While an exotic carefree life awaits in Costa Rica, there many are questions that foreigners need answers to when buying property here. Our FAQs cover all the major topics from how to:
- Properly search for property
- Find a legitimate real estate agent
- Learn about ownership costs
- Secure financing
- Make your bid
- Purchase property as a foreigner
- Deal with the closing process
If you’re looking to buy real estate in Costa Rica as a foreigner, you can rest assured that it is a common practice here with no real complications. In almost all circumstances, foreigners generally have the same ownership rights when purchasing property as native Costa Ricans.
Yes, but it is not recommended, as it will make you personally liable for anything that happens on your property. It also can create a potential issue if your property lies within the Maritime Terrestrial Zone (200m from the median tide line), where foreigners can only own 49% of the concession rights.
The recommended path is to make your purchase through a newly registered Costa Rica corporation. This will add a liability protection barrier, and allow for easier ownership transfer in your living will. Owning your property as a legally registered company will also make obtaining a local bank account, and utilities, such as internet and electricity much easier.
No, not unless you are buying property in the Maritime Terrestrial Zone (200m from the median tide line), where foreigners can only own 49% of the concession rights. Otherwise, a Costa Rican partner is not required to buy land in Costa Rica, nor are any restrictions in place that specifically apply to foreigners when purchasing property.
As a non-resident, you can buy real estate in Costa Rica both as an individual (not recommended), and as a corporate entity (easier transition, limits liability, and is highly recommended).
Yes, and is no different than owning real estate in the US, Canada or, Europe. Foreigners are entitled to the same property ownership rights as Costa Ricans as noted in Article 45 of the Constitution of Costa Rica.
Property is inviolable; none may be deprived of it.Quote from Article 45 of the Constitution of Costa Rica
Yes. Foreigners who purchase real estate in Costa Rica have the same equal rights under Costa Rica Law to buy and own property as Costa Rican citizens do. Property can be purchased in your personal name, but it is not recommended due to liability concerns.
The most common practice is to purchase property in the name of a newly registered Costa Rica corporation, which can be owned by you, or another foreign corporation/LLC- limited liability company.