Wondering how to make an offer on Costa Rica real estate? This guide covers the crucial steps you need to follow when making an offer on Costa Rica real estate. We’ll show you how to research the market, find a reliable agent, draft an offer, and understand legal requirements. Following this guide will help you make a confident and informed offer.
Understanding Property Ownership in Costa Rica
In Costa Rica, property ownership tends to follow a common pattern. Generally, one-third of property owners are expatriates living here full-time, having made paradise their permanent residence. Another third are "snowbirds" who spend 3 to 6 months here during the colder seasons in North America, often leaving their properties vacant when they return home. The final third are investors who don't live here but see their property as a long-term investment, renting it out whenever they can.
An Overview of this Master Planned Community
The exclusive gated community of Pacifico is a 175-acre master-planned community built to U.S. standards and is the vision of The Jack Parker Corporation, a privately owned, U.S.-based real estate development company founded in 1955 with real estate holdings that include Le Parker Meridien hotel in Manhattan and The Parker Palm Springs hotel in Palm Springs, CA.
Government taxes and stamps take the main load. Law Firms and Escrow Services charge flat fees based on transaction.
Property Taxes: The Basics
Buying property in Costa Rica comes with a perk—property tax on "Fee Simple Title" properties is just 0.25% of the fiscal value recorded with the local municipality and national property register. These taxes help fund local municipalities, unlike in some countries where the national government collects them.
Costa Rica's Capital Gains Tax and its Affect on Real Estate Assets
The capital gains tax in Spanish is called “Ganancias de Capital.” It was bound to happen! Well... it happened some years ago. Capital gains tax has been in effect since July 2019. What’s the rate? Well, the capital gains rate is fifteen percent (15%) of the gain. Being a home owner in Costa Rica, it is important for you to know how this tax can affect your personal tax situation.
When contemplating moving to Costa Rica from Vancouver Island, British Columbia in 1999 most of my friends were ready to have me committed to an asylum. How could you even think about leaving this paradise.
A good friend who I admired (CEO of one of BC’s largest lumber companies) sent me a note:
The Basics of Choosing a Building Lot
You fell in love with Costa Rica and after looking at all the built homes in the area you decided that you want to buy a lot and build. If you haven’t built a house from scratch before than this guide will be quite useful. Even If you have built a home in the past this will help you avoid pitfalls particular to Costa Rica and keep you on the right track.
Before we go any further, we must assume that you have hired an experienced realtor who will ensure the basics are covered that apply to any lot purchase:
The short answer on building or buying
Let us state right up front: we're not saying "don't build a home in Costa Rica". We're just showing you all the options, including the best way to build a custom home from scratch.
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