Properties in Costa Rica
Properties in Costa Rica
Properties in Costa Rica
Note: This law approved by the representatives has not yet been published in La Gaceta so it has not entered into force. The representatives of the Legislative Assembly approved in second debate on April 21, 2006, the bill 22.086, which amends article 27 of the current “Law Regulating Condominium Property” (7.933). Said article regulates the…
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With the substantial number of rental properties in Costa Rica, it is important for property owners who rent their properties out to be aware of, and be reminded of, the changes that were effective in 2018 – and additional changes with the “Ley de Fortalecimiento de las Finanzas Públicas” (Law #9635) which came into effect in 2019.
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Costa Rica Residency Application:
(by GM Attorneys )
To apply for residency in Costa Rica, the Costa Rican government requires applicants, besides the general requirements, (birth certificate, police records and marriage certificate, if apply, duly apostilled) must provide proof of financial stability in one of three ways:
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Workers and/or remote service providers may include their family, consisting of their spouse or partner, children, or other members of their family, that will qualify to obtain the benefit.
To qualify as an eligible remote worker/service provider, the following requirements would need to be met:
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The Costa Rican Tax Administration “Ministerio de Hacienda” has implemented new decrees to control the legitimization of capital and to root out illicit financial gains throughout corporations in Costa Rica.
On January 22, 2021, a new resolution (DGT-R-02-2021) that modifies the previous resolution (DGT-R-075-2019) was announced.
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“Da tua dum tua sunt, post mortem tunc tua non sunt”.
(Give that which is yours while it is yours; after death, it is not yours).
Executing a testamentary disposition or a will, in Costa Rica called “testamento”,can be one of the most reliable alternatives in estate planning.
The “testamento” is the legal instrument, executed in accordance to formalities established by CR Law, that allows a person, testator, to determine how his or her assets will be managed and distributed at the time of death as well as to appoint the executor of his estate.
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Property owners must pay Property Tax (Impuestos Bienes Inmuebles) and garbage collection fee (recolección basura) to the Municipal Government where the property is located.
Amount: The property tax is 0.25% of the registered value of the property, which is either the purchase price paid or the value assigned by the Tax Office.
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Evidence of Costa Rica´s solid Democracy
Last Sunday, February 2nd, 2020 local government elections were held in Costa Rica. Such local administrative units are known as Municipalities. The mayor of a total of eighty-two Municipalities as well as other political positions within them was elected by direct voting of citizens living in each territorial subdivision known as ¨Cantones¨.
This was the fifth election process since a legal reform launched in 1998 which granted more responsibility and direct control over territorial, political, and administrative matters to local governments. The process was a success.
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Due: March 31stof each year.
Property owners must pay Property Tax (Impuestos Bienes Inmuebles) and garbage collection fee (recolección basura) to the Municipal Government where the property is located.
Amount: The property tax is 0.25% of the registered value of the property, which is either the purchase price paid or the value assigned by the Tax Office.
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Due: January 15 of each year.
The Luxury Tax (Solidarity Tax for the Strengthening of Housing Programs) only applies to houses, condos, or apartments over a certain construction value (133,148,400.00 colones for 2020, approx. US $237,765K – this amount is adjusted each year).
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