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I’ve been living under a rock for awhile so just heard about this form 8938 today on this site. The instructions are now out on the IRS website…
http://www.irs.gov/pub/irs-pdf/i8938.pdf
Jon
Another thing to consider is that with a good driving record, like no claims, INS will give you a discount on your premium and continually increase that discount up to a maximum of I think 40%. My wife has reached that maximum and has been getting it for a couple of years now. It starts soon, like after 1 year it might be 5%, then increase to 10% after the next 6 months, etc.
It’s the value you declare on your vehicle with INS that plays a substantial part in the cost of the premium. I have heard that INS uses a guide, some sort of written reference, to determine the maximum amount they determine the car to be worth. They won’t tell you if your declared value is more than that and they won’t pay you more than that either, so you need to check that out. You want to be sure that the declared value is adjusted every 6 months for depreciation and currency fluctuations. You can value the car at whatever you want, in order to lower your premiums.
Here’s a spreadsheet that shows all of the rates for every company throughout the country.
http://www.aresep.go.cr/docs/LISTA%20DE%20PRECIOS.xls
It’s published on the ARESEP website,
http://www.aresep.go.cr/cgi-bin/index.fwx?area=09&cmd=servicios&id=9598&sub=1523
A survey released today as reported by “that English language newspaper” reveals the results of a 2 year survey carried out by a private firm for the government of Costa Rica. One of the things mentioned was that 33.1% of those surveyed considered citizen insecurity the country’s number one problem. I’d be very surprised at a statistic like that for the US.
Jon
Of course that lifestyle puts you in more danger of being robbed or killed. One doesn’t need a whole lot of sense to figure that out. I do not see any sensationalism in the article either. Everything is spelled out very clearly. I will continue to read this English language newspaper to keep informed of what’s happening.
Today in the same newspaper, is an article stating that two people go on trial today for murder in a home invasion of a presidential candidate last year. The suspects *are accused of killing* the domestic employee and also a neighbor who was on his balcony, curious as to what was happening.
On the same token, it doesn’t take a whole lot of sense to realize that having a lot of valuables or living in a luxurious home puts you in more danger than living a modest lifestyle.
Jon
Edited on Sep 10, 2008 11:55
The foreclosures are listed for auction in La Gaceta, or more precisely El Boletin, under “remates”. You can look up the property in the National Registry to get the exact location and then go see them. Have a lawyer check it out that everything is OK. On the day of the auction, you need to have a certified check ready for half the base amount. Then you need to settle the rest in three days.
http://historico.boletinjudicial.go.cr/2008/09/bol_09_09_2008.html#_Toc208649722
Jon
Yes I new it was an analogy but I couldn’t resist. I was having fun and I’ve probably taken it too far. You sound like an honest person and your point is well taken.
I read that being a member of the National Real Estate Association is strictly voluntary. I assume though that you at least need a license to sell real estate in NY? Study for and pass an exam? Of course, maybe having such a thing in place in CR wouldn’t mean much anyway with the bribery that exists.
Buying real estate is a little more serious than buying a stick of gum. I don’t really think you could “Lose your shirt” doing it, otherwise Scott would have written a book about it.
Here is a summary of the REALTORs code of ethics written in 1913 and still adhered to with pride today in the USA:
I guess I’m a little skeptical to assume that everyone selling real estate in CR is adhering to these practices, or that such a code is not needed.
Jon
I agree, we need more information.
But I disagree with your statement “we all can live up to a code of sound, fair ethics and morals whether a buyer, broker, seller or shoemaker. “
You are speaking for a large group. Some of the people in that group are not able to work in Costa Rica, but are living there and need money. Some will play dirty in order to put food on their table.
The only way you can say that this group as a whole will live up to a code of sound, fair ethics and morals is if there is a written code in place with penalties for those that break it.
The problem with that Lotus, is that there are no regulations governing the commissions for the sale of real estate. Anyone can act as a “realtor” and sell real estate, even tourists who have no experience in the field elsewhere. There is no “multi-listing” service either. If there were regulations in place, I’m sure it would be much better for everyone. Fewer people would feel cheated on all sides.
I worked with five different agents showing us homes before we ended up buying ours. None of them mentioned anything about me “hiring” them. I believe it is a given that the seller pays the commission out of the sale price. That’s my experience.
There were no hard feelings with the agents that showed us properties we didn’t buy, apart from the one that wanted us to pay 5% on the seller’s price. I totally disagreed with that and still do.
We found a house in which the seller had contracted an agent to sell the house. That agent showed us the property. Perhaps the seller listed the property for more than what he wanted to cover the cost of paying the agent the commission. That’s perfectly fine with me. I, as the buyer, saw only one price and negotiated that. I talked him down some, agreed on a price and from that price, the seller paid the agent. We were very happy and if we were buying or selling a house in the future, we would look to this agent again first.
