Costa Rica Real Estate Informations

A Major tourist attraction or a tourist destination for other things?
The dope is Lake View properties are being photographed by the savvy investors. There has been some buzz from some experienced and knowledgeable Real Estate personnel. It is said that conventional wisdom is seeing a lot of development in the future. The major tourist attraction until now could be becoming a major tourist destination for other things. This area is clean and pure in its beauty and sees a lot of rain through out the year. This makes it an ideal location for golf course. These pieces of land are being viewed as a perfect golf course by the professional course designers. Only 2 hours of drive from San Jose and through domestic airlines even more short ride. This major tourist attraction surrounded by lake areas and mountains has the temperature that is just perfect for the golf aficionados.
As a result of the perfect conditions and good tourist attraction, these golf entrepreneurs’ interests, designers and many hotel investors are planning ways to attract more tourists. An idea suiting every condition is to design a full fledged resort that covers casino, condo sales, designed golf course, luxury hotels and rentals. Not only this but estate sized pieces of land for purchasing and building a luxury villa or customized home according to the owners specifications.
It has been almost a year for this rumor which resulted into the sky touching rates of the properties which has the views of lake. There are many golf courses that are being built in colligation to big developments taking place around the beaches that specifically involves the Guanacaste area.  As it is very humid and warm at sea level, it sometimes stupefies the golf lovers thus limiting the utilization of the golf course and making the golf enthusiasts to visit in the morning hours only.

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Costa Rica has got the most exciting market. The reason behind its popularity is the peaceful area, democratic government and Oscar Arias, its Peace Prize President. Its beauty and the acceptance of foreign investors have widened the growth prosperity.
You can make any type of investment in this diverse country. Large and small scale developments are being made and geographically Costa Rican offers some nice picturesque landscapes that can be anyone’s interest. The parcels of land of different sizes are available from a quarter acre to thousands of hectares. The sizes are available to suit your needs. What attracts the buyers in beaches of Costa Rica is the peaceful environment they get here to make their own small paradise. The buyer can invest here for any purpose. He or she may sell the property later on or put it on rent or may be he could make it a dream house of his own and live here. Apparently, the investment on the property may later on become a retirement home.
The larger land parcels are available with the amazing ocean views, golf courses. The serious land investors may consider every option that is available with the parcels of lands. Development is being done in the mountains regions near the Volcan Arenal area. The investors who want a rural setting with a cooler climate will enjoy the property over here.
The next type of investment involves the complete package deal to construct a residence to already finished condo projects. You can also get gate guarded developments. They are available both the beach city and in the countryside. Condo projects are available in many models, such as 1 bedroom, 2 bedrooms or 3 bedrooms. Condos are the already designed projects with the finishing options. These finishing options depends on your taste and preferences and what amenities you want in your condo. The price of a condo can range between $100,000 to millions of dollars. The most glamorous and expensive are the penthouses. They may be loaded with private pools and many other amenities.
Almost any type of property is available here at the beaches of Costa Rica. To have your own customized paradise, Costa Rica is the perfect place with the perfect natural beauty together with luxurious amenities. All your dreams can come true with the right selection and of course with an appropriate investment.

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I had a picture in my mind that includes a “bad” road, some feeble and shaky bridges with beauty of the jungle. With its virgin charm it must be too raw to be a destination thus not a choice for investment or full time place to live. When we reached there, I was into complete surprise by seeing the newly graded road just south of Quepos. Then I know that this area has already been found out and work has been started to develop the area for foreigners. Read more…

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The Costa Rican Real Estate has always been an area of interest for the investors. Costa Rica has got the most exciting market. The reason behind its popularity is the peaceful area, democratic government and Oscar Arias, its Peace Prize President. Its beauty and the acceptance of foreign investors have widened the growth prosperity. Read more…

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In accordance with the Law of Taxes on Real Estate and its Regulations, this tax was established for the sake of the local government where it is kept  localized.  This tax has a rate of 0.25% of the registered value.
In those cases in which the property is the “only property” of the passive subject (the owner of the real estate that must pay the tax), and if it is not included as part of a company, then it is exempt up to ¢12,141,000.00 (twelve million, one hundred and forty-one thousand colones net).  This value is fixed according to the law to the equivalent of 45 base salaries, the base salary being fixed at the sum of ¢269,800.00 (two hundred sixty nine thousand, eight hundred colones net).  This is in accordance with the resolution made by the Technical Normalization Agency of the General Headship of Taxation, Resolution #01-2009 – San Jose, at ten o’clock of the 15th of January of 2009.  Published in La Gaceta #28 of the 10th of February of 2009.
In those cases where the value of the property is above this amount, the tax will be paid on the part that is in excess of the amount.

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A lot of companies in Costa Rica has focused on legal assistance to companies that are already in operation as well as those that desire to be established in Costa Rica, as well as investors who desire to purchase properties in Costa Rica.  A exclusive service for the “legal local establishment” gives a unique and excellent legal and commercial experience in everything related to needs and procedures that must be followed by those who invest in properties in our country. Read more…

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The old adobe houses in Santo Domingo (Heredia, Costa Rica) that have distinguished this canton for years have been turning into luxury residences, where who lives there least a re the Domingueños. Read more…

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One of the modern figures of contracting is without doubt the Trust, the opening with which parties can reach agrement, the low registry cost and the security that it offers make it one of the figures of most interest currently.

