|La Reserva is a Home Owner´s Association formed under Costa Rican law. The Association has a total of 18 homes. Each home is a free-standing structure with its own grounds. Common areas are owned by the Association and include a Reception, guardhouse, protection areas, bio-waste management plant and an employee building.
Lot Purchase and Construction
Interested Buyers will initially enter into a Reservation Agreement which identifies the lot they wish to purchase. Architectural designs for the home on each of these lots will be established. Price for lot and home averages $300 per square foot. A deposit is required to make a reservation. A Purchase Agreement will then be drafted and once signed off on, construction of the home will begin.
Real Estate Closing
Costa Rican real estate transfers are subject to certain transfer taxes and fees of the purchase price. Other closing costs may include title insurance, financing fees, and prepaid association dues.
We are happy to coordinate this process for you through qualified legal and business entities.
If Buyers need financing for the purchase of their lot and home there are many Costa Rican financial institutions currently offering competitive rates for North American and European investors. We will be happy to assist you in locating these financial institutions.
Funds Transfers and Currency Conversions
Funds for the purchase of the lot and home do not need to be transferred to Costa Rica. Instead, payment can be made within the U.S. This is possible because a U.S. company is the parent of the Costa Rican entity that owns the real estate for La Reserva.
Homeowners insurance in Costa Rica is provided by a government entity. Insurance can be obtained directly from the government or through an insurance agent. Most people use an agent. We are available to coordinate all of your insurance needs.
The grounds of the Association, including individual yards will be maintained by employees of the Association itself, or by employees of a management company designated by the Association. The maintenance of the structure of each Unit, both interior and exterior, will be the responsibility of the owner.
Each Buyer can choose whether or not they wish to rent their Unit during their absence. Buyers can also choose how they wish to market the rental of their Units. The Association’s management company is fully skilled and will be available to provide property management, concierge and marketing for owners on a fee basis.
Costa Rican and U.S. Taxes
Income generated from the rental of Units may be subject to Costa Rican and/or U.S. income taxes. The Association’s management company can provide day to day accounting management and delegation of more detailed accounting to a Costa Rican accounting firm at an additional fee. For tax returns and tax elections, we would be happy to coordinate your requirements with a Costa Rican accounting/tax advisor firm.