Costa Rica boasts of a business-friendly environment that encourages real estate ownership and possession. The country’s stable and growing economy fosters private investment in property. The government especially drafted regulations and policies favor overseas investments in real estate. Foreigners who purchase property in Costa Rica enjoy the same constitutionally protected rights as Costa Rican nationals. Annual property taxes are very low, only ¼ of 1% of the registered or the declared value (0.0025%). In case of properties sold by the declared value, the value according to the government is always lower than the actual sales price. Small closing costs, nil capital gains tax and low property taxes have encouraged Costa Rica real estate investment.
Property in Costa Rica can also be refinanced. However, on account of higher rates of interest and additional paperwork, Compass Properties suggests a cash purchase. Only if additional funds are required, should a refinance be considered. Beachfront property is especially a lucrative Costa Rica real estate investment option. This is because beachfront land in Costa Rica is considered “concession land”. Concession rights can be acquired via lease with the Costa Rican government. Lease periods may typically range from 20-40 years and buyers may acquire multiple lease terms. The best way is to approach an experienced and a reputable realtor who can guide you through the various stages of property search and purchase. www.tropisphere.com is a Costa Rica real estate agency with several years of proven experience in the realty market of Costa Rica.
Apart from favorable property laws, Costa Rica real estate investment boom has also been fostered by the country’s global medical advantage. Costa Rica has an abundance of easily accessible hospitals and health care centers. Major hospitals, including state-run hospitals are evenly located throughout the cities. The country is a global Mecca for persons who want high quality medical care at some of the lowest international prices. Plastic surgery, cosmetic surgery, facelifts and eye surgery are some of the booming fields. In a recent survey, healthcare facilities in Costa Rica have been rated above those in the US. Many healthcare giants like Pfizer, Glaxo Smithkline and Firestone have operations based in Costa Rica.
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