Costa Rica Real Estate Magazine

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ARE YOU THINKING ABOUT MOVING TO OR INVESTING IN THIS TROPICAL PARADISE, LET US TELL YOU THE BEST WAYS.

CIELO AZUL VILLA www.bluezonerealty.com See pages 48 - 51 CHOOSE THE HOUSE OF YOUR DREAMS

THE ONLY MAGAZINE WITH 3 WAYS TO REACH YOURS CLIENTS! PRINTED-ONLINE-AND AT EXPOS IN THE USA.

REACHING INVESTORS & RETIREES WITH THE HIGHEST BUYING POWER

Honored to dedicate my time and experience to making your vision a reality. I can guide you through the do's and don'ts of buying, selling or investing in this beautiful country. Whether you want to live in Costa Rica full-time or part-time, create a lucrative ROI through renting your home, purchasing land or a successful business, Let's connect!.

Gated community surrounded by lush green areas and interconnected lakes 800 acres that includes 2000 ft of titled beachfront

Luxurious townhomes from the low $300,000's with private pools

Georgeous construction ready lots for your custom designed home range from the low $130,000's to the low $200,000's

Just Listed!! Just Listed!!

19 Acres, Ocean View, Waterfalls In Platanillo, Built to U.S. standards High end finishings, Wolf, Kohler, Kraus Single Story 5000 sq. ft. luxury home $875,000 "EXECUTIVE ESTATE Must See!" Just Listed!! 19 Acres, Ocean View, Waterfalls In Platanillo, Built to U.S. standards High end finishings, Wolf, Kohler, Kraus Single Story 5000 sq. ft. luxury home $875,000 "EXECUTIVE ESTATE Must See!" Just Listed!!

Located in the hills near Palo Seco beach 3 bed 3 bath, extra 1.25 acre lot included Home automation, multi-tiered security Recently renovated inside and outside $432,000 "PERFECT FAMILY HOME!" Located in the hills near Palo Seco beach 3 bed 3 bath, extra 1.25 acre lot included Home automation, multi-tiered security Recently renovated inside and outside $432,000 "PERFECT FAMILY HOME!"

MELISSA KLASSEN ELISSA KLASSE

Call or WhatsApp me @ +506 8882 0009 melissapuravida@gmail.com Call or WhatsApp me @ +506 8882 0009 melissapuravida@gmail.com

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Central Pacific Central Pacific

Featured in Architectural Magazine Ocean View, Modern Design , 4 bdrm/4 bath, elevator, 10 Acres! $1,249,000 Featured in Architectural Magazine Ocean View, Modern Design , 4 bdrm/4 bath, elevator, 10 Acres! $1,249,000

8-BEDROOMS ! ! Ocean View Manuel Antonio $750,000

8-BEDROOMS ! ! Ocean View Manuel Antonio $750,000

bluezonerealty.com

bluezonerealty.com

Next to Matapalo beach Clean fields and forested land Potential for: Resort, Housing project, Private Reserve, Golf course $1,495,000 "Developer Ready 170 Acres" Next to Mat p lo beach Clean fields and forested land Potential for: Resort, Housing project, Private Reserve, Golf course $1,495,000 "Developer Ready 170 Acres"

5 bdrm, 3 bath Equestrian Estate $595,000

5 bdrm, 3 bath Equestrian Estate $595,000

CON T A C T U S A T : + 5 0 6 8 3 0 1 0 2 0 7 OR F I N D U S A T FA B A R PA . COM OU R E X P E R I E N C E , V I S I ON A N D C A P A C I T Y P RO V E I T ARCHITECTURE BUILDING ENGINEERING SUPERVISION

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feeling of being united with nature, creating spaces for relaxation and well-being that combine perfection with functionality and well-being.

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Our approach to residential architecture is based on the search for luxury in each finish of the project, so that your dream project can become a reality.

ARCHITECTURE BUILDING ENGINEERING SUPERVISION

Créditos | Credits

Contenido | Contents

Editor Hernán Carazo Bemúdez Publisher | F. Suyen Arvizu I. International Sales & Marketing Manager F. Suyen Arvizu I. Client Services Manager Steven León Solórzano Cover Photo By Brad Dean e. brad@jetpropelled.ca w. jetpropelled.ca Administrative Assistant Cid A. Carazo Arvizú Sales Patricia Smith Samantha Arías Contact Information: Marketing & Sales Cel: (506) 7130-2841 Tel: (506) 2416-4339 Tel: (506) 2416-4632 sales@costaricarealestate magazine.com Administrative mail: costaricamagazine77@gmail. com Graphic Design Irania Salazar S.

