Property Ownership in Costa Rica

Land Records: Costa Rica boasts a safe form of title registration to protect buyers from hidden claims. In many ways, the Costa Rican system of maintaining property records is far superior to systems in use by more developed countries such as the United States. All documents are centered in the National Registry, where both titles and surveys are recorded.
Records are kept in a central computer system as well as on microfilm and in original form. Duplicates of all records are updated daily and sent to two separate fireproof vaults in separate locations from the registry. Any change in the status of a title, or any claim that might affect it, must also be noted on the title registry page, thus making it easy to verify.
Those who purchase land in Costa Rica should get professional advice, which includes a search of the title in the Registry, so as to confirm there are no liens or encumbrances on it, and to establish its proper ownership. Once the transaction is completed, the purchaser should receive documents to prove the sale was registered in the Registry.

Property Taxes: The yearly taxes on properties in Costa Rica are very low. Yearly property taxes are based on 0.0025% of the declared value of the property. This declared value is a common law practice in which a property’s value, according to the government is very low and almost always lower than the sales price.

Property Insurance: Home insurance is easily obtained. Costa Rica has only one insurance company, the INS (Instituto Nacional de Seguros -National Insurance Institute), a mixed enterprise with majority government ownership. Only INS is allowed to sell insurance in Costa Rica. If you can get insurance from abroad that will cover your Costa Rica real estate assets, it is a plus. INS sells insurance directly at its various offices, or you can buy it from a registered agent. It will cost the same, but a responsible agent is preferable, as you will get advice and help with the red tape if, along the line, you have to file a claim.