El Residente A Publica on of ARCR Administracion S.A.
May - June 2012
May/June 2012
ARCR Administracion S.A. Apdo. 1191-1007 Centro Colon San JosĂŠ, Costa Rica 1 (www.arcr.net)
Contents: President’s Message................ 3 Connec on WCCR................... 4 Club Corner.............................. 7 ARCR Update............................ 8 Wild Side of Costa Rica............ 11 - Ryan Piercy
Legal Update, Property............ 12 - Allan Garro N.
A Day in the Life...................... 14 - Allen Dickenson
Editor’s Note May has sprung itself upon us, and hopefully this issue will be delivered rapidly, as it was slightly delayed by illness, as well as all the holidays that April holds. Apart from that, we hope you find this to be an interes ng and useful edi on. Of par cular note are several items pertaining to funerals in Costa Rica. For those of us who live here, there is every possibility we may at one point be a ending, or possibly even partaking if we wait long enough. We hope the informa on within is of use, and also we plan to add much more on this and related areas in the future. Of course we also have ar cles in other areas as usual; wildlife, investment opinions, legal issues, as well as an update from the office to help keep you aware of what is going on in the country, especially in areas that may affect us in par cular. So, be er late than never, we hope you find this edi on of the newsle er helpful, & interes ng.
Learning the Language............ 17 Ryan Piercy
- Chris Howard
Costa Rica Living...................... 18 - Alexander Castro Z. & Elle Alexander
The New Currency................... 20 Dollars & Sense....................... 22 - Alan Weeks
Business Directory.................. 26
This magazine has been published every two months since 1995 as the official communica ons media of the ARCR. Our organiza on provides service to thousands of foreigners who have chosen Costa Rica to reside for short periods or for permanent residence.
Contact Informa on: Published by: Email:
ARCR Administra on info@arcr.net www.arcr.net Ed tor in Chief: Ryan Piercy Adver sing, Publicity: Cindy Solano Office Hours:
Monday- Friday, 9 am to 5 pm CRC me GMT-6
Address:
#101 Casa Canada, Av 4 Calle 40 San José, Costa Rica Tel: 506-2233-8068 Fax: 506-2255-0051
Mailing Address:
P.O. Box 1191-1007 Centro Colon San José, Costa Rica
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 applica on, immigra on, business and financial management, real estate purchases and rentals, property management, insurance, pet importa on and much more. If you wish to place an ad in El Residente, please contact the ARCR main office. Goods & services offered are paid adver sements. Neither ARCR Administracion nor El Residente research the companies and take no responsibility for the quality of such goods and services.
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President’s Message by Mel Goldberg Funerals & Holidays By now many of you will have seen the informa on about the Polini Funeral Home benefits available through ARCR – there was an insert in a past El Residente and an ar cle in the Tico Times detailing the informa on. But if you missed both of those, here’s a brief overview: Polini has several funeral homes located throughout Costa Rica. There are currently seven and they plan on adding two more; one in Jaco and another in Liberia. They have entered into an agreement with ARCR wherein they will provide their services to members and families at a discount. Examples are: Crema ons $750, which may be paid in advance over a oneyear period without interest, or $650 if paid in one lump sum. If an autopsy is required, they give a 50% discount. Regular funerals and shipping a body or urn to another country is offered at a 20% discount, or 30% if paid in advance. (Of course, if a body is shipped, embalming is required, but a discount for that will also be applied.) Polini will also complete all the necessary paperwork required by the government of Costa Rica and coordinate with the U.S. Embassy as part of their service. If any of you have any further ques ons about this agreement, please feel free to contact me. Also covered are US military vets and their families. U.S. ci zens need to remember, the Federal Benefits Unit (Social Security, veterans benefits, etc.) at the U.S. Embassy in San Jose, has begun seeing persons on an appointment only basis as of April of this year. To obtain an appointment at the FBU, call 2519-2228 between 8:00 and 11:30 AM, Monday through Friday. Walk-ins will NOT be seen - WITH NO EXCEPTIONS (their words, not mine.) To make an appointment online, go to h p://costarica.usembassy.gov and do a search for “Federal Benefits”. This way of doing things is really to the benefit of the client, since some visits require only minutes while others can take hours. With an appointment system, people are not le si ng wai ng while the person ahead of them is being processed. Remember, the FBU is closed on second and fourth Thursdays every month. Also on the subject of the U.S. Embassy, the Department of
State recommends that all U.S. ci zens visi ng or living in another country register with the nearest Embassy via their Smart Traveler Enrollment Program, a.k.a. STEP. There are good reasons for doing this: If you are ill, injured, or die, the Embassy will be able to get in touch with your rela ves or family back home. Or, in the case that friends or rela ves in the USA need to contact you in an emergency, they can; if you are not registered, the Embassy won’t know you are here and can’t pass on any messages. Note that even if you are registered in the program, if you have not given authoriza on to give your informa on to others, the Embassy will NOT be able to do so. (Just so you know, the Embassy does not share your registra on informa on with any other government agency or third party.) Addi onally, you will need to be registered in STEP before making an appointment for Notary Services, which are needed to get the document the Costa Rica government requires you present to Immigra on to renew your Cedula. To make an appointment for Notary services, go to the U.S. Embassy web site (h p://costarica.usembassy.gov) and do a search for “Notary”. Almost every me I am at the Embassy there is someone whose passport has been lost, strayed, or stolen trying to obtain a replacement. It would be very helpful if that person had been registered in STEP. It’s a shame that travel agents in the USA don’t inform people of the importance of registering when they visit another country. To register in the Smart Traveler Enrollment Program online, go to: h ps://step.state.gov I have recently learned that some veterans who served on ac ve duty between 1 January 1957 and 31 December 2001 may qualify for increased Social Security payments. Under certain circumstances, special extra earnings for military service can be credited to a veteran’s Social Security record, which can increase the amount of their benefits. If you think you might qualify, contact the FBU at the Embassy. You will need to show them your DD-214. (If you don’t have a copy of your DD-214 you can obtain one by going online to: h p: //www.archives.gov/veterans/military-service-records/ ) Hospital Metropolitano (in downtown San Jose) has expanded their pharmacy program for recipients of Tricare for Life, ChampVA, and Foreign Medical Program to cover physician visits, inpa ent, laboratory, and X-ray services. Call Jeanne e at 8382-5533 for more info.
