GBP → USD → Costa Rica.

Once an offer is agreed and a closing date is set, you need to physically move funds from your UK bank to a CR escrow. Standard two-step SWIFT routing — from your UK bank, via a US correspondent bank, into a USD-denominated escrow at BAC, BCR, or a private trust company. Set up correctly: 1-3 business days.

Step 1 — the UK side

HSBC, Barclays, NatWest, Lloyds, Santander UK all process outbound SWIFT in foreign currency. UK has no specific outbound transfer threshold tax — but your bank's AML team will request source-of-funds documentation above £50K-£100K.

What your UK bank needs

• Purpose — "Real estate purchase in Costa Rica"
• Contract / Promesa de Compra-Venta — to evidence the transaction
• Recipient — CR escrow company name, account, BIC/SWIFT, IBAN if applicable
• Source of funds — bank statements, UK property sale completion statement, inheritance grant, pension lump sum docs, business sale proceeds

UK-side costs

• FX margin — 1-3% high-street bank, often better via Wise Business, OFX, Currencies Direct
• SWIFT fee — £15-£50 outbound
• Correspondent bank fee — £15-£40 via US bank in routing

Step 2 — US correspondent

The transfer goes UK → US correspondent bank (typically JPMorgan, Citibank, or BNY Mellon) → CR bank. Your UK bank handles routing automatically. Explains why 1-3 days, not hours.

Step 3 — Costa Rica escrow

Funds land in an escrow account held in trust until closing. Three companies we commonly use:

• BAC Credomatic — major CR bank, commercial escrow
• BCR (Banco de Costa Rica) — government bank, reliable escrow
• Stratos Fiduciaria / Pacific Trust / ETS Escrow — private licensed escrow specialists

UK tax on overseas property

• Transfer itself — not taxable
• Rental income — taxable in CR (15% gross or 25% net, your choice) and reportable in UK self-assessment "Foreign" pages. Foreign Tax Credit Relief reduces UK tax by CR tax paid.
• Capital gains on sale — UK CGT 28% higher-rate / 18% basic-rate on residential property gains. CR's 15% CGT qualifies for foreign tax credit.

Never wire to the seller's personal account. Always escrow. Otherwise no protection if the seller backs out — even a court ruling may not return your funds.