Editorial Note: Christmas is just around the corner, and so is our Annual Christmas Dinner. Check out the preliminary details on page 9 when checking up on the changes in Migracion, and please come and join us in the fun! Other items in this issue include addictions (GREAT topic for the holiday season) as well as fresh information on activities to join in, Incorporating in Costa Rica (everybody seems to) and of course some all important Holiday Vocabulary to get you through the season in the local language! So from the Board members of the Association, the Staff at the ARCR office, and of course myself, we would like to wish you a Happy, healthy and safe Holiday, and un próspero Año Nuevo! - Ryan Piercy
Don’t Forget that your Marchamos are due to be paid before Xmas!
This magazine has been published every two months for 14 years as the official communications media of the ARCR. Our organization provides service to thousands of foreigners who have chosen Costa Rica to reside for short periods or for permanent residence. Since 1984 the ARCR has been offering reliable SERVICES, INFORMATION and ADVOCACY to Costa Rica’s foreign residents. We have the experience and ability to help you with your residency application, immigration, business and financial management, real estate purchases and rentals, property management, insurance, pet importation and much more. If you wish to place an ad in El Residente, please contact the ARCR main office. Goods & services offered are paid advertisments. Neither ARCR Administracion nor El Residente research the companies and take no responsibility for the quality of such goods or services.
El Residente
2
Presidents Re epor t by The Board Hola ARCR Members, Definitely my last message as President of ARCR. Both because of my two year term expiring and, secondly, the Association is taking on a new name. I imagine Ryan Piercy will explain a bit more about that. Well, we certainly had a great October Annual meeting at Restaurant Beso near Sabana Park south. Sorry that we missed so many of you. Most Board members were there as well as one guest, and he wasn’t even a member!! What’s happened to member interest as I can remember other Annual meetings with many more members present? Several items of interest were discussed as well as the election of four of the eight Board members. A combination Charity website had been underway for some time providing a common site to access many charitable organizations. However, after much effort, interest on the part of many organizations seemed to wane and so the project was dropped. However, much of the effort, especially in designing the web pages, will be saved and used for the new ARCR Foundation. Its purpose is to act somewhat similar to the way the United Way operates in the U.S. and also meet all the legal requirements of Costa Rica. If you have any interest in charitable donations/efforts, let us know, we’ll be happy to provide more details and benefits. Don’t know if it’s ARCR or Costa Rica but my two year term has seemed like two months. I’m very happy to have served with so many decent and honest people here in this organization. The new folks on the Board are Mel Goldberg, President, Terry Wise, Vice President, Ray Hagist, Vocal 1, and I, Vocal 2. Can’t get enough of this place!! Remember the old song, “April showers may come your way but they bring the flowers that bloom in May?” There must be something similar in Spanish for Costa Rica, just change the months. Last September was really wet but until this week we’ve been lucky as October (generally the wettest month) hasn’t been so bad. Watch, now that I’ve said that, it will pour - kind of like washing your car. But all the rain sure makes things green and soon the Southern hills will be covered with orange flowers again. Last issue, I wrote about renewing our cedulas. Much simpler now through BCR but the requirement for a Costa Rican police report no longer exists. Wow! Seems the Immigration office is able to handle it themselves via computer much as you and I did!!
Soon time for the annual automobile licensing process - Marchamo. Due by the end of December and starts November. In order to obtain/pay, your car inspection (Riteve) must be current. La Nacion quoted recently that there are some 80,000 cars without the proper Marchamo which means at least that many autos on the roads illegally. Drive carefully!! You can access on the internet, the INS website, for your Marchamo fee - just need your car license plate number. Surprise-surprise. I hope you have not received any driving tickets since the new law because the fines are outrageous. And any fine must be paid to obtain the Marchamo. Good luck. If you do receive a ticket, make sure you appeal it within 10 days as the courts have put a hold on those. All others, pay now!! Another point regarding the Marchamo. The fee includes a small liability insurance policy - very small. My opinion/advice is to purchase an additional liability policy to supplement, quite reasonable and good insurance if you have an accident where others are injured. The legal system can, in some cases, get around the corporate “veil.” I had a friend whose passport was pulled for two years as he had no extra insurance. So, do both, your auto in a corporation and additional liability insurance. The INS agency folks in our offices can help you out with this. Thanks again to all of you that I’ve met, helped, helped me, and hope to see again. Terry Renfer
---------------------------------------Association of Residents of Costa Rica FIRST FRIDAY LUNCH The first Friday of each month finds a group of ARCR members and staff sharing lunch and good conversation at Hotel Parque del Lago. Beginning around 1:00 PM members gather in the restaurant. You will find it about 1 block North of the ARCR office. All are welcome! MONTHLY NEWCOMERS SEMINAR Join us on the LAST THURSDAY and FRIDAY of ANY MONTH (except December) to find out more about what it is like to live in Costa Rica, and how to go about getting things done here. We invite professionals from each field to share their knowledge and expertise with you. Hear what they have to say and ask them the questions you have not found the answer to. Email seminar@casacanada.org for more details. HAPPY HOUR The Happy Hour will now be held each month following the Seminar, set to be at Fogo Brasil located in Sabana Este. This is specifically 4 blocks North of the ARCR offices. All are welcome! Bocas provided for by the ARCR will be available for everyone... (cash bar).
Cover Shot Christmas is on the way, and so I thought this month’s photos was most appropriate, featuring two of the countries most important aspects for the season. Parades representing the ongoing fiestas in these months, and of course Children, which are a central aspect of Christmas in this country due to the importance of the family.
