Costa Rica real estate has become a popular investment option among the baby boomer generation, a select few who understand that your economic bottom line and standard of living, will improve by living in a green home in tropical Costa Rica. So… if you want to step up your lifestyle by going green, contact us….
The twenty home sites in the b-green Sustainable Development range in size from 900 sq m to 2000 sq m with an average of 1100 sq m, and are irregular in shape, marked in situ with ground level concrete and metal border markers (just as the total development boundaries are also sited). Each home site is accessible by two wheel drive roads which are paved if over 15% grade. The development was planned to promote the ease of foot-access to local amenities and services. Private unobstructed views and conservation of natural topography was considered paramount in the layout of each of lots and the green zones, and no lot will be sold without a “green” house constructed upon it, (no land speculators please).
Sustainability required the decision to forgo cookie cutter grid style and the 5000-sq m lot size that many local developers promote as “own a large lot”. The fact is the 5000m2 size is the minimum area the Costa Rican Government has established for sub-dividing land without installing roads, fire hydrants, sidewalks, underground utilities, sewage treatment, and metered water delivery system. Hence, most developers get around critical infrastructure construction costs by selling the “large lots” and letting the buyers figure out on their own (or not) the critical infrastructure, such as; roads, water, electricity, phones, and web access.
The b-green.org and Sustainable Development farm and house’s are located on a farm that is wholly owned by a registered Costa Rican company comprised of 44,800 shares, (equal number of square meters in the farm). Individual shareholders will own a determined number of shears (corresponding to lot area chosen) and receive a transferable lease contract for that same area of the lot. Each lease will be registered in the public registry in the margins of the deed and show up in on the deed of the farm as a lean, or obligation that once interred into by the company cannot be rescinded or revoked or impeded in any way.
Basically you own this:
- You own part of a renewable 99-year lifespan company that owns the farm (and nothing else).
- You own a 99-year transferable lease on the lot; with GPS coordinates at corners. This transferable Lease is registered in the public registry in your name.
- You and your neighbors/partners have the responsibility to pay your contractual obligations (monthly fee and utilities)
- You can sell it whenever you want, because the shares and the lease contract are transferable.
- You and the rest of the company owners vote, for changes, a majority must be in favor to affect any changes, however the lease of the lot as is the ownership of shears wholly and irrevocably yours, and cannot be changed.
LOSOL S.A., (100% owner of Hotel Tilawa) provides you with quality administration at a low cost and a proven track record, of property management after home purchase.
Owning assets in CR as a foreign national page Foreign Nationals owning assets and or companies owning assets in CR Some information for you to check out with your attorney
Registering land in ones own name (or a company they own) in Costa Rica, -the most common legal structure, chosen by Foreign Nationals for land ownership. One simply buy’s land from the seller and the attorney registers the purchase in your own name.
- You get an escritura (deed) and a plano catrsto timbrada (stamped land plot map) and these are very well understood and respected documents.
- You can see your name and plan number and any mortgages on the CR Gov. web site http://www.registronacional.go.cr/
- You can barrow against the property value at local banks, as long as it has no existing mortgage
- Easily transferable to 3rd persons as long as it has no existing mortgage.
- Only the owner or someone they have formally and legally assigned as â??having legal powerâ?? of the land/lot can defend the land against-
- Your neighbors: cutting off water, moving fences or changing access rout in the case of servedumbre agricula (right of Passage / access) cutting down valuable lumber trees etcetera.
- Squatters or (more the conmen on the beach) recovery of stolen doors, furnishings toilets, tools etcetera.
- Unscrupulous attorneys and 3rd persons falsifying your signature and selling or mortgaging your land, while not common it does occur, and foreign nationals are more popular targets than locals.
- The Attorney or â??trustedâ?? Costa Rican authorized by the owner to protect the land on behalf of the owner or his/her, in fact dose the opposite.
- Transferring ownership (selling it) incurs public registry fees, and significant additional fees if transfer of title is made because of death of the owner â??those inheriting the land pay significant tax.
Owning part of a Sociadad Anonima (company) in CR as a foreign national.
- You become part owner with an escritura (deed) and a cedula juridical (legal entity document) and these are very well understood and respected documents for doing business.
- Shares are easily transferable to 3rd persons, and incur no taxis if sold or transferred as inheritance.
- As a Costa Rican legal entity is easy to do / enter into all kinds of endeavors, own property make lease agreements, have bank accounts etcetera.
- Minority shareholders have multiple legal rights to insist that the charter of the company and its legal obligations to it shareholders is in fact implemented, and the companyâ??s finances are true and correct.
- If one inters into a legal agreement (lease, rental, lone etc.) with a company it must be respected even if the majority owner sells or passes away, the new majority owner is still legally bound to fulfill the companyâ??s obligations as existing before transfer of majority ownership.
- Only the majority shear holder of the company (51% minimum) or someone they have formally and legally assigned as â??having legal powerâ?? of the company can act on its behalf. So if your not the majority shareholder you will need to abide with all but acts or activities unlawful before Costa Rican law and or contrary to the company charters.