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Can anybody suggest someone to contact in regards to financing properties in CR? We are planning to make a move in the next year or so and I am having a hard time finding any information regarding this. We are looking to purchase a small inn to genereate some income for us when we first arrive and I assume there is some kind of partial financing available.
Firstly, have you applied for residency? If not, you will not be able to “LEGALLY” work. You can own a business, but without residency, you would be a perpetual tourist and THAT is not recommended. You don’t say what status you are in this way… so answering any question on financing could be irrelevant.
There is only personal finacing available and 17-25% hard money loans….Anybody that disagrees please send me a person to contact….
Well it is my understanding that the only way to get residency (other than pensionado rentista) is to commercially invest in the country(inversionista), i think it 250k in some areas or 50k possibly in andtourism, if I am wrong please let me know. In saying that I have been trying to find details regarding this but again am having a hard time gathering good information.
So if we were to purchase a business within the tourism sector we would then apply for residency. Hope this clarifies.
A Costa Rica-based mortgage broker has been mentioned (“featured”?) in this forum. You might find a link at https://www.welovecostarica.com/public/department55.cfm ]
We have used two different mortgage brokers to obtain first construction financing and secondly a refinancing and taking some cash out. It wasn’t cheap and it didn’t happen overnight, but it was simpler for us than wading through the morass of banking bureaucracy ourselves.
Please do get the advice of a knowledgeable Costa Rican attorney, one who specializes in residency matters, to determine what sort of investment, if any, will facilitate your obtaining legal residency. It’s not a slam dunk, and the law has been changed significantly.
mistyna
Here is a quick look at residency…
Pensionado… financially you will need to show $600 per month per couple ($1000 as of March 1 2010), in a guaranteed for life income/pension fund outside of Costa Rica. This will allow you to OWN and MANAGE a business of any type.
Rentista… financially you will need $1000 per month per person and $500 per month per dependant child (under 25). This will be secured by depositing 5 years worth into a Costa Rica bank (Total would be $2500 x 60 = $150,000). Again you will be able to OWN and MANAGE a business. (This amount will be the same – $2500 in March 2010)
There is more paperwork required and enrollment in CAJA – the Costa Rica medical system but these are the easiest forms of residency. After three years you can apply for permanent residency which, once you have it you can do pretty much anything except vote!
Before you move down to Costa Rica, take a couple of trips down to find an area that suits you, hire a residency lawyer and take your time. Many North Americans rush into it and leave within 2 years (about 40%) so take your time and make sure it is right for you. It is easy to build a home, but if it doesn’t work out… it can be hard to sell it and recoup your money…
Edited on Sep 03, 2009 23:49
Edited on Sep 03, 2009 23:51
You need to invest in an approved project by the government. Not just every investment is good enough….. ask your lawyer !
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