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On this page, you’ll find an overview of information about Buying Real Estate in Costa Rica. When through reading, you can return to the All About Costa Rica topic list

• Buying Real Estate in Costa Rica
• Buying Real Estate with IRA Funds
• Custom Real Estate Tour
• Property Taxes in Costa Rica
• Real Estate Agents
• Using the Metric System

Buying Real Estate in Costa Rica

Costa Rica offers an amazing range of real estate options, from homes, apartments and condos to estates, development land, sustainable farms, city life and community living, with your choice of ocean views, waterfalls, natural springs, to name just a few, at excitingly affordable prices. Plus, whether you opt for suburban, countryside, costal or beachfront living, it’s possible to enjoy the amenities of home right nearby—at prices on scale with what you pay for your home. There are no restrictions to Costa Rica property ownership by non-residents other than concession lands, a formality that applies to certain beachfront property.

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Buying Real Estate with IRA Funds

Although it’s not yet widely known, the IRS does let you purchase Costa Rican real estate with tax-deferred income. You can purchase any type of real estate imaginable, although you can’t use the Costa Rican real estate in your IRA as your vacation home or residence if you are under 59 and a half. This translates to the fact that you can’t use your real estate personally until you are retired and have taken the amount as a distribution. However, many people near retirement age find this to be an attractive investment option. For detailed information, contact us at info@bcrr.com.

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Custom Real Estate Tour

Bargain Costa Rica Real Estate offers both first-time visitors to Costa Rica and anyone interested the opportunity to tour the region to see neighborhoods, schools, hospitals, shops, restaurants, etc. One-on-one custom tours are limited to no more than 2 potential buyers per tour group. Accommodations include fully furnished apartments in close proximity to our office, local restaurants, and shopping; free daily breakfast at our restaurant, the Coffee Stop; and free Internet access, free local and international calling to the United States Canada, and Europe.

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Property Taxes in Costa Rica

Municipal taxes are those charged by the local community government (called the “Municipal” ) to maintain the community (e.g., maintaining the roads, installing public lighting, etc.) and to finance the Municipal itself. Taxes are assessed on your property based on its location, the number of meters of street frontage of the property, and on the specific Municipal your land is a part of. In the past, this local tax was assessed by the Costa Rican central government; however, Municipal Government Property Tax is now managed by the local Municipality, to which you pay directly 0.25% of the price of your property per year. While amounts vary, they rarely exceed $10 per month per residence. You are exempt if your house is rated at less than the ¢6,000,000.00 (six million colones, or approximately $12,000.00 U.S.D. based on a 500 colones to $1 U.S.D. exchange rate) but you must apply for this exemption through your local Municipality.

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Real Estate Agents

In Costa Rica, real estate agents do not have to be licensed, which means anyone can work as a realtor—so it is particularly important to connect with a real estate agent with integrity whom you trust, someone who truly listens to your needs, putting your interests first, and someone who does exactly what they say they will do. Likely this will be a professional you discover though your own experience searching on the Internet or shopping door-to-door in person, or through a reference whom you also trust. Working with a reputable realtor is recommended, since an excellent real estate agent will inform you of all sides of both living and buying land in Costa Rica, including advising you on time and money-saving processes, such as recommending that you put your real estate purchase and all major assets into a corporation, which protects against the property being attached in a lawsuit and if you ever decide to sell, it greatly simplifies the process.

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Using the Metric System

If you spend any extended time in Costa Rica, it makes life much easier if you understand the metric system, since property sizes, road signs, automobile speedometers, and supermarket products are all in metric.

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We hope this information has been helpful. If you still have questions about Costa Rica real estate and living or retiring in Costa Rica, please don’t hesitate to contact us. We will respond to your questions as soon as possible and will be happy to assist you in any way possible.

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