So, you can't help but notice that everywhere you go people are talking about Costa Rica? Everyone you know either knows someone there, has visited, or plans to visit soon. You've probably also heard that a lot of people are buying property in Costa Rica. Some people look to Costa Rica to own a little piece of paradise, while others look to Costa Rica, solely, for investment interests. Purchasing real estate in Costa Rica is a fairly simple process. For one, Costa Rican laws do not require residency for foreign investors. You, as a foreign investor, have the same rights to property ownership as Costa Ricans.
Too, most foreign investors find that the taxes are extremely low, in comparison with their home countries. These factors, along with the natural "Awe" of the country and its affordability, make buying property in Costa Rica is a smart investment for your future.
We at Century 21, with our professional team of attorneys, architects, contractors and title insurance, try our best to take away any burdens in purchasing Real Estate. We do recommend that you, as the buyer, retain the services of an attorney to perform the title search in the Public Registry and discuss whether to acquire the property personally or through a legal entity such as a Corporation.
Corporations, like in most countries, are set up to protect the individual. It is a common practice in Costa Rica to use a corporation to make large purchases but it is not a necessity. Dependant on the type of property that you purchase, a Corporation can be an irreplaceable tool in some legal procedures. For instance, it may prove to be a wise move to open a Corporation and give your Attorney "Limited Power of Attorney" (LPA) over that Corporation in the event that any actions within that Corporation need to occur, i.e. the signing of certain documents. Sometimes, having a Corporation and giving a LPA can save you a trip to Costa Rica for the sake of a single signature. Progress can sometimes be a difficult thing to achieve and not having the ability to sign documents can certainly bring things to a halt. Corporations are relatively inexpensive and can prevent a lot of headaches down the road. We do know Independent Council that we can recommend above and beyond our own Legal Team.