For the past couple of decades, a lot of foreign investors have been buying property in Costa Rica. This Central American country offers great investment opportunities for foreigners looking to invest in the Costa Rica real estate.
The CostaRican government is making buying property in Costa Rica very easy forforeigners. This is because they want to attract foreign investment into thecountry in order to create more jobs for Costa Ricans.
If you are looking for investment opportunities, you should pay particular attention to the Costa Rica real estate. As Central America’s leading vacation destination, hotels and vacation rentals are two areas of the Costa Rica real estate market that are extremely easy to pursue.
Restaurantsare other area of the Costa Rica real estate that offers great investmentopportunities. With the rising number of tourist that arrive in the countryevery year and the evergrowing expat community, there is a high demand forhigh-quality restaurants.
What doesit take for foreigners to start buying property in Costa Rica?
Bothforeigners and Costa Ricans have the same rights when it comes to buyingproperty in Costa Rica. The reason for this, as we mentioned above, is thatthe Costa Rican government wants to attract foreign investment into thecountry.
This foreign investment will, of course, in turn, benefit the Costa Rican local population by creating more jobs. It would also help develop towns and increase tourism by building new resorts, hotels, and restaurants.
Allforeigners need in order to start buying property in Costa Rica is toarrive in the country with a tourist visa. After that, you can start buyingproperty in Costa Rica just like any Costa rican can.
There isonly one instance in which foreigners and Costa Ricans have different rightswhen buying property in Costa Rica. That is when acquiring concessionproperty.
What isconcession property?
Concession property is more commonly known as beachfront property. In Costa Rica, 95% of all beachfront property is concession property and is governed by the maritime zone Law and other specific regulations.
The first 200 meters measured horizontally from the high tide line defines the boundaries of the Maritime Zone.
This zone is divided into two areas: the Public Area, which is the first 50 meters measured horizontally from the high tide line; and the Concession Area, which is the next 150 meters.
The Public Area is not available for ownership of any kind. It is deemed a public area and any one who wishes to use it for recreational purposes has de right to do so. There are no actual private beaches in Costa Rica.
The Concession Area is available for concession to be granted. A concession is actually a “lease” on the property granted by the state to the leasee for a specific period of time. Normally the concession is granted for 20 years, but it is usually extended at the end of that period.
Are thereany other types of property should I know about when buying property inCosta Rica?
Aside from concession property, there are other types of property that you should know about before buying property in Costa Rica. These are fee simple property and condominium properties.
Fee simple property is the most comprehensive form of property ownership in Costa Rica. The conditions for ownership of this type of property are the same for foreigners as they are for Costa Ricans.
The concept of fee simple / titled 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,
Then, thereis untitled property. There are properties in Costa Rica that are not recordedat the Public Registry of Properties. Families have inhabited some propertiesof this type for generations while others have never been occupied.
Regardlessof the time that an inhabitant has lived on the property or to what extent theyhave demonstrated ownership, unless that property is registered at the PublicRegistry, there is no official owner. It is strongly recommended that this typeof property is avoided at all costs.
What is this Costa Rica real estate investment property for sale near Flamingo, Costa Rica about?
The development sites are intended for both commercial and residential development purposes. Both patches of land are fully titled for the costruction of 6 9-story beachfront condo towers on each development site. Permits for these sites allow for the conversion of the condos into hotel units.
The Nauticainvestment property for sale offers amazing investment opportunities in the Costa Rica real estate. Buying property in Costa Rica is an opportunity you will not want to miss.
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