Recent new laws passed by the Costa Rican Legislative Assembly under pressure from the Global Financial Task Force (GAFI) have made it compulsory for all real estate attorneys-notary publics to include in the public deed a sworn statement by the purchaser as to the origin of the funds being used to purchase real property. Thus it is highly recommended that buyers pre-organise said documentation well before going on the search with Sol Realty & Investment Consultants. Items to consider are things such as 2 years of tax returns, letters from your bank, trusts, stock sales, inheritances etc, whatever the sources of the funds with which the purchase will be made. Always important is to use a Sujef (Superintendent of Financial Institutions) governed escrow account. We recommend Secure Latin American Trust (STLA) who, once having received an executed contract for sales of real property, will submit a list of prerequisite forms to be filled out as well as some of the items mentioned above before opening the account.
Also of paramount importance is to know that purchasing Tamarindo Real Estate is a ”cash” operation since Costa Rican Banks do not lend to non residents. Even if they did, the rates and conditions are not competitive with the North American and European markets. In short too expensive. Our recommendation at Sol Realty & Investment Consulting is to take out loans on existing collateral in your home country, especially is today’s environment of extraordinarily cheap money, using said proceeds to make your real estate purchases. It makes a lot of sense too to put out the terms for as long as possible (provided there is no prepay penalty), paying back the bank a fixed rate and thus debased money over time. So, trade like-for-like sideways (borrowing against real estate for real estate) and enjoy the equity ride up as well as earning passive rental income while you’re at it. Enjoy.