Cover: the white-headed capuchin (Cebus capucinus) Another of the species that is special for Costa Rica, the white-headed capuchin (also known as white-faced capuchin or white-throated capuchin) is na ve to the forests of Central America, as well as the extreme North of the Southern con nent. Good loca ons to look for them locally include the dry forest on the Pacific Coast, and the wet lowland forest on the Carribbean side. They are a very versa le primate, and spend much of their me foraging and res ng, star ng at daybreak. Their diet is largely made up of insects, but also feed on fruits, flowers, eggs or small bird hatchlings, and lizards. May - June 2012
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Connec on, WCCR by the Women’s Club of Costa Rica
from Spanish conversa on to book clubs and field trips.
What is the Women’s Club? The Women’s Club of Costa Rica is a philanthropic organiza on suppor ng educa on, primarily through scholarships and development of mini-libraries in Costa Rica’s public schools.
WCCR is an English-speaking club boas ng a membership from Costa Rica and countries all over the world. Our membership of over 300 ranging in age from the 20’s to 90’s. Founded in 1940, WCCR has gone through several name changes but remains one of the oldest, con nuously opera ng service organiza ons in Costa Rica. The club was born as a social organiza on but in WWII changed focus to Service to the country – philanthropy that has taken many direc ons over the past 72 years. In 1984 WCCR proudly worked with Hospital San Juan de Dios, raising $50,000 to bring the first mammogram machine to Costa Rica. In 2010, our 70th anniversary, a whole new chapter began with addi on of a group aimed at support and development for Professional Women in Costa Rica. General membership mee ngs featuring guest speakers are held in various loca ons -- scheduled in 2012 for the second Wednesday of March, May, July, August, October and December. Today, three main areas are the focus of WCCR’s mo o of Friendship Through Service: Friendship • Welcoming women into the community with social events and general mee ngs. • Crea ng an atmosphere for personal development through professional seminars and other ac vi es El Residente
University Scholarships for Costa Rican Children • Since 2005 over $129,000 in scholarships has been provided to high school students, all with excellent grades but from poor families needing financial assistance. • In 2010 focus changed to assist our high school graduates with scholarships into university. Twentyeight students began their secondary educa on receiving approximately $1,000 per year to help pay for bus fare, photocopying, and other basic expenses that their families cannot afford. • Thirty university students received scholarships in 2011 and the same number will benefit in 2012. • Scholarship students are introduced to money management via WCCR deposits made on a regular basis directly to an account each opens with Banco Nacional. • Spanish-speaking WCCR members of the Scholarship Commi ee (madrinas) supervise, encourage and guide the students throughout the year and ensure that they complete their required volunteer community service projects. • WCCR university scholarship students are found in all parts of Costa Rica and in all five na onal universi es’ Central Valley and regional campuses. ‘Reading is Fun’ Library Program • Established to develop children’s interest in reading by providing books and equipment for libraries in public schools. • Schools are assessed to ensure that there is a responsible person/teacher to act as librarian and an appropriate area in which to install the shelving and furniture. • The ini al supply of books (100 to 300 for example) and amount of shelving, desks, and chairs is assigned based on the number of students in the school. • Since 2006 $35,000 has been dedicated to the Library program. • Seventy-two schools located all over Costa Rica have benefited from this social service program since 2004. • Over $6,000 has also been donated to support the La Nación text book program in public schools. If you are interes ng in joining or helping out, see the website at www.wccr.org.
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Alcoholics Anonymous Groups meet daily throughout the country; mes and places change frequently. Call for up-to-date informa on. San José 2222-1880 (Anchor club, also serves Narco cs 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) 2654- 4902, Manuel Antonio (Jennifer) 2777-1548, Jacó (Nancy) 2637-8824, Zoo Group Escazu 2293-4322. Grecia (Jay) 2494-0578. Southern Zone, mee ngs in English & Spanish, 8634-9241. Al-Anon Mee ngs Al-Anon Family Group is for all family and friends of Alcoholics. Mee ngs are at the Interna onal Bap st Church, 2nd floor, Saturday morning 10:30, located on the pista toward Santa Ana between the Mul plaza and Guachepelin exits. For informa on in English, please call Ken 2288-0317 and Rosemary 8993-1762; For Spanish please call Chris ne 8840-4658. Also in Grecia on Tuesdays at noon (English), contact Cheryl at 2444-1515. 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 Club Cubano in Guachipelin. For informa on and map, please call Mel Goldbergat 2271-5556 or 8870-6756, or John Moran at 2232-1680. American Legion Post 12- Golfito Mee ngs 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 27752809. American Legion Post 16- Goicochea Mee ngs are the second Wednesday of the month in the Hotel of the Hospital Clinica Catolica. Lunch at 11:30 and the mee ngs at 12: 30 Contact Jim Young at 2524-1265 or 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 informa on contact us at costaricabirding@hotmail.com Canadian Club The Canadian Club of Costa Rica welcomes everyone to join us for our monthly luncheons, and at our special annual events, like our Canada Day Celebra on, no passport required. For informa on visit our website: www.canadianclubcr.com Democrats Abroad Democrats Abroad meets on the last Saturday of every month at theAurola 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! Li le Theatre Group LTG is the oldest con nuously running English-language theatre in Central or South America. The group currently puts on a minimum of four produc ons a year offering a choice of modern, classic, serious, and farcical plays. The group’s monthly social mee ngs 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.
May - June 2012
For more informa on Call the LTG Box Office 8858-1446 or www.li letheatregroup.org Marine Corps League Meets at 11am the 2nd Saturday of the month, Int’l Bap st Church, in Guachipelen. Call Bill Enell at 8812-0126. Newcomer’s Club Newcomers Club of Costa Rica (for women) meets the first Tuesday of every month, September through May. September mee ng will be an interest fair. Contact: 2416-1111 costaricaporo@yahoo.com or h p://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. Two months Free Trial for newcomers. For informa on 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 fax 2282-2150. Radio control Sailing Club Meets at Sabana Park Lake. For informa on 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 educa on. For more informa on on upcoming events please contact us. Phone 2279-8927, 2257-2223 Women’s Club of Costa Rica In 2010 The Women’s Club celebrated 70 years of philanthropy in Costa Rica. Current programs focus on educa on, primarily through scholarships and development of school libraries for children. It is one of the oldest, con nuously opera ng service organiza ons in Costa Rica. WCCR membership numbers 250 English-speaking women, represen ng 25 countries of the world, drawn together by the mo o: Friendship through Service. WCCR monthly mee ngs 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 informa on can be found at www.wccr.org Women’s Interna onal 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 ac vity partners, and professional networking. www.YoungExpatsOfCostaRica.org Veterans of Foreign Wars: Post 11207 Mee ngs are held at 11 am, 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
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ARCR Update The Tax Review Following months of debate, it appears that the proposed tax reforms for Costa Rica have been shelved for good. This was announced in mid-April, following a decision by the Cons tu onal Court which found fault with the method the plan was processed. The government will now apparently being looking to cut spending.
