Navigating banking and financial operations as a foreign company in Costa Rica requires understanding the local banking landscape, AML compliance requirements, and the mechanisms for repatriating profits and capital to your home country.
Corporate Banking Options
Major banks serving foreign corporations include: BAC San José (most business-friendly for FDI), Banco Nacional (state-owned, large network), Scotiabank, Citibank, and Davivienda. Most require 4–8 weeks to open a corporate account including due diligence.
Currency & Exchange
Costa Rica uses the colón (CRC). Many companies transact in USD, which is widely accepted in business contexts and legally permitted. The BCCR (Central Bank) sets exchange policy; free exchange between USD and CRC is permitted for business transactions.
Profit Repatriation
Costa Rica imposes no restrictions on the repatriation of profits or capital for legitimate business transactions. A withholding tax of 15% applies to dividends paid to foreign shareholders; this may be reduced by bilateral tax treaties.
Transfer Pricing
Costa Rica follows OECD transfer pricing guidelines for intercompany transactions. Companies with significant intercompany transactions should ensure their pricing policies are documented and defensible to the Ministerio de Hacienda (tax authority).