08 SPORT FIShING IN COSTA RICA 10 GREATER METROPOLITAN AREA 12 BUYING PROPERTY IN COSTA RICA 16 COSTA RICA INVESTMENT TIPS 18 ACQUIRING RESIDENCY IN COSTA RICA 20 COST OF LIVING IN COSTA RICA 22 DISCOVER ThE PEREZ ZELEDON AREA 26 hAPPIEST COUNTRY IN LATIN AMERICA 28 CAPITAL GAINS TAX IN COSTA RICA 30 DISCOVER ThE GRECIA AREA 32 DISCOVER ThE CENTRAL PACIFIC COAST 36 MAKE YOUR VACATION hOME PAY FOR ITSELF 40 MARINAS IN COSTA RICA 42 ThE NEW PENSIONADO RETIREE LAW 46 DISCOVER ThE SOUTh PACIFIC COAST 60 TERRESTRIAL MARITIME ZONE LAW 74 DISCOVER ThE NORTh PACIFIC COAST 76 ThE NEW DIGITAL NOMAD LAW 78 MEDICAL EMERGENCY PREPAREDNESS

Costa Rica Real Estate Magazine

Más contenido y artículos en español disponibles en: WWW.COSTARICAREAL ESTATEMAGAZINE.COM sales@co staricarealestatemagazine.com

6 COSTA RICA REAL ESTATE MAGAZINE

Alliance Attorneys by Mora Zahner & Gutierrez is dedicated to advising investors and foreigners, both corporate and individual, in their new business Ventures in Costa Rica. MZ&G assists the foreign investor in all fields so as to work with the investment model best suited for their needs. LOOKING TO INVEST IN COSTA RICA, AT THE CENTRAL PACIFIC? LET US SHOWYOU HOW.

Corporate and Commercial Law Property Law and Real Estate Intellectual Property Foreign Investment Migratory Law Maritime Zone Property Municipal and Government Procedures Trust Foundations COSTA RICA -JACÓ OFFICE: Phones: (506) 2643-2818 • (506) 2643-2858 WhatsApp: (506) 8827-1157 Fax: (506) 2643-2781 Address: Puntarenas, Jacó, Garabito, from Municipalidad 100 mts. east. PO B ox: 1454-1000 San José. E-mail: info@alliance.cr

ARTICLE | REAL ESTATE

Sport Fishing in Costa Rica By Hernan A. Carazo tourrificticotours@gmail.com

Costa Rica’s amazing coastlines offer what is arguably some of the best sport fishing in the world and each coast has its own different delights to offer.

8 COSTA RICA REAL ESTATE MAGAZINE

tions offshore. June through November things really begin to heat up here. The winds have died down and the seas are calm. This is the time of year where the sailfish start showing up in numbers, as well as the marlin, tuna, and dorado. During these months, on any given day, you can catch all four in one trip. This is one of the best areas to target all the From Jacó Beach and the Los Sueños marina down past Manuel Antonio and south to Golfito, including the Osa Pen insula is where more world records have been caught than any other part of the country, the months of December thru April, it is all about sailfish, the occasion al marlin, and some dinner fare. These are the days when boats see double digit sailfish releases and all the records are broken in the tournaments. You can expect relatively flat, calm seas, great weather and amazing offshore fishing during these months. From June to Au gust this area gets a variety of species. The tuna traditionally shows up, and with that, the marlin is here in numbers. There are sailfish still around, as well as plenty of dorado for dinner. In Sep tember and October, things slow down a bit as the weather is typically wet and things are slower offshore. Freshwater Fishing This type of fishing is good all year long. Anyone can do it and it’s available in al most any part of Costa Rica, so it can be easily incorporated into any vacation. Lake Arenal is one of the most beauti ful man-made bodies of water and it sits right at the base of the Arenal Volcano. This lake offers pristine views, crystal clear water and world class light tackle fishing and well known for the guapote (rainbow bass) which can be caught all year round. There also many other spe cies you can catch, including the hard fighting machaca, blue tilapia, and mo jarra. Caño Negro is for the real adventurer and the closest thing to the Amazon that Costa Rica has to offer. Here you can catch prehistoric alligator gar, freshwa ter tarpon, rainbow bass, machaca and, during the fall months, even snook. pelagic species at once. Central & South Pacific

pert levels. It is an activity that is avail able year-round but is seasonal in cer tain areas and include up and down the Pacific Coast, the northern Caribbean Coast and in-land. For the last three years, both tourna ments have broken multiple records and the future’s looking bright. This kind of results attract many sportfishing maga zines, adventure shows and even ESPN has come to Costa Rica to witness and be a part of the action. North Pacific From the Nicoya Peninsula to the border of Nicaragua. From December to March, things can be tough here. This area is plagued by the Papagayo winds, which are the trade winds blowing from East to West off Lake Nicaragua. During these months, the winds can blow 15-20 knots, which makes for very poor fishing condi

Offering World Class tourna ments like the Los Sueños Triple Crown and the Offshore World Championship, Costa Rica has really etched itself into the history books as a world record fishing destination for sailfish and marlin. On the Pacific Coast side, you are in for a treat with the chance to fish for marlin, dorado, tuna, wahoo, roosterfish, snap per and more. While on the Caribbean (East Coast) side of the country the main attractions are big snook and big tarpon. Sportfishing is for everyone from avid fishermen to families, couples, and adventure seekers and encompasses everything from novice to advanced ex

