Costa Rica real estate market investing FAQ
Costa Rica real estate investors usually have the same questions when they are preparing to invest in real estate in Costa Rica. These are some answers to those questions to help make the Costa Rica real estate investment easier.
How can clear title be ensured in Costa Rica real estate?
When dealing with real estate in Costa Rica, a Public Notary will have access to the property’s information, such as the name of the owner, boundaries, location, limitations, mortgages, annotations and other encumbrances.
How does the registration of the transfer deed work in Costa Rica real estate?
The Public Notary shall act as agent of the Tax Authorities collecting the transfer tax and Real Estate in Costa Rica Property Registry taxes. Then, upon payment of taxes, the Notary Public shall file the transfer deed in the Costa Rica Real Estate Property Registry and the real estate in Costa Rica property will be annotated. A Registrator will verify that the information contained in the transfer deed is correct and then, the Registrator will proceed to record the Costa Rica real estate property under the name of the new owner.
What about the land taxes and public services in Costa Rica real estate?
The municipalities collect property taxes and Costa Rica real estate property owners will pay their taxes according to the location of their land.
The value assigned to the Costa Rica real estate will determine the taxes that have to be paid and the owner will have to declare the value of their property every five years.
What are the building costs in Costa Rica real estate?
Building costs in Costa Rica real estate are cheaper than in North America or Europe. For building to US standards, the cost averages about $50/sq. ft. In real estate in Costa Rica, regularly the price drops by up to half, but for luxury it starts at about $70/sq. ft. and goes up from there.
How do I fly to Costa Rica?
There are numerous daily flights from all over the world to Juan Santamaria International Airport and Daniel Oduber International Airport and most of the major US airlines fly to Costa Rica from diferent cities.
How do I get residency?
Investors that are seriously interested in Costa Rica real estate usually don’t have problems in getting residency by immigration authorities.
Those Costa Rica real estate investors interested in obtaining resident status are required to submit certain requirements previous to the granting of this status.