Selva Encantada An Eco-Friendly Residential Development

Basic Information about Costa Rica

General demographics

As of January 2008, it is estimated that Costa Rica has a population of 4,200,000. It covers an area of 51,100 square kilometers or 19,730 square miles. There are seven provinces: San Jose, Heredia, Alajuela, Cartago, Puntarenas, Guanacaste, and Limon, where our residential project is located. Costa Rica is a democratic republic and the army has been abolished since 1948, making it the only country in Central America with no armed forces. This accounts to a large extent for its social and economic stability. The official language is Spanish although the younger generation, specially those in the Central Valley area, speaks fluent English.

Residency permits

To stay in Costa Rica, a foreigner can choose between three options: a) as a pensioner. For this, proof of lifetime pension or social security benefits should be provided. c) as a “rentista”. A sum of US $60,000 should be deposited in a local bank (the amount required should be double if the spouse is listed as dependent). c) as an investor with a minimum of US $200,000 invested in a project that contributes to the economic and/or social development of Costa Rica.

Property acquisition

All acquisitions should be processed in front of a Costa Rican notary public. Be careful to choose well your notary as some of them are crooks. Make sure that the property you are buying has titles that have been verified by your lawyer/notary before you make any kind of good faith deposit. If you need title insurance, contact Stewart Titles that offer this service. If you plan to buy property in the maritime zone, that is the first 200 meters in front of the beach, be extra careful. Be aware that land in the maritime zone belong to the state and only concessions are given out allowing you to use and enjoy your property for as long as your concession is valid. Your lawyer should inform you of the possible pitfalls of owning property in front of the beach in Costa Rica.

Financing

Most local banks offer financing to foreigners. But expect tons of paperwork and be prepared to give a lot of guarantees. Above all be armed with patience. There are also several US-style mortgage companies here in Costa Rica. Many properties are financed by the owner.