Continued Page 66

COSTA RICA REAL ESTATE MAGAZINE 9

ARTICLE | REAL ESTATE Costa Rica’s Central Valley

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T he Central Valley of Costa Rica, also known as the GAM (Greater Metropolitan Area) is made up of San Jose, Costa Rica´s capital city and the provincial capital cities of Heredia, Alajuela and Cartago along with their respective surrounding smaller cities and towns. The GAM offers many advantages such as a year-round temperate climate for the most part. Heredia and Cartago tend to be cooler and Alajuela warmer than San Jose. In addition to a great climate most of the population lives in this area which in turn means that the amplest variety of amenities, cultural and entertainment offerings, shops, restaurants and all manner of activities are available. Also, some of the best Medical and Dental care in the country can be found here. On the West side we have the areas of La Sabana (location of Costa Rica´s mini-clone of NY´s Central Park), Rohrmoser, Escazu, Bello Horizonte and the Santa Ana-Lindora area. This is where the largest concentration of high end homes and private schools can be found as well as the largest Mall in the Country, the Escazu Multiplaza Mall. Continuing past Santa Ana on Highway 27, you can veer off to the right and go visit Ciudad Colón, a cute small town with some high end residentials with great views. Just a little further is the World-famous University for Peace. If you don´t veer to the right but instead continue onward on the highway you will pass exits for La Garita, which has many Quintas (large residential estates) and an endless choice of nurseries. Further on you find exits that can take you to Grecia, Sarchi and Naranjo, three semi-rural colorful towns which offer a great option for living and are growing in popularity with expats.

Continue the highway and you will pass an exit for Atenas, another quiet small town that is a favorite for expats to live in. San Jose lies at an altitude of just over 3,750 feet above sea level which contributes to its year-round springlike weather. It offers a blend of new and old and is basically a small town that grew in all directions as its population growth increased. There are not that many tall buildings in general although in the upscale Rohrmoser-Nunciatura area several have sprung up in the last decade. In the center of town, you will find historical buildings like the Central Post Office and the National Theater as well as the recently remodeled Hotel Costa Rica. You can also find several museums including the very interesting Gold and Numismatic Museum housed in a unique architectural gem built underground. Several parks also dot the landscape and an interesting place to visit is the Mercado Central, a market under roof founded in the 1860´s which occupies a square block and has a large variety of items on sale as well as many small sodas (small restaurants) where you can have a tasty and inexpensive lunch. From San Jose you can head to the Central Pacific Beaches and reach the closest ones, Herradura and Jaco beaches, via the highway 27 toll road in under 90 minutes. From there you can continue South and reach the beautiful beaches of Manuel Antonio Quepos and another 45 minutes further South are the beaches of Dominical, Uvita, Ballena and Ojochal where the jungle and mountains reach the sea. Continue further South and you will reach the Osa Peninsula, described by National Geographic as the place with the most biological intensity per square foot on the Planet!

COSTA RICA REAL ESTATE MAGAZINE 11

Buying Property in Costa Rica 101-A Primer

ARTICLE | REAL ESTATE

You have visited Costa Rica, possibly several trips and you love it and you are ready to buy your own place in Paradise, great, you are making a wonderful decision!

Registry. Nearly all purchases require a due diligence period of 30 to 60 days so an Option to Buy-Sell is signed (Opción de Compra-Venta) where the key items are specified such as the property reg istry information, the price, the option term, broker commissions and the key due diligence points that must be met in order for the down payment (given with signing of option) to be released to the seller by the Escrow company. Do not give the option money (which is usu ally 10% unless agreed otherwise mu tually), to the seller or his lawyer. Your lawyer should have a reputable escrow company he or she works with that will act as the independent third party in the transaction and that will abide by the op tion to buy contract stipulations. For your protection always use your own trusted lawyer to look out for your interests and do not agree to use the seller´s lawyer as that opens you up to big potential trouble. All titled land in Costa Rica, whether it is registered following the newer ¨Folio Real¨ system or the older book/page/en try system, can be accurately and safely title-searched in order to determine all relevant aspects on the specific proper ty, such as ownership, mortgages, liens, annotations or other issues, that may af fect ownership rights or the possibility of transferring said property to a third party. Title searches on ¨Folio Real¨ proper ties may be initiated in the computer system, which is accessible online but will then possibly require a follow-up in the book/page/entry system, particularly when the computer search shows liens, encumbrances or other property charac teristics that were ¨inherited¨ from older transactions on that land before it was transferred to the ¨Folio Real¨ system. Additionally, although the computer sys

12 COSTA RICA REAL ESTATE MAGAZINE Few places have all the pluses that Costa Rica can offer for retirement, re location and investment, so long as you do your homework properly! Do it right and you will be very happy but if you don´t do your due diligence and work with expert real estate and legal help to guide you, then you are basically rolling the dice and hoping to win. A big plus is that the foreign owner of property in Costa Rica has the same constitutional rights as Costa Rican citizens. One key piece of advice not usually given is that you should choose a good lawyer who will be the key person in getting things done correctly and safely in Costa Rica. Even before picking a Real Estate pro fessional, find a good lawyer, preferably one who works daily with the area you are interested in buying your property in, although some San José lawyers are also excellent real estate specialists. A good lawyer will advice you on any pit falls you might not have seen or even know about, and also knows who the reputable real estate firms or individuals in the chosen area are and can also help you to begin your residency application. In Costa Rica, mostly all land is titled, and those titles are registered and kept at the offices of the Public Registry in San José (the Capital city) in the Property Section (Registro de la Propiedad). Most titles are currently organized by means of a computerized system called the ¨Folio Real¨. A property ownership transfer re quires that both the buyer and the seller sign a deed before a Costa Rican Notary Public (whose concept is different from the ones in many other countries such as Canada and the United States and is re quired to formalize all transactions deal ing with real estate transfers) and that the deed is then recorded at the Public

