Purchasing property in Costa Rica is a transparent process. But you must do your due diligence when buying property in any part of the world. You can plenty of Houses for Sale in Costa Rica and it is good to work with professionals to purchase a property.
Costa Rica follows the same law for purchasing property for the local people and foreigners. You can buy a home or other property in your own name or corporation name. You can own a property without having a partner excluding the cases of buying a beachfront property where there exist special rules. Though you can purchase in your own name, the majority of the foreign people buy in the name of the corporation.
The main advantage of this is the capital gain or income of the property is taxed with the Costa Rican company instead of taxed as personal income. The second benefit is it permits for simple estate planning whereas you can give shares of the property in the name of the corporation to your family members. The third advantage is when you like to sell the property in future you can prevent property transfer taxes again by transferring the shares of the corporation to the new owner.
Another benefit of buying a property in Costa Rica is the country’s central land registry that permits your lawyer to confirm whether there is clear property title available for the property or not and also to find out whether there are any restrictions on the property before finalizing the deal. Many people are attracted towards the Costa Rica property tax which is very low when compared to other similar countries. You need to pay only a low amount of property tax per year.
It is better to hire a real estate agent since the international transfer has some set of standard rules and regulations. You should also verify whether the real estate agent also lives in the same community. The agent must know about the local market and the recent rules in practice. The real estate industry in Costa Rica is regulated partly and you must check whether the agent you have in mind is regulated under National Associations of realtors. Membership of national Associations of Realtors are not mandatory but the majority of the real estate professionals belong to various real estate associations in Costa Rica.
You can hire a reputed real estate company and hire the trusted professionals. You can simply ask the people around the city for the reliable real estate company. It is also important to hire a real estate lawyer to handle the property purchase. Real estate lawyer must check the property title in the central registry and even support you in forming a corporation, bank accounts and also support in other business related property purchase.
Most of the travelers who visit this country visit with the special intention of purchasing property in Costa Rica. Whatever may be your situation and purpose of investment in Costa Rica dealing with professionals simplifies your purchase process.