Costa Rica Real Estate Magazine June-September 2020

ARTICLE | REAL ESTATE

Costa Rica is an amazing country with a widely diverse culture, history, nature, activities and geography, friendly people and delicious typical foods. General Guidelines for Investors in Costa Rica

58 COSTA RICA REAL ESTATE MAGAZINE The purchase of Real Estate can be in your personal name or through a corporation. As you have probably ex- perimented in other countries, in Costa Rica, many people prefer to create a corporation to hold the Real Estate. If such corporation is not running com- mercial activities and the sole purpose of it is to act as “Holding” to maintain C oming to Costa Rica will be a great adventure and the cha- risma of its people will make you feel more than welcome. It is a great destination for vacationing but also if you are looking for a business oppor- tunity. With a very reasonable value you will find real estate with an ocean, mountain and valley views and also a diversity of perfect weather with an av- erage of 22°C (71°F) and 27°C (81°F). Professional and English speaking peo- ple such as Supervised Escrow Agents, Law Firms, Public Accountants, Real Estate Agents and more, will be able to assist you with the purchase process, before, during and after closing. In ad- dition, for those who want to enjoy, and delegate monthly obligations related to maintenance, there is a responsible and reliable team to delegate to all the utility bills, accounting, payroll and all those monthly payments. Jeimy Quesada Delgado E & T Escrow and Trust Solutions www.EscrowTrustSolutions.com +506 27716789

ty in Costa Rica, and acquired it before the new tax law, there are good news as well; the Congress added a provi- sion to protect the owner in such situ- ation. This provision allows real estate owners (persons and corporations) in such situation to apply for a special rate when they sell the real estate. Instead of paying 15% of the net profits, the law allows them to apply for a 2.25% to the gross sale´s price. There are also yearly miscellaneous payments per Corporation to consider:

their real estate or other assets; then it is not required to file income tax and until recently the yearly maintenance required very little effort and low costs. If you decide to proceed with this great business opportunity and adventure, we want to give you some useful guide- lines. Costa Rica has approved changes in the tax law on July 2019, among those changes; a 15% capital gains tax and a VAT to the services sector were creat- ed. However if you already own proper-