Are there restrictions for non Costa Rican nationals regarding investing into ownership of property within the country?
Foreign buyers have the same rights as Costa Rican nationals when purchasing and investing in Costa Rica real estate.
Regardless of your nationality you may want to consider holding title to your property through either a Costa Rican corporation ( "Socieclad Anonima" or "S.A.") or limited liability Company. Please request information regarding specific options on title and any assurances that may be recommended by an Attorney or Lawer.
There are currently no capital gains taxes in Costa Rica on the sale of property or of the sale of the shares the S.A. or Limitada that owns the property as long as the seller is not in the business of buying and selling real estate, in which case he may be subject to Costa Rican income tax law.
How long does it take to transfer legal ownership once funds are received by the developer?
Legal transfer begins upon the execution of the documents and their submission for registration. The complete process can take up to 4 to 5 weeks, but once the documents are stamped as received by the Registry, you have the rights to ownership of the property and no liens or transfers can occur.
Are U.S. dollars required for deposits and at closing for the purchase of property in some developments
Yes. Funds in U.S. dollars are required and can be remitted by cashier's check drawn from a U.S. bank or more commonly wire transferred directly according to the instructions in the Purchase Agreement. IPD can also assist with currency transactions through their partners.
Do buyers of property in Costa Rica need the assistance and advice of an attorney?
No, however we recommend that h attorney to assist with the real estate purchase transaction in Costa Rica. Our Sales Executives can provide you with a list of law firms that are familiar with IslaMoin.
Does ownership of property in automatically qualify owners for Costa Rican residency?
No. if you are interested in obtaining official residency, we advise you to consult an attorney specializing in immigration matters. It is not necessary for you to obtain residency if your maximum stay in the country does not exceed the period specified on your tourist visa. After spending a minimum of 72 hours outside of the country, you will be allowed to re-enter Costa Rica and renew your tourist visa.
What is the time zone?
Costa Rica is on Central Standard Time (-6 GMT) and Daylight Savings Time is not observed.
Which Airlines fly to Costa Rica?
The international airlines that fly to Costa Rica are American Airlines, United, American Way, Delta, KLM, British Airways, Taca, Continental, Spirit Airlines and Mexicana.
This is just a fraction of the full IPD Investing In Costa Rica Report available on request - register today opposite for more information. |
