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…
Estimated Reading Time: 11 Minutes Do you want to know everything about taxes in Costa Rica? In this article, I will cover what type of taxes the local government charges and when they must be paid. You must pay taxes when you work, own a business, or own a property here. And, of course, you…
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…
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.
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…
Estimated Reading Time: 6 Minutes Why use escrow in Costa Rica real estate and how does it work? Some foreign buyers of Costa Rica real estate just assume that this works the same as it does back home. Wrong! Let’s start at the beginning. In Costa Rica, local buyers, as well as sellers, do not…
Estimated Reading Time: 3 Minutes Starting today, same-sex marriage is legal in Costa Rica today, on May 26, 2020. This is great news for the LGBT community in Costa Rica and those planning to relocate to Costa Rica. In January 2018, The Constitutional Chamber of Costa Rica gave Congress the opportunity to process a law…
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…
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…
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…
Looking for a survey map or plano catastrado of your property? Then you’ve arrived at the right place. I will show you how to get a survey map of your property online. You just need to follow the steps. In exchange for this FREE information, I have a great deal for you: do business with…
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…
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…
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…
The very first time I had any idea what title insurance was all about was in 2002. In Costa Rica, title insurance was not customary. Only INS, the local insurance company, could sell insurance, by monopoly regulations. Not until 2008, President Oscar Arias signed a new law that opened up the insurance market in Costa…
River setbacks are restricted areas of property surrounding the rivers and creeks in Costa Rica. The law strictly prohibits to build any roads or structures on river setbacks. Prohibited also are excavation, alteration, improvement, grading, landfill, paving, and storage. INVU controls the river setbacks, so they can protect the riverbeds against destruction. Looking to purchase…