November- December, 2010
3
and farcical plays. The group’s monthly social meetings are held in the theatre on the first Monday of the month from 7p.m. to 9 p.m. and everyone is welcome. Membership: Student C2,500, Adult: C5000, Family: C8000. Also, earn your Wings, become an LTG Angel. For more information Call the LTG Box Office 8858-1446 or www.littletheatregroup.org
Alcoholics Anonymous Groups meet daily throughout the country; times and places change frequently. Call for up-to-date information. San José 2222-1880 (Anchor club, also serves Narcotics Anonymous) Av 6 Calle 1, 2nd floor Maryland Building. Heredia (Laura) 2267-7466, Puerto Viejo Limon 2750-0080, Zancudo 2776-0012, Tamarindo 2653-0897, Flamingo (Don) 26544902, Manuel Antonio (Jennifer) 2777-1548, Jacó (Nancy) 2637-8824, Zoo Group Escazu 2293-4322. Al-Anon Meetings Al-Anon Family Group is for all family and friends of Alcoholics. For information in English, please call Martha 2483-1275 or Sandy 2266-1061; For Spanish please call Christine 8840-4658 American Legion Post 10- Escazu Post 10, The oldest and largest American Legion Post in Costa Rica, meets at 12 noon on the first Wednesday of each month at the Bello Horizonte Country Club. For information and map, please call Mel Goldberg at 2288-0454 or 8870-6756, or John Moran at 2232-1680. American Legion Post 12- Golfito Meetings are held 4 pm 1st Tuesday every month at Banana Bay Marina. The Golfito GOVETS have been helping Southern Costa Rica for over 20 years. Contact Pat at walkergold@yahoo.com or 2775-2809. American Legion Post 16- Heredia All veterans are welcome. Meetings are the second Tuesday of the month at Hotel America in Heredia at 12 noon. Contact Post Commander Jim Young or Post Adjutant Ken Johnson at 2591-1695. Bird Watching Club The Birding Club of Costa Rica sponsors monthly trips to observe local and migrant birds in various areas of the country. For more information contact us at 2282-5365 or at costaricabirding@hotmail.com Canadian Club (ACCR) The Canadian Club of Costa Rica welcomes all to join us for our monthly luncheons, and at our upcoming Christams event with ARCR. (p 9) For information visit our website: www.canadianclubcr.com Democrats Abroad Democrats Abroad meets on the last Saturday of every month at the Aurola Holiday Inn, San Jose. Contact Nelleke Bruyn, 2279-3553, e-mail cr.democratsabroad@yahoo.com. Join Democrats Abroad at www.democratsabroad.org. Register to vote absentee at VoteFromAbroad.org! Little Theatre Group LTG is the oldest continuously running English-language theatre in Central or South America. The group currently puts on a minimum of four productions a year offering a choice of modern, classic, serious,
El Residente
Newcomer’s Club Newcomers Club of Costa Rica (for women) meets the first Tuesday of every month, September through May. September meeting will be an interest fair. Contact: 2416-1111 costaricaporo @yahoo.com or http://www.newcomersclubofcostarica.com PC Club of Costa Rica This computer Club meets on the third Saturday of each month at Pan American school, in Belen, 830 to 11:30 am 2 months Free Trial for newcomers. For information call Chuck Jennings. Phone 2266-0123 www.pcclub.net Republican’s Abroad The Republicans Abroad of Costa Rica meets the second Tuesday of each month. Contact Francis 2203-6131, or or fax 2282-2150. Radio control Sailing Club Meets at Sabana Park Lake. For information contact Walter Bibb. Wwbbsurf40@yahoo.com Wine Club of Costa Rica Please mark your calendars The wine club usually meets at 1 P.M. on the last Sunday of each month. Join us to tantalize your taste buds and expand your education. For more information on upcoming events please contact us Phone 2279-8927, 2257-2223 Women’s Club of Costa Rica In 2010 The Women’s Club celebrates 70 years of philanthropy in Costa Rica. Current programs focus on education, primarily through scholarships and development of school libraries for children. It is one of the oldest, continuously operating service organizations in Costa Rica. WCCR membership numbers 250 English-speaking women, representing 25 countries of the world, drawn together by the motto: Friendship through Service. Monthly meetings with guest speakers are held the second Wednesday of each month, as well as regular luncheons, teas, and many interest groups. Guests are welcome and further information can be found at www.wccr.org Women’s International League for Peace and Freedom (open to men too) Bilingual group meets in Heredia on the first Wednesday of the month at 10 a.m. in the clinic of Mireya Gonzalez. We work on peace and human rights issues. Call Mitzi 2433-7078 or write peacewomen@gmail.com Young Expats of Costa Rica Some Expatriates under the age of 40, and currently living in Costa Rica, have formed a new social club to be coordinated through their website This club will help younger expatriates living in, or moving to, Costa Rica meet other expats in their age group for; friendship, romance, travel and activity partners, and professional networking. www.YoungExpatsOfCostaRica.org Veterans of Foreign Wars: Post 11207 Meetings are held at 12 noon, the first Tuesday of every month, at Club Colonial Casino on the second floor. All members are welcome and veterans who served overseas may join. For info please email the post at vfw112072003@yahoo.com.
4
Learning The Languag ge by Christopher Howard
Holiday Lingo With the Holidays coming up at the end of the year, we thought this addtional vacabulary might come in handy to help you celebrate with more Christmas Spirit. El árbol de Navidad – Christmas tree Colacho – Costa Rican version of Santa El día del Año Nuevo – New Years Day El dia de Navidad – Christmas Day El espíritu navideño – the Christmas spirit Esferas – bright colored balls for a Christmas tree Guirnalda – a strip of flowers or branches; garland Las luces navideñas – Christmas light Una sarta de luces navideñas – a string of lights La Nochebuena – Christmas Eve Víspera de Navidad – Christmas Eve Nochevieja – New Year’s Eve Víspera de Año Nuevo – New Year’s Eve El propósito – New Years resolution Recibir el Año Nuevo – to see in the new year Un año para recordar – a year to remember La cuenta regresiva – count down to the New Year Despedir el año viejo – see out the old year Fiesta de año nuevo – New Year’s party Cuesta de enero – after-Christmas slump
Adornos – decorations La corona – wreath La misa – mass El muérdago – mistletoe Navidad – Christmas Navideño – Christmas (adjective) La nuez moscara – nutmeg El pesebre – manger El oropel – tinsel El portal – Nativity scene nacimiento – Nativity scene pasito – Nativity scene El reno – reindeer Los Reyes Magos – the wise men El trineo – sled El villancico – Christmas carol La tarjeta de Navidad – Chrstmas card Goma – hangover Gomón – a bad hangover Gotera – hangover
La lluvia de luces – strings of Christmas lights which hang down Rompope – is an eggnog-like drink made with eggs, milk, and vanilla flavoring Avenidazo – Nightly Christmas celebration held on San Jose’s Avenida Central prior to Christmas Año nuevo, vida nueva – a new year, a new life ¿Cuál es tu propósito para el Año Nuevo? – What’s your New Year’s Resolution? ¿Dónde va a recibir el año nuevo? – Where are you going to spend New Years Eve? ¡Deseando a todos una Feliz Navidad y un próspero Año Nuevo! – Wishing you all a Merry Christmas and a Happy New Year ¡Qué el Año Nuevo le traiga salud, alegría y prosperidad! – May the New Year bring you health, happiness, and prosperity
Here is your Costa Rican expression (tiquismo) for this week: “Lo que hice en mi año, no me hace daño” – What I did in the past doesn’t affect me know “Año nuevo, mujer nueva” – a new year, a new woman (humorous version of the one above)
November- December, 2010
5
Wild Side
LV VIII
by Ryan Piercy
Vegarachnidism.