Jon
I have been in the situation myself as the buyer and even considered having a friend buy the property from the owner and later transferring the property to me. We didn’t do that though, but changed our minds and bought something else.
My opinion is that the seller should pay full commission out of their pocket to the agent if the agent sells the house for them. It sounds like the seller was not willing to do this because it was “for sale by owner”. Therefore, the agent should not have even shown the property to the buyer in the first place, unless the buyer understood that the agent was expecting a commission from the buyer. As a buyer, I would NOT expect to pay the agent a commission above and beyond the sellers asking price.
In my situation I describe above, the seller told me face to face that he was only asking such and such a price, but since an agent brought me to the property, he had to increase the price by 5% in order to pay them. It shouldn’t work that way. We said no thanks and looked elsewhere.
Jon
That sounds great. I will check into it when I get back to CR. Is it possible to setup the transfer with any bank in the US or is the selection limited? What sort of fees are involved? What about US to CR?
A few months ago, I did a lot of googling trying to find information on sending Electronic Funds Transfers from a bank in the US to a CR bank and basically came up empty, although some people have told me they are doing it. ETF’s from the USA are available to some countries, including Mexico and a few countries in the EU, but I don’t think the list includes CR. It would be great if it did, or maybe things have changed since I last looked? Anyone have any clues?
I agree with Mediatica about Cuscatlan. I’ve been using them for 6 years and pay all of my bills except Amnet with them. For that, I have to transfer money to BN online. The online transfer is cumbersome, there are many menus to go through, i.e. “are you sure” and “once you do this, there’s no going back”, etc. Apart from that, no complaints. I’ve had two mortgages with Cuscatlan and found the process to go very smoothly. The main reason I chose Cuscatlan 6 years ago was because of their relatively short holding time on personal checks drawn on US banks. The time is 8 working days, 5 working days if your bank is in southern Florida. The day you deposit is not counted and the funds are available on the day after the last day of the holding period. So for example, if you deposit your check on a Wed, you count Thur, Fri, all next week, the Mon of the second week and then your funds are available on Tues. Less than 2 week turnaround. If you deposit on a Mon, it’s available Friday of the next week. I haven’t heard, seen or read of anything better than this free of charge. I’ve been doing it at least twice a month for 6 years now.
MediaTica, would you mind elaborating on transferring funds internationally online?
As for BN, I don’t trust them and never have more than $200 with them. They have a history of online security problems and money “disappearing” from people’s accounts. Their home page flashes red flags everywhere in front of your face. It basically says that YOU are responsible for online security and lists a number of preventive measures for YOU to adhere to. What do THEY do? They make you change your password every 30 days and your new one cannot be the same as any of your previous 12. This is, I want to say childish, but let’s say amateurish to say the least. I have accounts with about a dozen financial institutions and none of them have ever required me to change my password for better security. There are many other options that are more effective in improving security, but it would appear that BN is absolutely clueless about this.
Jon
Pre-terrorist days? I’m guessing you mean pre 9/11? I’m also guessing you’ll agree that terrorism has existed in the middle east and Pakistan well before that 🙂
In 1998 I arrived in Karachi with a number of fellow shipmates waiting to board our vessel. We were taken by bus from the airport to a hotel. We had two small pick-ups, one in front of us and one behind, each with four guys armed with machine guns standing up in the back. This was in the wake of the four Texas oil workers who were gunned down in a car along with their driver in 1997. Somehow I think we would have been safer being less conspicuous. Our hotel was adjacent to the US Embassy. When I looked out the window of my room, it was only 10 feet away.
I would love to live in Dubai though. Haven’t spent much time there since 1999/2000, but from what I see on TV it’s really booming. Our company is building there and the rumour has it that the quote for steel is only good for 2 days. This article is just a few days old about the increase in construction costs:
http://www.menafn.com/qn_news_story_s.asp?StoryId=1093208204
Jon
They will have the plan for the new international airport in the south next month. This will detail how big (or small) it will be. Construction will begin in 2009.
Plan maestro para zona sur
La Dirección de Aviación Civil recibirá este mes el plan maestro para el nuevo aeropuerto internacional de la zona sur.
Este resume las necesidades del proyecto: cantidad de puertas de abordaje, longitud y ancho de la pista, y área para pasajeros.
Según Aviación Civil, el nuevo aeropuerto del sur se afincará en Sierpe, Osa, y empezará a construirse en el 2009.
http://www.nacion.com/ln_ee/2008/agosto/11/pais1655897.html
Jon
