Authored by the expert who managed and guided the team behind the Costa Rica Property Pack
Everything you need to know before buying real estate is included in our Costa Rica Property Pack
Yes, foreigners can get a mortgage in Costa Rica, but the process and requirements depend heavily on your residency status and how well you can document your income.
Banks in Costa Rica are open to lending to non-residents, though you should expect stricter conditions and a larger down payment than local borrowers.
We constantly update this blog post to reflect the latest rules and market conditions in Costa Rica.
And if you're planning to buy a property in this place, you may want to download our pack covering the real estate market in Costa Rica.
Can foreigners get a mortgage in Costa Rica right now?
Can a foreigner get a residential mortgage in Costa Rica right now?
Yes, foreigners can obtain a residential mortgage in Costa Rica, and several regulated banks actively offer loan products to non-Costa Rican buyers.
Foreigners with permanent residency in Costa Rica typically have the easiest access to mortgages because banks can verify their income and legal status more easily, which is why Banco Promerica explicitly asks for a permanent residency ID in their standard checklist.
The most common restriction banks impose on foreign applicants in Costa Rica is requiring a larger down payment, often 30% to 40% of the property value, compared to the 10% to 20% that strong local profiles might secure.
By the way, we have a whole document dedicated to mortgages for foreigners in our property pack about Costa Rica.
Can I get a mortgage in Costa Rica without residency?
Yes, non-residents can obtain a mortgage in Costa Rica, but the list of banks willing to lend and the available products are more limited than for residents.
Permanent residents have the broadest access to mortgage products, while temporary residents and work visa holders can also qualify at many banks, and non-residents face the most restrictions but can still secure financing through specific programs like the one Scotiabank offers.
Banks in Costa Rica most commonly impose heavier documentation requirements and larger down payments on applicants without permanent residency, often asking for foreign tax returns, bank statements, and credit references from the applicant's home country.
By the way, we've written a blog article detailing residency and citizenship options that exist when you buy property in Costa Rica.
Do banks require a local work contract in Costa Rica right now?
Banks in Costa Rica do not always require a local work contract, but having one makes the approval process significantly faster and smoother.
If you do not have a local work contract, banks in Costa Rica typically accept foreign income documentation such as tax returns, bank statements, employer letters, and CPA-certified income statements as proof of your ability to repay.
When a local work contract is present, banks in Costa Rica usually prefer to see at least six months to one year of continuous employment with the same employer to feel confident about income stability.
Can self-employed foreigners qualify for a mortgage in Costa Rica?
Yes, self-employed foreigners can qualify for a mortgage in Costa Rica, but banks require more thorough documentation to verify income stability.
Banks in Costa Rica typically want to see at least two to three years of self-employment history, supported by CPA-certified income statements, tax declarations, and bank statements that show consistent earnings over time.
Is foreign income accepted for mortgages in Costa Rica right now?
Yes, banks in Costa Rica accept foreign income for mortgage applications when it is documented in a way that allows the bank to verify and underwrite it properly.
When the applicant earns income abroad, banks in Costa Rica typically require additional documentation such as certified tax returns from the home country, recent bank statements, credit reports or references, and sometimes notarized translations of these documents.
Can I buy a primary home (and an investment property?) with a mortgage in Costa Rica as a foreigner?
Yes, foreigners can obtain a mortgage for a primary home in Costa Rica, and this is actually the most common type of financing that banks offer to foreign buyers.
Getting a mortgage for an investment property in Costa Rica is also possible, but banks typically require a larger down payment and scrutinize the application more carefully because repayment depends on rental income rather than a stable salary.
If you're buying for investment, you might want to check our blog article about buying and renting out in Costa Rica.
We did some research and made this infographic to help you quickly compare rental yields of the major cities in Costa Rica versus those in neighboring countries. It provides a clear view of how this country positions itself as a real estate investment destination, which might interest you if you’re planning to invest there.
What are the eligibility rules banks actually use in Costa Rica?
What minimum monthly income do I need in Costa Rica as of 2026?
As of early 2026, the minimum monthly income that banks in Costa Rica typically require is around 500,000 colones (roughly 1,000 USD or 950 EUR) for basic local housing credit, but non-residents with foreign income should realistically plan for at least 1,500,000 colones (around 3,000 USD or 2,850 EUR) to be taken seriously.
Most approved foreign borrowers in Costa Rica fall into an income range of 1,500,000 to 3,000,000 colones per month (3,000 to 6,000 USD or 2,850 to 5,700 EUR), which gives banks enough comfort to approve the loan without excessive conditions.
The minimum income requirement in Costa Rica scales with the loan amount because banks want to ensure your monthly payment stays within safe affordability limits, so a more expensive property means you need proportionally higher income.
Yes, banks in Costa Rica allow combining household incomes from multiple applicants, such as spouses or partners, to meet the minimum threshold, and this is a common strategy to strengthen an application.
