As a non-resident, there are several things you should consider before buying a property in Costa Rica:
- Property ownership: Non-residents are allowed to purchase and own property in Costa Rica, and the property rights are protected by the country’s constitution. However, it is important to ensure that the property you are interested in is titled and registered with the National Registry.
- Property taxes: Property taxes in Costa Rica are relatively low, but it is important to understand how they are calculated and paid. Non-residents are subject to the same property tax rates as residents, and the taxes are based on the value of the property.
- Financing: Non-residents can obtain financing for property purchases in Costa Rica, but the terms and conditions may be different from what is available to residents. It is important to do your research and understand the financing options available to you before making an offer on a property.
- Real estate agents: It is recommended that you work with a reputable real estate agent who is familiar with the local market and can guide you through the buying process. Look for agents who are members of the Costa Rican Chamber of Real Estate and who have a good reputation in the industry. Or contact a good property manager firstname.lastname@example.org
- Legal assistance: It is important to have legal representation when buying property in Costa Rica. A lawyer can help you navigate the legal requirements and ensure that your interests are protected. Look for a lawyer who specializes in real estate transactions and who is familiar with the local laws and regulations.
- Closing costs: Closing costs in Costa Rica can be high, typically ranging from 3-5% of the purchase price. These costs include legal fees, notary fees, transfer taxes, and other charges. Make sure you understand the closing costs associated with your purchase and budget accordingly.
- Residency requirements: Non-residents can own property in Costa Rica without being a resident, but if you plan to spend a significant amount of time in the country, you may want to consider applying for residency. This can provide additional benefits and make it easier to conduct business and manage your property in Costa Rica.