Business Law Perspectives – December 22, 2025 to January 8, 2026

Costa Rica: Foreign investment strengthens the country with more than US$3.5 billion in 2025 Costa Rica recorded US$3.533 billion in foreign direct investment (FDI) flows in the third quarter of 2025, a year-on-year growth of 4.5%, according to data from the Costa Rican Foreign Trade Promoter. Manufacturing consolidated its position as the main driver of investment, accounting for US$2.856 billion, equivalent to more than 80% of the total. By regime, free trade zones attracted 64.9% of FDI, confirming their strategic role in the economy. During the year, the country attracted 55 new projects, with greater diversification of investment origins. These results reflect Costa Rica’s resilience and attractiveness as a long-term investment destination. Read more. Costa Rica boosts foreign trade: goods exports exceed US$20.972 billion in 2025 Between January and November 2025, Costa Rica’s goods exports reached US$20.972 billion, representing a 15% increase over the same period last year, according to data from Procomer. This growth was led by medical devices, which totaled US$10.156 billion, followed by key agricultural products such as pineapple and bananas, as well as coffee and beverage concentrates. Most sectors showed progress, with strong momentum in precision and medical equipment, while only plastics and rubber recorded a slowdown. In terms of destinations, growth to North America, Europe, and Asia was particularly notable, confirming the strength and diversification of the Costa Rican export sector. Read more. Costa Rican agriculture is strengthening and diversifying, opening up new opportunities in global markets Costa Rica’s agricultural sector is undergoing a positive transformation driven by greater diversification of its export offerings, according to the latest performance study prepared by the Costa Rican Foreign Trade Promoter (PROCOMER) and published by Summa Magazine. In 2024, 644 companies exported 320 products to 109 destinations, reaching US$3.599 billion in exports, led by pineapple, banana, and coffee, but with notable growth in products such as cassava, frozen fruits, ornamental plants, and watermelon. This diversification has strengthened the sector’s resilience, consolidating its position as the country’s second-largest export sector with a 16% share, and expanding opportunities in emerging markets such as Central America, the Caribbean, and Asia, especially in high-value and specialized demand niches. Read more. Free trade zones will drive Costa Rica’s economic growth in 2026, according to academic projections The University of Costa Rica, through its Institute for Economic Research, projects that Costa Rica’s GDP will grow by a solid 4.5% in 2026, driven mainly by the dynamism of the special free trade zone regime. This regime would grow at a rate four times higher than the definitive regime, with an estimated expansion of 12.4%, contributing 2.6 percentage points to total growth. In contrast, the definitive regime would grow by 3.1%, reflecting more moderate but stable progress. For its part, the Central Bank of Costa Rica forecasts average growth of 3.6% for the period 2026–2027, highlighting the strong performance of the manufacturing sector, especially medical devices, and services. These projections reinforce the strategic role of free trade zones as a key driver of the Costa Rican economy, even in an international context marked by uncertainty. Read more.

