Costa Rica Power Team

Things You Should Know About

Buying Real Estate in Costa Rica!

Under the Costa Rica Constitution, non-Costa Ricans have the same rights as Costa Rica citizens to purchase, own, develop and transfer real estate.

All title deeds are registered on the National Property Registry Registro Nacional. This national registry serves the same purpose as town or county title records in the United States. You can check Costa Rica title registration records on-line at www.registronacional.go.cr. You will need the property’s Folio Real number. Unlike some of our competitors, all properties available through the Costa Rica Power Team have folio real numbers and are listed on the national registry.

As a registered property owner you are entitled to:

• Possession, which can be as an individual, jointly with two or more people, in trust or in the name of a corporation;
• Benefit from whatever the land can provide (farming, minerals, etc.);
• Alter or transfer your land;
• Defend your land from trespass;
• Claim restitution if your land is taken for a public purpose (eminent domain).

Most real estate transactions in Costa Rica utilize a corporation. There are several reasons for doing so:

• You remain anonymous;
• Your personal assets are protected;
• You can put the shares in the name of a spouse or children to avoid probate;
• The annual fee to register a corporation is only $3 to $25. There is no capital gains tax upon transfer or sale.

All property sold by the Costa Rica Power Team is registered and titled on the National Registry. As an added protection, title insurance is available on all property through U.S. title insurer Stewart Title.

We are always ready to answer your questions about your Costa Rica Real Estate investments. Please call us at 480-246-3699.

The easiest way to obtain Costa Rica health care is by working through the Association of Residents of Costa Rica (www.arcr.net).  You can join either as a current resident or as a potential resident.  The cost of membership as a “Provisional Member” is $100 per year and $50 per year if you have legal status in Costa Rica.  Check out their website for a list of all the benefits of membership.  If you intend to live in CR upon retirement you will want to join the Association.

The ARCR can help you obtain Permanent Residency status for a fee of $870 each for the primary applicant and spouse.  For your money you get the use of an attorney, translations, processing, etc.  Essentially the ARCR takes care of all the paperwork for you.

Through the ARCR you can also obtain the health care services offered in Costa Rica.  You can elect to join either the Instituto Nacional de Seguros (INS) or Caja Costarricense de Seguro Social (CCSS).  The INS costs $46 for men under 60 years of age and $85 if you are over 60.  Women pay slightly less.  The INS plan pays 70% of all costs up to $17,500 per year but it does not cover pre-existing conditions.  You can, however, you the doctor of your choice.

The CCSS plan is the one most Ticos use.  This plan costs only $37 a month for a family where the primary insured is over 55 years of age.  ($58 if under 55).  The CCSS plan covers everything with no limits on pre-existing conditions.  Under CCSS you cannot select your doctor.  According to reports, lines for service can sometimes be long but the quality of care is excellent.

Many ex-pats sign up for both INS and CCSS and use whichever one more easily addresses the particular situation.  Many doctors in the private hospitals are CCSS physicians and can arrange billing through CCSS.

Costa Rica’s unparalleled beauty, political stability and economic growth, and investments in infrastructure are making this country a hot destination for both travel and real estate. Real estate values are just beginning to experience the inevitable collateral effects of this growth. Rapid appreciations are taking place in specific areas and will continue to occur. In some areas, property values are appreciating 25-30% year-on-year!! A very opportunistic real estate market exists for those that are able to take advantage of it.

Pura Vida