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Hi David,
We bought two pieces…one in Santa Maria de Dota, the other close to Tamarindo. We also talked my mom into investing in a small lot in Playa Tambor. So they’re a bit dispersed and all over the place. That’s what makes this particularly difficult.
Yes, I guess we were ones willing to pay since we didn’t know the right resources when we bought our property. I just contacted Randall Zamora and we’ll wait for his reply.
We don’t mind paying a fee to someone for this, and we understand it can be a hassle…so will pay a decent fee for the help. We just don’t feel we need to pay someone every month. We already went that path for 2 years!
Thanks for the feedback and recommendation. We’ll see what Randall says.
Diane and Paul
I know for many people that’s a deal…especially if you come from either the west or east coast. However, my husband and I live in a more moderate area and aren’t used to spending so much. Plus, we’ll be living on our retirement, which won’t be a huge amount. That was the reason we thought it would be perfect to live there in Costa Rica, so we could actually breathe and live a little. When we bought our property there in 2004, everything was so much less expensive…including utilities…which was the subject of my husband’s and my recent debate. (Looks like he won this one.) Of course, we would have moved there then if we’d been able, however that wasn’t, and still isn’t an option for us. We have to wait until retirement kicks in, which is not too far off. Here, we’d be strapped each month, and as many retired Americans are experiencing, wouldn’t be able to do much with our dollar. Our concern is that we may end up like that in Costa Rica as well.
I agree with you about assisted living, and my cousin and I had thought of starting an assisted living complex in Nosara, where she lives. A great idea for the future.
You didn’t say what you’re utilities are, and I’m interested in finding out fees in a variety of areas. Just a general idea is what I’m looking for, you don’t have to list everything as did VB Cruiser (which was very thoughtful and thanks again, VB, for that!). I’m wondering if property taxes are going up so high everywhere in the country, or is it mainly in the beach areas?
Thanks for your feedback.
Hi VB Cruiser,
Thanks so much for your reply…and all the details! Wow! Paul and I are shocked at how much more expensive things are there now. Gee whiz! Just 4 years ago, everything was a whole lot less expensive…everyone was saying we could live on $400-$1,000 a month easy. Not so, anymore! I wonder what that says for the future of Costa Rica and for the natives. We’re leary about building our dream home there now.
Although…before jumping the gun, how big is your home and where are you located? Maybe that has something to do with the high prices. When are property taxes going up? I can’t believe they’re going up that high! We were totally stunned. I would love to hear from other people to see if it’s the same in other regions of Costa Rica. We probably won’t have a pool, so that would cut some of the cost. Paul and I had our hearts set on building a place there when we both retired. We may have to rethink this option now.
Nevertheless, I do appreciate your email and all the information.
Diane and Paul
Oh, well then you know how beautiful that area is then! Unfortunately, Paul and I habla muy poquito Espanol, but we’re working on it. Yes, the man from whom we purchased our property has a daughter who is an architect and designs the log homes. I wonder if it’s the same man? I think he has a crew (or perhaps it’s her crew) that comes in a builds the homes that she designs. He showed us a home that their crew was building while we were there selecting our spot. Can’t remember this gentleman’s name off the top of my head and he did not speak any English either…however, our LandCo lawyer that took us out to see the properties was able to translate our questions to him. I asked our atty recently if he could talk with this gentleman about whether we could see some of their models and if we could add our touch to it. He hasn’t contacted the man yet…or at least, he hasn’t told us yet. Do you have a name of your man so I can ask our atty about contacting him for us? If you want to send it directly to my email address, just let me know and I’ll send it to you.
Diane and Paul
Hi Scott,
In regard to your post saying we didn’t mention where we were building, I just wanted you to know that I did reply, but didn’t qualify it by saying I was repsonding to your particular posting. Sorry. Paul and I are planning on building on our lot in the Santa Maria De Dota area. We’re way up high…6,900 feet, overlooking the valley. Gorgeous view. Since we liked your cabin so much, we were interested in who built it and if you would recommend their services and if they are within reach of us in the Santa Maria De Dota area?
Thanks,
Paul and DianeWe are planning on building in the Santa Maria de Dota area…south of San Jose by about an hour. Do you know that area? Is there someone in that area who can help us that you would consider competent?
Sullivans
Our atty told us that if we weren’t going to be living there right away, it would be good to keep all the books and share certificates in a safe place within their law firm. What they take care of is; 1. being the legal address for notifications for the corporation within the republic of CR, 2. Payment of tax revenue form and payment of the educacion and cultura stamp to be paid each September 30, and 3. legal custody of all the documents in order to take care of these things.