Members should be aware that, aside from obviously being illegal, this is also a highly risky procedure. It is possible for Migracion to detect these stamps, and any individual involved who is caught may be deported, or worse, processed for fraudulent documenta on. Of course, in our experience, of the three people involved (the passport holder, the ‘service provider’, and the passport stamper) the only one who ever seems to get caught is the owner of the passport.
The new corporate tax, which was passed, is also now facing various cases in the Cons tu onal Court as well, and though the deadline for payment was April 30th, and only 105,000 of the 575,000 companies registered paid on me (18%).
If you are ever caught, it is best to try and voluntarily leave the country before being legally processed, when permi ed by the authori es.
Risks Renewing Tourist Visas
For those members desiring to make certain their affairs are all in order, the ARCR has arranged special rates with Funeraria Polini, including crema on services, and discounts on most funeral services. All your wishes can be pre-arranged, and even prepaid, in order to make it easier on your family when the me comes. Polini is also experienced in arranging for shipping if you desire burial in your home country.
Though Migracion laws seem to be stricter, many foreigners s ll live in Costa Rica under Tourist status, making border runs to renew their visas as necessary. Unfortunately this some mes becomes a hassle, and eventually individuals may offer the service to ‘have your passport stamped’ without the need to leave.
Special Prices for Funerals
On Monday, May 28th, at 11:00 AM, the American Legion Post 10, Escazu, will hold its annual Memorial Day Ceremony at the Camposanto Cemetery in San Antonio de Escazu. The names of more than sixteen U.S. military veterans who have passed away in Costa Rica since last year’s ceremony will be read, and those who were members of the American Legion will be transferred to Post Everlas ng. It is a touching and impressive ceremony and everyone is invited. For more informa on, please contact John Moran, Commander of Post 10, at 2232-1680. Following the ceremonies, the Post will hold their Second Annual Memorial Day Picnic. It will take place at Villa Amira in Santa Ana star ng at 1:00 PM and going un l 5:00 PM. Admission is 6,000 Colones per person, which includes half-pound hamburgers, foot-long hot dogs, homemade potato salad, and baked beans. Beer and so drinks will be available for purchase. Tickets can be purchased in advance. For further informa on contact John Moran, Commander of Post 10, at 2232-1680. El Residente
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Wild Side LXVII Ryan Piercy Brightly Burning Birds Aracari (pronounced “ahr-uh-SAHR-ee”), a species of Toucan, are strikingly beau ful birds. They have enormous bills which display startling contras ng colors, including flaming-red. Their feathers range from burning-yellow and orange which accompany the standard black ones found on most toucans. The genus, Pteroglossus, consists of fourteen cousins, two of which reside in Costa Rica.
Pteroglossus torquatus, the Collared Aracari, can be found mostly on the Pacific slope and is most numerous on the Nicoya Peninsula and the slopes of the Guanacaste range. It is also seen on the Caribbean coast in the foothills, up to about 1000 meters. Its upper feathers are predominately black and olive with its under-parts yellow suffused with red. Like its cousin, it also has a black chest spot, but smaller. The beak is quite different; although the lower is also black, the upper is a dull yellow with maroon near the base and a coarse serrated pa ern on the cu ng edge and the p. This breed is slightly smaller than the Fiery-billed Toucan with an average weight 230 grams and length of 16 inches. Both of the specimens are primarily frugivorous (fruit ea ng), as are most toucans, though their diet is some mes supplemented with small insects. They will nest in tree holes, o en old woodpeckers’ nests, and lay two to three eggs which both sexes will incubate for a period of about sixteen days. When the chicks hatch they remain in the nest, blind and naked. Because the Aracaris do not use any materials to so en the tree hole, the young birds have specialized pads to protect their feet from the rough floor. A er about six weeks the babies will leave the nest with the adults, but will con nue to obtain feeding assistance from the older birds. Unusual for toucans, these two species will roost socially with other pairs and their young throughout the year, with up to six adults and fledged young sleeping in the same hole with tails folded over their backs.
The Fiery-billed Aracari is generally found in the South Pacific slope, up to 1500 meters al tude, and as far North as Oro na and the Atenas hills. It suits its name perfectly with its upper bill fading from red to orange and yellow. The lower is primarily black. The bill connects to the head with a strong white line (which almost looks like a bad glue-job). They average about 17 inches in length and about 250 grams in weight. The head and body are mainly black and olive, but with a chest band in yellow, then red, then yellow. The upper yellow band boasts a large black spot in the middle of the chest. The eyes, with red eyeliner, display a stark yellow iris with a black pupil. This species, Pteroglossus frantzii, is a very close rela on to the other local species, the Collared Aracari. May - June 2012
The two varie es have a similar call, which is rather high and sharp, and quite loud. However a big difference between them is their range; the Collared Aracari can be found from Southern Mexico all the way down to Ecuador while the Fiery-billed Aracari is found mostly in Costa Rica and Western Panama. If you have the opportunity they are worth looking for as they are definitely brilliant colored birds and beau ful to observe. 11
Legal Update by Allan Garro N. Can Proper es in Costa Rica Be Protected from The s? I will start this ar cle with part of an ar cle named Dreams Based On Un tled Land can be a Nightmare, published in the first issue released on January, 2010. “Costa Rica’s most valuable asset is its land… however, there are also a number of risks involved in land investments. The existence of organized gangs dedicated to property fraud, with the help of some crooked notaries, is no secret”. Unfortunately there are many foreigners with true horror stories behind their property investments; with happy endings in some cases possible only a er years of legal fights and headaches.
