Costa Rica Real Estate FAQ Index Catalog
Why Costa Rica Real Estate
- Stable government; Currency,Infrastructure,Values foreign investment, Protects foreign investment
- Investment security; excellent lending market, ROI, low tax rate, intrinsic value, insurable title/home
- Healthcare; high-quality, high tech, inexpensive, easy access, insurance
- Economic; stability, foreign investment, government, investment potential
- No ownership restrictions; valued by government, no restrictions, same rights as natives
- Proximity to the U.S.; 10 major North American cities with a 3-5 hour direct flight to Costa Rica
- Culture; high standard of living, friendliness to foreigners, education, low crime rate
- Nature; beaches, rainforest, protected lands and species, eco-tourism, diversity
The Buying process
- Finding a broker; certified, experience, track record, language, area knowledge
- Calculating value; comparative value, asking price, investment potential, true value, municipal
- Purchasing; incorporation, appraisals, home inspections, attorneys, contracts, survey map, registration, notary, taxes, titles, closing
- Financing; mortgages, documentation, banks, property protection, using retirement fund
- Types of properties; stand-alone house, apartments, gated communities, condominiums, timeshare
- Building; land & title, permits, size, utility of land, civil engineer, architect, construction, contractors
- Protecting the investment; insurance, making claims, property management
- Oceanfront real estate; defined, taxes, usage, foreign ownership
- Common & avoidable problems; liens & encumbrances, expropriation, environmental & squatters
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Why Costa Rica Real Estate?
No Ownership Restrictions
No Restrictions
Costa Rica is one of the few countries that receive foreigners with open arms and provides inclusive laws that protect and provide for not only the citizen, but the foreigner as well. Due to Costa Rica's open door policy to foreign investment and the country's secure property rights, it is one of the most popular destinations for real estate investment. Costa Rican laws and the constitution safe-guard private ownership of land and structures to natives and foreigners have the benefit of the same privileges as citizens. There are almost no restrictions to ownership of land, except that given or sold to Costa Rican citizens as part of government programs, which can be freely trade or acquired by foreigners once the original owner has owned it for a specific period of time. Neither citizenship nor residence or even presence in the country is required for land ownership.
Maritime land and ocean front land have special rules and regulations restricting ownership, but they are no more restrictive to foreigners than they are to locals. Usage of these lands is feasible, but there are special rules and regulations.
Why Costa Rica Real Estate?
No Ownership Restrictions
Same Rights as Natives
Written into the constitution, the open door policy towards ownership of real estate and their respective structures is reinforced by practice. The rights of a real estate owner from abroad are the same rights as those afforded to natives. Purchasing and selling your real estate can be done the same way by an expatriate, some one living abroad and even some one who has never been to Costa Rica.
Protecting foreign investors has been a long term and strategic trend to grow the economy. By doing all of these things the right way, the demand for real estate in Costa Rica has risen dramatically. The risk has been reduced dramatically and the financing options have become more and more available. Banking and wiring money have become conducive to a life-style that includes two country residents. Fees and costs associated with buying and selling have been reduced or eliminated since the early 1980's.
Why Costa Rica Real Estate?
No Ownership Restrictions
Valued by Government
The Costa Rican government recognizes that the support and establishment of ideal circumstances for foreign investment is crucial for the encouragement of real estate development and market strength. Promoting foreign investment enhances exports with new technologies and the creation of employment. The Costa Rican government and its laws promote direct foreign investment. Both major political parties share this value and consistent policies have been implemented actively since the early eighties. Also, the improvements of conditions that universally attract foreign investment have been implemented. The theme in these foreign investment friendly policies has been simple. Do not get in peoples way!
Costa Rican laws, policy and practices cultivate competition and do not discriminate between locals and foreigners, regarding business affairs. The only deviations from this are the social infrastructure industries that are constitutionally excluded from complete foreign ownership: telecommunications, energy and insurance. Tax, labor, health and safety laws do not restrain the surge of investment foreign or domestic.
The government has developed organizations and committees dedicated to enhancing the ease to which foreign ownership of real estate and other businesses can come about. Reducing taxes, transfer fees, notary fees, mortgage barriers and financing complications have been a successful strategy by Costa Rica to limit ownership barriers and hence forth, establish a booming real estate market.
