Countries › Costa Rica › Guide › 16. What is normal abroad but not here › Dollar contracts are valid, but the debtor may usually pay in colones

Dollar contracts are valid, but the debtor may usually pay in colones

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

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

Abroad, a contract in a foreign currency is normally paid in that currency. In Costa Rica obligations in foreign currency are valid and enforceable, but the debtor may choose to pay in colones at the BCCR average market exchange rate on the payment date. The option does not apply to cross border payments, import and export deals, operations funded from abroad, regulated deposits and loans and other listed cases, which must be paid in the agreed currency.

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; conversions are for orientation only.

Key facts

Debtor may pay foreign currency obligations in colones	Yes, at the BCCR average market rate on the payment date, except the cases in Ley 7558 art. 49 textLey 7558 art. 48 and 49, as of 2026-10-30 · in force

The rule

1. Acts, contracts and obligations in foreign currency are valid, effective and enforceable, but may be paid at the debtor's option in colones at the effective commercial value of the currency on the payment date, meaning the average exchange rate calculated by the BCCR for foreign exchange market operations; the BCCR must publish its methodology.
Example: A US$50,000 debt paid in colones on a day when the BCCR average rate is ₡454.82 settles with ₡22,741,000. / US$50,000.Ley 7558, Ley Orgánica del Banco Central de Costa Rica, art. 48, 1995-11-03 official text · verified 2026-10-30

2. As an exception, these must be paid in the agreed foreign currency: obligations payable from Costa Rica abroad and vice versa; import and export transactions; operations in foreign currency with resources from abroad; guarantees of loans disbursed in foreign currency with resources from abroad; pay and expenses of diplomats and foreign agencies; payments to persons domiciled abroad for services rendered in Costa Rica; obligations to public law entities payable in foreign currency by special law; securities of the State, the BCCR and SUGEF supervised entities; foreign currency deposits in SUGEF supervised entities; and foreign currency loans by those entities funded by such sources.Ley 7558, art. 49, 1995-11-03 official text · verified 2026-10-30

Obligation	Payable in colones at debtor's option?
Local sale, lease or service priced in dollars	Yes
Payment from Costa Rica to abroad or vice versa	No
Import or export transaction	No
Operation funded with resources from abroad	No
Fee to a non resident for services	No
Dollar deposit or loan in a SUGEF supervised entity (listed sources)	No

When a dollar obligation can be paid in colones (Ley 7558 art. 48 and 49).

Worked example

A local tenant owes US$3,000 rent. It may pay the colón equivalent at the BCCR selling rate on the payment date (Ley 7527 art. 57, the special rule for rents) and the landlord must accept it.
A Costa Rican importer owes a foreign supplier US$80,000: it must pay in dollars.

Step by step

Classify each dollar contract against the art. 49 list before relying on dollar receipts.
If you want dollar settlement in a local deal, structure it to fit an art. 49 exception, such as funding from abroad, and document it.
Use the BCCR average market rate of the payment date when receiving colones; keep evidence of the rate used.

Common traps

A clause saying 'payable only in dollars' does not by itself remove the debtor's statutory option in local deals.
The general rate is the BCCR average market rate, not the reference selling rate quoted in many contracts; rents are the exception, at the BCCR selling rate (Ley 7527 art. 57).
Groups also operating in Argentina should not assume similar rules: Argentine FX and contract currency rules differ; see The Argentine Thread guide.

Sources

← A legal interest rate ceiling reset every six months: 36.48% in colones and 30.11% in dollars for the second half of 2026An annual tax just for keeping a company registered: ₡69,330 to ₡231,100 in 2026 →

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