Real estate ownership in Costa Rica is open to foreign investors, both individuals and private companies. Few restrictions apply to foreigners owning land and property in Costa Rica. The key to protecting your investment is either physical occupancy or hiring a management company to oversee your property. When buying property you need a real estate attorney. This should ensure a title search and the property being registered in your name properly. Make sure to double check it being registered in your name by your closing attorney though, as there have been cases where one pays cash for the property but never asks to see the registration/title in their name. In such cases taxes are being payed by the old owner which reestablishes their previous ownership. Then they are even able to remortgage and/or sell that property. Make sure to do research and ask questions. It is always a good idea to get your own attorney for representation on any transaction in any part of the world.
These are things to ask for to protect your rights of ownership. You can search the chain of ownership at the National Registry. To receive a building permit and to be informed on the local zoning laws you need to go to the local Municipality. This certificate will need to be updated yearly. You will also want an Environmental impact study from the Ministry of Environment & Energy. Cover your assets.
Beachfront property in Costa Rica is not only beautiful but has restrictions. Some concessions have been granted but most have been done away with. The laws on beachfront ownership state that there is a 50 meter limit/restriction prohibiting your right to make the beach private. The beauty is still there for you and the public’s enjoyment. This is not just a law for foreigners but for all who own beachfront property. All are invited to enjoy investing in Costa Rica, but buyers beware and buyer be smart.
