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Banks and financial entities in Costa Rica: licence, ₡12,000 million minimum capital, foreign bank branches

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Last verified: 2026-10-30 · Status: Changing

A 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 non bank financieras and ₡6,000 million for cooperative and solidarista banks). Since 2019 a foreign bank can also open a branch with CONASSIF authorisation, subject to the same rules as local banks. Doing intermediation without authorisation is a crime punished with three to six years in prison.

USD figures use the Banco Central de Costa Rica reference selling rate of ₡454.82 per US dollar published for 29 October 2026 (indicator 318 on bccr.fi.cr), rounded to the cent.

Key facts

Minimum operating capital, private bank12000000000 CRCLey 1644 art. 151; BCCR session 6312-2026 art. 6, as of 2026-10-30 · in force
Minimum operating capital, non bank financiera2400000000 CRCLey 1644 art. 151; BCCR session 6312-2026 art. 6, as of 2026-10-30 · in force
Legal form of a private bankSociedad anónima or cooperative bank textLey 1644 art. 141, as of 2026-10-30 · in force
Foreign bank branches allowedYes, with CONASSIF authorisation textLey 1644 art. 141 bis, as of 2026-10-30 · in force
Licence needed to take deposits from the public and lend themYes, SUGEF authorisation; lending own funds is not intermediation textLey 7558 art. 116, as of 2026-10-30 · in force
Rate used for USD conversions (BCCR reference selling rate published for 29 Oct 2026)454.82 CRC per USDBCCR indicator 318, as of 2026-10-30 · in force

The rule

1. Private banks must be organised as sociedades anónimas or as cooperative unions or federations; no private bank may operate without express SUGEF authorisation, which cannot be transferred, sold or assigned.Ley 1644, art. 141 and 142, 1953-09-26 official text · verified 2026-10-30
2. Minimum capital of a private bank is set by the BCCR board above the statutory floor of ₡100,000,000; cooperative banks need 50% of it and non bank financieras one fifth. No private financial entity may start operating until its capital is fully subscribed and paid in cash and deposited at the BCCR; organisation and installation costs may not exceed 10% of initial capital.
Cost to do it: Organisation and installation costs capped at 10% of initial capital, so at most ₡1,200,000,000 (US$2,638,406.40) on a ₡12,000 million bank.Ley 1644, art. 151, as reformed by Ley 9768, 2019-10-16 official text · verified 2026-10-30
3. BCCR board session 6312-2026 (art. 6, 11 Mar 2026, La Gaceta 70 of 17 Apr 2026) set minimum operating capital at ₡12,000 million for private banks, ₡2,400 million for financieras de inversión y de crédito especial and ₡6,000 million for cooperative and solidarista banks, effective on publication.
Example: Bank: ₡12,000,000,000; financiera: ₡2,400,000,000; cooperative bank: ₡6,000,000,000. / Bank: US$26,384,064.03; financiera: US$5,276,812.81; cooperative bank: US$13,192,032.01.Ley 1644 art. 151; BCCR session 6312-2026 art. 6, art. 151, 2026-04-17 official text · verified 2026-10-30 · changed: Cut from ₡17,121 million (BCCR session 6140-2023) to ₡12,000 million by session 6312-2026, published 17 Apr 2026, under a new calculation methodology.
4. A foreign bank may open a branch with CONASSIF authorisation if it is authorised and supervised at home, has its home supervisor's no objection, limits the branch to banking, keeps a domicile in Costa Rica, meets the private bank minimum capital, and SUGEF has an information sharing agreement with the home supervisor. The Registro Nacional cannot register the branch without that authorisation.Ley 1644, art. 141 bis (added by Ley 9724), 2019-08-14 official text · verified 2026-10-30
5. Foreign bank branches have the same rights and duties as local private banks, including reserve requirements, and may not deal with their head office on terms different from those with independent third parties; they need a resident representative with unlimited general powers (apoderado generalísimo).Ley 1644, art. 141 ter and 141 quater, 2019-08-14 official text · verified 2026-10-30
6. Private banks are run by a board of at least five members, elected by vote for up to five years, who may not be managers or employees of the bank or of any other bank.Ley 1644, art. 144, 1988-11-04 official text · verified 2026-10-30
7. Public and private banks, non bank financieras, mutuales, savings and credit cooperatives and solidarista associations are supervised by SUGEF and subject to BCCR monetary controls.Ley 7558, art. 117, 1995-11-03 official text · verified 2026-10-30
8. Carrying out financial intermediation without authorisation, or allowing it in one's offices, is punished with three to six years in prison.Ley 7558, art. 157, 1995-11-03 official text · verified 2026-10-30
EntityColonesUS dollars
Private commercial bank₡12,000,000,000US$26,384,064.03
Cooperative or solidarista bank₡6,000,000,000US$13,192,032.01
Financiera de inversión y de crédito especial₡2,400,000,000US$5,276,812.81

Minimum operating capital from 17 Apr 2026 (BCCR session 6312-2026 art. 6).

Worked example

  • A regional group wants a Costa Rican banking licence. Option one: a local S.A. with at least ₡12,000,000,000 (US$26,384,064.03) paid in cash and deposited at the BCCR, with SUGEF authorisation. Option two: a branch of its foreign bank with CONASSIF authorisation, the same minimum capital, home supervisor no objection and a SUGEF cooperation agreement in place.

Step by step

  1. Choose subsidiary, branch or non bank financiera.
  2. Confirm the home supervisor has (or will sign) an information sharing agreement with SUGEF if opening a branch.
  3. Prepare fit and proper files for shareholders, directors and managers under CONASSIF rules.
  4. Deposit the full minimum capital in cash at the BCCR.
  5. Obtain SUGEF (subsidiary) or CONASSIF (branch) authorisation, then register with the Registro Nacional.

Common traps

  • The minimum capital can change by BCCR board decision at any time; check the latest gazette notice.
  • Organisation costs above 10% of initial capital are not allowed.
  • A branch cannot trade with its head office on non arm's length terms.
  • A representative office or agent that takes deposits locally is doing unauthorised intermediation.

Sources

Related pages

Related: Costa Rica country profile · live dashboard · central bank and release calendar · our posts on X

← Capital markets, banking and credit in Costa Rica: who supervises, how to raise money, rate caps and deposit guaranteePublic offerings, bonds and listings in Costa Rica: SUGEVAL authorisation, commercial paper and the Bolsa Nacional de Valores →

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