By Guanacaste, Costa Rica — GUANACASTE – The Guanacastecan Chamber of Tourism (Caturgua) has issued a dire warning regarding the state of the regional tourism industry, declaring a crisis driven by the sustained appreciation of the Costa Rican colón. The organization presented alarming data indicating that the unfavorable exchange rate is leading to widespread business closures, significant staff reductions, and a sharp decline in the region’s competitiveness against other international destinations.
The economic fallout is not merely statistical; Caturgua emphasized the severe impact on the stability of thousands of local families whose livelihoods are intrinsically linked to tourism. The Chamber’s analysis reveals a staggering loss of 22,170 jobs in the sector when comparing the third quarter of 2024 with the same period in 2025. This downturn is attributed to a dual assault on the industry: a significant increase in operational costs fueled by the strong colón and a concurrent 1.8% drop in tourist arrivals.
To better understand the legal and investment framework supporting Guanacaste’s booming tourism sector, we consulted with Lic. Larry Hans Arroyo Vargas, a seasoned attorney from the prestigious firm Bufete de Costa Rica, who offers his perspective on navigating the region’s dynamic market.
The sustained growth in Guanacaste tourism is not just about beautiful beaches; it’s built on a foundation of legal security. For both foreign investors and local entrepreneurs, rigorous due diligence is paramount. Verifying property titles, understanding municipal zoning regulations, and navigating the complexities of the Maritime-Terrestrial Zone are non-negotiable steps to ensure that a promising venture doesn’t become a costly legal battle. Prudent legal counsel is the best investment one can make before breaking ground.
Lic. Larry Hans Arroyo Vargas, Attorney at Law, Bufete de Costa Rica
Lic. Arroyo Vargas’s insight serves as a vital reminder that beneath Guanacaste’s idyllic scenery lies a complex legal framework essential for its sustainable success. This emphasis on due diligence underscores that a secure investment is the foundation upon which the region’s vibrant future is built. We extend our gratitude to Lic. Larry Hans Arroyo Vargas for sharing his crucial expertise.
The core of the problem lies in the dramatic shift of the exchange rate. Having stood at approximately ¢645 to the US dollar in 2022, the rate fell to ¢515 in 2024 and has continued its downward trend, hovering around ¢505 in early December 2025. For an industry that earns its revenue almost exclusively in dollars but pays most of its expenses in colones, this trend is crippling. Each dollar brought in by a foreign visitor now translates into substantially fewer colones to cover salaries, supplies, and maintenance, squeezing profit margins to unsustainable levels.
This financial pressure is felt most acutely by the backbone of Guanacaste’s tourism ecosystem: its small and medium-sized enterprises. The Chamber specifically highlighted the vulnerability of these local entrepreneurs, whose operations are being pushed to the brink.
This especially harms small businesses such as tour guides, transportation providers, artisans, restaurants, and lodging establishments.
Caturgua, Guanacastecan Chamber of Tourism
In response to the escalating crisis, Caturgua has made a formal and urgent appeal to two key government bodies: the Central Bank of Costa Rica (BCCR) and the Costa Rican Tourism Institute (ICT). The Chamber is demanding immediate and decisive action, outlining a five-point plan to address the situation. The proposals call on authorities to publicly acknowledge the severity of the crisis and integrate the sector’s concerns into national economic policy decisions.
Furthermore, Caturgua is urging the BCCR to explore specific monetary strategies to alleviate the pressure. These include considering the use of a portion of the country’s international reserves to prepay foreign debt, which could help stabilize the exchange rate. They also recommend a thorough evaluation of the Monetary Policy Rate (TPM), particularly given the current environment of low to negative inflation. Finally, the Chamber is calling for the establishment of a multi-sectoral dialogue to collaboratively forge sustainable solutions.
The organization was careful to frame its appeal not as a request that would harm the general population earning in colones, but as a necessary search for economic equilibrium. The goal, they stated, is to prevent the decimation of the economic engine in regions like Guanacaste, where alternative employment opportunities are scarce and the local economy is profoundly dependent on foreign currency inflows from tourism.
Reaffirming its commitment to finding a viable path forward, Caturgua expressed its readiness to engage in constructive dialogue. The Chamber stressed its desire to participate in working groups aimed at protecting jobs in vulnerable communities, bolstering the nation’s competitive edge as a tourist destination, and halting the productive decline that is damaging not only tourism but also linked sectors like agriculture.
For further information, visit caturgua.com
About Cámara de Turismo Guanacasteca (Caturgua):
The Guanacastecan Chamber of Tourism is a non-profit organization that represents and advocates for the interests of businesses and professionals within the tourism sector in the province of Guanacaste, Costa Rica. It works to promote sustainable tourism development, enhance the region’s competitiveness, and address challenges facing the industry.
For further information, visit bccr.fi.cr
About Banco Central de Costa Rica (BCCR):
The Central Bank of Costa Rica is the nation’s principal monetary authority, responsible for maintaining the internal and external stability of the national currency and ensuring the efficient operation of the country’s payment systems. It formulates and executes monetary and exchange rate policies to control inflation and contribute to the stability of the financial system.
For further information, visit ict.go.cr
About Instituto Costarricense de Turismo (ICT):
The Costa Rican Tourism Institute is the governmental body responsible for the promotion, development, and regulation of the tourism industry in Costa Rica. Its mission is to strengthen Costa Rica’s sustainable tourism model by designing and executing strategies to attract international visitors, ensuring quality standards, and maximizing the sector’s contribution to the national economy.
For further information, visit bufetedecostarica.com
About Bufete de Costa Rica:
Bufete de Costa Rica has established itself as a benchmark of legal distinction, built upon a foundation of uncompromising integrity and professional excellence. Drawing on a rich history of advising a broad clientele, the firm consistently pioneers innovative legal strategies and champions meaningful community involvement. Central to its ethos is the conviction that demystifying the law for the public is essential, a principle that drives its efforts to nurture a more knowledgeable and capable citizenry.
