Living in Costa Rica may seem like quite a wild idea. Moving into a tropical country that speaks a completely different language and has very different culture may sound a bit hasty. However, after getting to know the country and its people a little bit you might change your mind.
This beautiful country not only is home to one of the most amazing landscapes to grace the earth. It has also proved to be a pillar of political and economic stability for the Central American region.
Costa Rica’semerge as a major tourist destination in Central America has started to attractinvestors looking to exploit Costa Rica’s economic potential. This is, ofcourse, encouraged by the government who are looking to create more jobs forCosta Ricans.
What are the main things I should look out for when buying property in Costa Rica?
Buying property in Costa Rica is actually quite easy for foreigners. This is because foreigners and CostaRicans have the same rights when it comes to property ownership and it is protected by its constitution.
You can actually buy property in Costa Rica in your own name on a tourist visa! Nevertheless, most buyers form a corporation with the help of a reputable lawyer and purchase the property through that corporation.
There are several reasons for buying property in Costa Rica through a corporation. First, you might beneficiate from having your income from rentals or capital gain from property sale taxed within a Costa Rican company, instead of as personal income.
It can also be beneficial if you ever decide to sell the property. You can avoid paying property transfer taxes for a second time simply by transferring the shares oft he corporation to the new owner.
The only time when property rights are different for Costa Ricans and foreigners is when it comes to buying beachfront property in Costa Rica. Almost 95% of beach front property in Costa Rica is concession property and is governed by theMaritime Zone Law as well as other regulations.
When buying property in Costa Rica, what is concession property?
All coastlines are considered public in Costa Rica since any individual is who wishes to use the area for enjoyment can do it. For this reason, there is no such thing as a completely private beach in Costa Rica.
A concession property is, in essence, a lease on the property granted to the lease for a specific period of time. The owner of that concession may build on the property, subdivide it, etc. However, appropriate permits must be obtained from the local municipality.
Can foreigners possess concession property?
Unlike when buying simple property in Costa Rica, when it comes to buying concession property foreigners and Costa Ricans are treated differently.
If a foreigner has been a resident in Costa Rica for at least 5 years, they may be permitted to have majority ownership of concession property. While foreigners who have resided in the country for less than 5 years are usually permitted to posses only minority ownership.
What is living in Costa Rica actually like?
Moving into this beautiful tropical country can be a real challenge. Especially when adapting to its tropical weather, with all the humidity and the critters that come with it!
However, Costa Rica is one of the most economically and politically stable countries inLatin America. It has also been cited by the United Nations Development Programme (UNDP) as having attained much higher human development than other countries at the same income levels.
Spending some 6.9% of its budget on education, compared to a global average of 4.4%, Costa Rica also counts with a highly educated workforce, most of whom speak English. This means that not speaking the language will not be such a huge problem.
Costa Rica is also renowned for its state-run healthcare system. “La
Every citizen and legal resident to Costa Rica has access to “La Caja”. Each member is required to pay a small monthly fee depending on individual income. If you are planning on living in Costa Rica “La caja” can provide forlow-cost medical care.
In fact, in order to get the Costa Rican residency you are required to pay into “La caja”. You can not get any form of residency without proof of existing Caja
You should be able to live modestly in Costa Rica for a minimum of about $1,500 a month inCosta Rica. Nonetheless, living in Costa Rica should not be considered cheap. A decent local standard of living for a single person is at around$1,500 to $2,000 a month.
When living in Costa Rica, where should I decide to establish myself?
It all depends on what kind of experience you want. There are already around 50,000north american expats and retirees living in Costa Rica permanently. TheExpat communities in Costa Rica are strongest in the Central Valley, the”Gold Coast”, and the Southern Zone.
The CentralValley has the strongest expat community in Costa Rica. With its great weather, the airport nearby, hospitals, culture, and a vibrant expat community theCentral Valley is almost always the first choice.
However, if you want a more autochthonous experience you might want to choose one of the smaller towns along Costa Rica’s renowned “Gold Coast”. In this
If you are planning on buying property in Costa Rica around its “GoldCoast”, then you will probably be interested in the Nautica property for sale in Costa Rica. Nautica offers several investment opportunities in both the commercial and residential Costa Rica real estate.
Located in Playa Brasilito, Nautica also offers the opportunity of living in Costa Rica with its Owner’s Area. This Area counts with five beautifulbeachfront condo towers, a large semi-olympic pool, and amazing ocean views. The property’s location offers access to most major beaches and national parks in Guanacaste.
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You will love read: Living in Costa Rica: Retire in This Tropical Country or Make it Your Expat Home and Enjoy Its Beautiful Tropical Landscapes