While mainly vegetarian, the spiders can occasionally supplement their meals with ant larvae or flies. In Costa Rica the spiders were found to be about 60% vegetarian, while their Mexican relatives were about 91%. The results of the study were also confirmed through analysis of the spiders’ makeup.
Everyone knows that spiders are nasty little poisonous carnivores, ready to attack in an instant, and out for your flesh, right! Well… maybe not all. Costa Rica, along with Mexico, really outdoes itself with a spider discovered to be, you guessed it, vegetarian! Well, mostly.
These odd feeding habits seem to be good for the spiders, but they are far from easy. Dealing with the ants is a tough situation, and the spiders seem to have adopted stealth and retreat strategies for this end. They build their shelters at the tips of the oldest leaves, where the ants seem to patrol less frequently, and then use hit and run methods while feeding. They even use strands of web to drop to safety if patrols come to near.
Just in 2009, following several years of research, several articles have been published about this rare individual. How rare? How about the only known vegetarian amongst over 37,000 species of spiders! Bagheera kiplingi is a species of jumping spider, which shares the other attributes in its group, including large eyes, and extraordinary jumping abilities. It is a tiny creature, about the size of your pinky nail.
Another problem is apparently the fact the buds are very high in fiber, and due to the fact that spiders don’t chew, it is thought that their bodies should even be able to handle this diet. Still it appears they do, and who knows if we will ever discover why they are able to process this food source. A benefit of the food source is that it is readily available year round, wherever ant-infested acacias are to be found. Because of this these spiders’ are very successful at survival in today’s world, where other species seem to be more threatened with each passing day. This discovery is quite exciting for Meehan who said, “Most of the big spider textbooks almost outright claimed there are no herbivorous spiders, it’s on par with the flying pig in terms of novelty.” So if flying pigs and vegetarian spiders fall into your categories of interest, then you may need to know that the Northwest of Costa Rica is the zone to watch for them in on your next spider hunt, for once with no worries about the hunter becoming the hunted.
The spiders name was actually given in the 1800’s by naturalists, based on the panther in Kipling’s The Jungle Book. (Bagheera) All they had to go on was a tattered and dead specimen, so no thought was given to its diet. As a jumping spider they probably gave more thought to its agility, much as a panther would display. It was between 2001 and 2008 that study researcher Christopher Meehan (Villanova University, Pennsylvania) along with colleagues, studied the species carefully. They were found always to inhabit acacia shrubs, also inhabited by guard ants. The ants have a special symbiotic relationship with the trees. The vicious little species protect the plant in exchange for shelter. Bagheera kiplingi however uses its hunting abilities, common to its creed, to ‘hunt’ the nutrient rich buds that grow on the plants when inhabited by the ants. They jump skillfully from thorn to thorn, avoiding the deadly ants, while foraging for their meals.
El Residente
6
November- December, 2010
7
El Residente
8
your appointment. Fortunately this requirement is no more.
Immigration n Update by Ryan Piercy
Fines on the Way Since the passing of the new immigration law, foreigners have been watching and waiting for the new fines to take effect, and according to Migracion, the $100 fine per month overstayed is about to be put into effect. There has been much discussion about this fine since first announced under the new law and when it will begin. It is now expected to be put into effect anytime now, and mid December may be the target date. What are they waiting for? The reglamentos (bylaws) need to be published for the new law, which are now expected to be finalized in the next month. Of course they were originally to be published in May this year, then July, September, well, you get the picture.
Our Intention was to provide you with the details of how to request this online, which could then be picked up at any number of local police offices, cutting down greatly on your waiting time. But the government has nicely cut it down entirely by removing the need altogether. Don’t jump for joy yet if you think you’re going to get away with something though. The reason that Migracion will no longer require you to bring it is because they now have direct access to the files themselves via computer. This means that they will be checking everyone’s local police history directly before issuing the first cedula or future renewals. Though we do not yet know how deep the police check is, you should be aware that we have had members unable to renew at times, even if there was pending court cases of certain types that Migracion had been made aware of. Perhaps even Traffic Violations unpaid may now, or eventually, end up on their list of reasons to hold your renewal until dealt with. So please be aware of these new issues, and try to stay on the good side of the law...
The new fine is set to be $100 for every month overstayed by a tourist. Those who opt not to pay will not be allowed to return for 3 times the amount of time they illegally overstayed in the country. There has also been continuing discussion about the $100 fee to obtain an extension of the visa. Again we would like to clarify that this option is only available to those with visas of less than 90 days. In any event, it is also an application to extend for 30 days, and is not a “given” extension as some were led to believe. In fact these extensions have always been processed, and can be denied just as easily as granted. The only difference is now there is $100 fee to request the extension. So please be on alert, as Migracion at the airport is already now beginning to review tourist passports on departure to verify if the visa was overstayed or not. This is being done at the security check, after the exit stamp is paid and travelers have checked in to the airline. Also remember that they are no longer simply granting 90 day visas to all entering, but in fact may grant visas of up to 90 days, or less. Make certain to check what they write on your visa stamp when you enter each time.
Hoja de Delincuencia In our last issue we had made note of a new requirement to obtain or renew your cedula, requiring you to obtain your Hoja de Delincuencia (local police check) prior to going to
November- December, 2010
9
Costa Rica Liv vin g by Patricia Wittkopp
La Asociación de Tai Chi TaoístaMR in Costa Rica The fast-paced yet sedentary nature of modern life often results in stress and lack of sufficient physical activity. Many thousands of individuals have found the movements of Taoist Tai Chi TM internal arts of health to be an effective way to counteract these pressures and to cultivate health. The International Taoist Tai Chi Society offers training in the internal arts and methods developed by our founder, Master Moy Lin-shin, for the purpose of restoring and maintaining holistic health. The significant degree of turning and stretching in each of the movements, combined with the adaptability of the form to suit individual needs, are just some of the factors that contribute to its focus on restoring, improving and maintaining health.
to benefit the entire physiology including the tendons, joints, spine, connective tissue and internal organs. It restores the calmness and peace of mind that is often lost through the desires and anxieties of daily life. The International Taoist Tai Chi Society reaches far beyond any individual’s physical practice. Members help fulfill Mr. Moy’s vision and the organization’s primary aims and objectives of promoting health, helping others, and facilitating cultural exchange. In Costa Rica we have social events such as banquets and lunches, participate in activities to help the community such as our Christmas food and toy drives, visiting seniors homes and offering English language classes. We offer demonstrations and talks at health fairs and community events. Although the classes are in Spanish we have bi lingual instructors who can answer any questions non Spanish speaking students may have. English speaking Tai Chi students get two lessons, one in Tai Chi and the other in Spanish.