tem will indicate a list of liens and en cumbrances, in most cases a thorough and complete title search will require the review of microfilmed or scanned documents indicating the details of such finds, which are not accessible online and can only be obtained at the offices of the Public Registry. Although, as indicated, the ¨Folio Real¨ is accessible online, generally private parties do not have the legal training to be able to accurately interpret the in formation acquired, as well as to know how best to follow-up any required fur ther steps. This is why it is highly rec ommended that a knowledgeable legal professional be used to perform and re port on the title search. In addition to the title search, if the property is owned by a corporation, it is essential to undertake a corporate search at the Commercial Section of the Public Registry. Only by doing so, can you verify that this corpo rate entity transferring the property is in good standing and also that the pro posed signatory of the transfer deed ac tually does have the legal power to do this transfer. Another important item to keep in mind when buying a property is the USO DE SUELO (what you are allowed to build or do on that property). For example, if you are buying a lot or built property for com mercial purposes but the land is desig nated for residential use only then you need to know this. Or you want to buy a lot and put several units on it but are only allowed a single residence or you want to have a Bed & Breakfast, but the municipality does not allow it, etc., etc. All of these pitfalls can easily be avoided with the use of a good lawyer and proper due diligence and the additional help of a good real estate professional.

Price: US$1,250,000

Price: US$950,000

Ask for Price

Luxurious, modern house surrounded by gardens Lot: 1,600m², Construction: 520m², Pool, service room, terrace

Modern Luxury Mansion “Montaña del Sol” Santa Ana, 2786m2 lot, 1100m2 built, Nature & Views.

Brand New INEDITA Luxury Home Lot: 930m², Construction: 570m², Office + TV room + Pool, Parking: 3 int / 3 ext

4 full / 1 half bath

4

4 full

7 full+2 half Baths

3

6

Price: US$1,380,000

Price: US$3,100,000,

Price: US$1,587,000

Luxury Villa “La Hacienda” Heredia, 6647m2 lot, 658m2 built, 2 homes, 18 parking, pool, 2 terraces, power-plant, well, gardens all-around.

3 Modern luxury homes complex in Playa Tambor, Los Delfines Private Residencial Club with Golf course, pool, ocean view Each home has 6 Bdrms., 5 Baths, 2400m2 lot in front of beach with catastro plan.

14,676m2 Lot, 2361m2 built, 3 homes, 1 apt., 30 parking spots, Movie room, 3 bars, pool, sauna, gym, 3 BBQ, gardens all-around.

5 full+1 half Bath

6

7 full / 2 half bath

11

Price: US$2,200,000

Price: US$$2,200,000

Price: US$3,300,000

Hotel in Alajuela, restaurant, pool, cafeteria, dining room + land, 2703m2 lot, 1100m2 built, 89 parking spots.

4 Star Ocean-front Beach Hotel w ith 2 restaurants in Playa Azul, Guanacaste, 20,464m2 lot, 5139m2 built, pool, bar, gym, solarium.

Mixed Use Building with 2 buildings in San Rafael Escazú Lot: 602m², Construc: 1,350m², 2 buildings of 2 & 4 levels, Mixed Use Property. with elevator. Close to LaPa Co. Possibility of expanding to 2,000m².

13 full / 2 half bath

12

24 full

21

J&J Real Estate CR Inmobiliaria

www.jjrealestatecr.net • info@jjrealestatecr.net We have extensive knowledge of the market, investments and the product or service that our customers are looking for. We go beyond the objectives of a traditional real estate agency, obtaining and evaluating the value that each of our clients need. Contact us today so we can advise you on your next investment: +506 7043-4298 Jorge Isaack Urbina Navarro; President/Partner

The team at Prisma dental works together in a very professional manner while cutting out so much unnecessary time that I’ve seen wasted by not having all the resources in one facility. Needless to say, I was extremely impressed by the work the team was able to do in such a short time. Josef, Telma, Nadine and the rest of the Team are absolutely amazing! They a the friendliest family you! meet! At Prisma Dental, we’ll treat you like family – because we started as a family. Pioneers of dental tourism in Costa Rica and more the 30 years of experience in all dental treatments. Ifl ove to travel, want the best value for your money, and desire high-quality dental care, then we’d love to meet you! Let your best travel souvenir be a beautiful smile! Prisma Dental is located less than 10 minutes away from downtown San Jose. You will find our fully equipped treatment rooms with comfortable chairs and plenty of windows to admire the view of the ever-changing mountain scene of Costa Rica. We have 8 treatment rooms, which means long wait-times are kept to a minimum all ready to handle any required dental treatment. We have our own on site laboratory with the latest equipment and highly trained personnel capable of working extremely complex cases. We are happy to recommend nearby hotels and to help with the details of your trip. Contact us for more information. Sit back, relax, and enjoy in our state-of the-art clinic while our highly trained doctors do the work to create your new smile. It truly makes Prisma Dental a whole experience, experience, not just a "visit to the dentist." For more information go to our website: www.prismadental.com

Affordable Dentistry in Paradise By Nadine Cordero, DDS MsD Dental Implants, Periodontist

