FREQUENTLY ASKED QUESTIONS

Costa Rica Real Estate Questions •  Costa Rica Travel Questions

Buying Costa Rica real estate is a fairly straight-forward process, but it is of course important to do your research prior to purchasing property.  To help you in your due diligence, we've prepared a list of questions frequently asked us by our clients who are considering investing, relocating, retiring and traveling in Costa Rica. Pura Vida!
 

Is there a Costa Rica MLS?

No.  Currently, there is no nationally sanctioned Multiple Listing Service.  Some national associations have supported and/or are recommending certain systems, but participation is not required and there is no one system supported by all the associations. 

Do I need a Costa Rican partner in order to own Costa Rica property?

No. Foreigners in Costa Rica can own property in their own names. Purchasing property through a new or existing corporation (Sociedad Anomina or S.A.) is also very popular. Special rules for foreigners apply in Maritime Zones (Link to Maritime Zone info) for concession property.

How do I know if a property is titled?

All property in Costa Rica should be registered in the Public Registry, whether the property is fee simple or concession. Your attorney will be able to confirm that the seller possesses ownership of the property, and to determine if there are any restrictions, encumbrances or liens. Avoiding the purchase of unregistered property is strongly advised.

How much are property taxes?

Property taxes in Costa Rica are in general very low, only .25 % of the registered property value.  Some very large and more luxurious properties are subject to an additional luxury tax.  This would usually be calculated by your attorney or one hired by your Home Owner's Assocation.

How much are closing costs?

Closing costs are approximately 3.5 % of the declared value of a property. About 2.25% goes to the government in the form of stamps and taxes. About 1.25% goes to your attorney. In private sales between an individual Buyer and Seller, closing costs are often split equally. When purchasing from a large project, the Buyer often pays all the costs.

Do I need my own attorney?

Yes. We strongly recommend that you have your own representation in any transaction. The closing costs as noted above include the fees for your attorney.

Can I borrow money from a Costa Rican bank?

It is very difficult to borrow funds from a Costa Rican bank.  In general, most buyers who require financing either borrow funds in their home country or find a property where the owner is willing to finance.  Terms vary with owner financing and can sometimes be negotiated.  Several structures exist that allow for owner financing in a manner that protects both buyer and seller.  Your Re/Max agent can help to explain the process to you, and your attorney would represent you in the process.

Can I get title insurance?

Title insurance and escrow services are available through recognized companies such as Stewart Title and First Costa Rican Title Company. The fees for services are generally 1% or less.

What about squatters rights? 

Although Costa Rica has laws to protect locals who have lived and cared for a property for many years, also known as squatters rights, squatting is extremely rare in developed areas of the country. If you plan to purchase in a very remote area, it is advisable to have a caretaker check the property regularly to ensure that nobody unauthorized is living there.

If I work with Re/Max - will I see properties listed by other agencies?

Absolutely! We work with all legitimate agencies and agents. We represent you and our goal is to find you the perfect property. Welcome to Costa Rica!

Do I need a passport to travel to Costa Rica?

A valid passport is mandatory in Costa Rica. Make sure you have at least six months before the passport expires.  You may also be asked to show a return ticket showing when you will depart Costa Rica.

Do I need a Visa?

That depends on your country of origin. The U.S.A, Canada, Australia and most European countries do not need a Visa.  Check with a Costa Rican consulate to confirm.

How long can I stay in Costa Rica?

Most visitors can remain in Costa Rica for 90 days.

Is it legal for foreigners to drive in Costa Rica?

Your valid drivers license will allow you to drive for three months. You will need a valid drivers license and credit card to rent a car. 

Can I get married in Costa Rica?

Costa Rica allows foreigners to marry in Costa Rica. The needed documents are: original documents of single status, valid passport, police record, divorce decree (if applicable).

Is it safe to drink the water?

Please inquire about your area, but in the vast majority of the country the water is potable. 

What is the currency?

The currency is called Colon (Link to Currency Converter).  U. S. dollars are accepted almost everywhere.

Can I use my credit card?  Are there ATM's?

All of the major credit cards are widely accepted. ATM machines are distributed throughout the country, particularly in larger cities and coastal resort towns.

What is the voltage?

Electrical outlets are 110 V, with a standard two prong plugs.

Can I bring my pet?

When your pet enters Costa Rica they must have a health certificate issued by a licenced endorsed veterinanrian serive (VS) veterianarian. Two weeks prior to traveling the required distemper, hepatitis, lestospiroisi, parvovirus and rabies. Please check with your vet.

What about departure tax?

The departure tax is $26.00 and can be paid in U.S. dollars, credit cards or colones at the airport prior to check-in.

Can I legally work in Costa Rica?

To obtain a work permit you must apply at the Costarican Consulate obtain Residency Status that permits you to work.

What are the National Airlines?  Where do they travel?

Nature Air and Sansa.  Small airports are located throughout Costa Rica in all your favorite locations, such as Tamarindo, and flights are relatively inexpensive.  Luggage weight allowances are low.