company that are not registered but are a liability secured by company assets. We are speaking of documents such as promissory notes, le ers of exchange and so on. It is a smart idea to obtain credit reports on the seller as well as to include a sworn statement where the seller declares there are no credit documents outstanding in the purchase agreement. • Dishonest Notaries. This is probably the biggest problem. The country currently has more than 10.000 ac ve Notaries. Most are very correct professionals, but a very small group are dishonest and can create major damage in the Legal System. The problem is that a Notary has the power of transferring a property by simply sending a transfer deed to Na onal Registry. It needs only the notary’s signature. This could be an usual scenario: Subject A is the legi mate owner of a property. Subject B, with the help of a crooked notary, transfers the property into his or her name to later sell it to subject C who buys it in good faith. When A discovers the fraud the only hope is Court, where there can be two possible scenarios:
There are a number of reasons that make fraud possible. Here we describe the main ones: • Cadaster disorder. Costa Rica measures 51.100 square kilometers. However, at the Na onal Cadaster offices the total registered plat maps represent about 20% more than the country’s area. There are proper es registered with overlapped maps, making it possible to have two different proper es including the exact same loca on. There is a special Department created by the Government that has been working on this problem since 2009 and thanks to an interna onal loan for USD $70 million the problem should be solved in a few years. It is very important when buying farms or raw land to have a surveyor checking the property prior to any nego a on. • Stock transfer. It is normal to purchase a property by buying the shares of the corpora on that owns it. The Buyer receives the shares at closing, and then must amend the company by changing the legal address and appoin ng a new Board of Directors, among other things. Even though lawyers can check the property and corpora on status in the Registry it is very hard to discover the existence of credit documents issued by El Residente
a) File a Criminal Accusa on. Criminal Courts have ruled that the property has to be returned to its original owner (Subject A), leaving the door open for Subject C to claim compensa on from the government by demonstra ng true good faith in the purchase process. The biggest problem is the short statute of limita ons in criminal law. The window of opportunity can close before the trial begins. b) File a Civil Court lawsuit. A good thing about this is that the statute of the limita ons is much longer. Civil Courts have usually ruled that the party to be protected is Subject C for having acquired the property in good faith based on the Registry’s public informa on, however Civil Courts have lately ruled in favor of the original proprietor –Subject A- by using some special ar cles contained on the Civil Code. Many property owners try to prevent these problems by using some not very effec ve methods like 12
placing a big sign saying THIS PROPERTY IS NOT FOR SALE or registering a regular mortgage in favor of a close rela ve. The problem is that the sign can be removed if the owner does not check the property frequently, or a dishonest notary can have the mortgage deleted in the Na onal Registry.
Mortgage Cer ficates will be a priority lien against the property. Cer ficates can replace normal mortgages.
Another method o en used is to request a Voluntary Immobiliza on of a property according to ar cles 266 and 292 of the Civil Code. The procedure is simple: The owner appears in front of a Notary and signs an Immobiliza on request to be submi ed to the Na onal Registry. A lien against the property will then appear as a result of this request. On the other hand, an interview with one of the Registry representa ves indicates that this is not as safe as one might think. A fraudulent document signed by a notary cancelling the lien could be filed and the Property Registry can’t ques on the public faith granted by law to notaries.
4. Mortgage cer ficates cannot be registered on proper es under concessions from the municipality in the Mari me Terrestrial Zone. The only excep ons are specific proper es located in the Papagayo Gulf area, where concession proper es can be legally mortgaged by mee ng special governmental condi ons.
The legal system offers a tool that can be of great help called CEDULAS HIPOTECARIAS or Mortgage Cer ficates. This is a special type of mortgage that allows a property owner to mortgage the property in his or her own favor, so finding someone else to trust with the mortgage is not necessary. When it is registered, the Na onal Registry will issue the cer ficate on special security paper similar to bank investment cer ficates. Once registered it cannot be deleted by any notary unless the original cer ficate is returned to Registry, so it is secure as long as this document is under the legi mate owner’s control.
3. Legal costs vary depending on the amount of the loan. They are approximately 1.75% of the loan, including legal fees and registra on expenses.
In summary, mortgage cer ficates have become a great tool for land investments in Costa Rica. They can be like a watchdog to prevent fraud. ALLAN GARRO NAVARRO A orney at Law allan@garrolaw.com www.garrolaw.com
Another advantage of a mortgage cer ficate is that they can be legally transferred by endorsement, so banks generally accept them as guaranty for a loan. This can save money in legal fees, as a new mortgage is not necessary. The only costs would be a property appraisal and preparing a private contract with the credit condi ons. Once the debt is paid, the bank will endorse back the cer ficate, allowing it to be reused as security for future loans. Here are the requirements to register a mortgage cer ficate: 1. Meet with a Notary with experience in registering these documents. 2. Ensure the property is free of other mortgages. May - June 2012
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A Day in the Life by Allen Dickenson A Passing in the Campo I had the privilege of a ending a Tico funeral today. I use the word privilege because it was for a man for whom I had great affec on; he was the Grandfather of one of my daughters. Although we were only tenuously connected through the one granddaughter, he and all his family had welcomed me, the “padrasto” of his granddaughter, and the rest of my brood into his family with open arms. We made numerous, unannounced Sunday visits to he and his wife’s modest campo home where we got to know many of their numerous children, grandchildren, greatgrandchildren, nieces, nephews and other members of the extended family. No ma er how many were there, we were all always welcome. I never felt out of place; I was family too. Antonio and I became, to the extent allowed by our language and cultural differences, friends. I thought highly of this man, as did the rest of the community of Puriscal, something a ested to by the nearly two hundred persons who a ended the Saturday service in the Catholic Church there. I was pleased to be able to be a part of that and honor him and his life. He was eighty-eight years old.
The services were a ended by adults, old and young, and there were many small children included. Although I couldn’t understand all the Spanish words, the hymns sung were upbeat and cheerful and the general a tude was one of celebra on. That makes sense to me; celebrate the life, not mourn the death. In fact, the ceremony and the following interment, were treated more like a subdued social occasion. Make no mistake, the services were dignified, just not gloomy. There was a lack of formality with very few persons dressed in mourning black, and there were no suits, no es – the a endees were dressed very much as if they were going about their daily business which, in a way, they were. These Ticos don’t take death as solemnly as we from some other socie es do. There are some similari es in the Tico way of burying their dead to the Gringo style, but with some a differences too. For instance, the coffin was ornate – but in it’s own way.
