Buying real estate in Costa Rica – The decision to purchase real estate in a foreign country can at first be a daunting proposition. However, it is possible to safely buy property in Costa Rica with the assistance of a reputable realtor and attorney. Your realtor should be able to help you to locate property suitable to your needs, educate you as to property values and investment opportunities in your chosen area, and assist you with negotiating a fair price. It is important to choose an experienced attorney with a solid reputation who can handle the financial aspects of the transaction and ensure that your property has legal title and is purchased free of any liens or encumbrances.
Escrow Services – All Real Estate Transactions are now required to run through a government sanctioned Escrow Account. This ensures that your money is protected while your property is in escrow and that the closing goes according to the contract.
Ownership – Foreign Citizens and Costa Ricans have equal rights under the Costa Rican Constitution to own property here. Property can be purchased in your personal name or in the name of a corporation that you represent. Many foreigners own their properties inside corporations as it allows for ease of ownership by multiple partners or within a family group and in the event of a passing of one of the owners the probate process can be avoided. The process of setting up a corporation is not complicated nor expensive, but requires the expertise of your attorney to ensure it is set up according to your wishes.