SERVICIOS LEGALES | Mora & Asociados

Real Estate

Bienes Raices

For over thirty years, Costa Rica has become relevant in the tourist area and, therefore, in real estate development, a key activity for the growth of the coastal area. In this respect, our firm provides advice to investors who want to develop a business and have our country as their final living destination.

Our firm has the necessary experience in civil, commercial and immigration law, as well as in contract law, to provide the legal advice required by each client.

Costa Rica has a complete Registro Inmobiliario [Real Estate Registry], a developed Catastro Nacional [National Cadastre], and an honest and capable Judiciary that provides legal certainty to our investors.

Most of the tourist activities are developed in the Pacific and Atlantic coastlines, and these are regulated based on Law No. 6043, Ley de Zona Maritimo Terrestre [Law of Maritime Terrestrial Zone].

Hence, the necessary steps to carry out a successful transaction must be determined:

Study of the title deed as well as the legal structure of the selling company in case the real estate is in the name of an entity or legal person.
Verification of the cadastral map of the property for sale.
Due diligence including the verification of taxes, shareholder composition of the selling company, existence of services or utilities in the property to be acquired, existence of liens or encumbrances, or other restrictions.
Creation of a legal or corporate entity.
Signing of a preliminary buy and sale agreement.
Closing of the sale by signing a buy and sale contract or public deed and its corresponding registration at the Registro de Bienes Inmuebles [Real Estate Registry].
Delivery of the title deed.

Note: In the case of private property, charges and limitations (if any) must be reviewed on a case-by-case basis.

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Incorporation of Companies

Constitucion de empresas

The creation of a corporate entity is recommended to protect the purchase of properties, vehicles, businesses, or any investment project. The incorporation of this legal entity not only protects your assets, but also prevents clients from exercising such activity in a personal capacity. In addition, the creation of this shareholding company makes it easy for several individuals to have a proportional part through the title called share. Consequently, the civil and labor liability would be limited to that company and not in a personal capacity.

There are four types of corporations in Costa Rica, the most common ones are the Sociedad Anonima (S.A.) [Costa Rican corporation] and the Sociedad de Responsabilidad Limitada (S.R.L.) [Limited Liability Corporation, LLC]. In each particular case, we recommend the type of corporation based on our client’s needs.

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Movable and Inmovable Property

Bienes mueble e inmuebles

Costa Rica recognizes the full right of ownership of real estate to both nationals and foreigners. The Registro Publico Nacional [National Public Registry] centralizes the information of the properties and offers information services of titles, liens, mortgages, and other encumbrances. This information is complemented by the Catastro Nacional [National Cadastre], whose maps give the location and size of the property of each estate.

Having the necessary experience, our firm offers our clients notary services and legal advice for a safe investment. We offer advice via recognized offices that process the nationalization of investments (Law No. 7509, Ley de Impuestos sobre Bienes Inmuebles [Real Estate Tax Law] and Law N° 6999, Ley de Impuestos sobre Traspasos de Bienes Inmuebles [Real Estate Transfer Tax Law]).

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Maritime-Terrestrial Zone

Zona Maritimo terrestre

Our law firm has the necessary knowledge of Law No. 6043, Ley de Zona Maritimo Terrestre [Maritime Zoning Law]. It is important to mention the parameters established in this law: the first fifty meters from the middle line of the ordinary high tide are called the "Inalienable Public Zone". From there, the next one hundred and fifty meters farther inland are considered to be a "Restricted Zone", which belongs to the State. This zone is controlled by the Instituto Costarricense de Turismo [Costa Rican Institute of Tourism] with its regulatory plans, the Instituto Nacional de Vivienda y Urbanismo [National Institute of Housing and Urbanism], the Instituto Geografico Nacional [National Geographic Institute], the local municipality and the recommendations of the Procuraduria General de la Republica [General Attorney's Office of the Republic]. All this, according to the zoning determined by flora and fauna biological criteria. It is worth mentioning that ports, parks, and reserves are exempt by law.

In Santa Teresa, located in the District of Cobano, we have an office open for clients located in the area. In general, we can handle any national case country-wide from our office in San Jose. It is important to clarify that to acquire rights in this zone, a company must be incorporated with at least fifty percent of its capital stock made up of Costa Rican and foreign capital.

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Concessions in the Maritime-Terrestrial Zone

Concesiones maritimo terrestre

The term for which a concession is granted, pursuant to Article 48 of Law No. 6043, ranges from 5 to 20 years. The Attorney General's Office of the Republic has ruled that the term starts from the moment the concession is approved and not from the time it is registered in the Registro de Concesiones del Registro Publico de la Propiedad Inmobiliaria [Registry of Concessions of the Public Registry of Real Estate Property].

Once the concession has been granted, the corresponding municipality will charge an annual fee that will vary depending on the use to be made of the land, that is, 2% for agricultural use, 3% for residential use, 4% for recreational and tourist hotel use, and 5% for commercial, industrial, mining, or extraction use. This fee may only be charged for those concessions that have been approved, and the first annual fee is charged from the date the concession contract is signed with the corresponding municipality.

Concessions may be terminated due to expiration of the term, when no extension request has been filed, renouncement or abandonment of the interested parties, death or legal absence of the concessionaire or due to cancellation of the concession, failure to pay the fees, as well as for non-compliance with the obligations of the concessionaire.

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Residency and Immigration

Inmigracion

If you decide to live, work, or invest in Costa Rica, we would like to inform you that Law No. 8764, Ley General de Migracion y Extranjeria [General Law of Migration and Alien Affairs] is the law that will regulate your legal situation.

Below are some of the most common general categories available for residency in the country:

Temporary Residency as a Pensioner
Temporary Residency as an Investor
Temporary Residence as a Rentier
Temporary Residency as an Athlete
Temporary Residency as a Specialized Technician
Residency as a Dependent Worker
Temporary Residency as a Religious Person
Residency by Relationship with a Costa Rican

Each application will determine the necessary requirements according to the type of residency.

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Litigation

Litigio

Since our ethical mission is the protection of the rights and interests of our clients, we will provide you with the relevant legal and notarial advice on the scope of contract terms and the corresponding civil and criminal liabilities. We have experience in the handling of judicial matters nationwide and the handling of cases subject to the Laws on Arbitration and Alternative Dispute Resolution.

We have an electronic library for the immediate consultation of judicial records and the collection of laws in force in Costa Rica.