COSTA RICA'S INVESTMENTS FACTS

Costa Rica has long been recognized as a regional leader of social and economic development in Central America. This country provides the highest standard of living in the Caribbean Basin, economic stability, and political stability, with the longest standing democracy in Latin America. Because of this, Costa Rica enjoys a stable business environment.

The Costa Rica government welcomes foreign investment and all major political parties share this same attitude. This current administration has taken great steps towards an open economy in anticipation of a finalized CAFTA agreement, which was initially voted in at the beginning of this year. This will open up many doors for foreign products and services into our country.

In Guanacaste, and Flamingo more specifically, we have seen prices and profits increase dramatically in the last 5 years. The development boom is just beginning and Lent Eckhart Properties strives to work with the community and developers to make our neighborhood a place of responsible development. Unlike other over-developed towns in Costa Rica, Flamingo and Playa Potrero are still on the verge of development. Since we live here, our agency has a strong interest in seeing the community prosper.

The new Flamingo Marina was just announced and approved- finally! Coupled with the increased flight schedule of the Liberia International Airport (LIR), this marina will have a huge impact on the community. Please refer to this link for more information on the new marina:
http://www.thebeachtimes.com/article.php?id=2&at=2107

Tourism

Tourism in Costa Rica drives the economy. The main indicator of the increased tourism in the country is the number of foreign tourist arrivals. This sector also generates the most foreign currency for the country and creates a significant number of direct and indirect employment. Hotel occupancy in Guanacaste during the high season (December-March) was completely full, and created a shortage of thousands of rooms. Costa Rica offers everything from jungle excursions, exotic wildlife, zip lining, and diving, to plush spas, cosmetic wellness retreats, excellent dental care, and five star resorts. Who wouldn’t want to live here?

Owning Property in Costa Rica

Costa Rica has a safe and well-developed mechanism for title registration and transfer of land and vehicles. Central to the system is the National Public Registry (NPR), which is managed by the Ministry of Justice in the Executive Branch. All real estate titles must be recorded in the NPR, where a full description of recorded real estate is available to the public (including information such as location, boundaries, measurements, and owner). Also available is a complete history of prior real estate transactions as well as information on pending land transfers, annotations, liens, or other restrictions on properties.
Changes in property titles, real estate claims, liens, and other transactions in general must be filed and recorded by the NPR in order to be officially recognized.

There are pockets of titled and concession land dotting Guanacaste. Titled property allows the owner to have the property in his/her name with out worries of government intervention. Concession property leases the land to the owner for a certain amount of years. It is very important that you know what kind of property you are buying! In addition, there is a 50-meter from high-tide restriction on building any permanent structure. This includes fences and pools.

Above all, it is important to have an ethical real estate agency and attorney representing your best interests. This will make the process of owning your dream home in Costa Rica much easier.