Properties in Costa Rica
Properties in Costa Rica
Properties in Costa Rica
Like in other global markets, Costa Rica also has its share of annual taxes. This article will be discussing the annual taxes due for anyone who is an owner of real estate or has a Costa Rican corporation. Not all taxes are applicable to everyone. We will discuss each type below.
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Mandatory Shareholders Registry with the Central Bank of Costa Rica
As you know, with the approval of law #9416 and its regulations, you must proceed with the mandatory disclosure for corporations and legal entities, submitting the requested records to the Central Bank of Costa Rica (BCCR). Scheduled of submission deadlines for the corporations for this first submission:
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It will be in effect by July 1st and has raised several concern and misinterpretations. In reality it is pretty simple because you can choose to pay either 15% of the gain or 2.25% from the actual sales price. You do not need to rush and update your property value at the Municipality before July 1st. PD Attorneys provided a simple explanation.
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As of September1st, 2017 all corporations, subsidiaries, and limited liability companies that are currently registered before the National Registry, as well as all entities incorporated in the future, will be subject to pay an annual tax.Law # 9428: “Tax over legal entities”
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As a real property and/or CR corporation owner, you should be aware of taxes that need to be paid annually. Those who do not pay may be subject to fines and judicial collection procedures
HOME LUXURY TAX: (Due date: January 15th, 2019)
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PROPERTY TAXES & GARBAGE COLLECTION FEE
As a real property and/or CR corporation owner, you should be aware of taxes that need to be paid annually. Those who do not pay may be subject to fines and judicial collection procedures
PROPERTY TAXES & GARBAGE COLLECTION FEE (Due date: March 31st, 2019)
Real property owners must pay the Impuestos Bienes Inmuebles(Property Tax) and recolección basura(garbage collection fee) to the Municipalidad(Municipal Government) where the real property is located.
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Due Date: January 15th of each year.
The so called “Solidarity Tax” for the Strengthening of Housing Programmes (Impuesto Solidario para el Fortalecimiento de Programas de Vivienda), Law # 8683, commonly referred to as the “Luxury Home Tax” applies to houses, condos and apartments of which construction/building value exceeds a certain amount. Said amount and the methodology to calculate it is established by the Tax Office. The entity or person obliged to file and pay it, is that one that owns the ¨Luxury Home¨ as of January 1st.
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Are you ready to make an offer on your dream home or to purchase a piece of paradise in Costa Rica, and would like the process of transfer and release of funds to follow the same Pura Vida flow as life at the beach in Tamarindo? Surf that wave at ease by trusting your funds to a neutral and reliable third party!
As for any real estate transaction, also in Costa Rica it is highly recommended to use a neutral – Escrow – account to wire the Earnest money deposit as well as the final balance for the purchase of a property. The use of an Escrow account allows for secure transactions and confident buyers and sellers, allowing them both to lay back, relax and keep enjoying as their money will be safe and the release will be secure.
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I can’t remember how many times I’ve been asked that question. Well if you plan on buying a property here it could be simple.
The Costa Rican government has historically been open to foreigners investing here, so much so that in early 2011, the government published the regulation to the Immigration law that allows for more flexibility in regards to obtaining a Costa Rican residency.
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The new corporation tax law, 9428, imposes a D-140 registration requirement on any and all CR corporations.
The deadline for submitting the D-140 Form to the Tax Administration depends on the last number of your Corporate ID: (Pursuant to the Regulations to Law No. 9428)
– 1 y 2: before October 31st, 2017.
– 3 y 4: before November 30, 2017.
– 5 y 6: before December 31st, 2017. – 7 y 8: before January 31st, 2018.
– 9 y 0: before February 28, 2018.
Example:
3-101-222222 Must submit the Form before October 31st, 2017.
Form available in the following link: Click Here
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