Foreigners enjoy the same rights as citizens in purchasing property in Costa Rica. However, you need to ensure the property has clear title, is registered correctly, and is not located in a maritime zone, where special regulations apply.
While it's not mandatory to have a local bank account to purchase property, it is highly recommended for facilitating transactions, paying bills, and managing taxes.
Financing options for non-residents are limited and typically come with higher interest rates. Most foreign buyers either pay in cash or secure financing from their home country.
Apart from the purchase price, buyers should budget for legal fees, transfer taxes, and notary fees, which typically can be up to 4% of the property value.
The process includes signing a sale agreement, making an initial deposit, conducting a due diligence review, and finally, completing the sale at a closing where the final payments are made and ownership is transferred.
A real estate attorney is crucial in the purchase process. They ensure the property has a clear title, no liens or encumbrances, assist in negotiations, and handle the legal aspects of the transfer.
The time frame can vary but typically takes between 30 to 60 days from the date of the initial agreement to the closing of the sale.
Property taxes in Costa Rica are relatively low, generally 0.25% of the registered property value per annum. There are also luxury taxes applicable to high-value properties.
Yes, but it's essential to conduct thorough due diligence, use reputable real estate agents and lawyers, and ensure that the property is free of disputes and fully registered.
Yes, you can rent out your property. Rental income is subject to income tax, but Costa Rica's growing popularity as a tourist destination makes it an attractive option for investment properties.