When you consider traveling to another country for your dental care, you want to know what others are saying about their experiences. At Prisma Dental, we understand this, so we've made it easy for you. Instead of filling up this page with a vast description of our clinic and dentists, we’ve shared the experience, reviews and testimonies of many people just like you that have traveled from all over the US and the globe to combine their dental care needs with their vacation. We look forward to showing how easy it can be to restore or enhance your smile while enjoying the splendour of beautiful and welcoming Costa Rica. “ I learned about Dr. Josef and Telma who own Prisma Dental though family, so I had complete confidence that I was going to a top notch excellent dentist when I decided it was finally time to address the dental needs I had, and I had many. I can understand that many people would be overwhelmed by the idea of traveling to an unknown country to get dental work done. I have been to dentists in the USA and in Europe so I would say I am very familiar with the processes to get anything done. What I would say to anyone trying to make the hard decision to travel overseas to Prisma dental to have your dentistry

Before

After

work done is, you will be completely impressed and satisfied. When I arrived there I knew I needed several root canals and possibly implants, not to mention my teeth were oddly shaped and needed adjustment. Needless to say, Dr, Telma, Josef and Nadine got to work. After many hours on and off the chair. A week later, I had a completely new smile. Other that the crowns that needed to go on the implants, I had all my teeth fixed and new crowns installed. From my personal experience, I have never seen a dental practice that has the ability to perform every aspect of dentistry in one state of the art facility.

High quality dentistry at reasonable prices

osef Cordero Telma Rubinstein Cosmet ic Dentistry J

Drs

clinic@prismadental.com | www.prismadental.com Local (506) 2291-5151 | Tol l Free from USA 1-866-741-8194

ARTICLE | REAL ESTATE

TIPS AND GENERAL GUIDELINES TO CONSIDER IF YOU ARE PLANNING TO INVEST IN COSTA RICA

C osta Rica is an amazing coun try with a widely diverse culture, history, nature, activities, ge ography, friendly people and delicious typical foods. Coming to Costa Rica will be a great adventure and the charisma of its people will make you feel more than welcome. It is such a great des tination for vacationing but also if you are looking for a business opportunity. With a very reasonable value you will find real estate with an ocean, moun tain or valley views along with diversity of the perfect weather with an average of 22°C (71°F) and 27°C (81°F). English speaking professionals such as Supervised Escrow Agents, Law Firm, Public Accountants, Real Estate Agents and others, are able to assist you with the purchase process, before, during and after closing. Jeimy Quesada Delgado E & T Escrow and Trust Solutions www.EscrowTrustSolutions.com +506 27716789

tips and guidelines. Capital Gains Tax: Approved and im plemented since July 2019, with a rate of a 15% c apital gain tax applied to the gain. However, if the property was ac quired before July 2019, there is good news as well; 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 price. There are also yearly miscellaneous payments per corporation to consider:

It is possible to register the title of the purchase of real estate in the Costa Ri can National Registry either in the per sonal name or through a corporation. What’s required if the company holding the title is not running a business activ ity? It is only required to file the inactive corporation report informing the total value of the assets held by the compa ny. However if there is a business activ ity a D101 income tax has to be filed ev ery year no later than March 15th.here are also yearly miscellaneous fees and taxes to maintain the corporations and title in good standings. It requires very little effort at low costs. In addition, because E & T Escrow´s team knows and understands how im portant it is for you to count on a reli able team to assist you after closing; our Payments Account service is an ex cellent solution if you prefer to delegate monthly obligations related to mainte nance, payroll, utilities, HOA, property taxes, insurance and any other items while the monthly obligation are in the hands of experts. If Costa Rica is your next investment destination, we want to give you some

16 COSTA RICA REAL ESTATE MAGAZINE

porations or foreign corporations regis tered in the Costa Rican National Reg istry must pay a tax called “Timbre de Educación y Cultura” (Education and Culture stamps tax) and its amount is based on the registered social capital. Luxury Tax: ( Due January 31st) Prop erties valued above $220.000.00 must file and pay this tax. It has a sliding rate ranging between 0.25% and 0.55% based on the value of the constructions and a portion of the land in use. Every three years, taxpayers must present a D179 form to update the value of the real estate. Property Taxes: It is the tax on the real estate and owed to the county where the real estate is located. The tax rate is 0.25% of the property value regis tered in the Municipality. Filed every 5 years or anytime the property changes ownership, the landowner must pres ent a value declaration to the Munici pality. Once approved by the Munici pality, such value is used as tax base. This tax is due quarterly: March, June, September, and December. However,

some Municipalities offer a discount if the whole year is paid in advance. Simpl ified D101): Declaration of As sets value. Due November 2022 for the first time after extensions approved by the Tax authorities. We recommend that you to keep good records of the property purchase and improvements to prepare and declare the correct amount every year. D140 : This form is filed at tax adminis tration to register the corporation once it is setup or when there are changes in legal presentation, business activity, or domicile. Tax for Nontraditional Rentals: We understand you may buy a house, villa or condominium with the inten sion to use it during a season but rent it while you are away. You must consider the obligation of collecting the added value tax “VAT” plus the payment of the income tax on rentals. Contact E & T now and learn more about the guidelines, we want to help you to keep all in good standing.

