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10. Capital markets and finance: Costa Rica

Capital markets, banking and credit in Costa Rica: the four superintendencies under CONASSIF, how banks, foreign bank branches, fund managers and insurers are licensed and capitalised, how to issue and list securities, the new 2026 regime for foreign securities and remote brokers, the BCCR's semiannual interest rate caps, movable collateral, trusts, factoring, the deposit guarantee, financial consumer protection and card fee and virtual asset rules, each tied to the official text in SCIJ or the Banco Central. For the Argentine side of cross border finance, FX or tax treaty questions see The Argentine Thread guide.

Investor view. Lower 2026 bank capital minimums, an online collateral registry, tradable e invoices and a new door for foreign securities and brokers widen funding options and competition, rewarding investors who price loans within the transparent BCCR caps.

• Capital markets, banking and credit in Costa Rica: who supervises, how to raise money, rate caps and deposit guaranteeFour superintendencies under one council (CONASSIF) supervise banks and other lenders (SUGEF), securities (SUGEVAL), pensions (SUPEN) and insurance (SUGESE). Taking deposits from the public needs SUGE
• Banks and financial entities in Costa Rica: licence, ₡12,000 million minimum capital, foreign bank branchesA private bank must be a sociedad anónima (or a cooperative bank) authorised by SUGEF, with minimum capital fully paid in cash. The BCCR cut that minimum to ₡12,000 million in 2026 (₡2,400 million for
• Public offerings, bonds and listings in Costa Rica: SUGEVAL authorisation, commercial paper and the Bolsa Nacional de ValoresOnly SUGEVAL authorised issuers may offer securities to the public. Primary offerings must be serial issues registered in the Registro Nacional de Valores e Intermediarios, with audited financials and
• Foreign securities and remote foreign brokers in Costa Rica: the Ley 10973 recognised jurisdiction regime of 2026Ley 10973, in force since 7 September 2026, lets CONASSIF declare foreign markets 'recognised jurisdictions' so that SUGEVAL can recognise securities registered there for public offer in Costa Rica, a
• Tender offers, 10% holdings and insider dealing in Costa Rica's securities marketAnyone reaching 10% of the capital of a company registered with SUGEVAL must report it to the company, the exchanges and SUGEVAL, and directors and managers must report every trade. Acquiring a signif
• Investment funds in Costa Rica: SAFIs, open and closed funds, real estate funds and their taxationPooling public money into a fund whose returns depend on collective performance is reserved to sociedades administradoras de fondos de inversión (SAFI) authorised by SUGEVAL, organised as an S.A. or b
• Insurance and reinsurance in Costa Rica: SUGESE authorisation, capital in development units and cross border coverInsurance was opened to private competition by Ley 8653 of 2008. Insurers need SUGESE authorisation and must be exclusive purpose sociedades anónimas, branches of foreign insurers or insurance coopera
• Interest rate caps, usury and loan terms in Costa Rica: BCCR maximum rates, microcredit, default interest and feesSince Ley 9859 of 2020 every lender in Costa Rica, bank or not, is bound by maximum annual interest rates that the BCCR computes and publishes each January and July. For contracts made July to Decembe
• Secured lending in Costa Rica: movable collateral registry, mortgages and out of court enforcementLey 9246 (in force 21 May 2015) created a single online Sistema de Garantías Mobiliarias at the Registro Nacional where security over almost any movable asset, receivable or account is published by el
• Trusts (fideicomisos) in Costa Rica: how they work and why lenders use guarantee trustsThe Código de Comercio fideicomiso transfers ownership of assets to a trustee as a separate estate for a set purpose. It must be in writing, and registrable assets are registered in the trustee's name
• Factoring and electronic invoices in Costa Rica: assigning receivables and listing invoices as securitiesLey 9691 (in force 30 September 2019) lets a business sell present and future receivables to a factor with or without recourse, without the debtor's consent, by notifying the debtor; transfers can be
• Deposit guarantee and bank resolution in Costa Rica: ₡6,000,000 per person per entityLey 9816 of 2020 created the Fondo de Garantía de Depósitos, run by the BCCR, covering deposits at SUGEF supervised intermediaries (except Banhvi and mutuales) up to ₡6,000,000 per person and per enti
• Financial consumer protection and credit information in Costa Rica: fraud refunds, disclosure and the SUGEF credit bureauSince April 2026 supervised financial entities are strictly liable for money taken from customer accounts by unauthorised third parties, must resolve fraud claims within 30 days and refund within 10 d
• Payments, card fees and virtual assets in Costa Rica: BCCR fee caps, SUGEF registration and the 2026 crypto rulesThe BCCR caps card fees under Ley 9831: since 18 December 2025 the domestic interchange cap is 1.00% and the domestic acquiring (merchant) cap 1.95% (1.50% for fuel stations, EV charging, tolls, regul

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