prosperous and maybe best -run state commercial bank. Although Banco de Costa Rica has national coverage additionally Banco Nacional is the largest state commercial bank in number and assets of location. Banco Credito Agricola de Cartage (now called BanCredito) is the smallest state bank. Lately Banco Bacioanl and Banco de Costa Rica announced a strategy whereby clients of either bank may use the resources of the other.

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