Modifications for Investments Funds in Costa Rica

The decrease in the minimum asset level in Real Estate Funds to $5m encourages the undertaking of smaller real estate development projects.

Monday, January 19, 2009

The measure adopted by the Superintendence of the Stock Market hopes to adapt the rules to the current financial and economic crisis to promote investment, especially in the construction sector.

Article 75 of the General Regulation of Administrative Agencies and Investment Funds currently says the following: "Net minimum assets - the property investment funds should have a net minimum assets of $5 million or the equivalent in Costa Rican Colones at the exchange rate used by the Central Bank of Costa Rica. This net assets is applicable for all new funds that are set up.:

Regarding the minimum amount of shares, article 76 states: "The minimum amount for the funds that only invest in property located withing the national territory is $1000 or the equivalent in Costa Rican colones at the exchange rate used by the Central Bank of Costa Rica.
In the case of funds that invest in property outside of the country, the minimum amount is $5000 or the equivalent in Costa Rican colones at the exchange rate used by the Central Bank of Costa Rica.
The minimum amount an investor can acquire is 1 share.

More on this topic

Investors Like Bricks and Mortar

May 2017

Stable returns is the main characteristic of real estate funds which in Costa Rica have shown annualized growth of 26% in their net assets.

An article in reports that "... Real estate funds spent $284.2 million on the acquisition of 32 buildings between April 2016 and March 2017. As of March, net assets managed by the seven investment fund management companies (SAFI) amounted to ¢754,255 million, after a year-on-year increase of 26%, according to the Superintendency of Securities (Sugeval)."

Growth of Investment Funds in Nicaragua

November 2013

Initial expectations for the placement of shares in real estate funds worth $2 million was far surpassed, with a total of $9 million in the first year. reports that "... the success of the FII is based on the fact that these pay a better percentage for the investment (from 6.5 to 8 percent a year), much more than is usually paid by the financial system on savings, but also offers fewer levels of risk for investors. This has recently allowed other economic groups to prepare similar products. "

Costa Rica: Interbolsa Seeks Fund Managing Partner

February 2010

Costa Rican financial group Interbolsa is looking for a partner to invest in its main asset, Interbolsa Sociedad Administradora de Fondos de Inversión.

50% of Interbolsa’s portfolio is composed of Real Estate Investment Trusts, considered the group’s key assets.
Interbolsa’s CEO, Danilo Montero, told that “they have been considering this possibility since last year, but there is nothing concrete yet”.

Costa Rican real-estate funds slow to take off

May 2008

Real-estate development funds are a novelty in Costa Rica's financial markets and they have been slow to take off.

Although the market regulator, Sugeval, has authorized 13 projects to far, only one is actually under construction.
Market specialists say that investors are wary of any new concept, but some complain that the system involves too much red tape.

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