Registry of Transparency and Final Beneficiaries (Also known as UFO or Ultimate Beneficial Ownership Regis try): Ordinary reports are due in April of each year (for all the corporations and companies) and it requires to report the ownership of the company up to physi cal person. Corporate Tax: It is the annual tax on Legal Entities and must be paid no lat er than January 31 of each year. The amount is approximately $121 US (de pending on the dollar exchange rates) for inactive corporations and ranges between $121 and $360 depending on company activity and yearly income. Education and Culture Stamp Tax : (Due on March 30th) Costa Rican Cor-

COSTA RICA REAL ESTATE MAGAZINE 17

ARTICLE | REAL ESTATE

Costa Rica Residency Requirements There are several ways a foreign citizen can obtain residency in Costa Rica.

O btaining residency is the way to go if you are serious about staying in Costa Rica, although some ex-pats who live in Costa Rica have become ¨perpetual tourists¨ and do a visa run to the border, mainly to Nicaragua every 90 days, this is a risky proposition because visas are renewed for ¨up to¨ 90 days but this is done at the discretion of the immigration person at the border who can give you less time on that visa renewal or even deny it and then you are in a bad position. There is of course a bureaucratic procedure to obtain your residency and of course there are the related expenses. How ever; the advantages far outweigh the disadvantages. For example, only with a legal residency can a foreigner get a driver´s license, or be allowed to work legally, or get a post pay cell phone, or not need to carry around a passport, or get local prices at many places versus tourist prices, etc., etc., so it all begins to add up. Let´s see some of the various ways you can obtain residency: TEMPORARY RESIDENCY: PENSIONADO: Requires a monthly income of US$1000 per month. This

would be from a permanent fixed in come like a pension like private sector, government or social security benefits. RENTISTA: Requires a monthly in come of US$2500 per month and in cludes spouse and children under 25 years of age. This category requires a permanent and stable source of in come equal to or above US$2500 for two years which equals US$60,000 and is renewable. An international and recognized bank or financial institution must issue you a letter that states this or you can deposit the US$60,000 in a local bank and can take out $2500 per month. SPOUSE: Granted to the Spouse of a Costa Rican citizen under article 73 of the Immigration Law. WORK RELATED: Technical workers, Managers, Executives, Specialized workers, etc. of a company established in Costa Rica. INVESTORS: Foreigners who pur chase Property for $200,000 or more can apply for the status of Investor by

presenting the proper documentation to Immigration. SPECIALIZED: Professional, Scientif ic, and other such specialized individu als deemed of value to the country. RELIGIOUS: Persons who are part of duly accredited religious orders and are so recognized by the Ministry of Foreign Relations and Culture. PRESS & SPORTS: International Press Correspondents & Recognized Sportsmen PERMANENT RESIDENCY: Permanent residency is a migratory condition that allows the person who obtains it, to remain indefinitely in the country and with the freedom to work. Persons eligible to apply for this type of residency are those whose parents or children are Costa Rican citizens. The other persons eligible are those who have had a Temporary Residency for 3 consecutive years. PLEASE VISIT OUR website for more details: www.costaricarealestatemagazine.com

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GA R D E N CENTER C A F E G O U R M E T &

• Potter y & Fountains • Constructio n o f G ar den Areas • Pro d uctio n o f Plan ts An d Trees • D esign • Livin g Walls • Aquari um D esign

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Del Residencial Parque Valle del Sol 400 mts. Norte y 400 mts. Oeste ó de Terrazas Mall 1.5 km al Oeste

ARTICLE | REAL ESTATE

T he Cost of Living in Costa Rica

By Hernan A. Carazo tourrificticotours@gmail.com

There are many reasons that make moving to Costa Rica a very attractive proposition and one of the most often asked questions is what the Cost of Living is.

T his is a very good question be cause no matter how attractive a country is, before you take the big step to move here it is very important to know that you can afford the lifestyle you are dreaming of. Naturally Costa Rica is one of the most desired desti nations for retirees, and for other still young singles and families looking for a new place to call home. Costa Rica continually tops the lists of “Best Places to Retire” and “Best Places for Expats.” As well as the Happiest Countries re

sults and for good reasons! The great weather, awesome scenery, variety of unforgettable tourist attractions and the general good Pura Vida vibes that are found here. When you add in the excel lent health care available (ranked just below Canada and above the USA), the absence of an army, the stable demo cratic government for the last 74 years, the reliable power grid, the potable wa ter throughout the country, the ample availability of healthy food, the near ness to the USA and so many more rea sons, make the appeal of moving here extremely enticing. If we add to that the heightened effects of climate change in the Northern Latitudes and the fact that you are immediately allowed to own real estate or a business as a foreigner, then it makes a lot of sense to consider moving to Costa Rica. So now going back to the question of what the Cost of Living in Costa Rica is, that is a question with a myriad of an swers. I believe the question really asks and means many things. It is more like

