James P. Says:
I would like to know how much cash I can bring into Costa Rica legally? Does one have to pay taxes on this amount? Thanks and I am excited about attending your conference in October that I have already signed up for.
IL Costa Rica Correspondent Bekah Bottone Says:
Hi James,
How exciting that you have signed up for the Ultimate Go Overseas Bootcamp in Las Vegas this October!
There will be a lot of information there about a lot of different places. We also offer a Costa Rica conference in July this year (it’s usually in June or July) if you decide it’s time to come down and check out things in person.
You do not pay customs duty for bringing cash to Costa Rica. However, if you bring more than $10,000 US, you must declare the total amount of money you bring. There are no restrictions when importing and exporting local currency and US dollars, yet if this amount isn’t declared, your money may be seized. It must be declared before going through the Customs Authority in the baggage area.
This $10,000 includes all other currencies, cash, or securities. According to Costa Rican law, declare this amount using the correct form (No. 8204, article 35).
Additionally, when you transfer amounts of money into Costa Rican banks, depending on the amount, documentation must show where the money came from. It is something to be aware of, as accounts can be frozen while things are being verified.
The best approach is to talk with specific banks ahead of time, to find out their procedures.
I take money from my US bank account out at ATMS in Costa Rica. Some banks (like Banco Nacional) only allow me to take out $200 at a time while others (like BAC) allow $700.
So if you try to take out cash and the amount allowed is low, I suggest trying a different bank.
Hope that helps! And remember, we’ve got guides to all sorts of topics like the economy of Costa Rica and taxes in Costa Rica, available for free on our website.
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