Countries › Costa Rica › Guide › 10. Capital markets and finance › Investment funds in Costa Rica: SAFIs, open and closed funds, real estate funds and their taxation

Investment funds in Costa Rica: SAFIs, open and closed funds, real estate funds and their taxation

Argentina. For full detail on Argentina, go to The Argentine Thread.

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

Pooling 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 branch with exclusive purpose and at least ₡30,000,000 paid in cash (SUGEVAL may adjust it). Funds are separate estates held with a custodian, open or closed, financial or non financial (including real estate). Funds are themselves taxpayers on capital income at 15%, and investors are exempt on the part already taxed in the fund.

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

Statutory minimum capital of a SAFI (adjustable by SUGEVAL)	30000000 CRCLey 7732 art. 66, as of 2026-10-30 · in force
Tax on capital income of investment funds	15 %Ley 7092 art. 28 and 31 ter, 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. Taking money from the public by public offer to manage it as a common fund, with returns set by collective results, may only be done by SAFIs (pension funds and supervised bank trust funds excepted, the latter under equivalent rules).Ley 7732, art. 61, 1997-12-17 official text · verified 2026-10-30

2. Funds are separate estates of a plurality of investors, administered by the SAFI with a custodian and represented by participation certificates; terms such as fondo de inversión or fondo mutuo are reserved to SAFIs.Ley 7732, art. 62 and 63, 1997-12-17 official text · verified 2026-10-30

3. SAFIs must be sociedades anónimas or branches of foreign companies with the exclusive purpose of managing funds and be subject to Costa Rican law.Ley 7732, art. 64 and 65, 1997-12-17 official text · verified 2026-10-30

4. SUGEVAL authorises a SAFI with minimum capital of ₡30,000,000 subscribed and paid in cash (adjustable by SUGEVAL), nominative shares, clean directors and managers, and an exclusive object; it must start within 12 months or lose the authorisation.
Cost to do it: Statutory capital floor ₡30,000,000 (US$65,960.16); check SUGEVAL's current adjusted figure.Ley 7732, art. 66, 1997-12-17 official text · verified 2026-10-30

5. A change of control of a SAFI or a change of manager needs prior SUGEVAL authorisation and gives investors one month to redeem without fees.Ley 7732, art. 67, 1997-12-17 official text · verified 2026-10-30

6. Fund types: open (variable capital, redeemable), closed (fixed capital, listed on at least one exchange), financial, non financial and funds of funds.Ley 7732, art. 80 to 82, 1997-12-17 official text · verified 2026-10-30

7. Real estate fund investors and their group may not lease the fund's properties, and the fund may not buy property from the SAFI's shareholders, directors, employees or group.Ley 7732, art. 95, 1997-12-17 official text · verified 2026-10-30

8. Investment funds are taxpayers on capital income and gains at 15%; investors are exempt on fund distributions and gains to the extent the fund already paid tax; non financial funds may deduct a flat 20% of gross real estate income.
Example: Fund rental income ₡100,000,000: taxable base ₡80,000,000, tax ₡12,000,000. / Rental income US$219,867.20: tax US$26,384.06.Ley 7092, art. 28, 28 bis(4), 29(4) and 31 ter, 2018-12-03 official text · verified 2026-10-30

Worked example

A non financial real estate fund earns ₡100,000,000 (US$219,867.20) in rent. It deducts the flat 20%, pays 15% on ₡80,000,000, that is ₡12,000,000 (US$26,384.06), and investors receive distributions exempt to that extent.

Step by step

Incorporate an S.A. (or register a branch) with the exclusive object of fund management.
Pay in capital in cash and file for SUGEVAL authorisation.
Appoint a custodian and register each fund and its prospectus.
List closed fund units on an exchange.
Register the fund as a taxpayer and keep accounts as for corporate taxpayers.

Common traps

Using the words 'fund' or 'mutual fund' for an unauthorised vehicle is prohibited (art. 63).
Related party leases and acquisitions in real estate funds are barred (art. 95).
Puestos de bolsa may not own or act as SAFIs (art. 57).

Sources

← Tender offers, 10% holdings and insider dealing in Costa Rica's securities marketInsurance and reinsurance in Costa Rica: SUGESE authorisation, capital in development units and cross border cover →

Get rule changes weekly

Free. One email a week from The LatAm Thread.

One more step after you press the button: we take you to Substack, where your email is already filled in. Confirm there to start. No spam, unsubscribe anytime, we never share your address. By subscribing you agree to the privacy policy.