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Hi,
Would like to get some feedback on buying property in Costa Rica through a Corporation, and being told they need an Attorney to be the Resident Agent for the Corporation.
I have been told by 3 Costa Rican Attorney’s that a Resident Agent agent is required, and of course they charge money for this service, with a range from $100 to $260 per property.
My understanding with conversations from a few people that live in Costa Rica, is that you need one only if it is an income producing property. Also, I have heard that if one of the members of the Corporation resides in Costa Rica, then a Resident Agent is not required, and then even if all members live outside of Costa Rica a Resident Agent is probably not required.
Also to verify on paying the taxes for your property. Do they have to be paid in the Municipalidad that the the property is in? I have been told yes and then no, you can go to San Jose and pay taxes for any property in the Country.
Thanks
Sir
Why do you need 3 attorneys? You need to buy 2 books from Scott. His real estate book and Peterson’s law Book. The law book is the only book I know of written in English by an American lawyer that has passed the bar in Costa Rica. Then buy Henderson’s Book. So
if you take the time to read all these books you will have answers to 99% of your questions. The resident agent and his or her adress becomes the focal point to receive correspondence of the Corporation. A resident agent can be anyone that lives in CR. You have to make sure that in the Corp By Laws you don’t give the resident agent any power in the Corp. It is just like an LLC in the USA. I have my attorney Hugo Salazar perform the duties of Resident agent so he keeps the taxes square. I can not cite you exact figures but it is cheaper to buy and transfer real estate in a corporation. I know an American that provides this service and other services for other Americans.
I have paid my taxes, phone bills, water permits. I have a checking account with BNCR and I see that the Banks are going to be interlinked through the internet. I have bee in and out of property since the early 1990’s and have never gone to CR to pay anything.
Stan Putra
President
BBERoger’s book is the most valuable tool you can have to understand the Costa Rican legal system. It is logically organized, understndable and very easy to read. I agree with bandera on this this one. Absolutely only buy property in the name of an S.A.
Hi,
I want to get this out for discussion since i think alot of people are just believing what they hear, if it is coming from an Attorney in Costa Rica. I just asked 3 different Attorney’s to see #1 how much they charge and then #2 to see what their opinion is on the matter. Some had other fee’s in regards to aspects/duties that really do not apply to a corporation that is not running a business. Great suggestion to read the book for everyone!
Thanks
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