- Costa Rica is a country of happy people
- Registration of a purchase and sale transaction
- Useful and curious facts about Costa Rica
Costa Rica is often called the American Switzerland due to its high standard of living, powerful banking system, one of the best health and education systems in the world, civil security, peaceful politics, stable economy and magnificent virgin nature. Forbes magazine named it one of the best places for real estate investments in 2013.
This tiny, quiet oasis with a unique ecology, healing thermal springs and white beaches attracts 1.5 million tourists and a considerable number of foreign investors every year. The latter are attracted here not only by the dream of their own house on the shore of the ocean, but also by the possibility of receiving good dividends. Many of them succeed quite well: the jump in prices for Costa Rican housing over the past decade has already brought individual investors up to 900% profit in just 7 years. Among foreign investors, Canadians and Americans predominate due to the geographical proximity to the Latin country, although in recent years Europeans have also actively “pulled” after them.
Costa Rica’s unique position at the crossroads of two hemispheres with access to the Pacific and Atlantic Ocean makes it a convenient trade and transit point, which has long attracted the attention of more than 200 multinational concerns that have opened their offices here. This small fairy-tale country is an open economic zone and actively cooperates with the USA, China, Japan and other countries of Latin America, which entails a steady increase in its standard of living and a corresponding increase in property prices. All efforts of the Costa Rican government today are aimed at attracting as many foreign investors as possible, in connection with which buying a home in this country becomes a simple and prompt procedure, devoid of tiresome bureaucratic red tape. In addition, foreign buyers here enjoy the same rights as the indigenous people..
One of the main advantages of investing in real estate in Costa Rica is the absence of income taxes. At the same time, the country does not impose restrictions on the transfer of fixed assets associated with investments (regardless of currency), as well as on the reinvestment or repatriation of profits, royalties or capital. At the same time, it is not required to register investments with state authorities. This arrangement of things makes buying real estate in this country a tempting prospect for forward-thinking investors..
Costa Rica is a country of happy people
Today Costa Rica is in the top ten of the happiest countries in the world among 155 surveyed states, in the five best places to live, is the 5th cleanest country on earth and ranks 3rd in tourism, second only to the world “ sharks “- USA and Canada.
When compiling the last rating, factors such as the quality of infrastructure, civil security, environmental protection, natural and cultural attractions, the cost of tourism services and the qualifications of personnel in hotel complexes were taken into account. Considering all this, investing in real estate in the most popular tourist areas of Costa Rica consistently brings high dividends to its investors..
One of the best places to invest is the 200 km long beaches of the Guanacaste province on the Pacific coast. Among them is Playa Samara, known for its rapid development, high rental income and immense popularity among VIP-class tourists. Prices for apartments and villas on its shore range from 70 to 300 thousand dollars.
Other beaches of Guanacaste – Playa del Coco, Playa Hermosa, Playa Tamarindo, Manuel Antonio, Playa Nosara, Playa Langosta and Playa Panama – are no less interesting objects for real estate investment. The area’s excellent climate, drier than other regions of the country, with annual temperatures ranging from 21 to 32 ° C, and its proximity to the international airport in Liberia (just 20 minutes by car) explains the increased interest in it from tourists and investors from all over the world, including many celebrities.
For example, Mel Gibson has been investing in the area for more than 10 years and recently purchased another 163 hectare land plot worth $ 26.8 million here to build a ranch. André Agassi and Stefi Graf have teamed up with America’s largest tycoon Steve Keyes and made multimillion-dollar investments in the development of Poro Poro resort complex and an elite sports club. Another celebrity, Charlie Sheen married Brooke Muller in a romantic wedding ceremony on the shores of Guanacaste, after which the newlyweds, enchanted by the local splendor, bought a villa in one of the exclusive beach areas. Pink is located next to them, becoming the owner of a flirty mansion on the ocean. Average prices for houses and apartments in this area are in the same price range as on Samara Beach – from 70-80 to 300-350 thousand dollars.
Among the cities of Costa Rica, the most interesting among investors are the Pacific Liberia, Puntarenas, Golfito and the Caribbean province of Limon. All of them have a high standard of living, developed infrastructure, magnificent nature and a comfortable microclimate. Real estate prices here vary from $ 100,000 to $ 500,000, depending on the type, size and age of housing..
