The process of purchasing Costa Rica real estate is not excessively sophisticated, yet it might require some time from you, often longer than what you have anticipated. This is the reason why those who want to own real estate in this country choose to do it in a manner that is collateral, i.e. through a Costa Rica company. It is a profitable manner of managing the purchase and the subsequent operations related to the proprietorship of the corresponding Costa Rican share of real estate, also guaranteeing the legality of your ownership. A Costa Rica company that owns real estate enjoys several rights from which a single individual could not benefit.
For instance, if owning takes place through a Costa Rica company (of the type Sociedad Anonima), its owners will benefit from a higher degree of privacy, since we are talking about an anonymous corporation. It is the type of opportunity that any outside, non-resident entrepreneur would appreciate positively. Currently, if you opt for selling a Costa Rica property through a Costa Rica company, you will not be a subject to land transfer taxation, although you do have to pay a number of legal fees attached to the transfer. However, if you choose to undertake the entire transfer procedures as an individual, you do have to do the payment of land transfer taxes every time you opt for selling a Costa Rica property.
Why does this happen? The reason is simple and obvious: when the transaction takes place, the process occurring is a mere transfer of shares from the company to the buyer. In addition, if you decide to set down your ownership of real estate in this country as a Costa Rica corporation, the risk of personal liabilities in case something goes wrong obviously diminishes.
A Costa Rica corporation of this type – i.e. a company advantageous for real estate selling and / or purchasing – needs legal registration mediated by a lawyer from Costa Rica. Generally, the first to be the president and signing officer of the company is the lawyer executing the registration. His position is temporary – it will end when he hand the corporation over to you. In addition, legal rights over the company are in the hands of the shareholders and of the signing officer, but the company also benefits from the assistance of a board of directors.
When does this Costa Rica corporation enter in our ownership? The registering lawyer will hand you over the company. The next step is your registration as president, main shareholder and signing officer of the company. Of course, you can have any other person as a shareholder in your company – this matter is entirely in your hands. When your registration, as indicated previously, takes place, you have become the legal owner of the company and of anything included in its ownership. In the end, this is one advantageous manner of securing your real estate ownership in Costa Rica.
Owning real estate in Costa Rica through a Costa Rica corporation will generate multiple advantages. Some of the benefits favored by non-residential investors when considering the alternative of a Costa Rica company focus on the tax reductions and discretion made available in this manner.