Can Expats Buy Property In Costa Rica?
If you are a foreigner, whether from the US, European, Canadian, or from any other nationality, you can buy real estate in Costa Rica. You can buy land, houses, commercial real estate and even a company.
To make it even better, you can buy the real estate with a tourist visa, without requirement to apply for residency or citizenship. Furthermore, if you are wondering if you can get residency or an investor status visa by buying property or real estate, the answer is yes, it’s possible.
However, in order to get a resident investor visa in Costa Rica, you must invest on a property worth at least $200,000, which depending on what your plans are, might mean a house or a condo.
Our advice is to ask your questions to a local law firm that can help you, as well as directly with the immigration office in Costa Rica.
Can US Citizens Buy Property In Costa Rica?
Just like mentioned above, they certainly can, there is no restriction to Americans buying property in Costa Rica.
However, it’s a good idea to mention something very, very important, which is that Costa Rica has some protected marine zones, essentially like designated reservations for conservation of maritime flora and fauna.
As such, there are certain places where it’s not possible to buy land for any person, even Costa Rican nationals. On the other hand, some of these protected areas are leased out by the government in the form of a concession for a certain period of time, typically less than 100 years, but it depends on the location. On top of that, these special designated “public owned lands” can only be purchased by foreigners up to a 49% and through a local Costa Rican corporation, which is essentially an LLC, which can be formed even if you’re a foreigner, but through an investor permit you need to apply form.
Is Buying Property In Costa Rica A Good Investment?
The answer is yes. Buying property in Costa Rica isn’t just a good investment, it’s a fantastic investment. As we mentioned above, you don’t need to be a resident to buy a house or land, you can do it on a regular tourist visa, but purchasing property worth over $200,000 gets you a residency.
To make it even better, Costa Rica has become one of the most attractive places for expats to go and retire. The value of the land and real estate has been growing considerably year after year, making it one of the most reliable countries in the world. If you’re interested in knowing where exactly you might want to buy, then this article on Buying Property In Costa Rica is a good read.
Real Estate Commission In Costa Rica
Real estate commissions in Costa Rica aren’t a problem for you, as a buyer, since they are charged to the seller. Therefore, if you’re buying real estate in the beautiful Central American country, don’t worry, you won’t be paying any commissions to any agent. The person whom you buy the property from, will be the one paying the commissions.
That said, there are certainly legal fees that will need to be covered by both parties.
Two of the most common regions for expats or foreigners to buy real estate in Costa Rica are the Central Valley (mostly San José), as well as Guanacaste (which is by far the best region for land value appreciation). In some areas of Guanacaste, such as Playa Negra, there has been a revenue growth in the housing market of 19% over the past three years, which shows how good this market is.
Now, if you already own real estate and are thinking about selling through a realtor, here are the commission fees in the top 2 provinces of the country:
- In San José real estate commission is 5%.
- In Guanacaste real estate commission is 6%.
Best Place To Invest In Costa Rica Real Estate
As briefly mentioned above, the best place is Guanacaste, it’s by far the best region with the highest ROIs, the highest land value increases, as well as where there is more demand, better weather, waves, beaches and even safety.
One of our preferred places, being considered one of the safest towns in Costa Rica, alongside a great location close to all the amenities you need, is Playa Negra.
If you are looking for a safe and smart investment, Kalma Playa Negra should be one of your top choices. And you can book a call to talk to one of the owners here.