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Export proceeds in Costa Rica: no surrender requirement, but prove liquidation or entry when the Banco Central asks

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

Last verified: 2026-10-29 · Status: Stable

Costa 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 liquidated with an authorised entity or shown to have entered the country; the Banco Central may ask for a CPA certified report covering up to the previous twelve months with at least thirty days' notice, and keeping the dollars in an authorised entity or in a Costa Rican bank's account abroad in the exporter's name complies. A surrender requirement can only be imposed for up to one year in a balance of payments emergency.

USD figures use the Banco Central de Costa Rica reference selling rate of ₡454.82 per US dollar (buying rate ₡449.44) published for 29 October 2026 (indicators 318 and 317 on bccr.fi.cr), rounded to the cent.

Key facts

Export proceeds surrender requirement	None; liquidate or prove entry on BCCR request textLey 7558 art. 91; ROCC art. 11, as of 2026-10-29 · in force
Maximum period a BCCR export proceeds request may cover	12 monthsROCC art. 11, as of 2026-10-29 · in force
Minimum notice for a BCCR export proceeds request	30 daysROCC art. 11, as of 2026-10-29 · in force
Penalty for not declaring or negotiating export proceeds	25 % of amountLey 7558 art. 92(c), as of 2026-10-29 · in force

The rule

1. Anyone who obtains foreign currency from exports of goods, services and tourism must liquidate it with an authorised entity or prove to the Banco Central that it entered the country, on the terms the Junta sets by regulation.Ley 7558, art. 91, 1995-11-03 official text · verified 2026-10-29

2. The Banco Central asks exporters for the information for a stated period and deadline; the request cannot cover more than the twelve months before it and must be made at least thirty days in advance. The exporter provides a report certified by a Contador Público Autorizado and complies if it shows the currency was sold to an authorised entity, or deposited or invested in an authorised entity or in an account of a national banking entity in a foreign bank in the exporter's name.
Cost to do it: Professional fee of a Contador Público Autorizado for the certified report (not fixed by law).Reglamento para las Operaciones Cambiarias de Contado, art. 11, 2006-08-30 official text · verified 2026-10-29

3. Failing to negotiate export proceeds on the terms and deadlines set by the Banco Central, or not declaring to it the real amount received, is penalised with 25% of the total amount.
Example: Undeclared proceeds of ₡45,482,000: penalty ₡11,370,500. / US$100,000.00 undeclared: penalty US$25,000.00.Ley 7558, art. 92(c), 1995-11-03 official text · verified 2026-10-29

4. Only if a balance of payments imbalance cannot be addressed with ordinary tools may the Junta require exporters to sell all or part of their export proceeds to authorised entities, for no more than one year, respecting exceptions in special laws and without adding new exceptions or discrimination.Ley 7558, art. 83 and 84, 1995-11-03 official text · verified 2026-10-29

Use of the dollars	Complies
Sold to a Costa Rican bank or exchange house	Yes
Kept in a dollar account or investment at an authorised entity	Yes
Kept in an account of a Costa Rican bank held at a foreign bank, in the exporter's name	Yes
Kept only in the exporter's own account at a foreign bank with no Costa Rican link	Not listed; needs other convincing proof of entry

Where an exporter can keep proceeds and still comply (ROCC art. 11).

Worked example

A free zone services exporter bills US$1,200,000 a year and keeps the dollars in a Costa Rican bank's dollar account, converting only payroll needs. If the Banco Central asks in November 2026 about the prior twelve months, it files a CPA certified report showing the deposits within the deadline set in the request.

Step by step

Collect export receipts into a Costa Rican bank account or a Costa Rican bank's foreign account in the company's name.
Reconcile invoices to receipts monthly so a CPA can certify quickly.
Diary the deadline in any Banco Central request (at least thirty days' notice).
Keep records of conversions and transfers to support the report.

Common traps

Leaving proceeds in an unrelated foreign account is not in the ROCC safe harbour list and makes proof harder.
The 25% penalty runs on the full amount, not on the tax.

Sources

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

← MONEX, the BCCR reference rate and who may trade foreign currency in Costa RicaCash and transfer reporting in Costa Rica: declare US$10,000 at the border, bank registers of US$10,000 transfers →

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