Investing in Costa Rica Real Estate

I just got back from a wonderful week-long vacation in Costa Rica, my first trip to this central American country. I was curious to see it because I knew that Costa Rica was a top international destination for American tourists, retirees, ex-pats, and vacationers.

While I was there I met with George M. Furnald, an ex-personal injury attorney from Boston who moved ten years ago to Escazu, Costa Rica (just outside the capital city of San Jose) in 2004. Today he handles real estate sales, rentals and real estate loans, mostly for American and other foreign investors interested in Costa Rica real estate. He has been a wealth of information about the country, and about opportunities to invest in real estate in CR.

Costa Rica is not a rich country (despite the name), although coffee has been the "gold" for the economy in recent history. Pineapples and lately computer chips, medical device manufacturing, and call centers round out the major economic drivers. It is a politically stable democracy, with 98% literacy, no army, a low cost of living, universal and high quality health coverage, and beautiful wildlife with mountain and water views. The temperature is in the 70s and 80s F (except at the beaches, where it is warmer) year-round. It is clear to see the appeal to American investors and ex-pats.

George took us on a quick tour of Escazu, which featured easy access to San Jose, American-style condos, shopping centers, malls and restaurants. Prices in this area range from $150,000 condominiums in gated and secure communities, to homes high on the mountain in the Monastery neighborhood costing a million US dollars. This area has a lot of affluent Americans, Europeans, Colombians, and Venezuelans. It was the most upscale neighborhood we visited on our tour of the country.

Apparently, the Costa Rican government owns 95% of the land along the beaches, but foreign investors can own land outside of this zone. Financing for real estate is different than what we are accustomed to here in the United States, so it makes sense to work with a knowledgeable local broker, like George. It does not take much for an American to establish residency, and purchasing real estate over $200,000 is one of the ways to do this. (However, one does not need to be a resident to own property). Other ways to establish residency include receiving Social Security of $1000 monthly, or having $60,000 in a bank deposit drawing $2500/mo.

If you are interested in learning more about investing in Costa Rica real estate, or referrals to resources for other overseas or international investing, please message me privately at HomeLandInvestment@gmail.com and Happy Investing!

Pura Vida!