Category: Costa Rica Legal

Precautions for buying Beachfront Propertyiconwht

Precautions for buying Beachfront Property

Estimated Reading Time: 4 Minutes Costa Rican beachfront property is located in the Maritime Zone, or ZMT (Zona Maritima Terrestre), and you should know about certain restrictions before purchasing. We have very little titled beachfront property, so this is very important information if you want to live on the beach. When buying a beachfront home,…

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Closing costs on Costa Rica property, how to calculate and who paysiconwht

Closing costs on Costa Rica property, how to calculate and who pays

Estimated Reading Time: 4 minutes The Costa Rica closing costs when purchasing or selling a property is just under 4% of the purchase price. When you research, you will find blogs that say 3.5% and others even less. Learn in this article about closing costs, how to calculate them, and who pays for them. It…

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Escrow agent in Costa Rica - what you need to knowiconwht

Escrow agent in Costa Rica – what you need to know

Estimated Reading Time: 5 Minutes If you want to purchase property, start looking for an escrow agent. An escrow agent is a neutral third party who holds onto the buyer’s funds related to the real estate transaction until both parties have satisfied their contractual obligations and charges a fee for this service. This fee is…

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The use of escrow services when buying Costa Rica real estateiconwht

The use of escrow services when buying Costa Rica real estate

The safest way to buy real estate in Costa Rica is through escrow services.
These services are a secure way to transfer funds between a seller and a property buyer. The escrow company is a third party that handles these funds in return for a fee. This fee is usually 0.25% of the funds to be wired, with a minimum of $900.

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6 Mistakes when Using a Corporation for Property Ownershipiconwht

6 Mistakes when Using a Corporation for Property Ownership

Estimated Reading Time: 4 Minutes For years, lawyers have recommended using a corporation for property ownership in Costa Rica for resident and non-resident foreigners. For many years, lawyers recommended a corporate structure to own a property because of personal liability, estate planning, tax planning, and a few other reasons. Also, real estate developers used to…

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Legal Due Diligence Seminar Before Moving to Costa Rica

Don’t “fall on your face”, like so many who moved to Costa Rica before you, when buying or renting a property. Protect yourself, your family, and your money. Learn about everything you should NOT do when you buy, or rent a property in Costa Rica. Participating in this legal due diligence seminar is the best…

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The solution to your Costa Rican corporation problems

You might not even know you have Costa Rican corporation problems, especially if your corporation owns property in Costa Rica. Or if you own a corporation and are not a citizen or resident. Above all, you don’t want to lose your assets in CostaRica because you are not up to date with your legal obligations, don’t…

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Current Considerations for Incorporating a Company When Buying Property in 2019

I started practicing law in Costa Rica in 2003. At the time, incorporating, or not incorporating a company in Costa Rica to hold real property and other assets, was a straight forward decision. Property buyers were Incorporating a Company for basically 3 reasons: 1. Limited liability aspect afforded by the corporate structure. 2. Anonymity afforded…

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Anonymous corporations are not anonymous anymore in Costa Rica

Watch the new legal requirements on Anonymous corporations in Costa Rica. In the past, property in Costa Rica was almost customarily purchased into anonymous corporations by foreign buyers. One of the most important reasons was to protect the property for the personal liability of the owner. Another good reason was that several owners could possess a…

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Request the zoning or uso de suelo before property purchase

Your first due diligence when buying land or a property in Costa Rica is to request the zoning or certificación de Uso de Suelo for that particular property. The certificación de Uso de Suelo is extended by the engineering department at the Municipality where the property is located. Each city has its own zoning plan…

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My corporation was dissolved by the Public Registry – did I lose my property?

Are you amongst the more than 250,000 corporate owners whose corporation was dissolved by the Public Registry for non-payment of the Corporate Tax? If your corporation was dissolved by the Public Registry, what happened to your property? During the real estate boom of 2007-2008, real estate developers set up corporations so that their clients, could…

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