If you have never a ended a Tico funeral, there are some differences from what most of we expats are used to, at least out in the campo. For example, this trip and funeral took place less than twenty four hours a er his abrupt and unexpected passing. That’s because rural Costa Ricans don’t usually embrace the ar ficial prac ce of embalming, and inter their dead as soon as possible. El Residente
This is the fourth service I have a ended here in Costa Rica, including one for a one month old infant, and each me the caskets have been sheathed in ar ficial fur. Not long fur, but definitely fur. Maybe this isn’t standard across the culture, but of the three previous funerals I have a ended here, the coffins of two were covered in pure white fur and the other was golden. Today, my friend’s was a light grey. A dis nguished and subdued color I found fi ng. Another dis nc veness is that all the caskets I have seen here have a door with a window in the lid over 14
the occupant’s face. A er the church services were concluded, I, my wife, his granddaughter, and two of our other children joined the roughly one hundred person procession who slowly drove and walked behind the hearse for the approximate two mile trip to the cemetery. Though cars were backed up on a main road as far as the eye could see, not one person honked their horn with impa ence. It took over an hour to reach the cemetery. For the last part of the trip, a er cres ng the last big hill where the road fla ened out into a gentle downhill slope, the coffin was removed from the hearse and was hand carried on the shoulders of the pall bearers.
The cemetery was typical Costa Rican, comprised of a mix of old, in-ground graves and modern aboveground mausoleums covered in ceramic les. The site is situated on a hillside with a nice view over the valleys to the West; on a clear day the Gulf of Nicoya would be visible in the distance. A peaceful and tranquil loca on. There, the casket was laid out and arranged for viewing. The door over the window in the lid was opened and the people crowded around to look in and pay their final respects. By people I mean those of all ages – adults, children, teenagers, etc. I saw one li le girl, about six years old, take a picture through the glass with a cell phone. Some looked in and said a few words of farewell while others talked longer and shed some tears. Eventually the door was closed and the coffin was inserted into the mausoleum, which was then bricked shut while the crowd watched. Goodbye my friend.
but are rented for a year at a me. A er the paid-for period, the remains are removed and the family takes care of disposing of them. The sepulcher of my friend is, however, owned by the family. Similar to the North American tradi on, a er the burial there is usually some sort of wake held somewhere. These may be, and frequently are, in one of the homes of the family of the deceased, though they can take place anywhere. In my experience, the occasions are not solely somber, but more like a subdued party where many prayers are offered for the departed. Another custom here is for close members of the family to gather every month on the anniversary date of the death, for the following six months, and hold a similar, but smaller memorial / prayer mee ng. We won’t be a ending them for my friend; Puriscal is too far away. As interes ng as it was to observe and par cipate in these local tradi ons, I write this with a heavy heart. I will miss my friend. He was a good man. I will always retain the memory of his warm and open generosity and am grateful for the chance he gave me to meet and know him, to get to know his family, and to be included in his life. Adios mi amigo. May you Rest In Peace. Allen Dickinson is a member of ARCR. A er serving 23 years in the US Navy he se led in Pensacola, Florida, where he resided for 24 years. In 2006 he re red from opera ng his own licensed mortgage brokerage business and relocated to Costa Rica. He holds a Bachelors Degree from the University of New York and a Masters Degree from the University of West Florida. He can be reached via email at: allen@humphree.net.
An interes ng thing about the mausoleums here, I have been told, is that they are o en not owned, May - June 2012
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Learning the Language by Chris Howard Hourly Expressions As we all come to learn, eventually, the locals in Costa Rica don’t seem to pay to much a en on to the me. Though the dic onary may state that mañana translates as tomorrow, that is o en not what is actually means in real life. S ll, like most cultures, there are phrases and words having to deal with me, and it is useful to know what they are, even if they may not always have the same meaning here as one might believe. A la hora en punto – on the dot ( me). Son las seis en punto. It’s six on the dot. A primera hora – the first thing in the morning A ú ma hora – at the last minute ¿A qué hora? – At what me? Dar la hora – to strike the hour (clock) Hora de comer – meal me Hora de verdad – the moment of truth Hora estelar – prime me (TV) Hora pico – rush hour Horas extraordinarias or horas extras – over me Hora-hombre – man-hour Horario – schedule Horario – hour hand on a clock Horas libres – free me Huso horario – me zone Llegar a buena hora – to arrive in me Media Hora – one-half hour No ver la hora de irse – can’t wait to go No cias de ú ma hora – last minute news Poner el reloj en la hora – set the clock Por hora – per hour. El tren viaja a 100 millas por hora. The train travels at 100 miles per hour. ¿Qué hora es? – What me is it? Ser hora de + verb – to be me to. Es hora de ir al cine. It’s me to go to the movies. Trabajar por horas – to be paid by the hour Ya es hora de hacer algo – it’s me to do something Tiquismos (Costa Rican expressions) of the week: Vivir horas extras – to live on borrowed me or estar con permiso del panteonero. Tener los días contados – to have one’s days numbered
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Costa Rica Living by Alexander Castro Z. & Ms Elle Alexander
Approximately, between the years of 1996-2004, players played in La Sabana (Central Park of San Jose).
