The southern zone is considered the best place to invest due to advances in infrastructure, including a planned new airport and highway. A number of government-approved projects are expected to drive up property values and boost the region.
Much of the commercial activity is taking place in the Central Valley and San José’s greater metropolitan area.
Buying in Costa Rica
It is relatively easy to buy property in Costa Rica with a simple tourist visa. Many foreign investors set up a private business or corporation, as there is a lot of commercial freedom and protection with this method. It is even possible to establish a corporation in Costa Rica without having to obtain legal residency or citizenship. The taxes paid are based on gross income but applied to net income through this method.
Locals and foreigners enjoy the same rights in terms property ownership in Costa Rica. All potential buyers should hire a lawyer to carry out an independent title search and investigation to ensure the title details are true and accurate. When buying Costa Rican property, the title is transferred from seller to buyer by executing a transfer deed (escritura) before a public notary.
But Otanez warns investors to be cautious and practical when assessing potential properties in Costa Rica. “As with all countries, there are a few good and bad projects, so due diligence is essential, especially when you are looking at the title of the land lot,” he says. “Look at regions that enjoy positive tourism figures, are near major access routes and [ensure] that the developer is legitimate.”
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