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Bank secrecy jurisdictions pledge to cooperate on tax data exchange
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Costa Rica
Physical Facts |
|
| Population: | 4.299 million. (2006) |
| Location: | Central America, bordering both the Caribbean Sea and the North Pacific Ocean, between Nicaragua and Panama. |
| Area: | 51,100 sq. km |
| Climate: | Tropical and subtropical; dry season (December to April); rainy season (May to November) Average annual temperature is 21 – 27 C. December, January, February are the coolest months and. March to May can be hot and Humid. |
| Transport | Air, Road, Ports, Railway (but not in current use) |
| International Direct Dialling prefix: | 506 |
| Internet Country Code | .cr |
| Time difference on GMT: | - 6 |
Administrative Facts: |
|
| Status: | Democratic republic |
| Government: | Unicameral Legislative Assembly. President is Chief of State and head of Government. The Asamblea Legislativa has 57 members elected by voting every 4 years. Members may not sit for a second consecutive term |
| Legal System: | Based on Spanish civil law system |
| International Court Jurisdiction: | Judicial review of legislative acts in the Supreme Court; has accepted compulsory ICJ jurisdiction |
| Language: | Official language is Spanish. English also widely spoken |
| Education system: | State funded schooling available. However many schools lack sufficient funding to provide a good education. Most schools finish at grade 11 with the Bachillerato Diploma accredited by the Costa Rican Ministry of Education. Schools that offer classes to the 12th grade offer either the International Baccalaureate Diploma, accredited by the IBO in Geneva, Switzerland or USA High School Diploma, accredited by the Southern Association of Colleges and Schools (SACS). Private schools in Costa Rica offer education with a US curriculum and English language. Opportunities available to students studying in private schools are the chance to take the SAT exams or partake and receive the IB diploma through special studies in their Junior and Senior years. 4 State-funded Universities and some private institutions |
| UK Embassy: | Flat 1,14 Lancaster Gate, London, W2 3LH Tel: 020 ... Fax: 020 7706 8655 |
| Residency/Working Requirements: | The Department of Immigration favours applicants that demonstrate they will be able to provide a financial benefit and also will contribute to employment in the local community. |
Fiscal Facts |
|
| Legal tender & currency: | Costa Rican colon (CRC) |
| VAT: | Known as Consumption tax. 13% |
| Sales Tax: | 13% and is levied both at the point of importation and at the point of sale on all goods with the exception of foodstuffs, real estate, medicinal products and certain other items. (10% rate applies to the sale of wood and a 5% rate to the consumption electric energy for residential purposes). Sales tax is not generally levied on services. Sales tax is charged after the imposition of selective consumption tax. |
| Banking: | National (State) Banks and Private Banks. The Central Bank of Costa Rica is responsible for banking policy. National Banks have some security as deposits are insured, somewhat like the Federal Deposit Insurance Corporation (FDIC) in the USA. No deposit insurance in Private Banks |
| GDP: | US $22,225 million (world bank 2007) |
| Annual Government Revenue (2007/08): | $4.604 billion (2008 est.) |
| Annual Government Expenditure (2007/08): | $4.552 billion (2008 est.) |
| Minimum wage | Gross - ranging from 91,847 CRC a month for domestic employees to 355,009 colones for university graduates. |
| Financial Services Regulation: | Central Bank, through the General Superintendent of Financial Entities (SUGEF). |
Tax Facts |
|
| General: | Territorial taxation (taxes only local income). Traditionally no international tax treaties but this are now beginning to change. |
| Corporate Tax: | Corporate tax payable on a sliding scale depending on income ranging from 10- 30%. |
| Individual – resident: | All personal income which has a foreign source is tax exempt. Only revenue earned by an individual within Costa Rica is subject to an assessment by the tax authorities. This may change if the Costa Rican legislature passes long awaited fiscal reform packages. No capital gains tax Social security tax 9% |
| Individual – non-resident: | No discrimination between resident and non resident. No Capital gains tax Social security tax |
Featured Provider Title of Costa Rica
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Featured Provider Content of Jurisdiction 21
Featured Provider Content of Jurisdiction 21
Featured Provider Content of Jurisdiction 21