What debt-to-income limit do banks use in Costa Rica right now?
Banks in Costa Rica generally allow a maximum debt-to-income ratio of around 35% for comfortable approval, though some banks may stretch to 40% or 45% for borrowers with exceptionally strong profiles and high residual income.
When calculating your debt-to-income ratio, banks in Costa Rica include all existing debts such as credit card minimum payments, car loans, personal loans, student loans, and any other mortgage payments you already have.
Do I need a local credit score in Costa Rica right now?
Banks in Costa Rica do not strictly require a local credit score, but having one from previous banking activity in the country significantly helps your application.
If you do not have a local credit history, banks in Costa Rica will accept foreign credit reports or credit references, and Scotiabank's non-resident checklist specifically mentions country-specific credit documentation such as US or Canadian credit reports.
Do banks require a local guarantor in Costa Rica right now?
Banks in Costa Rica do not universally require a local guarantor for foreign mortgage applicants, but they may request one in borderline cases where income documentation is weaker or harder to verify.
Banks in Costa Rica are most likely to request a guarantor when your income is foreign, variable, or difficult to verify, or when your down payment is lower than they would prefer for your risk profile.
If a guarantor is required in Costa Rica, that person typically needs to have stable local income, a good credit history, and sufficient financial standing to cover the loan payments if you cannot.
Make a profitable investment in Costa Rica
Better information leads to better decisions. Save time and money. Download our guide.
How much cash do I need upfront in Costa Rica as of 2026?
What's the minimum down payment in Costa Rica right now?
The minimum down payment that banks in Costa Rica require from foreign buyers is typically 20% to 30% of the property value, though non-residents should realistically budget 30% to 40% to be safe.
Across different banks and buyer profiles in Costa Rica, down payment requirements range from 10% for strong local residents with excellent profiles at banks like BAC Credomatic, up to 40% or more for non-residents with foreign income and limited local documentation.
A buyer in Costa Rica might secure a lower down payment requirement if they have permanent residency, a long history of local banking, stable local employment, and an excellent debt-to-income ratio that makes the bank feel very comfortable with the risk.
What loan terms can I realistically get in Costa Rica as of 2026?
What mortgage interest rates are typical in Costa Rica as of 2026?
As of early 2026, the typical mortgage interest rate range for foreigners in Costa Rica is 7% to 10% for loans in colones and 6% to 9% for loans in US dollars, depending on the borrower's profile and loan terms.
The factors that most significantly influence your interest rate in Costa Rica include your residency status, the size of your down payment, the loan term, whether you choose a fixed or variable rate, and how well you can document your income and creditworthiness.
Foreigners in Costa Rica often receive slightly higher interest rates than local residents, typically 0.5% to 1.5% more, because banks view them as carrying more risk due to income verification challenges and potential currency mismatches.
The interest rate is one of the factors we look at when assessing whether now is a good time to buy a property in Costa Rica.
Are fixed-rate mortgages available in Costa Rica right now?
Yes, fixed-rate mortgages are available to foreigners in Costa Rica, though they are often structured as "fixed for a period" rather than fixed for the entire loan term.
Banks in Costa Rica typically offer fixed-rate periods of 5, 8, or 10 years, after which the rate may reset to a variable rate tied to a benchmark like the TBP, so it is important to read the fine print carefully.
We created this infographic to give you a simple idea of how much it costs to buy property in different parts of Costa Rica. As you can see, it breaks down price ranges and property types for popular cities in the country. We hope this makes it easier to explore your options and understand the market.
How do I maximize approval chances in Costa Rica right now?
What financial profile gets "yes" fastest in Costa Rica right now?
The ideal financial profile that gets mortgage approval fastest in Costa Rica is someone with permanent residency, local banking history, stable documented income, a low debt-to-income ratio, and a down payment of at least 20% to 30%.
Banks in Costa Rica consider an income of at least 1,500,000 colones per month (around 3,000 USD or 2,850 EUR) combined with a debt-to-income ratio under 35% to be ideal for fast approval without extensive additional scrutiny.
The employment type most favored by banks in Costa Rica is stable, salaried employment with a local employer for at least one to two years, though self-employed applicants with two to three years of documented income can also get approved.
A down payment of 25% to 30% or more typically signals a strong applicant profile in Costa Rica, as it reduces the bank's risk and shows you have significant financial resources.
We give more detailed tips in our pack covering the property buying process in Costa Rica.
What mistakes make foreigners get rejected in Costa Rica right now?
The most common mistake that leads to mortgage rejection for foreigners in Costa Rica is submitting inconsistent income documentation where bank statements do not match tax returns or invoices, which makes banks question the reliability of your income claims.
The financial red flag that most often disqualifies foreign applicants in Costa Rica is having a currency mismatch without a buffer, such as earning in US dollars but applying for a loan in colones without showing you can handle exchange rate fluctuations.
