Where do expats deposit the USD $60,000 required for the Rentista Residency? Do those banks provide the required letter?

In a discussion on the Costa Rica forum about the $60k deposit for the Rentista Residency, one expat in Costa Rica asked, "We are in the process of applying for our Rentista Residency for Costa Rica. We are working with an attorney in San Jose, CR. The attorney tells us that we need to deposit $60K into a Bank Account either in CR or the US and the bank must provide a letter to CR immigration with the exact required wording. The problem is that NO US bank will sign the letter required due to US laws that don't allow US banks to act as guarantors of the $60K. So our attorney tells us that we can set up a trust with them and they can provide the letter or we can go to a bank in CR to get the exact letter that immigration requires. We do not want to set up a trust with the attorney and many people on this site have advised against doing so. So the question is which banks in CR will provide the required letter with the exact wording necessary for immigration where it will be safe to open a bank account and deposit our US $60K required for Rentista Residency? We are not yet residents of CR, but are in the process of applying for Rentistas Residency. Any guidance or advice from those who have successfully achieved residency through the Rentista category would be greatly appreciated."

One member replied, "You have to set up a trust with the attorney. There is risk in everything I suppose, but we had to do that for our Rentista application. We used Outlier Legal, who many on this blog trust. Outlier Legal is now working on a complete investment arm for these types of accounts since there are so many, which would allow for some actual returns on our 'investment.'" Another expat added, "Please be aware that a second US$60,000 will be needed to be deposited, 2 years later for Rentista residency."

One expat offered this helpful list. He said: So the steps are:

1. 1. Get a bank letter from your home country, yes, it must be with that exact wording
2. 2. Open a bank account in CR
3. 3. Get your first cedula
4. 4. Transfer 60k in 2.5k monthly transfers
5. 5. Renew your temporary cedula
6. 6. Apply for permanent cedula

RelocateNow Costa Rica
Connect

RelocateNow Costa Rica's clients who run through the RelocateNow Program get quick results in formulating and successfully executing our laid out plan for moving to Costa Rica! Expert consulting for future expats in Costa Rica who wish to fast track the process of their move by receiving the specialized information they need, trustworthy connections within the country, and high level 1:1 support through the entire process.

Click connect to have our partner contact you via e-mail and/or phone.

RelocateNow Costa Rica

RelocateNow Costa Rica's clients who run through the RelocateNow Program get quick results in formulating and successfully executing our laid out plan for moving to Costa Rica! Expert consulting for future expats in Costa Rica who wish to fast track the process of their move by receiving the specialized information they need, trustworthy connections within the country, and high level 1:1 support through the entire process.
Connect

Click connect to have our partner contact you via e-mail and/or phone.