May 5th, 2015

Well, it is time again for that boring Costa Rica Real Estate Market Update. If you only visit my site and subscribe to my Newsletters so you can live vicariously through my adventures of white water rafting, consumption of alcoholic beverages and chasing beautiful women, then just go ahead and delete this article now. Those of you interested in the real estate side of my life; please read on.

Costa Rica Escrow–What is required to open an account?

Upon acceptance of an offer, a secure escrow account is set up with a company that is registered with the banking authority of Costa Rica, known as SUGEF. They will act as a third party to insure that everyone is protected during the closing. Do not allow a law firm or a real estate company to accept or handle your money. ALWAYS ask for a separate, secured, registered Escrow Company to handle the funds.

An escrow agent will contact you by email to start the process of opening the escrow. The agent will ask for a lot of personal information to insure your monies are coming from a legitimate source. Costa Rica is very adamant that they will not accept illicit funds and they abide by all International money laundering rules, regulations and laws.

They will require the following documents