Foreign buyers of real estate in Costa Rica have the same rights as Costa Rican nationals. The exception is the 95% of beachfront property that is designated “concession” or “not titled.” Ocean Club is part of that rare 5% of beachfront property that is owned in total. None of the residences or real estate at Ocean Club is concession, (non-titled property.) All residences will be conveyed through fee-simple ownership.

Buyers at the Ocean Club must take title to their residence either before or after closing through either a Costa Rican corporation (S.A.) or limited liability company (Limitada). Transfer of title using either of these two types of companies will require a Costa Rican lawyer who will explain possible tax advantages to the owner. Upon request, we will provide a list of attorneys who can walk you through this process and draw up the documents for your use at Closing or sometime thereafter, however the transfer of deed will take place before a Notary Public that has been pre-selected by Ocean Club to guarantee quality and efficiency standards in the closing and recording processes.

Title insurance is available, but is not required and it will be at buyer’s option whether to apply for and obtain such coverage. A Costa Rican attorney will research the title’s legal standing as part of their service.

Property taxes in Costa Rica are currently set at 0.25% of the registered property value and are payable on either a quarterly, semi-annual or annual basis, at the election of the property owner (a $500,000 property at .25% would accrue and annual property tax of $1,250). Property values are to be reassessed every 3 to 5 years, but to date this has not been enforced, although property owners are encouraged to voluntarily update their property values on a yearly basis.