Yes they can. Foriegners have the same equal rights under the laws of the Costa Rica constitution as Costa Rican citizens have. Its safe to buy.
Quite frankly not at all. They are very low for which makes Costa Rica a desired habital location to retire or grow. Municipality taxes are about 1/4 of 1% (0.0025) of the registered property value.
If you personally own the home with no mortgage, No you are not required to have home insurance. However, if a bank or private lender has a mortgage on the property, they will inquire you to have home insurance so they can be covered from any unexpected damages that may occur from natural disasters or fire. Home insurance costs are very affordable.
Closing costs are usually 3.7% of the sale price. This percent can slightly differ based on the notary fees charge by the attorney. The closing costs cover the following: 1) Notary fees – usually 1% or up to 1.3%. Property transfers are executed by a licensed attorney. 2) Transfer tax of 1.5%. 3) Documentary Stamps of 0.9%
Capital gains taxes apply in several scenarios.
Yes there are. These companies will hold your funds in custody until the date of your closing. Some of these companies also offer title insurance against identity / title fraud. Explore AFC Accounting and Trust. They are a Costa Rican leader in Escrow services and facilitating real estate transactions.
The above 1 and 2 requirements are a must in order for attorneys / notaries to transfer properties.
There are many excellent private schools that offer a superior bilingual education both in English and Spanish. These schools have both an American curriculum and Costa Rican, providing your child the necessary education to achieve the Costa Rican diploma, US Diploma, and the International Baccalaureate. These world class schools are:
These Schools are approved for awarding diplomas by the Ministry of Education, and some of these schools have received international accreditation by, Inspired, the New England Association of Schools and Colleges (NEASC) of the United States. Some are authorized as a IB World School and are members of the Association of Private Education Schools (ACEP), the Association of American Schools of Central America (AASCA), and the National Association of Independent Schools (NAIS). Contact each school to learn more about their students accreditations.
There are organized sports. Soccer is big here in Costa Rica. Schools have organized soccer, volleyball, and basketball competition. Some have tennis. Then there are private clubs such as baseball and soccer. In addition, there are many martial arts schools with organized competition. Cycling, Golf, Swimming and Track & Field are popular as well. For the extremists: Mountain biking, surfing and skateboarding. All organized with a competitive circuit.
Costa Rica is small although large in diversity. Beach lifestyle is different from the Central Valley. On our home page, towards mid-section there is some good info on Locations. It’s very important to know the kind of amenities and climate you desire. If you want to have cool evenings, warm days, and plenty of amenities, then the Central Valley is the best option. Even though views of the royal blue ocean are amazing, so are the expansive view of the Central Valley and green mountains. You can live in the Central Valley and only be 80 minutes from the beach, perfect distance for day trips and about 1 to 3.5 hours away from rainforest and volcano tours.
If you desire to be walking on the beach every day, small town living with limited amenities then places like Jaco Beach, Nosara, Mal Pais, Hermosa, and Tamarindo to name a few, could be right for you. Jaco Beach is the largest beach town in Costa Rica, second place would be Tamarindo.
The weather is also a major difference between the beach and central valley. The beach is a hot climate. Similar to the heat in Florida. That said if you do not like the heat, you may want to reconsider Central Valley living. The weather in the Central Valley is known to have the best climate for which about 90% of the population lives in the Central Valley. The temps here range from the 70’s to low 80’s. That’s because the Central Valley is about 3800 feet above sea level. The Central Valley has everything! Shopping, variety of international cuisine, hospitals, diversity of activities, entertainment & much more. The one amazing view that the Central Valley boasts is the night skyline that lights up like a galaxy. That said, 24/7, the Central Valley always has a captivating view. If you feel the Central Valley is right for you, then explore locations such as Escazu, Santa Ana, and Atenas to name a few.
Yes you can. Private banks such as Lafise are known to provide financing up to 75%. Most banks in Costa Rica do not finance foreigners unless they have applied for residency and have local income. Foreigners can also get private financing, known as “Hard Money”. Although those private lenders want 50% down and time terms are 3 years, some offer up to 5 years at a yield rate of 10-13%.
Which months are the worst for visiting properties is a very important question with respect to visiting Costa Rica at the worst time of the year. You would not be a happy house shopper after you bought your airplane ticket or tickets, and booked your hotel / Airbnb room, finding out that no agent or the home that you like is not available to visit. Below are the worst months and their “Sorry, not available” reasons:
Mid December to Second week of January!
During this period many home owners and even agents take a Christmas and New Year vacation. In addition, The National Registry, a government office, closes their office right before Christmas and reopens in the second week of January.
Easter Week, also known as Semana Santa!
During this time, many business and offices start to close on the Monday before Good Friday. That said, many home owners and agents take a week vacation by traveling to the beach, city or to another country during Semana Santa Ana.
Mother’s Day!
Mother’s Day in Costa Rica is held on August 15th. On this holiday, some homes and agents may not be available for visiting.
September 15th, Independence Day!
On this holiday, some homes and agents may not be available for visiting.
In conclusion, in respect to the property’s availability, many properties will not have a lock box holding a key to the home or agents may not have keys to the home. The Costa Rican real estate culture is different compared to other countries. That said, most property visits are by appointment only made between the seller and the agent on the behalf of the home shopper – buyer.
Yes, you can. You do not have to be a citizen or have a residency card to profit in Costa Rica. Renting your property is a great way to generate income while you are not using it. That income can cover the property’s monthly expenses and not cost you a dime while you are away. Many Expats bought their property as a vacation home. Costa Rica is one of the top tourist destinations in the world. That said the Tourism industry is thriving and you can capitalize on it. Short-term rentals offer the largest rate of return. If you would like to have more information on how to profit on your property in Costa Rica, get in contact with Anthony Livoti.