Edgar Ayales, Finance Minister recalled the significance of the future law and added that the problem could take three or four weeks.

"This is because, according to the vice minister of the same portfolio, Randall Garcia, they have not yet officially named the new team for the Treasury Commission, which manages the topic", reported Prensalibre.cr.

Congresswoman Patricia Perez affirmed that the project is stalled for that reason despite it having a good "climate". However, Perez said that the bill could end up hurting "positive" capital inflows entering the national economy, such as foreign direct investment (FDI).

Source: prensalibre.co.cr

More on this topic

Withdrawal of Capital from Costa Rica Due to Lower Interest Rates

March 2014

The steady flow of investments that came into the country in 2012 and part of 2013 has been reversed.

This was indicated by the president of the Central Bank of Costa Rica, without giving details of the extent of the phenomenon.

Rodrigo Bolaños told Elfinancierocr.com that "...

Costa Rica: Tax Discretion for Central Bank

March 2014

The mere name of the bill approved by Congress "An Act to Discourage Entry of Capital from Abroad" reveals how dangerous this regulation could be for the Costa Rican business climate.

An article in Nacion.com reports that "...This bill was submitted to Congress a year ago, promoted by the Government, after the central bank detected a wave of speculative capital attempting to take advantage of interest rates in the country and then take it abroad."

More Hurdles for Development Banking in Costa Rica

February 2014

A reform of the Development Banking System is stuck in Congress because of an inevitable tax on offshore banking.

The creation of a tax included in the bill to reform the Banking Development System is impeding its progress in the Costa Rican Congress. MEPs propose a tax of 15% on profits from offshore banking.

Costa Rica: A law Too Late

February 2014

A year after first being proposed, and under different economic conditions, progress has been made on the adoption of the law to discourage "hot" capital.

From a press release issued by the Legislative Assembly of Costa Rica:

MPs voted in a first debate, to put a brake on the entry of speculative capital into the country, known as hot money, with an initiative submitted for discussion by the Executive.