Can foreigners purchase property in Costa Rica?
Unlike some other countries, foreigners have the same rights when purchasing property in Costa Rica as locals do. You can own property outright in your own name or in the name of your corporation. (A corporation set up locally by you or an existing corporation in your country.) You do not need a local partner.
What is the pricing trend in Costa Rica, but especially in the Costa Ballena area?
Costa Rica’s higher-end property market continues to grow rapidly as foreign homebuyers flock in. The average listing price of homes has been increasing since 2011 at a rate between 3.6% and 6.2%. Costa Ballena is currently an area in development and the best deals can be found in new developments, like the ones of ADG. At the same time, this popular location is experiencing an increase in demand, which in turn will create a higher return on investment (ROI).
Costa Rica has proven to be attractive to foreign investors for its relatively open investment and trade policies, as well as being the most politically stable country in Latin America. Costa Rica’s property market is expected to remain vibrant and robust, according to local property experts.
The market in Costa Rica is simply too strong to wait too long, particularly in the Costa Ballena area, not to mention the properties of ADG. There is nothing like it in the area.
Note: Real Estate is not guaranteed. As with any other investment, there is a risk involved and we recommend you do some research to decide if this type of investment is right for you. We will however add that history shows, this quote by Will Rogers to be true: “Don’t wait to buy good real estate, buy good real estate and wait.”
How does the property get registered in my name?
Upon signing the deed transfer, your notary will proceed to register your name on the National Registry. All titled properties are registered in the National Registry and all registered surveys are found in the National Cadaster; part of the National Registry. The National Registry is now almost completely digital. Certifications of a property, as well as powers of attorney of a corporation and copies of the survey, can be bought online.
What other fees do I have to pay at the time of closing?
All closing costs are shared equally between ADG and the buyer. Closing costs in Costa Rica are relatively low; less than USD 2,000 per USD 100,000 of the sale price. Closing costs include: Transfer Tax (1.5% of the registered value) Public Registry Fee (0.05% of the registered value) Tax Stamps, which ad up to around USD 60 per transaction and include the municipality stamp, hospital stamp, agrarian stamp, bar association stamp, fiscal stamp and a national archive stamp. A notary fee of USD 1,250, based on 1.5% of the first million Costa Rican Colones of the sales price and 1.25% of the remainder.
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