There are various types of trusts: testamentary, guaranty, shares, administrative, etc.
Here I have undertaken the task of explaining in a simple manner one of the most commonly used:

The Guaranty Trust
•    Transmission of property for the obtaining of a determined end that justifies the normal faculties of the “owner” be subordinated to the terms and obligations contained in the contract.
The norm would be to sign a mortgage for the amount that the buyer has left to pay, nevertheless, this has serious implications for both parties for which the contract of trust takes the same effect, without the secondary effects of a mortgage.
Subjects:
- Trustor: The party that has the intent of selling (the seller).
-Trustee: Thir party who has in his power the property during the length of the contract.  A bank or a trust third party
-Beneficiary: The beneficiary (buyer).
TRUSTOR: Person who transfers the properties of his personal assets, in fiduciary property. In the example, it would be the seller.
BENEFICIARY: Person for whose benefit the trust is constituted, obliging the trustee to turn over the properties at the moment that the contract establishes.  This would be in the seller in the example.
TRUSTEE: Has a restricted right to the property destined exclusively to the end foreseen in the contract (transfer of the property at the moment of completion of the contract).  Trusted third party who will have the property registered in his name during the period of the contract.
Principal function of the trustee: Administration of the property for the benefit of the trustor and beneficiary.  Responsibilities of father of household with own property.
A neutral and impartial figure.
Gives accounts of this management.
Follows instructions according to the contract without interpreting it.
Can not dispose of the property (sell, mortgage or put a lien on it).

Autonomous Personal Assets
•    Separated from the assets of any other subject.
It is untouchable and can’t be interevened with judicially even in the case of bankruptcy.
During the period of the contract the property would belong to the trust.

Advantages:
•    Avoids for the creditor in case of non-fulfilment by the debtor, the thorny judicial execution that must be had in the case of traditional guarantees. (Auction).
In case of disagreement it signals beforehand that all conflict will be resolved via arbitration.
Reduction of costs: exempt from payments of rights of registration and registration taxes as long as the properties remain in the trust or return to the trustor.
To Be Considered:
In those cases in which the buyer of the property can not pay the entire totality of the price, instead of establishing a mortgage for the remainder, subscribes to a trust contract, to the effect that until the buyer hasn’t paid the totality the property will not be transferred to his name.
It is here where the trust contract lends ittself to adjustments for the contractual reality, incorporating clauses such as:
•    The estate remains in the hands of the trustor (buyer) as holder assuming the obligations of a depository, which is translated in a position of “owner”, for which he assumes rights to “productive use and user”.
The trustor takes advantage of the fruits of the estate and participates actively and unilaterally in its administration, management, and exploitation.
The trustee supervises to prevent damage.
Property taxes are still paid by the trustor.
The possession of the property is obtained by the “buyers” until the entirety of the payments has been achieved.
In case of non-fulfilment, all previous payments are property of the seller, without any arrangements.
The management of permits is managed by the buyer without alleging nullification by the inability to acquire one.
All of this without it being necessary to establish a mortgage on the property, which carries along with it from the point of view of taxes an increase in the fiscal value of the property and the resulting increase in the payment of taxes on the property.

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In accordance with the Law of Taxes on Real Estate and its Regulations, this tax was established for the sake of the local government where it is kept  localized.  This tax has a rate of 0.25% of the registered value.
In those cases in which the property is the “only property” of the passive subject (the owner of the real estate that must pay the tax), and if it is not included as part of a company, then it is exempt up to ¢12,141,000.00 (twelve million, one hundred and forty-one thousand colones net).  This value is fixed according to the law to the equivalent of 45 base salaries, the base salary being fixed at the sum of ¢269,800.00 (two hundred sixty nine thousand, eight hundred colones net).  This is in accordance with the resolution made by the Technical Normalization Agency of the General Headship of Taxation, Resolution #01-2009 – San Jose, at ten o’clock of the 15th of January of 2009.  Published in La Gaceta #28 of the 10th of February of 2009.
In those cases where the value of the property is above this amount, the tax will be paid on the part that is in excess of the amount.

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Annualy our Tax Administration of Costa Rica, establishes sectors or economic activities that can be subject to tax supervision.

So, aside from the list contained in the Regulations on objective criteria for the selection of contributors for supervision DECREE NO. 25925-H from the 13th of March of 1997 and modified by the DECREE NO. 27651-H of the 5th of February of 1999, and

In  accordance with the Resolution #DGT-27-2008 General Headship of Taxation, taken at eleven o’lock of the 10th of December of 2008.  And published in La Gaceta #27 of the 9th of February of 2009, were the following activities chosen or added:
1.    IMPORTATION OR COMMERCIALIZATION OF NEW AND USED AUTOMOTIVE VEHICLES, OR THEIR SPARE PARTS, OR BOTH.
Real estate activity.  This includes the concept of preparation of lands, the construction, promotion, and sale of housing, building and commercial real estate and the renting thereof.
Lending of educational services.
Free exercise of professions, including professional activity societies.
Services related to tourism such as hotels, transport, tour operators, travel agencies, excursions, leisure activities and so on.
Centers for betting, games of chance, virtual casinos, or the use of slot machines.
Passive subjects of any sector or economic activity, whose relation by quotient between the net income and the declared gross income of end results over uses, being less than this same average relation of the economic activity that is undertaken.
Vehicle workshops (repairs, maintenance, alignment, and paint)
Passive subjects of any sector or economic activity, who as a consecuence of being the object of performance actions, or initiating said proceedings, would have presented the tax declarations or would have initially rectified those present.
Related services with auxiliary activities of finance or markets, etc.
Paid transport service of people, both public and private.
Production and commercialization of pineapple and its derivates.

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