The tai chi that we offer can help to improve the health and Celebrating its 40 anniversary this year, the International quality of life for people dealing health conditions such Taoist Tai Chi Society is the largest nonprofit Tai Chi as poor circulation, high blood pressure, arthritis, back organization in the world with more than 40,000 members pain, joint immobilities, respiratory problems, digestive in 26 countries. In Costa Rica we have of group of 90 Continued on page 11... members. The current membership herald from 10 countries with about 25% English speaking ex pats and 75% Costa Ricans. We have a permanent facility in central Heredia where beginning and continuing classes are taught in the mornings and also in the evenings. There are no paid employees in the Association. All of the teaching and administration is done by volunteers. th
The health benefits include: improved circulation, balance and posture; increased strength and flexibility; and reduced stress. With regular practice, the Taoist Tai Chi TM internal arts of health reach deep inside the body
El Residente
10
disorders, Parkinson’s disease, fibromyalgia and many others.
multiple
sclerosis, fibromyalgia.
The Society’s activities and training programs are offered on a membership basis. The membership costs consist of an initial registration fee plus monthly dues which give unlimited attendance at all regular tai chi classes and many other activities.. Young and old alike enjoy the friendly and welcoming nature of the Society.
For more information, visit www.taoist.org. and http: //costarica.taoist.org or drop in and visit us. We are located in HEREDIA 400 meters north 100 meters east of the Universidad Nacional, behind the new Church “ del Corazón de Jesús”. Our phone number is 2263-5075.
The Society’s current medical advisor, Dr. Bruce McFarlane, contributes a regular series of articles explaining the anatomy and physiology in relation with these arts on the Society’s popular blog, www.thetigersmouth.org. Reports of improved health owing to Eastern practices such as Tai Chi – coming from people seeking effective, safe and affordable ways to remain healthy or combating illnesses is supported by the growing body of evidence from Western-style research using its randomized, controlled studies and measures of significance. For example new findings published in the New England Journal of Medicine that the slow, gentle movements can reduce pain and improve the well-being of people with
November- December, 2010
11
El Residente
12
November- December, 2010
13
A Day In Th he Life by Allen Dickinson
My Addictions! Addiction is a funny thing; you can have one and not even know it. I have met very few Gringos who don’t have at least one – they terribly miss at least one or more inexpensive food item that was easily and readily available back in Gringolandia. They didn’t know they were addicted to that food – until they couldn’t get it anymore. That’s what has happened to me. Since moving to Costa Rica I have discovered that I am addicted to sweet pickles. Vlasic sweet midgets or gherkins, preferably. Mt. Olive brand will do in a pinch, but I would rather have Vlasic. Back home I always had a bottle in the refrigerator.
have any sweet pickles? Or, in Spanish, vender pepinillos dolches? (My Spanish dictionary says “barracho” is “pickled” but mistakenly using that word got me some really strange looks, until I learned that the word had a very different, more common usage.) Once I bought something that was labeled in Spanish as being sweet pickles. As soon as I got home I eagerly opened them – and found something no sane person, not even a trapped Chilean miner, would eat. It took getting a toxic environmental waste permit just to throw them a way! This delicacy (well, to me that word seems appropriate) seems not to be unavailable in the bordering Latin American countries either. I have looked in Concepcion, David, Boquette, and Satiago, Panama. I have gone hungrily from store to store in Rivas and Granada, Nicaragua, asking for them. Strangely, in all three countries I can find abundant supplies of whole dills, dill slices, dill spears and ovals. Plenty of kosher dills in various varieties, bread and butter slices, and sweet relish are also readily available. There’s even one large store in David, Panama, that has an eight-foot section, five rows high, dedicated to stuffed green olives! But sweet pickles, of any size, remain elusive.
After a while, when the craving grows overwhelming, I have, . . . and I am almost ashamed to admit this . . . been reduced to eating a spoonful of sweet relish just to diminish the I did have one spot of luck in San Juan del Sur a couple years anguish of withdrawal. I’d even settle for full size, Mr. Olive ago when I found a tiny, out of the way pulperia that had three brand sweet pickles, if I could find them. dusty bottles of Vlasic Midgets on the shelf. I bought them all, not even asking about the price, then went back to the But I can’t find any here; sweet pickles just don’t seem to hotel and had an orgy. I was totally unconcerned about how I be on any Tico food list, in any size. And believe me, I have would explain an opened and partially consumed bottle to the looked. I have searched high and low throughout the Central Customs Inspector when I crossed it back over the border Valley and beyond. Big stores, tiny pulperias, and dozens in my luggage. As it happened he didn’t look, but I’m sure it of stores in between. I have asked and asked, do you would have elicited an odd gaze at a minimum. Talking about strange looks, the lady in that San Juan del Sur pulperia was a bit, uh, perplexed by this Gringo’s purchase. Maybe it was because I was bouncing up and down in glee? Unfortunately, when I went back to that little store some months later, they hadn’t restocked. Sigh. I will keep looking, but there will always be a bottle of sweet relish in my refrigerator, just in case. I was bemoaning the depths to which I had sunk (eating relish) one afternoon and was overheard by a kind hearted Gringa friend. On her next trip home she came back with a quart bottle of her mother’s homemade sweet chunks. OMG! It was like I was nine years old again sitting in my Grandmother’s kitchen! I hoarded them and guarded them like they were gold. I’ll be forever indebted to her. One good thing; I know that if I ever acquire one of those precious jars of gustatory delights again, I don’t have to worry about their contents disappearing – my Tico wife and kids Continued on page 16...
