By Nehad Alhassan
Partnering with Realtors worldwide
to bring to you the world of paradise
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There is more to explore in Costa Rica than there beaches even tho they are amazing
TIdbit of info: Foreigners can buy real estate in Costa Rica and apply for residency with as little as $150,000 and if you like you can even help pay for your home and expenses by renting it out during the dry session.
But if you prefer the Beaches you will enjoy the following.
Thank you for joining me on the adventure I am a Realtor in Florida and live in Costa Rica and Florida. I decided to provide this information to better prepare people on the good and bad about Costa Rica but before evening thinking of going down this road, you need to come to visit for yourself and see if you like this kind of lifestyle.
I will touch on most of the subjects for this is a very quick overview of what is required laws are always changing so the information below is for education purposes only. I will post the lasted date when I do updates. Thank you for your interest and look forward to speaking with you.
Charles Rutenberg Realty
Broker Associate and Realtor
Metaverse Real-estate Broker.
Linkedin Nehad Alhassan
Contact # +1-727-755-1321, .
As inflation hits America and it’s getting more and more expensive to travel to the beaches of America but what if I told you there is a solution and it’s a small country called Costa Rica a country that has no military and where the Dollar is also used alongside the Colonia
People are surprised they have direct flights to Costa Rica from Orlando, Miami, Atlanta, New York, Dallas, Houston, Los Angeles, and Toronto and I have seen flights from Orlando as low as $99 each way.
I will provide more information coming soon on my BLOG
LOCATION, LOCATION, LOCATION
Guanacaste Costa Rica
This quick guide to help ex-pats move to Costa Rica and transition with little or no problems no matter if you’re looking to Buy, rent, or invest in a property like an Airbnb
This comes very true in Costa Rica the farther you are from the airport the less accessible by roads as well as utilities and you don’t want to drive for hours to the store beaches or even the airport.
- Before you start your search you need a Good honest attorney its very difficult it’s like finding a needle in a haystack
- You need representation because unfortunately there are people that are selling property they don’t own
- Costa Rica has over 12 different ecosystems in Costa Rica to name a few you need to know where you like to live.
- The difference in properties when purchasing for example
- Title – Simple – Best choice and a few Beach front are titled
- Concession – 95% of Beach front property you do not own the beach it is leased
- Foreigners can Buy Properties in Costa Rica as Non-residents of Costa Rica and have the same rights as local citizens
- Tile property = no restrictions
- Concession = a few restrictions
- How to Become a cost Rican resident and requirements ( I have team members that can help with the following)
- The minimum investment requirement is to purchase a home of a value of $150k down from $200k
- When moving to Costa Rica you can import household items DUTY FEE this has not yet been implemented yet into law
- Also import 2 vehicles Duty-free as well example car, yacht, airplane DUTY FEE this has not yet been implemented yet into law
- To be eligible for the benefits above you need to be a resident
- And after you get your residence you must request it within 5 years of becoming a resident
- And then you have 10 years to use those benefits above
- If you’re not planning to become a resident then you will be on a 90-day visa
- You will be required to provide a departure ticket when arriving and it must not exceed 90- days
- You also must do border runs ad exit the county or fly out
- How is the best way to find property in Costa Rica
- You need to come to Costa Rica on Vacation and drive the area to make sure you like it most properties are not online they post a sign in the yard.
- Purchasing Property in Costa Rica
- Never trust the seller’s attorney the buyer and seller should have their own honest attorney
- I like to skip the letter of intent and Submit a sales & purchase agreement.
- It is vital to have the Sale & Purchase Agreement reviewed by an attorney before signing to allow them to do their due diligence.
- Payment of Initial deposit via escrow once the Sale & purchase agreement has been signed
- A deposit of 10% is customary and not paid to the seller deposited into escrow also escrow allows the seller to know the funds are legit.
- Funds also can be secured in a US escrow account just in case you back out of the contract and you do not have to wire the funds back to the united states.
- The ability of the attorney to do the due diligence
- Your Attorney should always request a topographer and other inspections.
- Your Attorney can recommend good people for the Due Diligence process
- Closing Time
- Preparing the closing statements and funds to transfer
- Notary sending the documents to the public registry takes up to 3 weeks to get the property in the name of the buyer.
- The attorney should make sure the title is registered and your property is in your name.
You do not have to be present to sign the closing document but you need to provide a power of Attorney to someone to sign on your behalf there are some circumstances that it can not be done so it’s best to be present to sign the documents yourself.
Pros & Cons of buying real estate in a corporation
Cons- More expensive and a lot of paperwork
Pro- It will be a lot easier as a foreigner, assets are protected from creditors and liabilities like a car accident
Utility companies sometimes will not allow foreigners to turn on services in your personal name.
The corporation allows you to have full control and open a bank account.
Property taxes are paid in January of every year
Title property roughly pays 0.25% of the fiscal value or the purchase price
The concession doesn’t pay taxes because you don’t own it you pay a fee to the Multiplicity for the lease of the land of roughly 2.5% of the property value.
Condos have to pay fees and/HOA fees
There is a new luxury tax if only the building is worth more than 117 million Colones or $244k dollars the rate is between 0.25% to 0.55% value of the construction
You always want to declare the correct value of the home because if not you will be hit with a high capital gains tax when you sell
Don’t worry if you buy a property valued at 3 million dollars the home may be valued at a lower value and may not be required to pay the tax
If the information is overwhelming don’t worry I am here to help I have a team in place to help you ship your items or buy a car as well as find the right attorney for you
Costa Rica Bill seeks to legalize the use of cryptocurrency in the country.
Deputy Johana Obando indicated that they seek to create a legal framework for crypto assets.
The deputy indicated that the proposal is a project that can be an investment center. She also confirmed that bitcoin is not intended to be legal tender.