Real estate investors in Costa Rica generally have the same questions when preparing to invest in Costa Rican real estate. Here are some answers to those questions to help facilitate real estate investment in Costa Rica .
How can you ensure a clear title to real estate in Costa Rica? When it comes to real estate in Costa Rica, a notary public will have access to property information, whether it’s a house or a lot , such as the owner’s name, boundaries, location, limitations, mortgages, annotations, and other encumbrances.
How does the registration of a property transfer deed work in Costa Rica? The Notary Public acts as an agent for the Tax Authorities, collecting the transfer tax and property taxes at the Costa Rican Property Registry. After the taxes are paid, the Notary Public submits the transfer deed to the Costa Rican Property Registry, and the property ownership is recorded. A Registrar verifies the information in the transfer deed and then registers the property in Costa Rica under the new owner’s name.
What about land taxes and utilities for real estate in Costa Rica? Municipalities collect property taxes, and property owners in Costa Rica pay taxes based on the location of their land. The assessed value of Costa Rican real estate determines the taxes owed, and owners must declare their property’s value every five years.
What are the construction costs for real estate in Costa Rica? Construction costs for real estate in Costa Rica are cheaper than in North America or Europe. By US standards, the average cost is approximately $50/m². In Costa Rican real estate, the price is typically half that, but for luxury properties, it starts at around $80/m² and goes up from there.
How do I fly to Costa Rica? There are numerous daily flights from all over the world to Juan Santamaría International Airport and Daniel Oduber International Airport, and most major US airlines fly to Costa Rica from various cities.
How do I obtain residency? Investors seriously interested in Costa Rican real estate generally have no problem obtaining residency from immigration authorities. Those Costa Rican real estate investors interested in obtaining resident status must meet certain requirements before this status is granted.
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