Foreign ownership of properties are very common in Costa Rica. Any foreign citizen can validly own real estate in Costa Rica. They will have the same rights and obligations as any Costa Rican citizen.
The current framework gives a benefit to people who make an investment and purchase a property valued at $200,000 or above, making them eligible for a resident investor VISA. Owners will be given a valid status for residing in Costa Rica while owning the property.
This investment and residency benefit for foreigners interested in Costa Rica allows both commercial and non-commercial real estate. Non-commercial real estate investments also include land purchases made for future development or preservation such as buying land for environmental, ecological or watershed preservation purposes.
The $200,000+ real estate investment must be based on the official exchange rate by Costa Rica’s Central Bank. In case an applicant has already invested, he/she must prove that the current investment has a verifiable or registered value of USD two-hundred thousand or more.
In addition to making the required financial investment in real estate, you need to spend 6 months or more yearly in Costa Rica to qualify for residency. Applications for permanent residency can be made three years after gaining temporary residency, but it’s worth noting these requirements do evolve and change so we recommend getting proper legal counsel and support.
To learn more about the legal part of foreign ownership of properties in Costa Rica check our blog.
General content created with Javier Sauma at COLBS legal studio in Costa Rica.