How To Buy or Build a Property In Costa Rica As a Canadian
Jan 16, 2023
I’m so grateful to have my new investment in Costa Rica finally close! To those of you who are interested in doing something similar, I’d love to share some reasons why Costa Rica is one of the best places to visit, live in, and invest.
Why Costa Rica? A lot of Canadians are either moving to Costa Rica or investing in property there. Aside from the beautiful nature and breathtaking sunsets, it’s known to draw in foreign citizens for tax reasons, cost of living, and overall lifestyle. Not to mention, it’s a stable country politically and economically.
The process: Most CR listings are not available online, and you have to find major brokerages to get a list of available properties and lots to purchase. It’s also strongly advised to be present in CR during this searching process in order to speak to the locals about the advantages and disadvantages of certain locations… e.g. if your development hasn’t received approval from the government for the water system, you won’t be able to receive a building permit.
In terms of mortgaging as a foreign citizen, the easiest route for you to take is purchasing with cash. In general, most buyers who require financing either raise funds in their home country through investors, use the equity they have in their homes, find a private lender in Costa Rica, or find a piece of real estate where the seller is willing to finance.
If you’re interested in purchasing a plot of land like I did, the timeline will be roughly 4-6 months for permitting, and roughly 10-12 months to build (depending on the build type). Pro Tip: Don’t start the build entering the rainy season, because that’ll affect the overall build time. You want to have a roof on your build prior to CR’s rainy season!
There's a lot to learn from investing in Costa Rica, but it's certainly worth it! If you’re interested in hearing more about the process, check out my YouTube videos below, where I interview Marc Ramsay - a Canadian investor who made the permanent move down there for a better life!
If you're interested in investing in one of our future developments, feel free to send me an email and I can put you on the wait list (accredited investors only).
Thanks for reading and happy investing!