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ments. So, as you can see it is do able but does not cover a health plan or lots of touring. Also, if you decide to own a vehicle that adds other costs like gas, insurance, yearly road permit (marchamo), yearly safety inspection, repairs, etc. Now let´s say that you are living in a well to do area of San Jose (Costa Rica´s capital city) like La Sabana, Los Yoses, Rohrmoser, Escazu or Santa Ana then you will have access to the many conveniences of a modern city including big malls, many restaurants, entertainment and cultural venues, top private hospitals, and many other amenities but your monthly costs will be higher. Staying with the single in dividual and renting a one- or two bedroom unit with appliances included (semi-furnished) in a high-rise tower with amenities like a pool and gym, the monthly rent amount can be from US$850 to US$1500 (based on current offerings online October 2022). Your monthly food costs if you are only going to the major supermarkets will run you US$550-600. The Internet plus cable TV will usually be much faster and with 200 Gb Down can cost about US$60 plus about US$25 for a basic monthly cell phone prepaid plan. At this point we are in the range of US$1500 to US$2150 depending on your rent cost and now we must add entertainment (more to do in the city so usually more expenses), transportation costs, lots of

what is the Cost of Living in Costa Rica that will let me live the dream lifestyle I desire. After all, you can live a modest but adequate lifestyle in Costa Rica if you have a US$1000 per month income but depending on your lifestyle require ments you could easily be spending as much as US$8,000 per month. If we examine in more detail what a monthly budget of US$1000 will get you then the first consideration is loca tion. You cannot realistically expect to live next to the ocean and do it on such a limited budget but if you choose an inland location where you will find more Ticos (Costa Ricans) living and you adjust your lifestyle to be more like the average Tico then US$1000 per month is doable. For example, here is a real budget for a single individual living in Grecia (located in the Province of Ala juela and 30 minutes from the Interna tional Airport in San Jose): Monthly Rent (incl. Electric & Water) - for a small unfurnished 1 or 2 bdrm., 1 bath apartment. US$300. Monthly Food Bill (includes taking ad vantage of the weekly Farmers Market Fair) - US$360. Monthly Internet (50 Gb down & 10 Gb Up) – Cable TV & Cell Phone bills - US$ 90. At this point we are up to US$750 which would leave US$250 to cover entertain ment, eating out, transportation (buses are plentiful and cheap) and putting a little aside for medical/dental appoint

restaurants to choose from, Medical/ Dental costs from either a Health Plan or setting aside money to cover those needs when they arise. So, we are ba sically looking at monthly costs that can range from US$2000 to 3000. If like many, you are attracted to the beach lifestyle then just how close you want to be to the beach and which beach town you choose will affect your needed monthly budget. Again, using the single individual and renting a one- or two-bedroom unit with appliances included (semi-furnished) in a high-rise tower with at least a pool, the monthly rent amount can be from US$1050 to US$1750 (based on current offerings online October 2022). Your monthly food costs if you are only going to the major supermarkets will run you US$600-800 as the beaches are gen erally a bit higher. The Internet (50 Gb down & 10 Gb Up) plus cable TV will usually be about US$60 plus about US$25 for a basic monthly cell phone prepaid plan. At this point we are in the range of US$1700 to US$2600 depend ing on your rent and food cost and now we must add entertainment (usually many restaurant and bar choices at the beaches), transportation costs, Medical/ Dental costs from either a Health Plan or setting aside money to cover those needs when they arise. So, we are ba sically looking at monthly costs that can range from US$3000 to 3500. Again, many factors come into play in cluding your age and health and if you are living for a short period of time or part of the year or perhaps you are here under the new Digital Nomad designa tion and take advantage of the health insurance offered or if you have ap plied and received your temporary or permanent residency status under one of the various qualifying methods avail able which would give you access to the universal CAJA (Government Health System) health facilities and services for a monthly cost based on a percentage of your monthly income. Private health care is available and of excellent quality and can cost from 30 to 50% of what you would pay in the USA for similar health care services. So, while Costa Rica does not offer the lowest Cost of Living in Latin America it does without a doubt offer the Best Quality of Life for the buck!

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ARTICLE | REAL ESTATE

We had the opportunity to meet with Lic. Rodolfo Herrera who is a principal Attorney and Notary Public with the firm of Herrera & Asociados and on a more personal note, we wanted to have him tell us about living in Perez Zeledón which is a beautiful and gener ally unspoiled but lesser-known area in the Southern part of Costa Rica. It is inland but less than an hour away from the beautiful beaches of the South Pa Discover the Beauty and Attractions of Perez Zeledón in Southern Costa Rica cific and has a lot to offer to both the visitor as well as to those looking for a place to call home. Lic. Herrera, please tell us what in your opinion are the must-see activities in this area? Possibly one of the most impressive places to visit is the Chirripó National Park area which is over 500 square ki lometers of land and has as its´ most prominent feature, Cerro Chirripó which at an altitude of 3,820 m above sea level, is the highest mountain in Costa Rica. At its highest point on a clear day, you can see both the Atlantic and Pacific oceans. The climb up from basecamp can take from 6 to 9 hours depending on your physical condition and allows you to see how the vege tation changes form as you climb. At times snow has fallen on the highest parts. Another must-see is the sugar cane plantations along with a visit to a local farm so you can see the process and the final products including sugar for export. You can see sugar mills that where operated by hand and later using horsepower. Tours of the local high al titude coffee plantations, both large and HERRERA & ASSOCIATES Office: (+506) 2770-4932 US Office: (+305)433-4290 rherrera@bhclawfirm.com www.bhclawfirm.com