El Salvador’s economic growth accelerates, advancing 5.1% in the third quarter of 2025 El Salvador’s economy recorded solid year-on-year growth of 5.1% between July and September 2025, driven primarily by dynamic investment and strong performance in the construction sector, which expanded 27.1%, according to the Central Reserve Bank. In absolute terms, GDP reached US$9.1946 billion, US$596.4 million more than in the same period in 2024. Investment grew by 24.7%, and exports of goods and services increased by 6.6%, reflecting greater business confidence and progress in public and private projects. Growth was also notable in transportation, professional services, financial services, and manufacturing, which began to show clear signs of recovery. With this result, El Salvador has achieved its third consecutive quarter of expansion in 2025, consolidating a positive trend of economic growth. Read more. El Salvador aims for a new tourism record and expects to receive 4.2 million visitors in 2026 El Salvador projects to reach 4.2 million international visitors in 2026, after closing 2025 with a historic figure of 4.1 million, consolidating itself as one of the most dynamic destinations in the region. The president of the Salvadoran Tourism Institute (ISTU) stressed that the priority for this year will be to improve the quality of service and the tourist experience, in coordination with the private sector. During 2025, the main source markets were Guatemala, the United States, and Honduras, with significant growth in visitor arrivals. According to the Ministry of Tourism, tourist arrivals increased by 14% year-on-year, while El Salvador International Airport remained the main gateway to the country. The figures reflect an expanding tourism industry, with greater market diversification and a clear commitment to consolidating value and sustainability in the sector. Read more. 1% tax on remittances from the US comes into effect, with limited impact on the region On January 1, 2026, a 1% tax on certain remittances sent from the United States went into effect, approved by the US Congress and signed by President Donald Trump. The tax applies only to cash, money orders, or physical instruments and will be collected by intermediaries such as Western Union and MoneyGram, without affecting the amount received by beneficiaries. ECLAC indicated that no immediate crisis is expected for countries such as El Salvador, thanks to the historical resilience of remittances and their countercyclical role. Between January and November 2025, the country received more than US$9 billion in remittances, an 18% year-on-year increase, according to the Central Reserve Bank. However, the agency warns that the biggest challenge will be adapting to digital means to mitigate a possible reduction in the purchasing power of migrants. Read more. Salvadoran exports to Venezuela rebound strongly and diversify their commercial basket El Salvador’s exports to Venezuela grew by 33.6% between January and November 2025, reaching US$6.2 million, according to the Central Reserve Bank. The country exported 8.6 times more than it imported, consolidating a favorable trade balance. The main products shipped were food preparations, optical and photographic instruments, pharmaceuticals, clothing, and iron and steel products. The growth in the pharmaceutical sector was particularly noteworthy, increasing 344.8% year-to-year. Imports from Venezuela remained low in 2025, without including oil, reflecting a more diversified trade focused on value-added goods. Read more. Construction drives historic growth in El Salvador’s mining and quarrying sector Driven by strong momentum in construction, the mining and quarrying sector in El Salvador grew by 23.3% in the third quarter of 2025, its largest expansion since the pandemic, according to data from the Central Reserve Bank. This sector, which is key to the supply of inputs such as sand, stone, and limestone for the cement industry, was the second-fastest growing activity in terms of GDP, behind only construction. The boom is in response to an increase in residential and real estate projects, which has raised demand for associated materials and services. According to the Salvadoran Chamber of Construction, the sector is experiencing its best moment, with projected investments of up to US$3 billion. In this context, Holcim El Salvador announced a US$30 million investment to expand its production capacity and meet growing market demand. Read more.

Guatemala anticipates stability in oil prices The Ministry of Energy and Mines (MEM) explained that, despite the international situation and the continuing oil embargo on Venezuela, no negative impacts are expected for Guatemala, a country that imports 100% of its petroleum products. The entity indicated that Petróleos de Venezuela (PDVSA) maintains stable operations and that the global market faces an oversupply, which points to a downward trend in crude oil prices, especially heavy crude. The MEM rules out upward pressure on consumer prices and points out that national supply is guaranteed through terminals on both coasts. This scenario could favor inflation and reduce production costs for Guatemalan companies during 2026. Read more. Remittances hit a record high and consolidate their importance to the Guatemalan economy Guatemala closed 2025 with a historic high of US$25.53 billion in remittances, a year-on-year growth of 19.1%, according to the Bank of Guatemala. December was the highest month ever recorded, with US$2.241 billion, reflecting a sustained flow of remittances from abroad, mainly from the United States. Authorities explain that the strong growth was influenced by immigration uncertainty in the US, which drove increased cautionary remittances. For 2026, the central bank forecasts a slowdown in remittance growth to around 5%, although they would remain at high levels. This behavior continues to be a key pillar for consumption, exchange rate stability, and economic activity in the country. Read more. Salaried workers in Guatemala can recover VAT: steps and key dates for filing the FEL 2026 form Salaried workers in Guatemala can file the FEL VAT form until January 16, 2026, and opt for a refund of up to Q600, according to the Superintendency of Tax Administration (SAT). The procedure is carried out online through the Virtual Agency and allows for the crediting of up to Q12,000 in VAT paid during 2025, in accordance with Decree 10-2012. To apply, taxpayers must be affiliated with the salaried employee regime, have an updated RTU, and have electronic invoices issued in their name with their NIT. The process is quick, and once the form is submitted, the system generates an official proof of submission. This tool seeks to facilitate tax refunds and promote the use of electronic invoicing. Read more. Guatemala strengthens its mining sector after approving the construction of the Era Dorada project The approval of the construction license for the Era Dorada mining project, formerly known as Cerro Blanco, confirms a new boost to the mining sector in Guatemala, with an emphasis on foreign investment and responsible operations. The Canadian company in charge will begin development under an underground mining model, following a process of dialogue with local authorities and communities. The project, located in Asunción Mita, Jutiapa, has a feasibility study that projects 1.75 million ounces of gold equivalent over nearly 17 years of operation. The first phases include environmental work, access improvements, and temporary infrastructure. This progress comes amid historically high international gold prices, reinforcing the country’s appeal for mining growth and productive investment. Read more. Guatemala moves forward in oil management with pre-bidding for the technical closure of the Xan Field In December 2025, the Ministry of Energy and Mines (MEM) began a pre-bidding process to hire the company that will carry out the technical closure of the Xan Oil Field, located in San Andrés, Petén. The preliminary stage will allow the technical specifications to be defined and progress to be made towards a formal tender scheduled for early 2026. The project involves the closure and dismantling of 59 wells, with an estimated investment of US$48.4 million, already included in the 2026 budget. The field is currently under state protection and is not actively operating. The measure marks a key step in the responsible management of the hydrocarbons sector and the orderly closure of oil projects in Guatemala. Read more.

