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Trusts

Trust ICE-RANGE/BCR Documents

Rules for Goods and Services Acquisition

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Trust ICE-BCR Real Estate Securitization Documents

Rules for Goods and Services Acquisition

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What is a trust?

It is a legal action whereby a legally entitled person or entity, called TRUSTOR transfers assets or right to an autonomous patrimony administered by a TRUSTEE for him to use them in a prudent and diligent way to achieve lawful and default purposes in a contract for the same TRUSTOR or a third party called BENEFICIARY.

It is a highly sophisticated and efficient business, and has the ability to adapt to the needs and goals of those who request it, always keeping as main purpose the protection of property and rights that have been entrusted.

Which are the personal elements of Trust?

The trustor: It is the person or entity which constitutes the trust agreement and transfers property from his estate, in trust, to the trustee, to fulfill the purposes for which the trust was created.

The trustee: It is the person or identity to which you transfer the property in trust, by the trustor, to manage it and to fulfill the purposes of the trust previously established in the signed contract. This takes in respect of trust estate the obligations of “a good family man with personal assets“. It may be an individual or legal entity.

The beneficiary:  It is the person or entity for which it is the trust agreement. The trustee undertakes to deliver the profits and/or assets of the trust, when the contract so provides.

What is the most important of a Trust?

The establishment of a Trust offers the customer confidence, certainty and legal security in the operations undertaken, and that with other traditional figures, could not be achieved. It acts as would a good parent in complying with the acts, rights and actions necessary to achieve the purposes of the trust, thereby creating an autonomous estate, other than that of the Trustor, Trustee and Beneficiary.

Who will benefit?

Trusts are intended primarily to the Institutional and Corporate segment. However, depending on certain characteristics, is also offer to individuals.

Product benefits

·         The Trusts are businesses whose administration is based on loyalty and trust.

·         The deal is conditioned according to the needs on request.

·         It is formalized by a Contract.

·         Total separation between the assets of the Trustee and the Trustor.

·         It provides adequate accountability.

·         The assets that comprise the patrimony of the Trust cannot be attached.

·         Professional and personalized management of investments, accounts and securities custody.

·         Available in both colones and dollars.

 Product features

·         It is a Typical and Commercial Contract (It is regulated by the Code of Commerce)

·         It is formalized through a Contract between the parties.

·         It must have a lawful purpose determined

·         Autonomous patrimony

·         Accounting Management according to its characteristics

·         They can be Inter Vivos or Mortis Causa.

·         The Trustee must act with due diligence in office

·         Qualified and professional management of business

Rates and/or Costs

In the Trusts are charged a fee in accordance of the provisions of the “Reglamento de Tarifas y Comisiones del Banco de Costa Rica” (Regulations of Fees and Commissions of the Banco de Costa Rica)

Customer benefits

·         Product administered by a safe, reliable, profitable and financially sound Bank.

·         Extensive nationwide coverage, providing stability in the administration to the Trustee.

·         Ends can be of any type, and according to the will of the Trustor, provided they are lawful and possible.

·         Availability of resources, ensuring proper application of funds invested.

·         Speed and timeliness of disbursements provided.

·         Transparency in the control, and the professional and integral administration of the assets, with timely and accurate information regarding their management.

·         Excellent coverage relationship between the assets of the Banco de Costa Rica versus the trust estate.

·         Trained and experienced personnel in managing trust funds.

·         Permanent advice in Trust and Securities matters according to the needs.

Requirements

a) MINIMUM AMOUNTS TO OPEN A BUSINESS TRUST

 

CORPORATIONS AND PUBLIC INSTITUTIONS

IN DOLLARS $500.000.00 (*)

IN COLONES ¢500.000.000.00 (*)

INDIVIDUALS

IN DOLLARSS $100.000.00 (*)

IN COLONES ¢100.000.000.00 (*)

(*) These amounts are object to assessment of BCR Trust depending on type of business and what is the outlook for growth in the medium and long term. Additionally, values trustor customer contribution margin with the Banco de Costa Rica, to analyze their business from an integral point of view.

b) LEGAL

1. Preferably, the customer must submit a letter of intent of application or service, which allows us to evaluate the business.

2. Signing a Trust Agreement with Banco de Costa Rica.

3. All the provisions contained in Código de Comercio (Code of Commerce) and its ammendments, Ley Reguladora del Mercado de Valores (Law Regulating the Securities Market), Ley Orgánica del Sistema Bancario Nacional (Organic Law of the National Banking System), Ley sobre Estuperfacientes Sustancias Psicotrópicas Drogas de Uso no autorizado y actividades Conexas (Law on Psychoactive Drugs Psychotropic Substances Unauthorized Use and Related Activities), the Código Civil (Civil Code), Normativa y Circulares de la SUGEF y la SUGEVAL(Regulations and Circulars of SUGEF and SUGEVAL) on the field, Normativa Interna del Banco de Costa Rica (Internal Regulations of Banco de Costa Rica), and any sound banking practice.

Trust Services

·         Management Trust

In the Trust Management, the Trustor transfers to the Trustee the direct administration and management of his property, confident in the safety of a serious and specialized institution in the financial system, and that is also subject to strict Government controls. Besides, as the trust assets go away completely from the personal estate of the Trustor, they are guaranteed against eventualities or contingencies that may affect the personal assets of the Trustor.

·         Investment Trust

If you are a savings driven individual who also requires an excellent investment, and an efficient resources management according to your instructions, this is the appropriate mechanism for your needs.  And if you are a corporation or a Government Institution, the Investment Trust serves to provide promptness, transparency, and to achieve the necessary funds that you have set or what the Government Law provides.

The Administration and Investment Trust consists of managing the liquid resources, looking for productive activities that derive attractive returns. To this end, the administration may be combined with the intervention of the Trustor, who can form an investment committee, which in some cases may interfere with the trustee to decide investment above the levels set, or as advisory bodies on a wide range of investment options.

The purpose of this type of trusts is to manage resources in such a way as to obtain optimum yields that are disbursed or capitalized according to the instructions of the trust.

·         Guarantee Trust

Guarantee Trusts are constituted by an individual or a legal person who is or will become a debtor of an obligation, usually credit. In this case, the Trustor transfers to the trustee the ownership of property, designating as beneficiary or beneficiaries of such property, to the person or persons who will be its creditors. The essential purpose of those trusts is to guarantee the Trustor´s creditors that in case of breach of it in the care of its debts, the Trustee shall execute the trust property according to the terms and conditions set forth in the Trust Contract, for its product to pay, in proportion, the Trustor´s debts that have been secured by the assets of the trust.

·         Testamentary Trust

Testamentary Trusts are a form in which the Trustor being alive constitutes a trust, providing certain assets, so that to his death, the Trustee delivers them to the persons designated as beneficiaries. These assets come from the Trustor´s patrimony, being that at the latter´s death, the trust property is not part of the probate process and are distributed by the Trustee, in accordance with the instructions that the Trustor has established, with no other requirement that proof of death.

·         Public Trust

In this Trusts, the Trustor is the Govenment, through any Institutions that comprise it.

They are generally management and investment Trusts, and the ends are usually for the development of Public Works, expropriations, Credit Portfolio management for development or for the employees, funds management created for a unique purpose, etc.

 

For further information, please contact: CentroAsistenciaBCR@bancobcr.com    
Telephone (506) 2211-1111

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