Registration of a purchase and sale transaction
Whether your purchase is a home, office or industrial property, the procedure for buying and selling in Costa Rica is the same for all types of real estate..
The property you want to buy must be registered in the National Real Estate Register (Registro Nacional de la Propiedad), have a registration number and a cadastral plan. You can request this document from the owner of the property or from your broker, while it is advisable to demand from them a copy of the registration certified by a notary..
The next step will be to obtain a permission to use the property (Permiso de uso) from the local municipality. To do this, you need to provide a copy of the cadastral plan and the registration number of the object. The permit will indicate what the real estate can be used for, whether construction is possible in case of purchasing a land plot, population density per hectare of land, the maximum permitted height of the building, as well as land plots that are not subject to development.
If your goal is to invest in real estate, and in the medium term you want to not only restore your capital, but also regularly receive a decent percentage of profits, experts recommend contacting a reliable brokerage agency (Agencia de Correduria), which will tell you if the value of your object at real market prices. Here you will be informed how likely it is to receive dividends in the medium and short term and will calculate all the costs associated with the purchase of real estate..
Another important aspect is a detailed study of the area of interest. The presence of nearby commercial centers, schools, pharmacies, clinics, roads and public transport is of great importance..
In order to avoid unpleasant surprises, even before the transaction is concluded, it is advisable to hire a lawyer who will check whether the seller is the real owner of the real estate and has the right to transfer powers (the fact that an object is recorded in his name does not always mean the right to property in Costa Rica , let alone selling it). In addition, the lawyer will find out if the selling party has permission to conclude the transaction from the spouse (if we are talking about a married couple), the existence of a mortgage, prohibitions, debts, seizure of real estate, etc. The cost of a lawyer in Costa Rica varies from 400 to 2000 dollars. And since there are more lawyers here than locksmiths or carpenters, take your time with his choice and devote as much time as you need to finding a reliable professional.
Before signing the contract, be sure to translate it into Russian and make sure that you understand everything. If in doubt, ask your lawyer to make your own version of the contract and its corresponding translation.
The sale and purchase transaction is concluded in the presence of a notary and is then registered with the Land Registry (Registro de Propiedad) in the name of the new owner. Only after that you become a full-fledged owner of real estate.
Useful and curious facts about Costa Rica
The total area of Costa Rica is 51 thousand square kilometers: you can cross the entire country from the Pacific to the Atlantic Ocean in just 3 hours by car and in 45 minutes by plane.
The air humidity is higher on the shores of the Atlantic, so the heat is less tolerated here than on the Pacific beaches, where the microclimate is milder.
Life expectancy in Costa Rica is 79 years. For comparison: in Russia – 69 years, in the USA – 79, in Canada – 81, in Spain – 82, in France – 82, in Ukraine – 71.
The current President of Costa Rica is the first woman in the history of the country to win this post, political scientist Laura Chinchilla Miranda.
There has been no army in Costa Rica since 1948.
The entire Indian population of the country receives a monthly lifetime allowance from the moment of their birth as a tribute to the damage that European colonialists once inflicted on them. At the same time, the Indians are listed in a kind of Red Book of Costa Rica: they are strictly forbidden to sell alcoholic beverages throughout the country, explaining this by their absolute alcohol intolerance..
You can get a new driver’s license in Costa Rica in just 1-2 hours by paying $ 20. With a Russian license you can only drive for 3 months.
Medical insurance in the country is a voluntary matter: if there is no desire to use public hospitals, here you can find consultations of private doctors at every step.
When choosing a bank, give preference to a national “product”: there are many American branches in the country, where conditions and requirements for clients are much stricter than in their Costa Rican counterparts. To open an account in a local bank, you only need a passport, and the whole procedure will take less than an hour, including the issuance of a plastic card (at the request of the client).
Buying real estate in Costa Rica for Russian citizens can become not only a profitable investment, but also an opportunity to acquire property in a country with a fabulous nature, a healthy environment, a high standard of living and a stable economy. In addition, all Russian investors are granted a residence permit (resident status), which gives the right to dual citizenship and visa-free entry to most countries of the world. The game is definitely worth the candle.