Costa Rica is one of the most
beautiful, socialized and welfare country of Central America. It is situated just south of Nicaragua and north of
Panama. Costa Rica possesses some of the beautiful beaches, wildlife,
waterfalls, rain forests and numerous thundering rivers, and excellent lakes
for windsurfing and boating. There are some legal consideration for living and
investing in Costa Rica. People who want to invest or live in Costa Rica must
understand these terms and regulations.
For
registration of Costa Rica real estate transactions, mortgages, vehicles and corporations
it has centralized registration system called National Registry (“Registro
Nacional”). This registration system is very advanced and the
Registry records not only documents (like other Registries all along other
countries), but it also registries rights inherent of those documents. Most
properties in Costa Rica are registered in a computer system and each property
has an identification number called: "Folio Real". For different
reasons there are some properties that are not registered meaning they don´t
have a Folio Real number and therefore cannot be tracked properly in the
Registry.
Before purchasing or buying any
property in Costa Rica real estate it is advisable to perform a detailed study
before the Public Registry. It includes checking Folio Real and also study of the transfer
chain since the property was originally registered. Pending registrations
are also present due to incomplete documentation, lack of payment of taxes etc. When
you buy a business it is important to perform a more detailed study including:
lease contracts, employment contracts, sales, income and property taxes paid to
date, permits in place such as: Municipal permits, liquor licenses, Ministry of
Health authorization, Insurance, Social Security, among others. Of course the
advice of a lawyer and accountant are preferable in any case.
Property
transfer in Costa Rica real estate require for buyer and seller to sign a deed
before a Costa Rican Notary Public (whose concept is different than the one in
many other countries such as the United States or Canada and is required to
formalize all transactions dealing with real estate) and for such deed to be
recorded at the Public Registry. Each property must have a registered map or
survey to be locating the property in the field with exact measurement, actual
boundaries, and description of buildings or structures. No property transfers
can be made if the land does not have a registered map, and such map must be
quoted in the transfer deed. If such map does not exist, it must be made by a
specialized registered surveyor and then the transaction can be effectively
achieved.
These are the some legal
conditions and rules regarding investing or living in Costa Rica. But these are
not the final words. I recommend asking for an advice of a specialized
professional in the legal area about Costa Rica real estate.
for more information about Costa Rica real estate investing visit http://www.propertiesincostarica.com/articles/some_legal_considerations_for_living.html
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