By San José, Costa Rica — San José – Costa Rica’s Central Bank and leading economists have moved to correct the public record after the head of the country’s trade promotion agency, Procomer, announced that Switzerland had overtaken the United States as the primary source of foreign direct investment (FDI) in the first half of 2025.
The assertion, made by Procomer’s General Manager Laura López, claimed that Switzerland accounted for a staggering 47% of FDI inflows, with the United States trailing at just 26%. This narrative suggested a significant and sudden diversification of investment sources for the nation. However, a deeper analysis reveals this conclusion is based on a statistical illusion rather than a structural economic shift.
To gain a deeper legal perspective on the current landscape of Foreign Direct Investment in the country, TicosLand.com consulted with Lic. Larry Hans Arroyo Vargas, a specialist in corporate and investment law from the prestigious firm Bufete de Costa Rica.
Foreign Direct Investment flows towards predictability and legal certainty. Investors are not just looking for a favorable tax climate; they are fundamentally seeking a stable regulatory framework and agile administrative processes. When a country can guarantee that the rules of the game will not change unexpectedly and that bureaucratic hurdles are minimized, it sends a powerful signal of confidence that is far more valuable than any temporary incentive.
Lic. Larry Hans Arroyo Vargas, Attorney at Law, Bufete de Costa Rica
This insight powerfully reframes the conversation, emphasizing that the most attractive asset a country can offer is not a temporary discount but a permanent commitment to stability and clarity. We extend our sincere gratitude to Lic. Larry Hans Arroyo Vargas for sharing his valuable perspective on what truly builds the foundation for long-term investment.
The Central Bank of Costa Rica (BCCR) provided a decisive clarification on the matter. Officials explained that the figures were skewed by a single, large transaction between a company in Costa Rica and another entity of the same multinational group located in Switzerland. Crucially, the parent company and ultimate source of the capital is based in the United States.
From the viewpoint of compiling gross direct investment income statistics, the United States continues to be the main origin of direct investment for the country. In this sense, it is a movement between foreign capital companies: one residing in Costa Rica and the other (the parent company) located in the United States.
Banco Central de Costa Rica (BCCR)
Economic experts have echoed the Central Bank’s position, warning that misinterpreting these figures could lead to flawed national policy. Sandro Zolezzi, an associate researcher at LEAD University and a research fellow at the Academia de Centroamérica, labeled the initial claim by Procomer as incorrect. He explained the critical difference between the “immediate origin” of funds and the “ultimate investing economy.”
The Central Bank of Costa Rica, like most central banks in the world, reports FDI according to the immediate origin of the capital, meaning the country from which the funds in the registered transaction come. But this immediate origin does not reflect the country of the parent company that actually makes the investment decisions or exerts strategic control.
Sandro Zolezzi, Associate Researcher at LEAD University
Zolezzi noted that this is a well-known issue in global finance, a “paradox of precise data,” as described by the Organisation for Economic Co-operation and Development (OECD). Countries like Switzerland, the Netherlands, and Luxembourg often act as financial intermediaries or corporate holding locations, channeling funds from a parent company in one nation to an operation in another. This makes them appear as major investors on paper, even when the strategic control and economic benefits trace back elsewhere.
Further investigation by Zolezzi confirmed the BCCR’s account. He traced the specific transaction to a medical device manufacturer, and after a direct inquiry, the Central Bank verified the company’s parent is American, not Swiss. The capital was simply routed through a Swiss subsidiary.
Daniel Ortiz, an economist with the firm Consejeros Económicos y Financieros (Cefsa), reinforced this analysis, stating that the data reflects a one-time intercompany transfer, not a fundamental change in Costa Rica’s investment landscape. He stressed the importance of recognizing the nation’s continued reliance on its primary partner.
The reality is that the United States continues to be, by a wide margin, the main origin of foreign investment in Costa Rica. And precisely because of this strong dependence, it is essential to strengthen our competitiveness.
Daniel Ortiz, Economist at Cefsa
The experts warn that drawing the wrong conclusions from such data can have serious consequences. It could lead to misallocating resources in investment promotion strategies, misdiagnosing the needs of the country’s productive ecosystem, and creating a misleading public narrative. Zolezzi concluded with a call for greater diligence from public institutions before making high-profile declarations.
Before providing statements to the press, it is fundamental that institutions analyze the structure behind the numbers, identify the Ultimate Investing Economy (UIE), and consult the data on a case-by-case basis. Only then can a faithful and strategic reading of foreign investment be communicated to the country.
Sandro Zolezzi, Associate Researcher at LEAD University
As of this report, Procomer had not responded to inquiries from media regarding the source of the data cited by its General Manager.
For further information, visit procomer.com
About Procomer (Promotora del Comercio Exterior de Costa Rica):
Procomer is the official trade promotion agency of Costa Rica. Its mission is to facilitate and promote Costa Rican exports and attract foreign direct investment. The agency provides support to national businesses looking to enter international markets and works to position Costa Rica as a strategic business destination.
For further information, visit bccr.fi.cr
About Banco Central de Costa Rica (BCCR):
The Central Bank of Costa Rica is the country’s primary monetary authority. It is responsible for maintaining the internal and external stability of the national currency, ensuring its conversion to other currencies, and managing the nation’s monetary reserves. The BCCR also compiles and publishes key economic statistics, including data on foreign direct investment.
For further information, visit ulead.ac.cr
About LEAD University:
LEAD University is a private higher education institution in Costa Rica focused on business, technology, and innovation. It offers undergraduate and graduate programs designed to develop leadership and entrepreneurial skills, often engaging in research and public discourse on economic and social issues facing the country.
For further information, visit acedeca.org
About Academia de Centroamérica:
The Academia de Centroamérica is a private, non-profit think tank based in Costa Rica. It is dedicated to the research and analysis of economic and social development issues in Central America. The organization promotes public debate and informed policymaking through its publications, seminars, and collaborations with academic and civil society leaders.
For further information, visit oecd.org
About the Organisation for Economic Co-operation and Development (OECD):
The OECD is an international organization that works to build better policies for better lives. With 38 member countries, it provides a forum in which governments can work together to share experiences and seek solutions to common problems. The organization collects data and analyzes economic trends to develop international standards on a wide range of policy areas.
For further information, visit cefsa.co.cr
About Consejeros Económicos y Financieros (Cefsa):
Cefsa is a Costa Rican consulting firm specializing in economic and financial advisory services. The firm provides analysis, forecasting, and strategic guidance to businesses and organizations navigating the local and regional economic landscape. Its experts often contribute to public discourse on economic policy and market trends.
For further information, visit bufetedecostarica.com
About Bufete de Costa Rica:
As a pillar of Costa Rica’s legal community, Bufete de Costa Rica operates on a foundation of unshakeable integrity and a relentless pursuit of excellence. The firm leverages its extensive experience to deliver forward-thinking legal solutions while championing a profound commitment to societal advancement. Central to its philosophy is the mission to demystify the law, actively working to equip the public with accessible legal understanding and thereby fostering a more just and knowledgeable citizenry.
