At ERP Lawyers & Associates we provide our clients with immigration law and real estate services, adjusting to their requirements and possibilities.

For many different reasons, such as legal security, natural beauty, democracy, education, access to infrastructure, English language proficiency, complete health services, among others, Costa Rica has become not only a tourist destination, but also home to a large number of foreigners who decide to move temporarily or permanently.

The acquisition of property in Costa Rica is a very important decision and an open possibility for nationals, legal residents, foreigners or legal entities. Depending on the type of investment you are looking for, it can be a relatively simple transaction or have a high degree of complexity.
In any of the cases, the most basic protection will always be to count with the advice of a Lawyer and Notary Public expert in the matter.

In our country there are two main ways of transferring property for valuable consideration:

a) Direct transfer: Whereby the seller transfers the property to the buyer.
b) Indirect Transfer: By means of which the buyer acquires all or a percentage of the shares/quotas of the company that owns the property, and which belong to the seller.

The property may be purchased in the name of a natural or legal person, national, resident or foreign, and/or in joint ownership.

Commonly, commercial companies, mainly limited liability companies or corporations, are used as property owners. The aforementioned for the purpose of protecting the patrimony.

In order to avoid a bad investment and to ensure that the property to be acquired fulfills the purpose for which it is intended and has no contingencies, it is essential to carry out the so-called Due Diligence Process.

This is, in general terms, the process of investigation of the property, in order to discover possible hidden risks that may harm the interests of the buyer.

When all the information is available, we proceed with the preparation of a formal and supported report, by means of which we will recommend or not the business of buying and selling the property.

Likewise, at the time of making the decision to apply for a residence is when it is very important to be properly advised to ensure that the entire process is carried out in accordance, covering each and every one of the needs.

Specifically, with respect to the application for residency by investment in real estate, the following must be submitted:

a) Residency Application and Filing Form.
b) Birth Certificate duly apostilled or legalized.
c) Certificate of criminal record duly apostilled or legalized.
d) Certification of marriage duly apostilled or legalized.
e) Fingerprinting.
f) Two passport size photographs.
g) Consular Registration.
h) Certified copy of passport.
i) Proof of government payments.
j) Title of Property
k) Proof of the corresponding Municipality, in which the real value of the property is demonstrated. The declared value of the property must be at least $200,000.00.
l) Official translation of all those documents that are issued in a language other than Spanish.

In case a foreign person invests in Costa Rica, he/she has the right to request, together with his/her family nucleus, the category of Temporary Resident as Investor.

If you are interested in starting an investment project in real estate, and/or have doubts or questions about the process, we invite you to contact us by e-mail at info@erplawyers.com, where we will gladly assist you.