El Residente
14
( ! % " $! #' #! " ! '
! $! & )
โ ข โ ข
โ ข โ ข
Autopista Prรณspero Fernรกndez, kilometer #4, Stewart Title Building, Third Floor 506 2505 3000 customerservice@stewartcr.com www.stewartlat.com
November- December, 2010 !& X .UEVO%DIFICIO INDD
15
0-
won’t touch them. An open jar could sit in the refrigerator until Excazu freezes over and they would not take one pickle out, no matter how hungry they were. (Something I can’t say about another North American treat I have introduced them to, Jif Extra Crunchy Peanut Butter. Every time I feel rich enough to spring for an expensive, imported jar of that nectar of the gods, it seemingly evaporates before I can even get a second PBJ sandwich out of it.) Now that the holidays are coming up, I find some additional, seasonal cravings raising their ugly, but delicious, heads. For instance I’m longing for some pumpkin pie. REAL pumpkin, not sweet potato. I don’t want one of those thin, frozen imitations either; give me a slice where the filling is an inch and one half deep and it’s all topped with fresh whipped cream.
some of the best in the world comes from right here. Plus, I’ve always liked Haas avocados and they are so cheap here I can have one whenever I want. (How come, if they come from Mexico, they are so much cheaper here than back home?) Oh, and the pineapples and bananas! What a treat it is to eat a fresh, naturally ripened fruit. Then there are those big bean pod looking things called ice cream beans. Delicious! I think I’m developing another addiction. In the end, I guess I’ll survive. Nevertheless, it sure would be nice if I could just have an occasional sweet pickle now and then. Allen Dickinson is a member of ARCR. After serving 23 years in the US Navy he settled in Pensacola, Florida, where he resided for 24 years. In 2006 he retired from operating his own licensed mortgage brokerage business and relocated to Costa Rica. He holds a Bachelors Degree On the subject of holiday cravings, some may find this weird, from the University of New York and a Masters Degree from but I’m one of those rare people who actually likes fruit cake. the University of West Florida. He can be reached via email Especially if it’s spent the past year sat in a sealed container at: humphree@bellsouth.net with a decent amount of rum or bourbon. I’d even settle for one of those cheap Claxton fruitcakes WalMart sells for a dollar after January first. I can supply the bourbon. Guess that’s not going to happen either. Sniff. As I said earlier, it’s a rarity to meet a Gringo that doesn’t have some addiction; some food thing they miss terribly. The list runs the gamut from grits to Hebrew National hot dogs and everything in between. Some of us have taken to begging our friends to bring some of the treasured item back with them on their next trip home. Others have researched the Internet, or queried friends back home, and learned how to make satisfactory substitutes from locally available products. I haven’t gone that far, but if my relish runs out I may soon! In the end, however, I guess it all evens out. I’ve always enjoyed good, rich coffee (Another addiction I have) and
El Residente
16
November- December, 2010
17
Connection n
women with different needs, women who can’t spare weekday mornings for meetings and committees.
After exploratory sessions, more than sixty professional women of all ages from Costa Rica and countries all Networking, Giving and Getting... over the world responded with enthusiasm to formation of the PWN. We first met on a Saturday in July this I’m on vacation in Chicago and awoke this morning from a year, welcoming the networking opportunity of folding into dream that I was inside a Museo de Los Ninos-esque fort, the already long-established WCCR. trapped and being bombed. I’ve been working alongside numerous other members to Why was I having such an intense, complicated dream on find ways to achieve our mission: to encourage personal vacation, you wonder? Well, I’m trying to start a business and professional development through networking with of which I have no real experience and I’m trying to do it other professional women, and to develop programs to in Costa Rica while on vacation in Chicago. Needless to contribute to all women in Costa Rica. say, I’m a little stressed. We’ve been putting together a schedule of monthly And, while fortunate to be on vacation in sunny, autumn meetings to educate women on many facets of business, weather while my friends in Costa Rica drown during the social events to help us network, a directory of contacts, raining season, I’m feeling unfortunate to be away when and a mentorship program. But, even though I’ve been I need to take some of the most important steps to keep working ten or more hours each week for the past two months on making our mission come to life, I’m suddenly things moving forward for my business. aware that we haven’t addressed ‘uncertainty’. I’ve been racking my brain about how to find out requirements for permits from the Municipality and the I’ve been worried these past few days because I don’t Ministry of Health. Can I call? Is the information online? know what to do next, and it’s paralyzing. But now, in one My gut says it’s best to have someone go in person. But fell swoop, I realize, this is exactly what PWN is about who do I ask if I’m away for a month and must sign a lease having a support system of women I can go to, discuss my in a week? Who do I ask to do me the favor of wading obstacles and ask for assistance. I’ve been looking these through what might be the familiar long, bureaucratic lines past few weeks for a safe place, a wingman or two, and yet I’m actually helping to create it. of Costa Rica?
by the Women’s Club of CR
So, this is my announcement to the women of Costa Rica - to all women, regardless of career, job title, education or nationality. There is now a group accessible to you, a group that wants to help you with challenges and celebrate the successes you have on your professional path. Our PWN is a new interest group of the long-standing membership grows every day because we all get stuck at Women’s Club of Costa Rica (WCCR), well known for one point or another. We need each other. 70-years of service to the community, most recently their education programs in Costa Rica’s schools. But WCCR And, while we have all the formalities of meetings, recognizes that new times mean new and younger community service and mentorship, it’s the spirit of true friendship and camaraderie that we are really bringing to the table. I’ll be calling my new friends now. Well, shortly after waking from my fear-inducing dream, I realize I’ve been working on the answer to my dilemma all along for the past two months. I will ask someone in WCCR’s Professional Women’s Network (PWN)!
I invite you to attend our next meeting. Details are on our website under PWN at www.wccr.org . PWN is an Englishspeaking group; beginners English welcome. Stacey Auch Chair, Professional Women’s Network Women’s Club of Costa Rica
El Residente
18
November- December, 2010
19
Legal Updatte by Allan Garro N.