small, allow you to see the production process and how various coffees are mixed to regulate the acidity and pro duce export quality world class gourmet coffee. Another excellent attraction is the large Farmer´s market which offers a large variety of fresh natural prod ucts but also includes artisanal prod ucts such as kombucha, falafel, goats milk products and others made by im migrants to Costa Rica of various na tionalities who now live in the local area and add to the cultural variety of our beloved area. Lic. Herrera, please tell us about the actual pluses of living in this unique lo cation . Perez Zeledón is in a privileged loca tion which has great weather year round, and you are also very close to the beaches of the South Pacific such as Dominical, Uvita, Ojochal and the amazing Osa Peninsula. You can also go from here to the border with Pan amá and take advantage of the duty free zones. Reaching here is a great adventure as you have two different routes to choose from: You can take the Pacifica Fernandez Coast Highway Continued Page 24

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which starts in Puntarenas and heads South to Jacó, Parrita, and past the Quepos/Manuel Antonio beaches con tinuing toward Playa Dominical where you can take the turn and head inland and upward and reach Perez that way. A second way and my favorite is to go via the Cerro Bella Vista also popularly known as the Cerro de la Muerte, the hills of death, named as such based on legends of many farmers who traversed it on foot and died from the extreme cold which they were not accustomed to. This highway comes from San José, past Cartago and heads up into the mountainous areas where at one point you are just 500 meters below the height of the Chirripó highest point and at cer tain times of the year you can see icing on the vegetation and at night the sky is so clear and free of light contamina tion that you can see a myriad of stars and even satellites going by! Also, at certain spots you can see the oceans in the distance and experience a variety of microclimates and see fields of colorful vegetation. You can also see a variety of animals along this road, and I have seen on various occasions large tapirs. I also have a memory from many years ago of going with my father and seeing something fall from a tree, as we looked closer it turned out to be a puma the size of a great dane which then proceeded to cross the road. So, as I mentioned it can be a very adventurous route and has several interesting businesses along the road including one that has many hummingbird feeders just outside its windows and you can see all types and sizes of these birds. So those are some of the reasons I consider Perez such a special place and since it is located far from the capital city and surrounding areas, our crime rate here is very low and we get our water from high altitude springs which makes it very healthy and good tasting. As you can see, I love liv ing here and recommend it to all. Another must-see is the sugar cane plantations along with a visit to a local farm so you can see the process and the final products including sugar for export. You can see sugar mills that where operated by hand and later using horsepower.

One of the most impressive places to visit is the Chirripó National Park area which is over 500 square kilometers

Article from page 22

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ARTICLE | REAL ESTATE

T he Happiest Country in Latin America By Hernan A. Carazo tourrificticotours@gmail.com )

Why is Costa Rica consistently ranked among the top of the happiest countries in the world and the top one in Latin America?

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ARTICLE | REAL ESTATE

C osta Rica is the winner of many accolades, from the Happiest Country to the Best Place to Re tire, as well as the Best Place to visit Post Pandemic and the Top Eco-Tour ism destination in the World, among many other top designations’ year in and year out. This is a result of the many attractions the country has to offer to both Visi tors as well as to persons looking for a new place to live or to retire in and it also makes it very attractive for the new breed of Digital Nomads. Located less than 3 hours flying time from Southern Florida and under 4 hours from Central Texas is a very big plus. Being able to reach such a wondrous destination in such a short time allows vacationers more time to enjoy the ample flora and fauna and to see more tourism loca tions within the country. For those who choose to live here it makes it so much more convenient for those times when they must go back to North America, whether it is to visit family or attend an event or possibly to get medical atten tion that their specific insurance only

covers in the US. So, location is a definite advantage to living in or visiting Costa Rica. But location and beauty aside, what other elements combine to make this the Happiest Country in Latin America? A recent study sponsored by the United Nations, the 2021 World Happiness Report (covering the period of 2018 20 and the ninth report they have done since 2012) uses the results of the Gal lup World Poll team that look at the perception of happiness by the peo ple living in each country and Lloyd’s Register Foundation, which provides access to the World Risk Poll. These results are added to other country mea surements to come up with a ranking of the happiest countries. This last one placed Finland at the top and Afghani stan at the bottom and considered the effects on all countries of the Covid-19 pandemic. You can read the entire re port at: https://worldhappiness.report/ ed/2021/ These reports are launched annually on International Day of Hap piness, March 20th. Costa Rica was

ranked 16th, placing it at the top of the Latin American countries as well as above the United States and many oth er First World countries. Some of the items measured are Quality of Life and Length of Life. Costa Rica is again the leader in Latin America on life expec tancy and places 20 places above the US. When you combine World Class Medical and Dental care (both Public and Private) with easy and affordable availability of healthy foods and so many places to go and relax the mind, that are both affordable and spectacular and within easy reach, you get a popu lation that even in difficult times, has a perception of happiness and it shows in the friendliness and happy demeanor of the average Costa Rican. Ranking of Freedom to Make Life Choices places Costa Rica in 11th place worldwide. By comparison Canada is 19th, the United Kingdom is 52nd and the US is ranked in 62nd place. So, it is the sum of all these realities and perceptions that make Costa Rica so unique and such a good choice for both Visitors and those wishing to relocate.

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