Real Estate in Costa Rica
Foreigners are permitted to own real estate in Costa Rica. However, this is not something you should jump into without first considering everything you need to do. The first thing you need is a reliable lawyer- the Costa Rican American Chamber of Commerce will be able to give you some names. When you find the real estate you want to purchase, the lawyer must first conduct a title search. All properties in Costa Rica have to be registered at the Registro Pulico with a registration number called a Folio Real. This contains information such as the name of the title holder, boundary lines, tax appraisal, liens, mortgages, recorded easements, and other records that could affect the title. Real estate in Costa Rica follows the first in time, first in right" rule. Additions to a property title are prioritized according to the date they were recorded. Your lawyer has to search the title back to the first recorded date on the property. When all this is in place, you need to write a transfer deed. This deed transfers the ownership of the property to you and both you and the seller must sign it. Once you have purchased real estate in Costa Rica and are ready to retire in a tropical paradise, you will need to pay taxes, called documentary stamps totalling 0.55% of the sale price, a real estate transfer tax of 3% of the sale price and a registration fee of 0.5 % of the sale price. Thats not all. You also have to pay a notary fee of 1.5% of the first $12,000 and 1.25% of the balance. However, it is usual in Costa Rica to register the property at a price well below what you paid for it, so these totals should not amount to a lot of money. When all the fees are paid, then you must bring proof of the payments with you to register the property as yours. | ||
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