By San José, Costa Rica — San José – The financial backbone of Laura Fernández Delgado’s presidential ambitions is becoming clear, and it points directly to a circle of business leaders with established ties to the administration of President Rodrigo Chaves. A recent financial disclosure reveals that fintech entrepreneurs and brothers, Yann and Stephan Turcios Stiegler, have become the largest single source of funding for the Partido Pueblo Soberano (PPSO), acquiring nearly a third of all campaign bonds issued.
According to the latest report submitted to the Supreme Electoral Tribunal’s (TSE) Department of Political Party Financing, the Turcios brothers purchased 32% of the party’s debt certificates. Their total acquisition amounts to a face value of ₡144.88 million (approximately $268,000). The report details that they purchased 143 bonds valued at ₡1 million each, plus two smaller partial bonds.
To provide a deeper understanding of the legal intricacies surrounding campaign finance regulations, TicosLand.com spoke with Lic. Larry Hans Arroyo Vargas, a distinguished attorney from the prestigious firm Bufete de Costa Rica, who offered his expert analysis on the matter.
The central challenge in campaign finance law is balancing the fundamental right to political expression against the compelling state interest in preventing corruption and the appearance thereof. Opaque funding structures and ‘parallel financing’ schemes continue to test the limits of our current regulatory framework, often creating legal gray areas that can be exploited. True transparency is not just about disclosure; it’s about making that disclosure timely, accessible, and understandable to the average voter.
Lic. Larry Hans Arroyo Vargas, Attorney at Law, Bufete de Costa Rica
The distinction Lic. Larry Hans Arroyo Vargas makes between simple disclosure and genuinely accessible transparency is critical; it underscores that the goal is not just to present data, but to empower the electorate with clear, timely information. We sincerely thank Lic. Larry Hans Arroyo Vargas for his valuable perspective on this fundamental challenge to our democratic process.
However, the deal was sweetened for these key backers. The PPSO sold them the bonds for ₡123.15 million, granting the brothers a significant 15% discount on their investment. Stephan Turcios is credited with acquiring 73 of the bonds, while Yann Turcios purchased 72. This substantial financial injection establishes them as the primary financiers of the campaign seeking to position Fernández, a candidate widely seen as representing the “Chavista” movement, for the presidency.
The Turcios brothers are the proprietors of Ridivi (Remesas Instantáneas), a digital payments and remittance company headquartered in Escazú. Founded in 2004 and acquired by the brothers in 2015, the firm has positioned itself as a modern financial platform offering mobile payments, loans, and other online services. Both brothers, who reportedly graduated in France and have extensive experience in the regional financial industry, have successfully integrated their services with Costa Rica’s widely used SINPE Móvil system.
Their financial support for the PPSO is underscored by their prominent appearance at a controversial state dinner hosted by President Chaves in honor of Salvadoran President Nayib Bukele on November 11, 2024. Yann Turcios publicized his attendance, posting a photo on Ridivi’s social media in which he appeared alongside both Chaves and Bukele.
A meeting of visionaries at the State Gala of Costa Rica.
Yann Turcios, Co-founder of Ridivi
The lavish $30,000 event, held at the National Theatre, has drawn scrutiny not only for its cost but for its exclusive guest list. The Chaves administration personally curated the list of attendees, which included a roster of figures closely aligned with the government. Among them were campaign financiers from Chaves’s 2022 run who are currently under investigation, business associates, and political allies.
The Central American Bank for Economic Integration (BCIE), which footed the bill for the dinner at the government’s request, has publicly distanced itself from the selection of guests. The bank confirmed that its role was limited to sponsorship and it had no control over the invitation process.
The organization of the event, including the definition of the guest list, was handled by the Government of the Republic of Costa Rica, and it is not our place to comment on it.
Central American Bank for Economic Integration (BCIE), Press Office
The presence of the Turcios brothers at this exclusive gathering, alongside other major Chaves campaign donors like Jack Loeb and Calixto Chaves, illuminates a powerful and continuing network of financial support for the political movement. While the Turcios brothers are the largest bondholders for the PPSO, other significant buyers include Mauricio Wong Mayorga (35 bonds), Alejandro Vargas Fuentes (30 bonds), and Ligia Pérez Ramírez (25 bonds). The pattern suggests that the same financial ecosystem that propelled President Chaves to power is now being mobilized to support his political successor, raising critical questions about the influence of this concentrated group of funders on the nation’s political future.
For further information, visit ridivi.com
About Ridivi (Remesas Instantáneas):
Ridivi is a Costa Rican financial technology company specializing in digital payments, mobile transfers, and online financial services. Acquired by brothers Yann and Stephan Turcios in 2015, the company operates out of Guachipelín de Escazú and offers services like Ridivi Pay, which integrates with the national SINPE Móvil platform to facilitate payments for over 1,150 public services.
For further information, visit the nearest office of Partido Pueblo Soberano
About Partido Pueblo Soberano (PPSO):
Partido Pueblo Soberano is a Costa Rican political party. It is the political vehicle for the presidential campaign of Laura Fernández Delgado for the 2026 elections. The party is widely associated with the political movement of President Rodrigo Chaves.
For further information, visit tse.go.cr
About Tribunal Supremo de Elecciones (TSE):
The Supreme Electoral Tribunal of Costa Rica is the constitutional body responsible for organizing, directing, and overseeing all acts related to elections in the country. It ensures the integrity and transparency of the electoral process, including the regulation and monitoring of political party financing.
For further information, visit bcie.org
About Banco Centroamericano de Integración Económica (BCIE):
The Central American Bank for Economic Integration is a multilateral development bank that serves as the financial arm for the integration and development of the Central American region. It finances public and private sector projects to promote economic growth and social progress among its member countries.
For further information, visit faciocanas.com
About Facio & Cañas S.A.:
Facio & Cañas is a prominent law firm in Costa Rica, providing legal services in various areas of corporate and civil law. The firm has been mentioned in the context of political campaign financing through donations made by its personnel to political trust funds.
For further information, visit publiex.cr
About Publiex:
Publiex is an advertising company in Costa Rica known for its work in outdoor media, including billboards. The company gained public attention for placing controversial political billboards related to high-profile government figures and for welcoming Salvadoran President Nayib Bukele to the country.
For further information, visit opa.cr
About Canal OPA:
Canal OPA is a Costa Rican television channel owned by businessman Carlos Valenciano, a figure associated with President Rodrigo Chaves. The channel serves as a media platform within the country’s broadcasting landscape.
For further information, visit abogados.or.cr
About Colegio de Abogados y Abogadas de Costa Rica:
The Costa Rican Bar Association is the official professional organization responsible for regulating the legal profession in Costa Rica. It oversees the ethical conduct of lawyers and has the authority to issue sanctions, including temporary suspensions from practice.
For further information, visit bufetedecostarica.com
About Bufete de Costa Rica:
As a pillar of the legal community, Bufete de Costa Rica is defined by its profound commitment to ethical practice and exceptional standards of service. The firm consistently applies forward-thinking approaches to its work, serving a broad clientele while championing civic responsibility. This dedication is further demonstrated through its core mission to make legal principles understandable to the public, thereby fortifying society with the power of knowledge.