American Football in Costa Rica- History in the Making Late XXth Century American Football (1996-2000) THE MUD ERA American Football in Costa Rica was ini ated by enthusiasts inspired from watching NFL on TV. The early players came from bi-lingual private high schools in the central valley of San Jose. Unknowingly at that me, they were crea ng the basics for American Football in Costa Rica to con nue into the 21st century (20092012). Many well-known players from the Costa Rican Federa on of American Football - FCFA (2009-2010) and the American Football Federa on of Costa Rica - FEFACR (2011-present) played in both leagues. The players who began playing in the 1990’s, when the sport was played on mud or dust fields, without pads (full tackle, skin), played both offensive and defensive sides. Below is a list to the best of my recollec on of the original American Football players in Costa Rica. THE MUD MEN BULLDOGS: Alejandro Cruz (2009-2010) re red Alejandro Castro (2009-2011) re red Warner Johnson (2010-2012) ac ve Toby Fields (2010-2011-2012) re red TOROS: Mauricio Muñoz (2009) inac ve/re red Fabio Mena (2009-2010) inac ve Sco Doherty (2009-2012) ac ve Charlton Ortega (2009-2010-2011 Tiburones, 2012 Toros) ac ve Victor Salazar (2012) defensive coordinator/ac ve RAPTORS: Anthony Torres (2011 Tiburones, 2012 Raptors) ac ve RHYNOS: Randal Pérez (2011) inac ve
During this transforma onal period players came and went, but these original men were the core group that eventually formed the first organized Na onal Team of American Football in Costa Rica. This team played the first formal game in Costa Rica against Panama in the Ricardo Saprissa Stadium on Saturday, July 29, 2000. Costa Rica won! (8-6) A full page ar cle in the newspaper LA NACION documented this historic spor ng event, wri en by none other than one of the most dis nguished sports writers of Costa Rica, Mr. Paco Vargas. XXIst Century American Football (2000-2008) - THE MODERN ERA Post Game (2000-2004) During these years informal organized games were played every Sunday in La Sabana during the NFL game season. Dormant Years (2005-2008) XXIst Century American Football (2008-present) - THE PRESENT ERA It wasn’t un l 2008 when the first original teams emerged and played the first season with the FCFA league in 2009. FCFA - 2009 Teams: Bulldogs, Toros, Tiburones, Black Gators, Dragons Teams played fully organized games with full gear at Centro de Recreación in San Rafael, Alajuela. One of the original teams, the Black Gators, played the 2009 game season. Then, in the off-season of 2009, the team name was to be changed to the Jaguars, but this never happened. Entering into the 2010 game season the Black Gators team became the Mustangs team. A er the 2010 game season ended the Mustangs team folded. The Scorpions team, which was not formally ac ve, combined players from the former Mustangs team to evolve into the Rhynos team in 2011. Super Bowl of Costa Rica I - Toros vs. Tiburones (23-10)
Alessey Gallion is an ac ve player with the Panama Saints, Panama, Panamanian American Football League - L.I.F.A.P.
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Teams played fully organized games with full gear at a Municipal Stadium in Tibás. Super Bowl of Costa Rica II - Bulldogs vs. Toros (39-36) 3OT FCFA became inac ve a er the 2010 game season except for organizing the first Tropic Bowl of Costa Rica. The AllStars from Costa Rica played against Panama in June, 2011. The official American Football Federa on of Costa Rica - FEFACR achieved recogni on by induc on into the Costa Rican Ins tute of Sports & Recrea on - ICODER and played its first Na onal Championship calendar season in 2011. FEFACR - 2011 Teams: Bulldogs, Toros, Tiburones, Raptors, Rhynos, Dragons Teams played fully organized games with full gear at Rio Oro Municipal Stadium in Santa Ana. Super Bowl of Costa Rica III Bulldogs vs. Toros (35-14) FEFACR formed the dirst “official” Costa Rican Na onal Team of American Football and played its first tournament against El Salvador and a U.S.A. team. FEFACR - 2012 Teams: Bulldogs, Toros, Raptors, Rhynos, Dragons Teams played fully organized games with full equipment at Jorge Cuty Monge Stadium, Desamparados, San Jose. Super Bowl of Costa Rica IV XXIst Century American Football (May 2012-onward) - THE FUTURE ERA Game day a endance has shown a steady annual increase of approximately 25%.
achieved recogni on with the recent induc on of the Na onal Team of Costa Rica into the Interna onal Federa on of American Football - IFAF. Recollec on: Looking back on the history of the sport in Costa Rica, one may take no ce that players played, coaches coached, and referees refereed, all for the LOVE OF THE SPORT -- and con nue to do so today. No ce: The semi-pro team, the Sen nels, represen ng Tampa Bay, Florida is scheduled to play against the Bulldogs represen ng Costa Rica on June 30th, 2012 at Saprissa Stadium, Tibas, San Jose. Wri en by Alexander Castro Z. Administra ve Director X-Cite Sports Management Global Head Quarters, San Jose, Costa Rica .com/XSMCR xcitecr@hotmail.com Santa Ana Bulldogs Football, Costa Rica Official BULLDOGS Facebook Profile: .com/BulldogsFootballCR Subscribe to BULLDOGS Official YouTube Channel: youtube.com/BulldogsTV2012 BulldogsFootballCR@gmail.com Co-wri en by Ms Elle English Media Rela ons American Football in Costa Rica .com/AmericanFootballCR AmericanFootballCR@gmail.com Inserts by: FEFACR President - Paolo Vincenzi Santa Ana Bulldogs Head Coach - José López American Football Federa on of Costa Rica - FEFACR Official Links: fefacr.org, .com/fefacostarica, twi er.com/fefacr 2012 FEFACR Teams Bulldogs, Toros, Raptors, Rhynos, Dragons
Throughout the years there has been a steady increase of high school Flag Football programs. Since 2009, Costa Rica has played against teams from Panama, Nicaragua, El Salvador and the U.S.A. The league is looking forward to global expansion, having May - June 2012
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Take Note of the New Currency 5000 Colones A new 5000 colon note was expected to be issued in November 2011, but has been held back due to the exis ng notes s ll being in usable condi on. The face of the new note depicts the image of Alfredo González Flores over the home of his parents, Doña Elemberta Flores & Domingo González, in Heredia. This structure was where, on the 15th of July 1877, there was much joy when Doña Elemberta gave birth to one of the most dis nguished sons of Costa Rica’s heritage.
Characteris cs of Costa Rican Five Mil Bill: Size: 139 x 67 mm Substrate: 100% co on fiber paper Predominant Color: Yellow Mo f: Interna onal Bank of Costa Rica Personage: Alfredo González Flores (1877 – 1962) Ecosystem: Mangroves Featured Species: White-headed capuchin Red mangrove Marine crab including currency inconver bility, savings, control of gold, issuance of bonds, and the introduc on of a system of land and income taxes (under the premise that the rich pay as rich and poor as poor) were compelling. During his administra on, he founded the Normal School of Heredia and the Interna onal Bank of Costa Rica (now the Na onal Bank), and created the Council of Agricultural Credit that led to a resurgence of economic, commercial, and industrial ac vity of the country. He also established the General Depots of Deposit, the system of Direct Tributación, and the Law of the Tax of Charity.
Gonzalez Flores grew up to become a graduate of the Liceo de Costa Rica and, in me, he specialized in Law and Economic Science. This training prepared him to offer the country many valuable services, first as a Representa ve of the Congress, and later as President of the Republic. In 1910, he was appointed First Delegate to the Presidency. In 1914, when no candidate of the three par es obtained an absolute majority, he was called to the Presidency where he served from 1914 un l 1917. Thus, a stroke of fate gave Costa Rica one of the most progressive administra ons in its history.
