Buying a House in Costa Rica: A Life-Changing Investment
The Allure of Costa Rica
According to the US State Department, Costa Rica is a major destination for US retirees. In fact, more than 120,000 American citizens live in this country and millions more visit annually.
Why Costa Rica Should Be at the Top of Your List
Despite its relatively small size, Costa Rica has a lot to offer with varied topography and a climate that is typically warm and inviting. It has a coastline along both the Pacific and Caribbean, and in the middle, you will find its dynamic capital city, San Jose, and several attractive beachside communities. Life is a little slower on the Caribbean side with a distinct island vibe. While the middle of the country has mountainous regions with lush valleys and sparkling lakes, along with many expat communities.
Costa Rica's lifestyle can be as laid-back as you want and cheaper than the US. In fact, according to one site, the cost of living there may be 37% lower than in the US. A single person might live on $617 per month (without considering the cost of housing), with a family of four estimating $2243.
Costa Rica is in the same time zone as the US central region, and while its official language is Spanish, English is widely spoken. It's a stable, democratic republic and is relatively easy to get to from any part of the US. A quick search in Travel Math shows that you can get to San Jose from Houston in around 3 ½ hours.
Tips to Remember When Buying Property in Costa Rica
Buying a property in Costa Rica is relatively straightforward.
- Foreigners have the same rights as locals when it comes to purchasing land, and you can buy a property outright in either your own name or a separate organization. You don't need to have a local partner in most cases.
- Many people choose to buy a property through a separate corporation so that they can handle capital gain or rental income taxes through that company rather than through a personal account. This may allow for simplified estate planning, but you should consult an expert about your tax affairs to determine the best option.
- Costa Rica has a central land registry, so you can make sure that you have a clear title and look for any restrictions in advance.
Additionally, when you buy property in this country, you'll be surprised by the favorable property tax rates. They can be as low as 0.25% of the yearly appraised value.
Benefits of Buying Property Here
There are many advantages of buying property in Costa Rica. The vacation rental market is buoyant, so you can offer your place to visitors in the short term while funding your ongoing costs. It'll be a great spot to enjoy an extended vacation or the perfect option if it's time for you to retire and put your feet up.
Finding Your Ideal Place
If you want to proceed, ensure that you always buy your real estate from a verified company. RE.cr is the place to start as you look for Costa Rica real estate properties for sale and plan your exciting future.
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