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Tag-Archive for "Real Estate Fraud"

New Rules Limit Costa Rican Offshore Bank Operations May 25

No More Loopholes for Offshore Banks in Costa Rica.

The Superintendent General of Finances (SUGEF) intends to pass a bill on December 18th highly limiting the operation of offshore banks in Costa rica. Such banks are considered to be foreign owned banks existing in Costa Rica that license their banking to a Costa Rican organization. Until now, these banks enjoyed a large amount of freedom in setting their own interest rates and were not obligated to pay a large tax to the Banco Central de Costa Rica, as national banks are.

The economic authorities voted to restrict the operational activities of offshore banks as they cannot supervise or oversee their monetary control. Currently Costa Rica has six offshore banks operating in Costa Rica of which Scotia Bank and BAC are two of the biggest. more…

Local investor Larry Long quoted in Forbes Jul 03

In Jaco, Costa Rica long time residents have many stories to tell and most of them know the subjects themselves. Larry Long is no exception, who has been here over 15 years has seen Jaco grow from a sleepy surfer town to the bustling international destination is has become.

Forbes, recently ran an article titled “Trouble in Paradise” which describes multiple rambling stories of investors seeking paradise only to get swindled by a local real estate person and the squatters on their land. This is a story all to often heard for those of us who live here which is surprising to find local Larry Long a victim.

I guess that goes to show you need a good attorney when buying real estate here in Costa Rica. Gerardo Calderon is the most reputable lawyer in Jaco and along the central pacific area of Costa Rica. He has built a business on his candor and honest opinion. Often you could get a response from Gerardo like “that is a stupid idea!” Gerardo lived in Canada for many years and understands north Americans business ethics and their thinking which is one of the reasons for his success. He shoots straight and does not over-promise unlike so many of other Costa Rican attorneys who promise you the moon and deliver a marble.

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