Can A US Citizen Legally Buy Costa Rica Real Estate Without A Local Partner? Free video.
My name is Michael Simons and I’m a professional Realtor here in Playa Hermosa, Guanacaste, Costa Rica.
I’ve been a permanent resident of Costa Rica since 2003 and I am a certified licensed Realtor with the Costa Rican Guanacaste Association of Realtors.
Can A US Citizen Legally Buy Costa Rica Real Estate Without A Local Partner?
One of the reasons I chose originally to buy a property in Costa Rica is because it was one of the only countries south of Texas where I could actually own a property.
Most countries in Latin America do not have the same national registry system or titling that Costa Rica has. Costa Rica has a 200-year history of democracy. It’s one of the only countries south of Texas where a foreigner can own real estate and you can own it in your name.
Michael Simons can own a piece of real estate in Costa Rica. I don’t need a partner like I have to have in Mexico and I don’t have to worry about the government taking my property every 30 to 40 years like they have to worry about in Nicaragua.
We’ve also had a very stable government for a very long time unlike the rest of all the countries in Latin America and we don’t have an army. So I don’t have to worry about somebody knocking on my door with a machine gun wondering why I’m here.
The other thing is Costa Rica is fully titled fee simple. That’s the way we own real estate in the United States and Canada. So what that means is you can own a piece of real estate in Costa Rica the same way you can own it in North America.
You can put it in your personal name. You can will it to your children. You can even use an LLC or a corporation to own the property. Charitable foundations can own properties in Costa Rica.
Most foreigners though choose to put their properties into what’s called a Costa Rican limitada which is similar to an LLC. The Costa Rican corporation actually owns the property and then you are the shareholder of that corporation. So in essence, you own everything that that corporation owns. Why do we own property in corporations? The number one reason is it’s just simple.
When you’re not here, it’s very easy to buy or sell the property. You don’t have to physically come here for the closing whether you’re buying or selling. Corporations also offer a lot of anonymity, so you can choose who you want to let know if you own a property in Costa Rica.
So ex-wives and lawsuits are not going to know about your property unless you want to tell them. Third, the corporate law in Costa Rica is one of the strongest laws that there are and it says that if your real estate or your investment, your bank account and your business is held in a Costa Rican corporation, those shares are not considered an asset.
So in other words, if I get in a car accident unfortunately driving home tonight, I don’t have to worry about losing everything that I own in a lawsuit because properties are held in corporations.
Come on down baby!
Can A US Citizen Legally Buy Costa Rica Real Estate Without A Local Partner? Free video.
Article/Property ID Number 5480
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Andrew Makarik
to@welovecostarica.comAndrew Makarik is the main editor of WeLoveCostaRica, a fan of this sunny country. He is also a loving husband and a has a lovely daughter. By being a devoted family man and the biggest Costa Rica fan, he wants to make more people feel at home there. WeLoveCostaRica unites people and helps them find new home or a new travel destination. This website is a friendly community where everyone can find not only information, but also new friends and travel pals. Andrew is also passionate about IT and programming, so he himself maintains a friendly atmosphere in this cozy environment of WeLoveCostaRica.com.
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