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Trusts (fideicomisos) in Costa Rica: how they work and why lenders use guarantee trusts

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

The 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. Guarantee trusts over real estate in favour of SUGEF registered trustees and financial beneficiaries are exempt from the transfer tax and registry fees while the assets secure a credit. Trusts with secret purposes, successive beneficiaries or terms over 30 years for corporate beneficiaries are prohibited.

Key facts

Maximum term of a trust with a for profit corporate beneficiary	30 yearsCódigo de Comercio art. 661(c), as of 2026-10-30 · in force
SUGEF registration of non financial trust administrators	Required (AML supervision only) textLey 7786 art. 15(d), as of 2026-10-30 · in force

The rule

1. In a fideicomiso the settlor transfers ownership of assets or rights to the trustee, who must use them for lawful predetermined purposes; trust assets form an autonomous estate.Código de Comercio, art. 633 and 634, 1964-04-30 official text · verified 2026-10-30

2. The trust must be in writing, inter vivos or by will; trusts over registrable assets must be registered and the assets stand in the trustee's name as such.Código de Comercio, art. 635 and 636, 1964-04-30 official text · verified 2026-10-30

3. Any person with legal capacity may be trustee; a company must have express power in its bylaws to receive fiduciary property. The trustee may not be the beneficiary.Código de Comercio, art. 637 and 656, 1964-04-30 official text · verified 2026-10-30

4. The trustee may not guarantee returns and is liable for losses caused by its fault or negligence.Código de Comercio, art. 647, 1964-04-30 official text · verified 2026-10-30

5. A trust in which the settlor is the sole or main beneficiary is presumed to be in fraud of creditors.Código de Comercio, art. 658, 1964-04-30 official text · verified 2026-10-30

6. Prohibited: secret purpose trusts, successive beneficiaries replacing each other on death (unless alive or conceived at the settlor's death), trusts over 30 years with a corporate beneficiary (except non profit or state), and trustee benefits beyond the fees set in the deed.Código de Comercio, art. 661, 1964-04-30 official text · verified 2026-10-30

7. Real estate placed in a guarantee trust with a SUGEF registered trustee and a SUGEF registered financial beneficiary is exempt from the real estate transfer tax and registry fees while it secures a credit; those taxes and fees are due when the trustee transfers it to someone other than the original settlor.Código de Comercio, art. 662, as reformed by Ley 9069, 2012-09-10 official text · verified 2026-10-30

8. Non financial legal persons that administer resources through trusts must register with SUGEF for anti money laundering supervision.Ley 7786, art. 15(d), 1998-04-30 official text · verified 2026-10-30

Worked example

A bank finances a hotel and takes a guarantee trust instead of a mortgage: the owner transfers the land to a SUGEF registered trustee, with the bank as beneficiary. No transfer tax or registry fees are paid on entry while the land secures the loan. If the loan is repaid the land returns to the owner; on default the trustee sells under the procedure in the deed and transfer tax is paid on that sale.

Step by step

Choose a trustee whose bylaws allow fiduciary ownership (and SUGEF registration for guarantee trust benefits).
Draft the deed with purpose, beneficiary, fees, sale procedure and term.
Register real estate or other registrable assets in the trustee's name.
Check that the settlor is not the main beneficiary to avoid the fraud presumption.

Common traps

The transfer tax exemption is lost if the settlor or beneficiary structure does not meet art. 662.
Trustee fees not stated in the deed are fixed by a judge.
Trusts used to take public funds can be financial intermediation (Ley 7558 art. 116).

Sources

← Secured lending in Costa Rica: movable collateral registry, mortgages and out of court enforcementFactoring and electronic invoices in Costa Rica: assigning receivables and listing invoices as securities →

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