​​​​​​​​​​​​​​​​​​​​​Official Procedures

Granting Foreign Banks Authorization as First Tier Banks

Purpose ​of the procedure or service: Study the possibility of recognizing a foreign bank as a first tier bank for those entities that submit the application through their legal representative.
Requirements:
   1. The name or corporate name and the exact address of the bank applying for recognition.
   2. Information related to its branches, agencies, subsidiaries and other similar offices.
   3. A power of attorney issued by the applying entity, empowering it to apply to the Central Bank of Costa Rica for recognition.
   4. The risk ratings in the name of the applying entity, for both the short and long term. They must be issued by an internationally recognized rating agency authorized to operate by the Securities and Exchange Commission of the United States of North America.
   5. Financial statements for the last completed quarter prior to the application, and updated information on the capital of the entity.
   6. The application and power of attorney must be authenticated and legalized in the place of origin, according to consular legislation. Likewise, the Ministry of Foreign Affairs must authenticate the signature of the consul who processed the documentation. If the power of attorney is granted to a third party with a domicile in Costa Rica, the application for recognition will not have to undergo consular processing, but must have the appropriate authentication.
   7. The financial information of the applying entity must come from public information sources (statements published by bank superintendencies or national securities commissions) or be duly certified by external auditors. In the latter case, the certifications by external auditors will also require the authentication and legalization referred to in the previous paragraph. If the documents are not written in Spanish, the applying bank must provide the translation of those documents that the Central Bank of Costa Rica indicates.

Legal Basis:
   • Organic Law of the Central Bank of Costa Rica, Article107.
   • Standards for recognition of First Tier Foreign Banks.

Time to resolve: 60 business days.
Period of Validity of the license, authorization or permit: Recognition as a First Tier Bank (FTB) will continue to be valid as long as the relevant bank complies with the provisions of the FTB regulations. Authorized entities have the obligation to submit yearly updated financial statements and report to the Central Bank of Costa Rica, on a timely basis, those changes that modify the conditions under which authorization was granted. When the authorized entity changes its name or company name, it must inform the Central Bank of Costa Rica, and provide financial information and credit ratings of the new entity to verify compliance with the provisions of these regulations.
Cost of the procedure: Free of charge.
Contact: • Luis Diego Coto Ruiz, email: cotorl@bccr.fi.cr Telephone: 2243-3785

               • Customer Support, email: atencionalcliente@bccr.fi.cr Telephone: 2243-3333

Economic Division

Issue an opinion of the Banco Central de Costa Rica on the contracting of internal and external indebtedness by the Public Sector

Hours: Monday through Friday from 09:00 a.m. to 05:00 p.m.

Objective of the procedure or service:

As legally provided for, public sector entities that wish to contract internal or external loans must first request an opinion from the Banco Central on the status of public sector indebtedness, and coordinate their monetary and credit policy with the financial and fiscal policy of the Republic.

The Bank's opinion constitutes a general reference on the financial aspects of the request for loans, and analyzes the effects that the pending operation could have on the country's debt situation and payment capacity, monetary and credit variables, and compliance with the objectives of the Banco Central.

​Requirements:

The requirements for requesting an opinion from the Banco Central on contracting indebtedness by public sector entities are detailed in the following document​ (Spanish). 

 Legal foundations

•       Article 106 of the Organic Law of the Banco Central de Costa Rica, Law No. 7558.

•       Article 7 of the Law on Foreign Financing Contracts with Foreign Private Banks, Law No. 7010.

•       Regulation of the processing, by the public sector, of the opinion of the Banco Central de Costa Rica for contracting internal and external indebtedness, as well as short-term lines of credit. Official journal La Gaceta N.127 of July 5, 2022.

Resolution period: 30 business days after verification of compliance with the requirements to process the request.

Validity of the license, authorization or permit: Indefinite

Cost of the procedure: Does not apply

Form(s) to be submitted: The information indicated in the requirements must be submitted.

Observations:

Municipalities and district municipal councils in the country are exempt from the requirement to request an initial/prior opinion from the BCCR.