If I own a lot, can I divide it up to sell again?
Yes! You absolutely can! In fact, it is a very common practice. There are a couple of stipulations, though. If the land that you own doesn't connect to a public road then the smallest you can divide your land is in 5000m2 lots (approximately 1 acre). If your property is connected to a public road you can divide your property in to lots of any size. When planning a large development, make sure to keep in mind things like roads, drainage for the roads, water supply and power. Proper planning can eventually save you time and money!
Are there any Capital Gains taxes in Costa Rica?
Currently there are no capital gains taxes in Costa Rica. Capital Gains taxes are taxes on monies earned above and beyond the buying price of your land... i.e. profit. When you purchase a piece of land for (example) $100,000 and you sell that property two months later for $150,000, you will not be taxed separately as Capital Gains. However, there are several tax laws and regulations that you should understand both in Costa Rica and your home country.
Are there regulations against tearing down trees and destroying rainforests, rivers and wildlife?
Costa Rica realizes that the heart and soul of their tourist industry relies on the natural beauty and wonder of Costa Rica. The wildlife in this country is so special and so diverse that it is mind blowing. To preserve this beauty for generations to come, the government of Costa Rica has implemented many laws to protect the habitat and the wildlife. Here are some examples of those laws. If there is any type of running water on the property; know that you cannot build within 15 meters from either side. Too, there are certain trees that exist in Costa Rica that are protected, such as the Pochete tree and the Guanacaste tree. These trees are very important to the ecology of Costa Rica and cannot be molested or destroyed for any reason. Mostly, they are loved habitat for the monkeys, birds, lizards and other animals that inhabit the country.
Do I need to speak Spanish to buy land in Costa Rica?
Of course you don't have to speak Spanish to purchase land in Costa Rica. A difference in language can be a pretty intimidating thing, especially when you're conducting business of this magnitude. The important thing is to be surrounded by those you trust who are bi-lingual to assist you. Easily found are attorneys. Most attorneys are bi-lingual and can really assist you through the processes. A bi-lingual realtor will also be a large help. All in all you'll find that now a large number of Ticos are picking up the English language with some incredible proficiency. Hopefully, you'll find that one of the incredible parts about living in Costa Rica is learning and using another language! It's a challenge but it should be a fun one!
Is there financing for those investing from other countries?
Most of the transactions that occur in Costa Rica are cash transactions. And by "cash", we're referring to wire transfers. Most money is wired into an escrow account of some sort. Once the money is in the country, then the escrow company will transfer the funds to their appropriate destinations. If a foreign investor is looking to have financing, it is provided by Stewart Title of Costa Rica. I believe the interest rate is approximately 9%. You would need to contact Stewart Title and ask for more information on their financing options.
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