Estimated Reading Time: 11 Minutes Do you want to know everything about taxes in Costa Rica? We’re now in 2024, and the information below is updated. 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…
Estimated Reading Time: 9 Minutes Probably you have decided that buying a car in Costa Rica is much easier than bringing your old one. Bringing your own car only makes sense when you ship your household anyway or if your car has low mileage. But the hassle of bringing your own vehicle is often not…
Estimated Reading Time: 3 Minutes What you should do with the earnest money deposit is a real estate FAQ or frequently asked question for those buying or selling Costa Rica real estate. This question arises because, in Costa Rica, it’s customary for the buyer to give the earnest money to the seller. Local buyers rarely…
Estimated Reading Time: 5 Minutes Did you know you can purchase property in Costa Rica remotely? Once you have taken the decision of moving to Costa Rica, you don’t even have to travel to make the purchase. You can, it isn’t so complicated to buy property remotely as you think. The most important aspect of…
Quite often, we receive requests for buying a hotel with no money down. This is usually a small or boutique hotel or a B & B in one of the beach areas of Costa Rica. That’s because we have a very nice inventory of Costa Rica hotels for sale. Others are asking if they can…
Estimated Reading Time: 10 Minutes Is it possible to retire on social security in Costa Rica and live comfortably? Retirees on U.S. Social Security, or Canadians on the Canada Pension Plan, seem to be attracted to moving to our beautiful country (I, too, hate cold winters!) I often receive emails from future retirees asking if…
Loan to value ratio or LTV is a ratio that reflects the relationship between how much you borrow and the appraised value of your property. For example, Joan wants to purchase a home for $100,000. She plans to make a down payment of 10 percent ($10,000) and finance the rest. This means her loan is…
Most homeowners in Costa Rica don’t even think about fire and earthquake insurance and if they still have to pay the mortgage after their house was destroyed. You own(ed) a house in Costa Rica. This house was destroyed by a natural disaster or fire and you are paying a mortgage. What should you do? Can…
It’s amazing how many emails we receive from future expats who ask about financing a business purchase or a startup. Lots of people who would love to move to Costa Rica but don’t have enough money to start or buy a business to make a living. A great option for those who don’t have enough…
Did you know that the mortgage rate in Costa Rica is outrageous? I pay 9.5% interest rate on my mortgage in U.S. dollars! Politicians have been debating, due to the elections 2018, about economic solutions for the last few months. Because the government needs money. Don’t we all? Now that Carlos Alvarado of PAC was…
Many businesses and investment property in Costa Rica have a double accounting system. One is for the tax authorities and another for the business owner. Naturally, there is a significant difference between the official records and the reality. Investors who find an interesting investment property online, first send an email to the listing agent. That…
Why do money laundering and buying property in Costa Rica often go hand in hand? Should you be afraid to be seen as a money launderer when buying property in Costa Rica? The answers are simple: In Costa Rica, real estate is still a means of money laundering. Yes, you should be afraid, but only…
Are you buying a house in Costa Rica and needing bank financing to purchase? In that case, you need to qualify for a mortgage first. And you will also need a bank appraisal. The Spanish name for a bank appraisal is “avalúo bancario” and an appraiser is “perito valuador”. There are many more steps involved…
What has been a major obstacle for foreigners moving to Costa Rica? The inability to open a bank account in Costa Rica. The reason was that a residency card or Dimex was needed for such a service. When you move to another country, it is important to be able to wire money to a bank…
Do you hate to pay taxes too? Better to pay the least taxes possible, especially on your investments? How about not paying any taxes in the US at all? How can you invest tax free in a Costa Rica vacation home? Looking for a luxury vacation home or a beach condo instead of renting on…
I had the opportunity to a mortgage refinance on different properties in Costa Rica in December last year. So I’d end up with a mortgage on just my house. That way, I’d have the other properties free and clear. With the mortgage refinance I would pay no mortgage administration fees and make a much lower…