Get to know the market before you buy a property in Costa Rica
Better information leads to better decisions. Get all the data you need before investing a large amount of money. Download our guide.
Which banks say yes to foreigners in Costa Rica right now?
Which banks are most foreigner-friendly in Costa Rica as of 2026?
As of early 2026, the banks considered most foreigner-friendly for mortgages in Costa Rica are Scotiabank Costa Rica, BAC Credomatic, and Banco Promerica, all of which have established processes for working with foreign applicants.
What makes these banks more accessible to foreign applicants in Costa Rica is that they publish clear documentation requirements, have experience processing foreign income verification, and in Scotiabank's case, offer a dedicated non-resident mortgage program.
Which banks accept non-resident borrowers in Costa Rica right now?
Scotiabank Costa Rica is the clearest example of a bank that accepts non-resident borrowers in Costa Rica, as they publish a dedicated non-resident mortgage requirements document on their website.
For non-resident applicants, Scotiabank Costa Rica requires additional documentation including a valid passport, foreign tax returns, bank statements, and credit references from the applicant's home country, plus typically a larger down payment than residents would need.
Do international banks lend more easily in Costa Rica right now?
Yes, international banks in Costa Rica often lend more easily to foreigners because their processes for handling foreign documentation and verifying international income are more mature and standardized.
Scotiabank is the most prominent international bank with a presence in Costa Rica that offers mortgages to foreigners, and their dedicated non-resident program is a clear example of this advantage.
The main advantage of using an international bank like Scotiabank for a mortgage in Costa Rica is that they are already familiar with foreign tax documents, credit reports, and income verification methods, which makes the underwriting process smoother for non-local applicants.
We made this infographic to show you how property prices in Costa Rica compare to other big cities across the region. It breaks down the average price per square meter in city centers, so you can see how cities stack up. It’s an easy way to spot where you might get the best value for your money. We hope you like it.
What sources have we used to write this blog article?
Whether it's in our blog articles or the market analyses included in our property pack about Costa Rica, we always rely on the strongest methodology we can ... and we don't throw out numbers at random.
We also aim to be fully transparent, so below we've listed the authoritative sources we used, and explained how we used them and the methods behind our estimates.
| Source | Why it's authoritative | How we used it |
|---|---|---|
| Banco Central de Costa Rica (BCCR) | Costa Rica's central bank publishes official benchmark rates and exchange rates. | We used BCCR data for the January 2026 TBP, TED, and USD/CRC exchange rate. We anchored all "as of early 2026" interest rate and currency figures to this source. |
| SUGEF (Financial Supervisor) | SUGEF is Costa Rica's financial regulator and publishes the rules banks must follow. | We used SUGEF's guidelines to explain what is required by regulation versus bank policy. We referenced their supervised entities list to verify which lenders are legitimate. |
| CONASSIF 14-21 Credit Risk Framework | CONASSIF sets cross-sector supervisory rules that all Costa Rican banks must follow. | We used this to explain how banks assess capacity to pay and borrower risk. We based our debt-to-income estimates on this regulatory framework. |
| Scotiabank Costa Rica | Scotiabank publishes a dedicated non-resident mortgage requirements document. | We used this to prove non-resident mortgages exist and list typical documentation requirements. We referenced it as the clearest example of a foreigner-friendly bank. |
| BAC Credomatic | BAC is a major private bank with clear published mortgage terms. | We used BAC's down payment guidance of 10% to 20% as a benchmark. We cited their terms to show what strong local profiles can achieve. |
| Banco Promerica | Promerica publishes detailed mortgage checklists and processing timelines. | We used their checklist to explain documentation requirements for employees and self-employed applicants. We cited their 3 to 4 week disbursement timeline as a realistic benchmark. |
| Banco Nacional de Costa Rica | Banco Nacional is one of Costa Rica's largest state banks. | We used their "up to 80% financing" figure to establish mainstream LTV expectations. We referenced their terms as typical for residents with local profiles. |
| Banco de Costa Rica (BCR) | BCR is a major state bank offering special housing programs. | We used their "Vivienda Accesible" program to show that up to 95% financing exists in special cases. We noted these programs have strict eligibility requirements. |
| Global Property Guide | International property research publisher with transparent BCCR-sourced data. | We used their average mortgage rate data to confirm typical rate ranges. We cross-checked their figures against BCCR benchmark rates for accuracy. |
| Ley 6043 (Maritime Terrestrial Zone Law) | Primary Costa Rican law governing coastal property ownership. | We used this to warn buyers about the 200-meter coastal zone restrictions. We explained that beachfront "ownership" often involves concessions rather than fee simple title. |
Get the full checklist for your due diligence in Costa Rica
Don't repeat the same mistakes others have made before you. Make sure everything is in order before signing your sales contract.
