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5. FX and capital controls: Costa Rica

FX and capital controls in Costa Rica: free convertibility guaranteed by Ley 7558, the managed float in place since February 2015, no central bank approval to pay dividends, repay foreign loans or repatriate capital, dollar contracts and the colón payment option, MONEX and the BCCR reference rate, export proceeds rules and the US$10,000 cash and transfer reporting thresholds, each rule tied to the official text in SCIJ or the Banco Central. For Argentine investors, the Argentine side of FX and transfers is covered in The Argentine Thread guide.

Investor view. Free convertibility written into law, no repatriation approvals and a deep dollar banking system let investors move capital and profits freely, so the practical work is tax withholding and bank compliance rather than FX permits.

• FX and capital controls in Costa Rica: free convertibility, managed float, no approval to send money abroadCosta Rica has no capital controls: the Banco Central must guarantee free conversion of the colón and cannot restrict the sale of foreign currency except as its organic law allows. Since 2 February 20
• Paying dividends and profits out of Costa Rica: no FX approval, 5% legal reserve, 15% withholdingA Costa Rican company can declare dividends and wire them abroad without any central bank approval, registration or waiting period. Before distributing, an S.A. must set aside 5% of yearly net profit
• Foreign loans and intercompany debt in Costa Rica: no FX registration, 15% interest withholding, 20% of EBITDA capNon financial Costa Rican companies can borrow abroad in any currency, receive the funds and repay principal and interest without central bank approval or registration; only SUGEF supervised financial
• Dollar contracts and payments in Costa Rica: valid and enforceable, payable in colones at the reference rate unless an exception appliesContracts and obligations in foreign currency are valid, effective and enforceable in Costa Rica, but by default the debtor may pay in colones at the Banco Central reference rate on the payment date.
• MONEX, the BCCR reference rate and who may trade foreign currency in Costa RicaThe wholesale dollar market is MONEX, an electronic platform run by the Banco Central inside SINPE where banks, securities brokers and exchange houses trade and where the Banco Central intervenes. Ret
• Export proceeds in Costa Rica: no surrender requirement, but prove liquidation or entry when the Banco Central asksCosta Rican exporters of goods, services and tourism do not have to sell their foreign currency to the Banco Central or convert it to colones. Ley 7558 art. 91 only requires that proceeds be liquidate
• Cash and transfer reporting in Costa Rica: declare US$10,000 at the border, bank registers of US$10,000 transfersAnyone entering or leaving Costa Rica with cash or securities of US$10,000 or more, or the equivalent, must declare them on the customs form at the border; failing to declare means immediate forfeitur

Related: Costa Rica country profile · live dashboard · central bank and release calendar · our posts on X · where Argentina is involved, see The Argentine Thread guide