Las Ventanas Del Mar - Legal Information

? Taxes – Especially property taxes, are much, much lower than the United Sates and Europe. For example, land is taxed at 0.006 of its value. Common amounts range from $10 - $150 per year. Foreign income is not taxed. The maximum income tax rate on a salaried income is 15%. The corporate tax ceiling is 30%. No capital gains tax.

? Foreigners Welcome – Costa Ricans are well known for their peaceful and courteous ways. Foreigners can own land legally and without restrictions or limitations. They hold the same rights as a Costa Rican citizen.

? Land Title -- Foreigners can own land in Costa Rica without restriction. Land title insurance is available. Stewart Title, one of the four largest title guarantee companies in the world, operates in Costa Rica as an associate with Century 21, with 4,500 offices worldwide providing escrow or real estate transaction services. For any purchase Stewart Title’s Title Guaranty or Escrow services can be requested.

? Infrastructure Development – Costa Rica is currently seeking to invest more than $1 Billion US in the next 5 years. Numerous projects are planned for the Guanacaste area. Also, private investment in local projects will continue to spur development of infrastructure.

? Utilities – Municipal water is available throughout the Samara area, as well as the majority of the country. Costa Rica is the only country between Mexico and South America with potable drinking water throughout the entire country. The government owned utility company, ICE is the current electric-communications provider, and electric, phone and cellular phone service is also available throughout Samara/Carrillo and the majority of the country.

? Legal Advice – Century 21 provides clients with several reputable, professional English speaking attorneys information. Attorneys aid in the study of the property, creation of corporations and closing of transactions. Payment of attorney fees is usually split between the seller and the buyer and is generally 1.5% of the sale price. Clients are welcome to choose their own legal counsel.

? The Closing – Closings generally take place 30 days after the offer is accepted and the property is free and clear to be transferred. A 10% deposit is normally requested after the offer is accepted. Deposits can be internationally wired into an escrow holding account without risk.