BUYING IN COSTA RICA
The acquisition of real estate is one of the most significant investments a person makes during their lifetime. It can also be one of the most stressful. In foreign countries such as Costa Rica, the normal stress of the purchasing process can be compounded with other risk factors, such as language barriers and unfamiliarity with local laws and procedures. That said, foreigners can and do legally and successfully purchase property in Costa Rica. In fact, Costa Rica offers potential buyers many types of real estate products including houses, condominiums, time-shares, farms, finished lots and beachfront property.
The most comprehensive form of property ownership in Costa Rica is fee simple ownership. The concept of fee simple ownership is the same in Costa Rica as in the US. Basically, fee simple ownership gives the owner of the property the absolute right to materially own the property, use it, enjoy it, sell it, lease it, improve it; in short basically anything they want to do with it, subject only to conditions outlined in the Costa Rican Laws. Buyers who purchase fee simple title have the most rights under the law to enjoy and use the property as they see fit.
Concession property is more commonly known as beachfront property. In Costa Rica, 95% of beachfront property is considered concession property and is governed by the Maritime Zone Law and other specific regulations including but not limited to special dispositions stated by municipalities and the ICT (Costa Rican Institute of Tourism). These legal dispositions set forth the conditions under which foreigners and local residents can own concession property. A concession in Costa Rica is defined as the right to use and enjoy a specific property located on the maritime zone for a pre-determined period of time.
In Costa Rica, there is a specific law called “Condominium Law” that provides certain benefits to developers of many different types of properties, including single family residence projects, finished lot projects, condos, etc. This set of laws allows a developer to restrict and regulate certain aspects of the development. Each Condominium developments has its own by-laws containing all of the restrictions, limitations and privileges that can be enjoyed by individuals who purchase a property in such a development. Ownership of property “in condominium” is fee simple ownership, but usually carries with it a few additional restrictions set forth by the developer.
It is advised that you require the owner of the property to give you a copy of the by-laws to check for architectural guidelines, land use restrictions, and other limitations that may be placed on your property. Most often, developers use the condominium laws to allow them to build private roads in a development and set architectural guidelines. For the most part, condominium laws are designed to protect the integrity of a development and maintain the “look and feel” of the project. INVESTING IN COSTA RICA
Costa Rica's economy has seen a steady growth rate during the last 10 years. The country has signed seven trade agreements with other Latin American Costa Rica Beach countries, and one trade with the United States (CAFTA). The country also enjoys preferential access agreements with several European markets.
This economic development has come about due to direct ocean access on both its Caribbean and Atlantic coastlines, easy access by road to neighboring countries, Nicaragua and Panama. Additionally with its two international airports, Juan Santamaría in the capital city and Daniel Oduber in the northern city of Liberia, flight connections to North America, Latin America and Europe are readily available.
Costa Rica is internationally known as a potential major electricity producer. Approximately 97% of the country has access to electric power and telecommunications are available throughout. Additionally, potable water is available in more than 90% of the country.
Costa Rica attracts important investments thanks to its efficient productivity in high technology, its well-educated population and the high-quality technical education accessible in the country.
The country is safe and its inhabitants are friendly and easy going. Costa Rica is also easily accessible. Costa Rica is a democratic republic. It has never seen the political unrest, class struggles, or revolutions commonly associated with other Latin American Countries. Costa Rica doesn't have or need and army because it is such a peaceful country it has no enemies foreign or from within.
Costa Rica is also safe in another way. It is a country where it's safe to own land, even if you are not a citizen. Costa Rica's constitution guaranties that every person, citizen or not, has the right to own land.
Property in Costa Rica is surveyed and registered in its national registry showing its physical description and chain of title thereby allowing a would-be buyer to ascertain what type of property it is and who owns it. Any buyer is therefore fully aware of what it is they are buying and can purchase title insurance from a US title insurance company for further security.
Costa Rica's number one industry is tourism. Not only does this show it's a well sought destination with lots to do, its citizens are happy and grateful to be hosts, Uniquely, Costa Rican's want and welcome tourists and foreigners in their country and are always friendly and smiling in transactions, dealings and social settings with someone visiting. | |
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