Getting Your Corporation in Costa Rica Most expats living/investing in Costa Rica decide to register a corporation. There are various reasons; to establish a business, open bank accounts or get asset protection seem to be the most common. The numbers of existing corporations in the country are awesome. As you are reading this article the Registry is issuing numbers over 600.000. However, remove appointed directors and name new ones, who must creating a new company or buying a “shelf” corporation then be registered in the Company Registry. doesn’t mean people understand how they legally operate or what the right type of company is for their purpose. A different kind of company structure that is strongly recommended is a LIMITADA or LTDA. This is another type SOCIEDAD ANONIMA or SA is preferred, being equivalent of Limited Liability Corporation. Apart from giving the same to Limited Companies in the USA, Canada and similar liability separation provided by an SA, it doesn’t need to have companies in other parts of the world. They can legally a set of directors, only a manager or two. The word Limitada enter any permitted commercial, agricultural, livestock or means stock can’t be transferred by simple endorsement, industrial activities, manage bank accounts, be part of other but that the rest of the shareholders have first right of refusal corporations, acquire properties and vehicles, give and take in any stock transfer while on S.A. corporations stock can credits, apply for or make loans, enter lawsuits and provide be transferred by endorsement of the stock certificate. This all kind of professional services. The corporations have rights makes LLC companies easier to manage and safer regarding and responsibilities separate from their owners or managers. stock. Also, amendments require support of at least 75% of To incorporate a corporation requires a public document with the voting shareholders to be valid. the articles of incorporation, a minimum of two shareholders, a minimum of four directors – a president, secretary, treasurer Both S.A.s and LIMITADAs can have capital stock either in and fiscal - stock certificates and six legal books. Any further colons or dollars. They also can grant power of attorneys to amendments to the articles of incorporation require approval anyone, not just directors or managers if necessary. In both of at least 51% of the voting shareholders to be valid. cases liability is limited to shareholders’ investments. Also, according to the latest criteria from Tributacion Directa (The Many corporations have appointed directors that shareholders Costa Rican income tax department), if they are not used to don’t even know. The explanation for this is that when a operate a business or generate profits, there is no longer a company is created for sole ownership, the owner will be requirement to file tax returns at the end of the fiscal year. usually be appointed as President with unlimited, universal However, such criteria might change in the future. Even power of attorney. The rest of directors are appointed only though at least two people are required to form them, there to comply with the minimum set by law. In this case it is very is no restriction after registration to prevent the shares being important to ensure the other directors don’t have any kind transferred to one person. of power of attorney over the corporation. Shareholders can Corporations are required to have six legal books as follows: 1. General Assembly keep the minutes of shareholder meetings, and especially decisions to amend the original articles of incorporation by changing the corporate structure, legal address, raising capital stock, granting powers of attorney and electing the board of directors. 2. Board of Director’s minutes, which is seldom used except for those companies operating commercially. It’s a book to register the decisions taken by directors in order to decide the business direction of the company, 3. Shareholders Records, which is the book, used to register all share ownership and transfers, Continued on page 21...
El Residente
20
the control and legal representation while others contribute with capital investment only. The question is why are these three types of company seldom used in Costa Rica? The answer is that they don’t differentiate between liabilities held by the company and those held by shareholders - liability is not limited. Personal assets are not protected like S.A.s and LIMITADAs do. There is one more type of corporate structure usable in Costa Rica: Expats owning a foreign company for example in Panama, USA or Canada can legally open a branch in Costa Rica according to article 5 of the Code of Commerce. By fulfilling all requirements set by law, the foreign company can keep the same name; have a corporate identification number and a person with an unlimited power of attorney can operate 4. Ledger book, 5. Journal book and 6. Balance and the company with full legal rights. Inventory. Last three books mentioned are for accounting purposes only. LIMITADAs have only 5 books since they are It’s good practice to avoid owning assets or doing business not required to have a Board of Director’s minute book. in a personal name. The best company structures are S.A.s and LIMITADAs since they are recognized by all banks, Other types of corporations that exist in Costa Rica are: public institutions and people in general. Once you get your 1. EMPRESA INDIVIDUAL DE RESPONSABILIDAD Costa Rican company take good care of the legal books. LIMITADA or E.I.R.L.s, which is a limited liability company If they are lost, having them replaced is very complicated. formed by one person only, 2. SOCIEDAD EN NOMBRE Don’t forget to double check everything is properly registered COLECTIVO or Collective Company, designed for those according to your personal needs. companies managed by family groups working together for generations and 3. SOCIEDADES EN COMANDITA which Allan Garro N., Attorney at Law are silent partnerships where some stockholders take care of law@licgarro.com
November- December, 2010
21
Dollars & $en nse by Alan Weeks
A Huge Credibility Gap
had a decline in house prices on a nationwide basis.” [Note the declines after the peaks in 1979 & 1989.] In June 2005, UCLA economists warned the US housing boom was unsustainable. In 2005, the 2nd edition of Dr. Shiller’s book: Irrational Exuberance was published with the Historical Chart (updated here) to clearly illustrate the US housing bubble and warn that it may soon burst.
Albert Einstein was purported to have said: “One definition of insanity is doing the same thing over and over again In Sept. 2004, David Rosenberg, Merrill Lynch Economist, warned there was clearly a US housing bubble, and it could expecting different results.” turn ugly. BUBBLENOMICS The consequences of allowing the U.S. Federal Reserve The title of a 2003 Brookings paper by Yale economist (the FED) to keep making extremely easy, low cost, credit Dr. Robert Shiller was: “Is There a Bubble in the Housing available over and over again was that it kept expanding Market?” the total amount of credit in the U.S. as well as creating a series of U.S. boom and bust cycles. In fact, the whole era In 2002, Dean Baker asserted there was a US housing of “Bubblenomics”, which lasted for more than a generation, market bubble, based on house-price data from Dr. Robert was in reality a recurring sequence of hyped speculations, Shiller. each of which attracted far too much leveraged money to Some of the things clearly illustrated by the Chart showing the ‘chase’ far too little value. history of U.S. home values net of inflation are as follows: There should no longer be any doubt that U.S. home prices For the entire 50-year period from the beginning of the became so drastically inflated, as illustrated in the Chart ‘Boomer’ generation in 1947 until 1997, there was NO net below, because of the FED’s cheap and easy credit policies increase in U.S. home values. from 2001 to 2006. This created both the biggest and most After the U.S. home value ‘mini-bubbles’ peaked in 1979 and widespread ‘greed spree’, as well as the largest credit again in 1989, values declined back to and even below the long-term norm. bubble in US history. HISTORY OF U.S. HOME VALUES US Home prices peaked in August 2007 In Feb. 2006, instead of issuing any warning, Ben Bernanke said: “Our expectation is that house prices will probably continue to rise”.
By early 2004, U.S. home values had already become inflated to unprecedented heights. I can confirm from personal experience that Canadian home values followed a very similar pattern.
In July 2005, Dr. Ben Bernanke falsely stated: “We’ve never Because we believe in the concept that major asset valuations will eventually return to their historical norm, we are forecasting that U.S. home values will continue to trend down for years to come. WHY IS THIS RECESSION SO DIFFERENT? If you want to know why this economic cycle is so different, in a single word, it would be HOUSING. “Where housing was the spark that lit every other post-WW II recovery, this time it’s the wet blanket that is damping any rebound”. There is no better clarification of this issue than a recent statement from the IMF that housing prospects are dismal, even in Canada. Another statement concerning the economic impact of the housing ‘bust’ was: “Residential housing will act as a drag on economies around the world for the next 8 years”. INCOMPETENCE,
HUBRIS,
OR
ANOTHER
PONZI
Continued on page 23...
