Can foreigners buy property in Costa Rica?

Can foreigners buy property in Costa Rica?

Costa Rica is a popular location for international investors, retirees, and second-home purchasers due to its tropical climate, rich natural beauty, and stable economy. The demand for real estate has risen steadily during the last few decades. Costa Rica’s government has taken precautions to safeguard both international investors and local residents. This was established to make it simpler for foreign investors to engage in economic activities in the country.

Many clients ask us if foreigners may buy property in Costa Rica. Yes, they can! There are no restrictions on foreign ownership, although there are some specifications when it comes to beachfront land.

Prospective buyers can purchase “Fee Simple,” fully titled property with the same ownership rights as in North America for many single-family houses, condominiums, commercial construction, and land.. Any coastal property recorded before the 1977 Maritime Zone Law now has its own title. Otherwise, it constitutes a concession of ownership. Furthermore, if you purchase a condo, you will be subject to the community’s rules, which may include pet limitations, voting rights, monthly homeowner fees, front yard or terrace restrictions, and so on.

The first 50 meters from the mean high tide mark is government property, and no one may develop or encumber it. The following 150 meters in 95% of Costa Rica are the Maritime Zone, which can be developed through municipal “concessions.” This signifies that the property is leased land from the government and therefore not fee-simple. The concession period is typically 20 years, with an annual cost.

Do you need a real estate agent, an attorney, or a notary to buy property in Costa Rica?

To complete the purchase process, foreign buyers must seek the services of a local attorney and a notary public in Costa Rica. This is a critical condition that must be satisfied. These specialists may help with contract evaluation, property title verification, and ensuring that all legislative requirements are met.

Foreigners must be informed of the environmental restrictions that apply to coastal regions. Costa Rica’s government has implemented environmental legislation that may have an impact on beachfront property ownership. For example, the quantity of land that may be developed is limited. Certain properties would also require specific approvals before construction could begin.

If you are considering purchasing property in Costa Rica, you should work with a professional real estate agency. This is one of the most crucial pieces of advice that anyone on the market can get. A RE/MAX Blue Ocean real estate professional can help overseas buyers locate houses that are both affordable and meet their needs. Our legal professionals help ensure that all legal criteria are met during the property purchase procedure.

Is Samara, Costa Rica a good place for real estate investment?

Samara is a tiny beach town on the Pacific coast of Guanacaste’s Nicoya Peninsula. The neighborhood is home to a vibrant mix of natives and tourists. Samara has long been a beach lover’s paradise and is largely regarded as one of Costa Rica’s most beautiful and secure beaches. Long before outsiders discovered this beautiful and tranquil jewel, the nearby beaches, such as Playa Carrillo, drew visitors. For investors looking for real estate in Samara, Costa Rica, there are several possibilities available, including beachfront property, luxury real estate, villas, condominiums, and land.