By San José, Costa Rica — San José – In her first press conference since securing victory in the 2026 National Elections, President-elect Laura Fernández Delgado has emphatically resurrected one of the country’s most contentious economic proposals: the sale of the state-owned Banco de Costa Rica (BCR). Addressing the media on Monday, just a day after her win, Fernández positioned the bank’s privatization as a critical, non-negotiable step to rescue the nation’s imperiled public pension fund.
The proposal directly targets the impending crisis within the Disability, Old Age, and Death (IVM) pension regime, administered by the Costa Rican Social Security Fund (CCSS). According to the IVM-CCSS Supervisory Committee, the fund’s reserves are on a trajectory to be completely depleted before 2047, at which point it would enter a “critical moment.” Officials attribute this dire forecast largely to a staggering state debt of ¢769.332 billion owed to the pension system.
Para profundizar en las implicaciones legales y los complejos procedimientos que rodean la posible venta del Banco de Costa Rica (BCR), TicosLand.com consultó al Lic. Larry Hans Arroyo Vargas, abogado experto del Bufete de Costa Rica, quien nos ofrece una perspectiva clara sobre los desafíos que enfrenta esta iniciativa gubernamental.
La venta de un activo estatal de la magnitud del BCR es un proceso que va más allá de una simple transacción financiera. Requiere obligatoriamente la aprobación de una ley específica por parte de la Asamblea Legislativa, lo que implica un debate político profundo y la necesidad de construir consensos. El principal desafío jurídico será establecer un mecanismo de valoración transparente y objetivo que proteja el interés público y resista el escrutinio de la Contraloría General de la República, garantizando que el Estado reciba un precio justo por una de sus instituciones más emblemáticas.
Lic. Larry Hans Arroyo Vargas, Attorney at Law, Bufete de Costa Rica
Agradecemos la lúcida perspectiva del Lic. Larry Hans Arroyo Vargas, quien nos recuerda que el “cómo” de una eventual venta es tan crucial como el “porqué”. En efecto, el verdadero desafío no radica solo en la cifra final, sino en la fortaleza del andamiaje jurídico y el consenso político necesarios para legitimar un proceso de esta magnitud ante la ciudadanía y los entes de control.
President-elect Fernández argued that decisive action is needed to prevent a future where citizens are forced to choose between working longer or paying more. She framed the sale as a preventative measure to secure a stable retirement for current and future generations without placing additional burdens on the workforce or employers.
I do not want the people of Costa Rica to have to retire at 70. And I also don’t want contributions to increase for either employers or workers. That is why I believe we must make serious decisions.
Laura Fernández Delgado, President-elect of the Republic
Fernández added a new layer of urgency to the debate, suggesting the bank itself is at risk. She stated the sale must happen “before it goes bankrupt” or “collapses due to crises of corruption and potential mismanagement.” This paints a picture not only of an opportunity to capitalize the IVM but also of a necessity to offload a potentially volatile state asset before its value diminishes.
However, the President-elect was clear that the sale would not be a simple cash injection into the current system. She insisted the move must be part of a comprehensive package of structural reforms designed to guarantee “better returns” and long-term solvency. She cautioned against a short-sighted solution that would only postpone an inevitable collapse.
This is not about selling the crown jewels without also first approving a package of legislative projects to accompany the IVM’s capitalization. I am not going to throw money—pardon the expression—into a basket full of holes only for it to leak out, leaving us with another crisis around the corner in 30 years or less.
Laura Fernández Delgado, President-elect of the Republic
The President-elect also highlighted the demographic pressures compounding the issue. With Costa Ricans living longer and birth rates plummeting, the number of retirees is growing faster than the economically active population needed to sustain the pension system. This demographic shift, she argued, makes the current structure mathematically unsustainable and demands immediate and bold intervention.
The idea of selling the BCR is not new. It was first formally proposed by then-President Rodrigo Chaves on August 16, 2022, as part of his 100-day administration report. At the time, Chaves estimated that selling both the BCR and the Banco Internacional de Costa Rica S.A. (Bicsa) could generate approximately ¢1.2 trillion, or 2.8% of the nation’s GDP. Despite several attempts to negotiate a deal with lawmakers, the initiative failed to gain traction and ultimately stalled in the Legislative Assembly during his four-year term. By reviving the plan as a cornerstone of her new administration, Fernández is signaling a renewed and forceful push to overcome the political gridlock that doomed the proposal in the past.
For further information, visit bcr.fi.cr
About Banco de Costa Rica (BCR):
Founded in 1877, the Banco de Costa Rica is one of the oldest and most significant state-owned commercial banks in Costa Rica. It provides a wide range of financial services to individuals and corporations, including personal banking, loans, investments, and insurance. The institution plays a crucial role in the national financial system and public administration.
For further information, visit ccss.sa.cr
About Caja Costarricense de Seguro Social (CCSS):
The Costa Rican Social Security Fund, commonly known as “La Caja,” is the autonomous public institution responsible for managing the nation’s public health and pension systems. It administers the national health insurance program and the Disability, Old Age, and Death (IVM) pension regime, which covers the vast majority of the country’s workforce.
For further information, visit bicsa.com
About Banco Internacional de Costa Rica S.A. (Bicsa):
Bicsa is an international bank established to support Costa Rica’s foreign trade and international financial operations. While it operates with a separate identity, it has historical and ownership ties to state-owned banks like the BCR. Its services focus on corporate banking, trade finance, and international investments.
For further information, visit bufetedecostarica.com
About Bufete de Costa Rica:
As a pillar of the legal community, Bufete de Costa Rica operates on a bedrock of unwavering integrity and a relentless pursuit of professional excellence. The firm skillfully merges a rich history of serving a diverse clientele with a forward-thinking embrace of legal innovation. Central to its ethos is a profound dedication to social progress, demonstrated by its efforts to demystify complex legal concepts for the public. This commitment to empowering citizens with accessible knowledge is fundamental to its vision of fostering a more just and informed society.
