Risks and taxes, before you decide.

The risks, plainly

• You can lose everything. An organization can fail. Never commit a sum you might need, or borrowed money.
• Nothing is promised on the Index or on direct investment: no return, no date. The bond fund promises a rate, without being able to guarantee it.
• You will not be able to exit whenever you want. There is no stock exchange: only a narrow member-to-member market. Think in years.
• No bank, no insurer, no public fund covers what you hold. The guarantee, today, is the personal commitment of Semilla's architect; the regulatory framework is planned for February 15, 2027.
• Semilla is not liable for the funded organizations. For direct investment, your agreement is with the organization.
• The legal framework is under construction, in Costa Rica as in your own country. A new law can change what is allowed.
• Technology can fail. If you keep your SEM yourself, a lost key can never be recovered. If Semilla keeps them for you, you depend on that custody.

Before opening an instrument, each member reads and signs the risk acknowledgment, in full.

Taxes: the basic rule

You pay tax where you live. The country where you are a tax resident generally taxes everything you earn, anywhere in the world. Earning money in Costa Rica does not exempt you.

Many countries also require you to report, every year, accounts and crypto assets held abroad, even with no gain at all. Forgetting costs fines.

You live in Costa Rica

• Costa Rica only taxes Costa Rican-source income: this is the territorial principle.
• Investment income and capital gains are generally taxed there at 15%.
• A gain on a crypto asset falls under capital gains, or under the tax on business profits if it is your regular activity.
• A bill under debate in the Legislative Assembly (bill 25.796, 2026) proposes also taxing certain foreign income of residents. It has not been passed.

You live elsewhere: beware, you will be taxed twice on some income

Costa Rica in principle withholds 15% on interest and dividends paid to someone who does not live there. Then your country taxes it in turn. Costa Rica has a tax treaty, which avoids this double taxation, with only four countries: Spain, Germany, Mexico and the United Arab Emirates. France, the United States and Canada have none: depending on your country, the total cost can exceed 40% of what you receive.

France

• Interest and capital gains on crypto assets: flat tax (PFU) of 31.4% (12.8% income tax and 18.6% social charges since the 2026 CSG increase).
• Crypto assets: exempt only if your total sales for the year do not exceed €305.
• No tax treaty with Costa Rica: Costa Rican tax is not credited against French tax, it only reduces the taxable base. Example for $100 of interest: $15 withheld in Costa Rica, then 31.4% of the remaining $85 in France, close to $42 in total tax.
• Report every year: accounts opened abroad (form 3916) and crypto asset accounts abroad (form 3916-bis). An unreported crypto asset account costs a €750 fine, €1,500 above €50,000, and the amounts may be taxed as concealed income.

Europe in general

• Each country taxes its residents on their worldwide income, at its own rates.
• Since January 1, 2026, the DAC8 directive provides for the automatic exchange of information on crypto assets between tax authorities. Financial accounts are already exchanged (CRS standard).
• Spain: savings income taxed from 19% to 30%; a tax treaty with Costa Rica limits double taxation; reporting of crypto assets held abroad above €50,000 (modelo 721) and of accounts (modelo 720).
• Germany: crypto assets sold after more than one year of holding are exempt; interest taxed at about 26.4%; a tax treaty exists with Costa Rica.

United States

• US citizens are taxed on their worldwide income, even if they live abroad.
• Crypto assets are treated as property: 0 to 20% after more than one year, ordinary rates (up to 37%) before; an additional 3.8% for high earners.
• Interest taxed at ordinary rates. No treaty with Costa Rica, but Costa Rican tax can in principle be credited (form 1116).
• Report: foreign accounts above $10,000 combined (FBAR) and foreign assets above the FATCA thresholds (form 8938).
• Sensitive point: a foreign fund may be classified as a "PFIC", a very punitive regime. Be sure to review this with an advisor before entering the bond fund.

Canada and Quebec

• Residents are taxed on their worldwide income. Interest is fully taxable; half of a capital gain is taxable.
• Crypto assets: capital gain, or business income if the activity is regular.
• Report foreign property costing more than CA$100,000 (form T1135), including crypto assets held outside Canada.
• Quebec: provincial tax on top, and its own foreign property return (form TP-1079.8.BE).
• No treaty with Costa Rica; a foreign tax credit may apply within certain limits.

What Semilla provides, and what it does not do

Each year, a statement of what you held, received and disposed of, available in Finance, and at any time a timestamped export of your history. Semilla gives no tax advice and files nothing on your behalf. These general rules are given to alert you, not to replace your advisor: consult them before committing anything.

Notice

This information is provided for informational purposes only. It does not replace advice from a tax specialist: before any decision, consult a professional who knows your situation.