Costa Rica Frequently Asked Questions
Are you thinking about moving to Costa Rica? Here are some of the most common Costa Rica Frequently Asked Questions.
More and more people are choosing to buy real estate and settle down in one of the most beautiful countries in the world. Costa Rica has been repeatedly ranked #1 on the World Happiness Index, which explains why over 50,000 North American expats and retirees have decided to call Costa Rica home.
Here are some of the most commonly asked questions about moving to Costa Rica:
1. Is Buying Property in Costa Rica a Good Investment?
The short answer is absolutely! Many people are snatching up rental properties along the coast. Renting out the property helps them finance the purchase and upkeep of their future retirement home. And for people who are ready to move right now, housing prices are low, but with tourism continuing to rise, prices will soon go up.
2. Can Foreigners Own Property in Costa Rica?
Unlike some other nations, Costa Rica does allow foreigners to have the same rights as locals when purchasing real estate and land in the country. You will be able to own property outright in your own name. Exceptions may apply in some beachfront property cases.
3. Are Costa Rica Real Estate Prices Dropping?
Thanks to a surplus of new houses and apartments, we have seen property prices drop a bit in the local market. What also makes it a great time to purchase property is the fact that mortgage interest rates have also dropped though overall economic conditions have remained consistent. All of this is to say that now is a great opportunity to buy.
4. Is it Safe to Buy Property in Costa Rica?
Overall, Costa Rica is a very safe country to own real estate and live in full- or part-time. As with any country, there are some places that are safer than others, and a good real estate agent can help you focus on these areas.
5. How Wealthy is Costa Rica?
Costa Rica is a jewel in Central America with a large, professional middle class and a relatively equal distribution of wealth. The nation has also seen strong and stable economic growth since 2010 thanks to a backbone of commodity exports like coffee, pineapple and bananas. Add to this the country’s political stability and relatively high education levels, and you’ve got a wonderful place to call your second home.
6. Where is the Best Place to Live in Costa Rica?
There are quite a few areas to consider when shopping for real estate. Some of our favorite places are:
- Jaco Beach
- Santa Teresa
- Quepos – Manuel Antonio
- Domincal, Uvita, Ojochal
- Central Valley
7. Are There Property Taxes in Costa Rica?
Yes, and you’ll be happy to learn they are ridiculously low. This is because the tax is based on the appraisal value, which is always much lower than the real value. For example, a $300,000 property may have only been registered by the city as a $50k, and you’d only end up paying $125 annually. The bottom line is if you are looking to buy a rental property or permanent residence in Costa Rica, now is a great time to buy! Let us walk you through the steps necessary to make your dream lifestyle a reality! Call, email or stop by one of our three locations today.