We only have the property at this point…no house. (one piece in the mountains south of San Jose…near Santa Maria de Dota, and another piece we’re paying on near Tamarindo which is investment property for us) We plan on building as soon as Paul retires…in another year and 1/2. Our atty also said that we could opt out of this service if we wanted…and they would have to send all the information via courier to the US, for which we’d have to pay. However, if we opt out, wouldn’t we have to make a lot of changes as to shareholders, President AD HOC, and Secretary AD HOC? From this distance, it seems like a lot of trouble and perhaps it’s simply easier to pay the steep fees each year.
I believe yearly property taxes aren’t that much,…am unsure about cost of eudcacion and cutura stamps. Even then, with both of those of properties, I don’t imagine it would be very muuch…so we feel certain this firm’s fees are quite high. We would go to another law firm, however, we really should wait until we come down there our next trip…hopefully in October/November sometime…and see if we can locate another “reputable and honest” lawfirm. Seems a bit ambiguous and that there are several different answers for the same question…possibly another lawyer could tell us if our current situation is legally appropriate.
Well, Paul and I went through all our paperwork this morning and found a proxy letter naming Paul and I as 100% owners of the shelf corporation (first sentence in the proxy) and that we have agreed to give them power of atty so that they will pay for taxes, stamps, etc. in our stead since we do not live there. This service, as well as the fact that they are the legal address for our corporation, is most likely what the $650 yearly fees are about and possibly the “advantage” for us. We do remember discussing with him about 6 books in the shelf corp while in his office…and signing a bunch of papers. We still do not know how many shares were created…but apparently we’re 100% owners of them. He did notarize and affix and pay the revenue stamps…we both remember paying for those.
It’s difficult not knowing who is or is not reputable or capable. I understand what you mean about dealing with the most capable and honest atty then having their work checked by the next best candidate…makes a whole lot of sense, especially if you have access to those people. Maybe I can find another lawyer online so I can ask their opinion about whether everything is above board in this situation. How do I know if they are reputable and honest though? My gut tells me our current law firm is honest, but, it would be good to find out for sure. My gut’s been wrong before! It’s just possible that all is well and that this company is just one of the expensive ones…lucky us!
Thank you David for the information. And yes, Diego, I do take this to heart! I’m concerned about this situation now,and will talk with Paul about this when he gets home this evening. Then I’ll write to our atty Monday to find out where our “shares” in the corp are and why we didn’t receive copies. I certainly do appreciate your feedback on this issue!! It’s so hard to know who to trust.
I looked at our paperwork again and found papers with Abogado y Notario on the top…and it’s all in Spanish…so I don’t really know what that is, but am hoping it’s the information necessary. Do they keep the “shares” in the corporation folder in their office? We paid for that particular property in full while there last year.
Another property we decided to buy we’re paying off on a loan. The paperwork for that property names the other lawyer that signed our corp paperwork as our President AD HOC and a woman in their office as Secretary AD HOC. It’s all in legalese, so difficult to understand, but in the third resolution, it’s acknowledging the resignation of the president and secretary of the board of directors of the company and make new appointments to the board, naming Paul as president and me as secretary and our lawyer as resident agent.
I hate to sound ignorant about this, but honestly, law was never an interest to me, and I have always had difficulty understanding legalese. That’s why we pay lawyers the big bucks. I’m not adverse to learning though! Sure do hope our lawyer did the right thing. He seems very reputable, as does the company. Scott recommended him, so I assume he’s ok.
Paul and I don’t know if we should try to find a new lawyer or go ahead and pay them another $650 to hold this corporation in their files. I thought perhaps we should talk to the lawyer that wrote the book Scott recommended “The Legal Guide to Costa Rica”, and see what he suggests. Roger Peterson! Does anyone know if he has an email address so I can write him?
Scott,
Yes, Paul is the “President” (which he likes to rub in my face! ha!) and I’m the Secretary. He had another lawyer in the office sign off on our corporation paperwork as well. Can’t remember if it was as a custodian, or a board of trustee member or what. My mom bought some property in Tambor several years ago and her lawyers requested the names and driver’s licence numbers of at least 4 people to be the board of trustees for her corp. and he charged about $250. He also sent mom all the “shares” of the corp. in the mail. We weren’t given any shares. Our lawyer’s firm has “legal custody” of all our documents and they are the legal address for notifications for the corp within the Republic of Costa Rica. Maybe it’s worth paying the price for this service. I just don’t know enough about all this to make good judgement calls.
