Costa Rica Property - Real Estate
The country has a thriving economy, a stable, democratic government, a modern legal system, and no army; so your investment is a lot more secure than it might be in other Central American or Caribbean countries. You have lots of choices in Costa Rica real estate whether you’re looking for an income property like a beach villa, a second home/retirement home for yourself, or a place to open a business or run a farm. The country welcomes foreign investment, and there is an infrastructure in place to help you with managing your property.
Some things to consider when thinking about a purchase of Costa Rica real estate:
- Real estate laws, rules, practices, and transactions may be different from those you are familiar with. Consult competent local advisors.
- Rules governing insurance may also be unfamiliar. If you are purchasing a vacation home for yourself that you want to rent out by the week to tourists, for example, you’ll want to be sure all the i’s are dotted and t’s are crossed to protect you from liability claims and to protect your property and possessions from damage or theft by renters. Check into coverage limits for storm, flood, and other natural disaster damage, too.
- Costa Rica is proactively protecting and managing environmentally sensitive areas. You’ll need to know if the property you are considering is in an area that might become subject to government action such as use restrictions or condemnation.
- You’ll also want to get to know the local firms and individuals that will have day-to-day responsibility for services, maintenance, and management of your property when you’re not present yourself.
- For farm or business properties, you need to understand local rules, regulations, and customs. Are there restrictions on crops you can grow or agricultural practices you can employ? Are you, as a foreigner, permitted to participate in marketing cooperatives? How do employment laws affect you? And so forth.
Do your homework, balance risks and opportunities, spend time in the country and in the area where you’re most interested in investing, and then go for it.