Establishing escrow account for purchasing property

[Ken Cramer]

Speaking with a lawyer in San Jose, they said that part of the process of purchasing property was to get approval for an escrow account for when the time comes to transfer funds. The agent I was referred to (Stratso Fiduciaria) claims to need a certified letter from a CPA to verify that I have retirement funds sufficient to purchase a property. A verification of account (VOA) from TIAA (one of the largest funds on the planet) did not satify them. Since I do my own taxes, I have been unable to find a CPA who will write a certified letter saying I have the funds I claim to, and TIAA does not provide CPAs for this service and hadn’t heard of it. Stratos has offered to get a local CPA (contador) to write a letter — not sure how they would know anymore than anyone here except from the VOA which they already have. Frustrating and confusing — hoping someone can clarify for me (I could make the meeting this May, unfortunately, but have been to Costa Rica numerous times and would like to head there in early September to look at properties).

[Bekah Battone]

Hello.

Paperwork can sometimes be pretty frustrating in Costa Rica. We laugh it all and say, Pura Vida.

I do not know exactly what you are exactly asking. Is there a specific document you need?

Stratso Fiduciaria (and most escrow companies in Costa Rica) are legally required to comply with anti-money laundering (AML) regulations. To open the escrow account, they need to verify the source of funds. For retirees or expats, this usually means showing you have legal, traceable income—like retirement funds or investments.

This reminds me of when I got my mortgage in Costa Rica, however it was 12 years ago. I had to get a certified document from an accountant to show the funds and income I received in the USA in order to verify my income, like it seems you are verifying your funds to buy a house. Is that correct?

And sometimes these need to be notarized or apostilled—sometimes they do, confirm with Stratso if they need it.

I just asked my accountant (Micheal at https://www.livingabroadtaxes.com/) if he does these types of things. I will message below if he does (once he repsonds to my question).

[Bekah Battone]

My accountant relied:
Most CPAs/EAs won’t do this as their E&O insurance does not allow them. I know some lenders like to ask for a ‘comfort’ letter.
Maybe look online but I don’t know of any colleagues that provide them.

I would talk with your lawyer and see your options. I love to give out my lawyer’s info as she has helped me so much over the years. 🙂 https://themislegalcr.com/ I work with Rosa and Jimena.

[Ken Cramer]

Thanks for your response. You understood my situation correctly, they insist on a CPA to verify my funds for purchasing a house. I don’t have a regular CPA, and the local ones I have contacted say they would not verify my funds because I have never been their client, so I’m feeling stuck. Maybe I need to call some more CPAs, or just use the CPA that Stratos is offering for $225.

[Bekah Battone]

Oh I think that is a good price as when I needed funds verified it cost me thousands of dollars when I hired one in the US, and that was over 12 years ago.

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