Costa Rica: Oasis for Global Investors

Costa Rica: Oasis for Global Investors
The Country
Real Estate Market
Real Estate Profession
Get Yourself Involved
Come See Us!
Costa Rica: Oasis for Global Investors
Nice as You Have Heard!
Oceans Moderate Climate
Even Annual Temperatures
2 Seasons: Green/Dry
No Tornadoes, Hurricanes
Weather Comes from East
Costa Rica: Gorgeous, Tropical Climate
Proven Reputation
27% of Area: Parks/Protected
Electricity: 80% Renewable
2021:Totally Carbon Neutral
Costa Rica: Green Focus/Policies
Costa Rica
Central America
Crossroads of the Hemisphere
Latitude: 9-10 N (Hawaii: 20N)
Longitude: 84-85 W (Chicago: 87W)
Costa Rica: Location, Location, Location
Liberia
Nicaragua
2nd Int’l Airport
Arenal
Volcano
Top Attraction
Tamarindo
Guanacaste Gold
Coast
Limon
Caribbean Coast
San Jose
(SJO)
Capital,
1.5 million
Manuel
Antonio
Costa Rica
Most Visited Park
Osa Peninsula
Panama
Top Natural
Experience
Costa Rica: Location, Location, Location
Welcoming, Safe, Stable, Educated
Stable Democracy, Foreigners Have Equal Rights
97% Literacy, Bi-Lingual Education
No Armed Forces, Wars, or Revolutions
No Recent Financial Crisis in Domestic Economy
Costa Rica: Business Environment
Happy, Long Lives, Pura Vida Spirit, Ready to Share
“Happiest Place on Earth”
“Blue Zone” for Longevity
National Public Health System
Top Private Healthcare, too
Costa Rica: Our People
The Country
Real Estate Market
Real Estate Profession
Get Yourself Involved
Come See Us!
Costa Rica: Oasis for Global Investors
Multi-Villa Resort
Market Practices
Priced in US Dollars
90% Foreigner Sales: Cash
Foreigners May Own 100%
Closings Very Short
National Public Registry
Unique Property ID
Can Be Accessed Online
Evolved Legal Profession
Purchase Process Like USA
Costa Rica: Real Estate Market
Purchase Process
Assets Owned in Corporations
Can Transfer by Buying Shares
New vs Existing Corporation
Transfer Taxes + Closing: 3-4%
Escrow: Title Companies
Title Insurance Not Available
Sales Tax on Commissions: 13%
Paid by Seller
Ocean View Home, Infinity Edge Pool
Costa Rica: Real Estate Market
Beachfront Luxury Condo
Occupancy Issues
Property Taxes – 1/4 of 1% per year! Property Insurance: from Gov’t
Professional Property Management and Rental Services Available
Separate Condominium Law – Strict, Effective
Costa Rica: Real Estate Market
Rural Retreat - 200 Acres/82 Hectares
Property Pricing
Down 10-40% Since “Boom”
Recent Increases – 5%
Similar/Below Comparables in USA
2 Bd/2Ba Condo Near Ocean: $250K+
Land Is Last to Increase
Costa Rica: Real Estate Market
The Country
Real Estate Market
Real Estate Profession
Get Yourself Involved
Come See Us!
Costa Rica: Oasis for Global Investors
Costa Rica Realtors
No Legal Licensing of Realtors
1 Requirement: Legal Worker Status
As Citizen or As Legal Resident
Hope for Licensing Law: No Timetable
2 Realtor Associations
Both: NAR Bi-Lateral Partners
Both: Offer Training Classes
Association Membership Voluntary
13% Professional Services Tax
Access to Proxio MLS
International Professional Relations……
International Franchises – RE/MAX, C21,
Keller Williams, Sotheby’s,
Coldwell Banker, Christie’s, Others
We Love Sharing Costa Rica with You!
Costa Rica: Real Estate Profession
The Country
Real Estate Market
Real Estate Profession
Get Yourself Involved
Come See Us!
Costa Rica: Oasis for Global Investors
Costa Rica Referrals
Global Fee Practices - Typical
Negotiable: Mostly 25-30%
Standard Agreements Used
Can Refer Buyers and Sellers
You Will Have to Pay Taxes to CR
If No Tax Basis in Costa Rica, 15% Will
Be Withheld on Foreign Payments.
Do Not Offer Costa Rica Properties in
Your Home Market Without a Referral
Partner in the Country
The CR Associations Scan the Internet,
and Improper Activity Will be Posted to
Websites and Social Media.
Apply for Residency to Work Legally
as a Realtor in Costa Rica
Costa Rica: Get Yourself Involved
The Country
Real Estate Market
Real Estate Profession
Get Yourself Involved
Come See Us!
Costa Rica: Oasis for Global Investors
Before You Leave Home!
Liberia Int’l Airport (LIR)
Passports
Required, must be valid for 6 months after arrival
Money
US Dollars accepted, bring nothing bigger than $20’s
Visa or MasterCard preferred
Traveler’s checks may be refused
Rental Cars
May not be necessary for entire visit, Rent by day at resorts
Very large “hold” put on credit card at pickup ($1500-$3000)
Buy the insurance, even if you have credit card-based coverage
Airport Transfers to Resorts
Many available, can be pre-arranged
Costa Rica: Come See Us!
San Jose Int’l Airport (SJO)
And, BRING THESE…..!
Costa Rica: Come See Us!
Thank You for Your Attention!
For More Information
Ofelia M. Ulloa
International Director
Cámara Costarricense de Corredores de Bienes Raíces, CCCBR
[email protected] – 011-506-8385-0216
Allen Lungo
President
Costa Rica Global Association of REALTORS, CRGAR
[email protected] – 011-506-8888-8123
Larry Graziano
Board Member
Costa Rica Global Association of REALTORS, CRGAR
[email protected] - 011-506-8832-2977