Honduras: Economic Activity Confidence Index maintained a positive trend at the end of 2025 The Economic Activity Confidence Index for Honduras continued to rise in November 2025, reaching 47.9 points and accumulating twelve consecutive months of improvement, according to the Central Bank of Honduras’ Macroeconomic Analyst Expectations Survey. The increased optimism is based on rising domestic demand, a steady flow of remittances, a boost in public spending on infrastructure and social investment, and the technical agreement with the IMF. Analysts project GDP growth of around 3.6% in 2025 and 3.8% in 2026, with inflation within the tolerance range. Although external risks persist, the overall balance reflects stable macroeconomic fundamentals and growing confidence in the evolution of the Honduran economy. Read more. Honduras maintains economic growth of 3.4% in the third quarter of 2025 The Honduran economy registered a year-on-year growth of 3.4% in the third quarter of 2025, according to data from the Central Bank of Honduras, accumulating an expansion of 3.8% in the first nine months of the year. This performance was mainly driven by financial activities, government services, agriculture, and communications, supported by dynamic domestic consumption and public investment. The financial sector grew by 3.5%, while agriculture advanced by 1.5%, highlighting the rebound in coffee and basic grains. In contrast, manufacturing fell by 1.1% due to lower external demand. Overall, the results confirm a path of moderate but sustained growth. Read more. Honduras attracted US$110.9 million in foreign direct investment during the third quarter of 2025 Honduras recorded a net inflow of foreign direct investment (FDI) of US$110.9 million in the third quarter of 2025, reflecting mixed performance across sectors, according to data from the Central Bank. The greatest dynamism came from financial and insurance activities, which attracted US$182.2 million, driven by the reinvestment of profits and share movements by banks with foreign capital, as well as the transport, storage, and telecommunications sector, with US$147.6 million earmarked for modernization and infrastructure. In contrast, manufacturing and maquila showed net capital outflows, associated with higher dividend repatriation and lower reinvestment. By origin, Central America stood out with positive flows, while North America recorded a reduction, evidencing strategic adjustments by companies in the country. Read more. Honduras consolidates tourism growth with a 3.3% increase in 2025 Tourism in Honduras exceeded 2.1 million visitors in 2025, registering year-on-year growth of 3.3% and confirming its consolidation as a key sector for the economy and employment, according to the Honduran Institute of Tourism. This dynamism was driven by greater air connectivity, with more than 1.67 million seats available and more than 10,500 flights, as well as by the expansion of tourism offerings. The country now has more than 5,700 formal establishments, 31,700 rooms, and 286 tour operators, reflecting a greater capacity to serve domestic and international visitors and strengthening Honduras’ appeal as a competitive destination with investment opportunities. Read more.

Nicaragua accelerates its economic growth with a 6.8% increase in the third quarter of 2025 Nicaragua’s economic activity registered an interannual growth of 6.8% in the third quarter of 2025, showing an acceleration compared to the previous quarter, according to data from the Central Bank of Nicaragua. This performance was mainly driven by construction, which grew 28.2% thanks to dynamic public and private investment, as well as mining and quarrying, trade, and the hotel and restaurant sectors. The expansion was sustained by domestic demand, especially consumption and investment, although this was partially offset by higher growth in imports compared to exports. In the January-September period, the Nicaraguan economy grew by 4.9%, confirming a more dynamic economic environment during 2025. Read more.

Central America accelerates electricity procurement with tenders exceeding 3,000 MW Central America is undergoing a key stage in the transformation of its electricity market, with Guatemala, Panama, and Honduras promoting procurement processes that, together, exceed 3,000 megawatts. These schemes mark a shift toward more orderly, competitive tenders with clear timelines, strengthening private sector confidence and reducing regulatory risk. Guatemala moved forward with expansion programs that demonstrated strong market appetite, while Honduras is preparing the most ambitious tender in its history, and Panama is betting on long-term contracts. The change reflects a transition from discretionary mechanisms to more transparent and predictable models. This new approach positions the region as a benchmark in attracting energy investment and supply efficiency. Read more.