El Residente
22
SCHEME There is now a widespread recognition that ‘Easy Al’ Greenspan, the former FED Chairman, was indeed the ‘Maestro’ of asset and credit “bubble-blowing”. And, Chairman Ben maintained these policies until the ‘crash’ in 2008. In fact, FED policies have proven to be such colossal failures for the vast majority of Americans, it raises serious questions whether: The FED was and still is, staffed by incompetents, FED officials possess so much hubris, to actually believe they could control the economy and markets at will; or, The FED and government financial elites acted in consort to create the greatest Ponzi scheme in U.S. history.
derivatives and default insurance swaps, were aptly named “weapons of financial mass destruction”. Throughout the boom period, bank and financial institution ‘banksters’ took on unprecedented amounts of leverage and ignored the risks so that they could maximize reported profits and collect huge bonuses. When Lehman Bros. finally collapsed in 2008, it sent financial ‘shockwaves’ around the world. The magnitude of the damage done to the banking and financial systems throughout much of the Western world has been ‘mindboggling’. And, the horrendous consequences of all this, are now fully ‘taking hold’ of the global economy.
U.S. government officials and the FED also finally realized that many financial institutions were technically insolvent because of the massive suspect debts being held. They rushed to salvage those deemed “too big to fail”, and adopted a policy of allowing the debt to be kept at “marked to fantasy” values. Two years later, the U.S. financial system Perhaps it is being overly cynical when I point out how still appears to be holding a “massive pool of delinquent and significantly the FED policies served to enrich the powerful bad debts obscured behind a nicely painted paper dam”. “bankster robber barons”, while wreaking such financial Some call the policy one of “pretend and extend”. havoc on so many tens of millions of Americans. This is so perplexing that the name “Bubbleheads” is being suggested KEYNESIAN MAGIC for these U.S. financial elites. Believers in Keynesian economics think that governments can simply undertake massive public spending (even with The key point is that, regardless of the motivation of Ben money they do not have) to stimulate their economies until Bernanke when he made such egregious statements about the private sectors recover. U.S. housing prices always rising, one needs to keep in mind how ‘brilliant’ [wrong] his analysis of the housing market was, And, the new team of U.S. leaders accelerated the “pump whenever this “expert” opens his mouth about anything in priming” and “stimulus” programs even though very similar future. programs had already proven in the past to be ineffectual in the U.S. and elsewhere around the world. GLOBAL CONSEQUENCES As a result of globalization, U.S. economic and monetary The Keynesian economists and their elite supporters, policies were copied by many developed and developing occupying prestigious and influential posts in the corridors nations. And, this led to an unprecedented international of power around the globe, have indeed been successful lending and spending ‘spree’ that raged throughout much of in running up massive debts, with very little effect on doing the Western world for years. anything but slowing down job losses. And even that should prove to be temporary because many U.S. cities, Some of the most significant U.S. policies were the legislated counties, states, as well as the federal government, have programs to make home ownership available to many more still not addressed their own colossal budgetary deficits, Americans. The implementation of this noble objective went which will almost certainly require them to cut significant wildly out of control for many of the reasons cited in previous numbers of public sector jobs. [Please take note that the articles. British Government has just announced a massive 500,000 in public sector cuts to start getting their own country’s The U.S. and international housing boom ‘ballooned’ to ‘financial house’ in order.] unprecedented levels with major impetus provided by massive speculation and fraudulent lending practices. The FED also still seems to be ‘hanging onto’ an absurd Moreover, the huge and continuous expansion of credit notion that banks need to ease credit so that deeply indebted required to keep the home building and buying boom going, consumers can borrow and start spending again in order to led to the creation of a massive volume of various leveraged get the consumer-dependent economy growing again. derivatives. The FED also undertook the massive re-purchase of U.S. Continued on page 24... The proliferation and widespread marketing of these Of course, it was in their own interests for these elites to provide the financial “grease” to create significant, (but temporary), economic growth in order to keep placating the masses and sustain their own seats of power.
November- December, 2010
23
Treasuries, a practice called Quantitative Easing (QE). One pundit likened this FED action to another gigantic Ponzi scheme. Unfortunately, these massive monetary and fiscal stimulus programs have yet to produce meaningful results. How else could one explain that even after two years, underemployment in the U.S. is reported to have climbed to a ‘sickening’ 22% of the private workforce? In addition, as mentioned earlier, governments at all levels have yet to address their own colossal budgetary deficits, which should ultimately result in the loss of many public sector jobs. Many of us believe the U.S. government and the FED have proven yet again to be very poor economic and financial managers. In fact, we believe an objective analysis could easily conclude that the policies and programs have actually been counter-productive. However, instead of learning from the past, it is now clear that Ben Bernanke is “rehashing the old Greenspan playbook” of trying to reflate the U.S. economy as the FED contemplates more massive QE. I started this article with Einstein’s famous remark about insanity for a reason. This was to get all the people who had allowed today’s Keynesian elites to get away with the monetarist nonsense for too long, to start considering for themselves whether the repeatedly failing FED policies should be allowed to continue. The point is that you might give a major policy some time in order to observe the results. But, when that policy produces the exact opposite results from what was expected for two years running, it is our opinion that persisting with it should be considered a simple case of insanity.
and companies, rather than to accept they should fail. The U.S. has good legal processes and the capital markets to sort things out and many of the failed businesses could have continued to be operated in bankruptcy. Instead, successive governments reverted to the massive bailout schemes. We believe this was to appease certain favoured constituents, and in a naïve hope of something good happening. More likely, it will turn out to be another way to “pretend & extend” the day of reckoning. We believe this is bound to make the way forward much tougher and is expected to last longer than if the government had not intervened. As one song line goes: “Another day older and deeper in debt”. FUTURE INFLATION OR DEFLATION? Respected professionals keep reminding us that the U.S. FED cannot simply print money and “drop it from helicopters”. And, even if the FED were to monetize every dime of currently outstanding in dollar-denominated debt, it would create no net inflation. The simple fact is that the FED does not lend money directly to companies or individuals. That is the function of the banks. Moreover, right now and for quite some time in the future, the banks have no choice but to be very cautious about how much and to whom they lend money. Some professionals believe that the U.S. economy is now facing what is called a “liquidity trap”. This is when 0% interest rates and increasing the money supply does not induce more economic activity.