González Flores was a visionary who was ahead of his me and his revolu onary measures paid high dividends. On January 27, 1917, however, Federico Tinoco, his Minister of War and the Navy, accomplished a military coup and the President was exiled to the United States. When he returned to Costa Rica he declined to meddle in party poli cs, but s ll con nued to serve in numerous public offices with dignity and transparency. The reverse of the new bill depicts a white-face capuchin monkey and mangroves as well as other natural features of Costa Rica. The date of release for the bill has not been announced. Brief wri en by: Osvaldo Valerín Ramírez.
Gonzalez Flores was a statesman and a visionary of extraordinary intellectual capacity. He was convinced that the country must change course and take the path of development. His economic and social reforms, El Residente
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Dollars & $ense by Alan Weeks
Ten More Years of Low Stock Market Returns Ten more years of low returns in the stock market! If you are one of the millions of Baby Boomers headed into re rement - start saving more and spending less because the stock market won’t bail you out. Now that I have your a en on, the following is an explana on of why this is the likely future ahead for investors.
In a recent newsle er, the author (1) wrote that: “If you put all of your money into cash today and don’t look at the market for another decade - you will be be er off...” While this statement is equivalent to heresy to Wall Street pundits, the simple reason behind my apparent madness is the power of reversion. This is not a new concept, as witnessed by Bob Farrell’s rule #1 - “Markets tend to return to the mean over me.” However, the reality of what reversion means is grossly misunderstood by Wall Street and the mainstream media, as witnessed by the many valua on calls that “stocks are now cheap because the market is now trading in line with its long term average.” The power of reversion is much more than just returning back to the average price level over me. In reality, the movement is far greater. One way to explain this is: If you take a rubber band and stretch it as far as you can in one direc on and release it - the band does not return back to its original star ng point. What you will find is that the band will revert approximately an equal distance in the opposite direc on before returning back to its star ng point. Stock prices and valua ons are very similar in this regard as highlighted in Bob Farrell’s rule #2; “Excesses in one direc on will lead to excesses in the opposite direc on.” In one revealing chart, the S&P 500 index was plo ed on an infla on-adjusted basis compared to its long term growth trend. A cri cal analysis of the devia on above and below the long term growth trend shows that, since El Residente
1900, when the market has a ained excesses in one direc on the reversion process has never, and I repeat never, retraced back only to the long term growth trend before star ng a new cycle. In fact, over the past 112 years, each and every reversion process has traveled roughly an “equal distance in the opposite direc on” much like the rubber band. When the market has risen 50% above the long term growth trend subsequent market performance fell markedly un l the reversion process was complete. In almost every case, a 50% upside devia on ul mately led to a devia on of 50% to the downside. Unfortunately, for Baby Boomers rapidly approaching re rement as well as for re rees, the reversion process that is currently underway s ll has much further to progress which means future stock market returns are unlikely to shore up any shor all in savings. The Reversion of Earnings What will drive the con nued reversion process? It will be the next recession which will drive a reversion of earnings. While Wall Street analysts currently have earnings growth forecasted to rise indefinitely into the future - the reality is that earnings cannot outgrow the economy for very long. The companies within the S&P 500 are a reflec on of the economy and not the other way around. Therefore, if the economy is growing at a sub-par rate then corporate earnings cannot con nue to post substan al earnings growth into the future. With index earnings currently heading towards the peak of the current cyclical earnings cycle, there has already been a marked slowdown of year-over-year growth rates. The phenomenal earnings growth posted from the 2009 recessionary lows was excep onally strong but unsustainable, as earnings have now caught up with the sub-par economic growth rate. Depending on future FED market interven on, the reversion process in earnings will lead the next economic recession. That recession is likely to occur late 2012 to mid-2013 sans further s mulus. Earnings reversions have typically always been followed by the onset of a recession. (Note: The financial crisis of 2008 took the reversion process well beyond norms but that was also a monstrously abnormal event.) The following chart shows P/E valua ons from 1881 to 22
March 2012, using Dr. Robert Shiller’s trailing 10-year smoothed earnings model.
strategy. 4. “Income Over Growth” The income theme will con nue to dominate investor psychology par cularly in the Baby Boomer genera on. 5. “The Infla on Benchmark” The real benchmark for investors to focus on is infla on - not an index. Infla on, except in rare instances, actually compounds annually - stock markets don’t. Managing por olios to limit losses and pace infla on will be key to ensure future purchasing power parity.
It is obvious that the devia on chart looks very similar to the devia on chart of the price of the index. Valua ons, like the price, are well entrenched in the long term reversion process. Thus, with valua ons s ll about 40% above the long term median, the real ques on is whether or not you will survive the next reversion. If we look at the reversion process as a whole we can see that the process requires me, a lot of me, to complete. Currently, we are already 12 years into the current reversion grind and it has not been kind to investors trying to save for re rement. Assuming that we are in a “normal” reversion process then theore cally we should only have about 5 to 6 years le to complete a normal cycle. However, given that the current cycle is anything but normal, the reality is that the process most likely has much longer to go. The author (1) provided the following list of things investors need to consider, when trying to save for re rement and manage por olio risks. 1. “Buy and Hold” inves ng will not work. Ac ve management to par cipate in cyclical upswings, and avoid the majority of downswings, will be key.
6. “Diversifica on” Real diversifica on between noncorollary assets will be key in the future to hedge off market vola lity and reduce emo onal mistakes. 7. “Real Assets” Inves ng in physical real assets such as income producing proper es, oil and gas wells, precious metals, private equity, etc. will perform be er in a rising infla onary environment. The key here is having a real asset behind the investment that will retain value even in defla ng market environments. 8. “Fixed Income” Even in a rising interest rate environment actual fixed income, not bond funds, will provide income, low vola lity and principal protec on to por olios. Short dura on ladders that can ratchet up as interest rates rise will provide por olios with an edge over long only equity por olios Of course, there are many other investments that will do well and these are just a few ideas to start the thinking process. Furthermore, there will be fantas c and tradable bull market rallies like we have already seen twice so far this century. Being able to capitalize on those rallies will be cri cal in offse ng the rate of infla on and crea ng por olio returns.
