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Costa Rica is located in Central America and its area is 51,100 km2. From many points of view it is one of the greatest destinations for both tourism and business. It is limited to the east and northeast by the Caribbean Sea, to the west and south by the Pacific Ocean, to the southeast it shares a boarder Panama and to the north with Nicaragua.
In recent years Costa Rica has evolved a lot in the technology sector becoming a jurisdiction with one of the best platforms for registering companies for online business and data processing.
Costa Rica maintains favorable tax laws for foreign investment in the country. It is considered a tax haven and natural and legal persons that do not reside in the country and whose incomes don´t not come from its territory are not obliged to pay tax. Investors who decide to open a bank account or register a company in Costa Rica will not pay taxes such as rent, corporation taxes, VAT, inheritance, donations and will not suffer the dreaded tax deductions for subsequent years. Investors who decide to invest in Costa Rica and repatriate the money to their country of residence can save on taxes through double taxation agreements.
Costa Rica has signed the automatic exchange of information treaty that has entered into force on January 1 of 2018 but has not signed a bilateral agreement with any country.
The treaty of automatic exchange of information does not affect the fiscal status of the country, that is, if the tax laws in Costa Rica establish that people and non-resident companies pay 0% of taxes, the signing of the treaty will not make it pay taxes in Costa Rica. The treaty of automatic exchange of information is presenting many problems between countries since it is NOT a treaty in which automatic information will be reported to each other or all to all, that is, each country will have to sign a bilateral information agreement automatically with another country. If, for example, Japan is interested in exchanging information with Costa Rica but Costa Rica is not interested in reporting information to Japan, there will be NO information exchange and clients privacy will be protected. Currently, 04-04-2018 Costa Rica has not signed any bilateral agreement to automatically exchange information. You can see the updated list of countries that have signed bilateral agreements to exchange information automatically with each other.
The countries most affected by the signature of the automatic exchange of information treaties are going to be the countries of high taxation and not the offshore jurisdictions. It is expected that high tax countries sign bilateral agreements with each other with the corresponding problem that these have: competition in investments, tax competition and abandonment of investments in other jurisdictions by countries with lower or no taxation allowing legal repatriation of them to the country of fiscal residence.
Using offshore jurisdictions what can be achieved is a reduction and postponement of tax payments. As a general rule high-tax countries force natural and legal persons to declare all the world's income. But what happens when you have an offshore company and you do not divide dividends or have gone bankrupt? For example, a person has a company and account in Costa Rica, the company has generated annual benefits and the final beneficiary doesn’t want to repatriate them to his country of residence. So what happens? The answer is very simple: there will not be any kind of tax payment until the benefits obtained from Costa Rica reach the territory of a tax residence of the final beneficiary. Therefore, if you are required to report benefits obtained from abroad, it is advisable to inform your tax agency so when you will be offered a tax advantage in your country of residence to repatriate them.
Costa Rica is one of the best offshore jurisdictions to invest for the following reasons:
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