In this article, we will discuss what you need to know about purchasing a property in Costa Rica. We also cover ownership and the Registro Nacional.
Deciding to purchase real estate in a foreign country can be intimidating at first, but we will cover the main topics so that you understand that the Costa Rican government welcomes foreign investors and makes it very easy and accessible helping to put you at ease.
It’s very possible to safely buy property here in Costa Rica with the assistance of a reputable realtor and attorney like the ones we offer at Team Realty. Not only is it safe but it’s also considerably quicker and easier than in North America. Under the Costa Rican Constitution, foreign investors have the same property ownership rights as nationals.
At Team Realty, we often recommend purchasing in the name of a corporation that you represent, but you can also purchase property in your personal name if you so choose.
Ownership within a corporation allows for couple advantages: it allows ease of ownership between multiple people within a family or partnerships. It also avoids the probate process should there be a passing of one of the owners. The actual process of setting up a corporation is very simple, but it does require an attorney to make sure everything is set up properly and it only cost a few hundred dollars. The Public Registry of properties or the Registro Nacional as it is called here is where all properties must be registered.
Most properties in Costa Rica are registered as either fee simple title or maritime concession. Those which are not registered you really just need to stay away from. A lawyer would be able to confirm that the property is legally fit to be purchased and that the title will be free and clear of any claims liens or encumbrances by performing a detailed title search at the Registro Nacional.
We hope this has helped you understand ownership and the Registro Nacional in Costa Rica. Allow us to help you find your “Pura Vida” property in Costa Rica!