Buying a home in Costa Rica is an exciting investment for families and individuals around the world. When purchasing a home abroad, you’ll find that the rules and regulations associated with this purchase are quite different from what you are used to in the US or your home country. Today we’re going to discover more about what it takes to buy a home in Costa Rica and answer the question: can Americans buy property in Costa Rica?
Can Americans Buy Property In Costa Rica
The great news for Americans looking to invest in property in Costa Rica is that non-residents of the country enjoy the same rights as local citizens. This means the purchasing process is relatively straight forward when compared to other countries you might be considering investing in. In many countries, only residents are allowed to invest in property, which helps to keep the market within that area. Costa Rica has some incredible properties on offer, many of which you can find listed on our site. By moving to Costa Rica, you can enjoy a better quality of life and more value for money when purchasing land and property.
One thing to keep in mind when purchasing property in Costa Rica is that you’ll want to work with a real estate agency who will have your best interests in heart. We know the challenges you may face as a foreigner purchasing property overseas, but we’ll be here to guide you through the process from start to finish. We also recommend finding a trusted lawyer who can support you with this work, so that you avoid any difficult legal situations in the future. The more information you can research about the question of can Americans buy property in Costa Rica, the less likely you’ll be to have issues during your property purchase.
Buying a Home in Costa Rica
There are many reasons why someone may want to buy a home in Costa Rica. The lifestyle in this country is very different to the US and Europe, and offers a more laid back vibe than you may be used to. If you’ve always dreamed of waking up on the beach everyday, a move to Costa Rica would make this a reality! This is one of the top reasons we see people ask whether Americans can buy property in Costa Rica. They enjoy higher quality properties for a lower price than they may pay at home, making it a great investment for the future of their family.
There are thousands of expats moving here each year, so you certainly won’t be alone with this purchase and move. You’ll find the expat community is very welcoming here, with children enjoying excellent schools and adults having the opportunity to work remotely for their companies back in the US and Canada. The past two years have seen more interest than ever in moving to Costa Rica, which is why we recommend making this investment sooner than later before prices potentially rise again.
Real Estate Agencies in Costa Rica
One thing to keep in mind when looking at properties in Costa Rica is that the country doesn’t have any form of MLS system or certification process for real estate agents. This is quite different to the US and Canada, where this process is much more strictly regulated. It can make comparing prices much harder, but that’s why you should always work with a team of professionals such as ours. It’s critical that you do your due diligence along the way though, or you may find yourself in a very poor position later on.
Property Taxes in Costa Rica
A big consideration when looking at buying a home in Costa Rica is that property taxes in Costa Rica are just 0.25% of your property’s value. This is much less than the rest of North America, where you can easily find yourself paying thousands of dollars each year for your property tax. Luxury homes in Costa Rica use a sliding scale, but this is still capped at 0.55% of the value of your home. Another thing to double check is whether you will have any form of condo or homeowners association fees. While these are likely to be as high as in the US, you’ll still want to budget for this ahead of time.
What is Titled Property in Costa Rica?
When it comes to buying a home in Costa Rica, any home that’s located within 50 meters of a high tide line will be classified as public land. This land cannot be titled, as it’s protected. From there, you have the Maritime Zone for the next 150 meters, which also has different rules and regulations. As a non-citizen, you can only own at most 49% of Maritime Zone land. While you might be dreaming of owning a beachfront home in Costa Rica, this isn’t as realistic as you may think. However, you’ll find a wide selection of homes and apartments on our site with stunning ocean views.
Hiring a real estate attorney is one of our top pieces of advice for anyone researching the answer of the question of can Americans buy property in Costa Rica. While you could opt to do a title search by yourself online, you will still need to register the property and know its identification number. That’s why we recommend working with a real estate attorney, who can take care of this work on the public registry in the country. One term you may hear used when looking at property here is Folio Real. This is the unique ID number of the properties in the country, which are all registered within the public registry located in San Jose. This will give you more information about the property you are buying, ensuring you are making a good move for you and your family.
Is Title Insurance Used in Costa Rica?
As someone looking to buy a home in Costa Rica, you might be wondering if title insurance is available. While this is available in the country, it’s very rarely used. However, there may be certain situations where this is useful for you, and it can offer protection for anyone wondering can Americans buy property in Costa Rica. Our team will be able to advise you if this is something you need to look into, but it can be quite costly. An attorney will also be able to discuss the pros and cons of this investment with you, so you know whether you should go through with this addition to your home purchase.
If you are looking to buy a home in Costa Rica, you’ll find there are many rules and regulations which vary from your home country. As long as you take your time to do your due diligence, then you’ll find that this is still a very worthwhile investment as an American or someone from elsewhere in the world. Our team will be on hand at all times to advise you about anything we’ve shared above, as well as to discuss the best property options on the market today. For more information about moving to Costa Rica, we recommend taking a look through our full range of listings today. We’ll be here to answer any questions you have about making this big move and what life in Costa Rica is like.