Yes! In Costa Rica, foreigners have the same ownership rights as locals when buying property. You don’t need residency or citizenship to purchase property. You can execute a transaction with nothing more than a tourist visa. While most buyers choose to purchase property in the name of a corporation for tax benefits and estate planning, anyone can buy property in Costa Rica.

Unlike the US, there is no MLS system in Costa Rica. In fact, there are no certified real estate agents either. This means that shopping for property isn’t as simple as logging onto your favorite home search portal. The best opportunities to find your dream home, or a smart investment, are most often discovered by working with an expert that knows the market.

Unfortunately, property taxes still exist in Costa Rica. But in most cases property taxes are much lower in Costa Rica than in many parts of North America. The property tax rate in Costa Rica is just 0.25% of the property’s value. Luxury homes valued over US$234,000 are subject to a sliding scale luxury tax that is capped at 0.55%.

Yes, Costa Rica has a central land registry called the Folio Real where most properties have a unique identification number that can be checked online. However, we recommend using a real estate professional to conduct the property title search through the public registry.

Technically, yes, title insurance is available, but it’s rarely used in Costa Rica and is typically very expensive. All the more reason why it’s essential to work with a professional that can conduct the proper due diligence on any property.

All property within 50 meters of the high-tide shoreline is considered public land, and the next 150 meters is called the Maritime Zone (or Concession Land). A non-citizen can only own up to 49% of Maritime Zone land, which means direct oceanfront property in Costa Rica is typically not possible.

The mortgage industry in Costa Rica is very different from the US. For starters, traditional mortgages are not widely available. Next, mortgage lenders in Costa Rica typically charge 10 - 15% interest. So without question, it’s best to finance through a domestic lender. You may also consider a cash purchase since the exchange rate from US dollars is favorable and each dollar stretches a lot further.

The real estate market in Costa Rica is very strong, and property values are growing consistently. The rental market is also hot, where investors are seeing average returns over 8%, much higher than neighboring countries. Certainly there are plenty of investment opportunities all over Costa Rica.