2. “Save More & Spend Less” Savings will make a large chunk of your total re rement nest egg. This has always been the case.
Unfortunately, the ensuing declines will also destroy all the gains, and then some, so being vigilant and disciplined in your risk management process will be cri cal.
3. “Lump Sum Invest Vs. Dollar Cost Averaging” Accumulate cash and invest in lump sums when things have become undervalued during the cyclical bear markets. This will provide be er returns over me especially when combined with an ac ve management
However, the most important asset destroyed by reversion processes is me. It is the one commodity that you have a very limited supply of and no ability to replace. Reversion doesn’t mean that the markets “crash”, although they certainly can, but the slow grind
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through the process will be like “Chinese water torture” for investors slowly destroying valuable assets over me. The Most Decep ve and Dangerous Financial Headline I Have Ever Seen (2) (3)
Possibility is not the issue; probability is. The exact same set of emo ons and flawed arguments also drive people to invest in “hot” stocks. That is how investment bubbles are formed. In a bubble, people are not properly assessing the probability of gains against the probability of losses. In a bubble, people are simply focused on one side of the equa on (poten al gains) and the fact that, “if you don’t play, you can’t win.”
I believe that this may be the single most decep ve and dangerous financial headline I have ever seen published by such an influen al provider of financial informa on.
But, it is important to keep in mind that: “All booms end up busts,” so that you can avoid the inevitable sad refrain of regret: “How could I have been so foolish?”
This MarketWatch (3) headline feeds into the anxiety that is being felt by many people that have not par cipated in the (mostly paper) gains generated by the most recent stock market rally.
In fact, the inves ng strategy that has become ever more dominant over the last two decades has been coined: Greater Fool Inves ng. This is the prac ce, not of buying and holding stocks in good, dividend-paying, companies, but of buying the latest “fad” stocks that are gaining rapidly in value on the expecta on of being able to sell them a er making good gains, to an even greater fool.
This anxiety has two interrelated sources. The first source of anxiety is simple greed. People become frustrated and jealous when they feel that they are “missing out” on stock market gains being achieved by others. The second origin of this anxiety is intellectual. The conven onal wisdom - assiduously promoted by the investment industry - is that investors should be fully invested in stocks at all mes. Investors that have deviated from this dogma are o en made to feel guilty. Lo ery promoters promote the exact same idea: Every lo ery cket that is not purchased represents an opportunity to win a lo ery that is lost. As the MarketWatch (3) cap on says, “those on the sidelines, as with the lo ery, stand no chance.” It is very important to understand what is wrong with this argument. Seduced By the Lo ery It is, of course, trivially true that if you do not play the lo ery, you cannot win the lo ery. But the ques on that intelligent people should be asking is not whether it is possible to win by playing the lo ery, but whether it makes economic sense to play the lo ery at all. The fact is that people that play the lo ery, on aggregate, will lose. This is guaranteed. Therefore, from an economic point of view, playing the lo ery is u erly irra onal. Thus, whether or not you should “play” the lo ery or the stock market is not a func on of whether it is possible to win. Of course, it is possible to win. El Residente
Thus, Stock market inves ng can be economically irra onal - in the same sense that playing the lo ery is irra onal - when the expected returns from inves ng are inferior to the returns offered by safer investments, such as cash and bonds. Indeed, I happen to believe that right now is one of those mes when the expected returns on stocks are nega ve rela ve to the expected returns on cash instruments. CONCLUSION It is vital to our own financial well-being, to understand the investment environment that we are in today, and will con nue to face going forward. This can help us make be er decisions in both our planning and investment process. Ignore the reversion process in the market at your own risk. References: 1. Title & Excerpts from Lance Roberts April 17, 2012 Ar cle, Seeking Alpha Site. 2. Title & Excerpts from James Kostohryz April 2, 2012 Blog, Seeking Alpha Site. Please note that the opinions expressed in this ar cle are solely those of the writer. For more informa on and reference details please contact Alan Weeks by E-mail: imccr2002@yahoo.com 24
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Exchange rate of the Costa Rican ¢ to the US Dollar October November December January February March
521.11 512.10 518.33 514.91 516.94 513.83
Basic Interest Rate October November December January February March
8.00 % 8.00 % 8.00 % 8.75 % 9.00 % 9.25 %
Exchange rate of other currencies to the US Dollar Giro Canadian Dollar Euro Swiss Franc Nicaraguan Cordoba Danish Krone Norwegian Kroner Swedish Krona Honduran Lempira Bri sh Pound Argen ne Peso Columbian Peso Mexican Peso Dominican Peso Brazilian Real Guatemalan Quetzal Korean Won Japanese Yen Venezuelan BolĂvar Hong Kong Dollar Taiwan Dollar Bolivian Peso Chilean Peso Russian Rouble Peruvian Sol Polish Zloty Australian Dollar Chinese Yuan
1.54909 0.99780 1.33470 0.90190 23.25400 5.57360 5.69120 6.62440 19.05500 1.60110 4.03350 1,796.90000 12.81040 38.97500 1.82680 7.69350 1,133.10000 82.33000 4.29470 7.76590 29.50500 6.93400 486.75000 29.42230 2.66830 3.11470 1.03640 6.29850
Libor Rate 1 month 3 month 6 month 12 month Prime Rate
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0.24125 % 0.46815 % 0.73340 % 1.04850 % 3.25 %
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Holidays of Costa Rica Tuesday, May 1st Labor Day- Na onal Holiday ARCR closed Sunday, June 17th Father’s Day- Observance Wednesday, July 25th Guanacaste Day- Na onal Holiday ARCR Closed A Touch of Wisdom “Quarrels never could last long, if on one side only lay the wrong.” - Ben Franklin (1706-1790) “The errors of a wise man make your rule rather than the perfec ons of a fool.” - William Blake (1757-1827) “To err is human, to forgive divine.” - Alexander Pope (1688-1744) A Bit of Fun... A senior citizen said to his eighty-year old buddy: ‘So I hear you’re getting married?’ ‘Yep!’ ‘Do I know her?’ ‘Nope!’ ‘This woman, is she good looking?’ ‘Not really.’ ‘Is she a good cook?’ ‘Naw, she can’t cook too well.’ ‘Does she have lots of money?’ ‘Nope! Poor as a church mouse.’ ‘Why in the world do you want to marry her then?’ ‘Because she can still drive!’
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