Property & real estate in Costa Rica
Property rights and foreign investment in Costa Rica are topics of interest to many who want to move or vacation in Costa Rica. Some are looking for vacation properties, while others are looking to retire. Indeed, some foreigners are looking for a change in life style and would like to start a business.
Costa Rica has a civil law rather than a common law system and, as a result, is more rigid which can make the process more important than the substance of the actual law. It is important to follow the letter of the law in Costa Rica when purchasing property.
There are some fantastic resources and books on the Internet but a good place to start is with the article Property Rights and Foreign Investment in Costa Rica by Marie C. Wold. This article highlights the hazards of owning property in Costa Rica and discusses how to purchase property. Some of the key topics of discussion include:
- How to establish residency.
- Issues around squatting.
- How expropriation is done and why it is done.
- Hazards of property ownership.
- The Maritime zone and its meaning for foreigners.
Marie C. Wold worked as an intern at the U.S. Embassy in San Jose and produced this article as special research for the U.S. Embassy. The article also has a good bibliography for further reading.
Tips for buying property in Costa Rica
- Legal advice is important for buyers of real estate to ensure that the process is legal. Get a trusted attorney and double check that the attorney is doing due diligence.
- Become familiar with Costa Rica from a political and legal perspective and come to understand the culture. Try living in Costa Rica before purchasing a property to see if you like it.
- Research the area of interest carefully so that you get the services that you need. Be sure that there is adequate medical facilities, banks, Internet service, air conditioning, grocery stores and so on.
- Compare and contrast the properties that you have an interest and ensure that the pros and cons of your list include things like future development. Some considerations include infrastructure such as highways, roads, resorts, and condo developments.
- Get involved locally to fit in with the people. If you want to be successful, it's important to get involved with the culture and people. Spend time learning Spanish and learn about the history and grievances of the local people. Be sympathetic and respectful of these latter things.
More travel information on destinations in Costa Rica
Learn more about other travel destinations in Costa Rica.