Jean-Claude Trichet, President of the European Central Bank, made a very prescient assessment of the situation that he outlined in a recent Financial Times article aptly titled: “Stimulate no more – It is now time for all to tighten” It is realized that the banking crisis and ‘unwinding’ of the massive over leveraging would have taken years to work out through bankruptcy proceedings if the government had not intervened except to simply protect the retail deposits and have allowed the ‘zombie’ banks to fail. Many unprofitable and over leveraged companies should also have been allowed to fail. Many would have closed down, but quite a few would have come out of bankruptcy much stronger. Of course, the economies of the U.S. and other nations would have contracted and stayed in recession for quite a while. However, we contend the stronger companies and banks, with less overall capacity to contend with, would have become more profitable. The end result could have been that the economy would have resumed sounder and more sustainable growth. However, instead of solving any of the underlying problems, hasty actions were taken to prop up selected ‘zombie’ banks
El Residente
WHAT ABOUT COMMODITY INFLATION? It is true that the Americans and Chinese (with its currency ‘peg’) are experiencing an upward trend in commodity prices, including in food, fuel, and oil-based products. However, the reason the Commodity Price Index has been trending upward for the last 2 years is because the prices are denominated in U.S. dollars. The real problem is that the US dollar has been declining steadily in value over this period, relative to the Swiss Franc, some northern European currencies, as well as to the Canadian and Australian dollars. Continued on page 25...
24
In fact, while the U.S. dollar index plummeted from June to the end of September this year, even as headlines persisted about the shaky Euro, while almost everything else gained proportionately.
However, keeping interest rates ultra low is certainly not intended to help the majority of Americans already in or approaching retirement, to re-build any wealth through low risk investing.
Thus, while Americans are seeing food and fuel prices increasing steadily, the people in nations with stronger currencies, such as Canada, have not. Instead, they are now enjoying greater purchasing power.
Government policies are also doing very little to help young Americans find their first jobs. With youth unemployment rocketing up in recent years (reported to be 40% now in Spain); policymakers had better ‘wake up’ or start “manning the barricades for the backlash”. For as our mothers’ used to say: “the devil makes work for idle hands”.
CIRCULAR FIRING SQUAD A number of Central bankers are again talking up the use of QE instead of admitting they were wrong the first time around because it was not effective, and give up on a bad idea. Speculation that the U.S. FED will unleash QE-2 has already spearheaded a new round of ‘currency wars’ around the globe. Central banks in a number of developing countries and Japan have all stepped up their interventions to try to prevent a precipitous decline in the value of the U.S. dollar relative to their own currencies. Furthermore, officials in many other countries from Singapore to Colombia have also issued warnings over their strengthening currencies. And, in late September, the Brazilian Finance Minister issued an alert, by saying: “We’re in the midst of an international currency war, which threatens us because it takes way our competitiveness”. One pundit described this currency issue as a “Race to Debase”. Another likened the global “currency war” to participating in a “Circular Firing Squad”. THE MESS MADE BY EASY CREDIT POLICIES Unfortunately, after so many years of public sector debt debauchery, it has become quite apparent, once unfunded liabilities are included, that most Western world governments are already technically insolvent. The debt to GDP ratio of the U.S., as well as that of most other G-7 countries, is reported to be nearly 500% of GDP. We believe it is past time for governments to stop ‘pretending and extending’. This is only making matters worse. Moreover, by persisting with the same policies, it allowed and encouraged the middle classes in the U.S., the UK, and elsewhere, to borrow against rising asset prices, so that they could keep consuming despite the stagnation of their incomes. Cynics believe this deliberate government policy was really ‘crony capitalism’ that allowed the wellconnected rich to acquire virtually all the gains. Moreover, it has already become clear that the policies not only led the middle classes into deep debt but, by continuing attempts to keep asset prices artificially high, they are also “robbing” our children of the ability to buy a house.
Very serious problems are also reported to be arising in developing countries, particularly in China. But, it is far beyond the scope of this article to review the major challenges that the Chinese government should expect to face in future years, in order to keep placating the vast majority of its people. At this time of continuing economic and financial distress, everyone is going to have to start realizing that there are very tough times ahead. One professional made a seemingly appropriate comment that could apply now to the widespread dilemma we are facing. “Winter is coming. Buy a coat.” Optimists believe that “necessity is the mother of invention”, and that Americans will eventually overcome the many serious problems. It is nice to feel there is a “Yes, we can” attitude. However, what made America such an exceptional country was its openness that provided opportunities and encouraged creativity, innovation, and self-reliance. Many are now questioning whether Americans are capable of overcoming the ingrained ‘entitlement complex’ & unwind the massive over-regulation in order to be able to return their country to the successful principles upon which it had once thrived. To help achieve this goal, we must hope new leaders will emerge and lead the country to find satisfactory, long-term, solutions to undo oppressive regulations, stop acting as the world’s ‘policeman’, and ‘clean up’ the messes created by the credit/debt debauchery aided and abetted by the ‘bankster robber barons’. Otherwise, some believe that all the ingredients are now available to create a descent into global chaos. Please note that the opinions expressed in this article are solely those of the writer. For more information and reference details please contact Alan Weeks by e-mail: imccr2002@yahoo.com
Yet, central bankers still see QE as a key to maintaining the illusion of prosperity and to ‘stoke’ consumer spending.
November- December, 2010
25
Exchange rate of the Costa Rican ¢ to the US Dollar April 516.04 May
545.72
June
540.24
July
522.71
August
514.28
September
512.94
Basic Interest Rate April 7.75 % May
8.50 %
June
8.25 %
July
8.00 %
August
8.25 %
September
7.50 %
Exchange rate of other currencies to the US Dollar Japanese Yen 83.480 Swiss Franc
0.9770
Canadian $
1.0261
Giro (DEG)
1.5562
ÂŁ Sterling
1.5753
Euro
1.3638
Mexican Peso
12.551
Korean Won
1,140.2
Danish Krone Norwegian Krone Argentine Peso
5.4639 5.8487 3.9616
Colombian Peso 1,799.7 Brasilian Real
1.6967
Libor Rate 1 month 0.2563 % 3 month
0.2900 %
6 month
0.4625 %
12 month
0.7778 %
Prime Rate
El Residente
3.25 %
26
Holidays of Costa Rica December 25th- ARCR closed ‘Christmas Day’ December 31st- ARCR closed ‘New Year’s Eve’ January 1st‘New Year’s Day’ ******************** A Touch of Wisdom “Self conceit may lead to self destruction.” Aesop (620-560 BC) “Spare your breath to cool your porridge.” Francis Robelias “‘Tis easier to prevent bad habits than to break them.” Ben Franklin (1706-1790) ******************** A quick smile... An elderly gentleman.... Had serious hearing problems for a number of years. He went to the doctor and the doctor was able to have him fitted for a set of hearing aids that allowed the gentleman to hear 100% The elderly gentleman went back a month later to the doctor and the doctor said, ‘Your hearing is perfect. Your family must be really pleased that you can hear again.’ The gentleman replied, ‘Oh, I haven’t told my family yet. I just sit around and listen to the conversations. I’ve changed my will three times!’
November- December, 2010
27
El Residente
28