How are property Taxes calculated in Costa Rica?
Ultimately, there is a new reality when it comes to investing in rental income property in Costa Rica. As we are now addressing the specific regions/towns of Dominical, Uvita and Ojochal, it’s important to touch on several key details. This is above and beyond what any custom home builder in Uvita or Dominical currently has to offer you today.
It’s not enough today to simply hire an attorney for a transaction in Uvita or Dominical. At the point in time that you’ve decided to purchase property, you will undoubtedly be thinking it should produce rental income for the duration of high season, which is December through May here in Costa Rica. A custom home builder in Uvita that offers a complete service package is a unique business. At GreenBuilt Costa Rica, that is exactly the focus of our business. A complete, turnkey service that offers assets protection as well.
Immediately you will be required to open a bank account at a local national bank, be it Banco de Costa Rica, Banco Nacional, etc. This simultaneously triggers the need to declare your monthly rental income, be it $1000, $10,000 or ZERO. Please make no mistake: Hacienda, the national version of the IRS in the USA, will require monthly declarations of income regardless of amounts throughout the course of the year. Regardless of the income your property generates.
This requires real accounting. I would urge you to use a qualified CPA, and not what passes for ”professionals” found locally. Caveat emptor is the rule of thumb. The consequences are severe and most unpleasant.
Should there be any disputes generated by Hacienda, a simple transactional attorney will not suffice. You will need a trained professional attorney who can litigate if necessary, and more importantly, has years of experience with dealing with these complex and bureaucratic entities.
This is no longer a game here. Under the table dealings and dispute resolution have gone by the wayside. Why not allow us at GreenBuiltCR to protect your rental income property in Uvita or Dominical with trained and qualified Legal and Accounting Services? Real Estate investment in Uvita and Ojochal is still good business, but it must be handled in a more sophisticated fashion than what is currently being offered locally. It’s more than just a real estate transactional lawyer that you will need.
Let us build your home in Uvita and protect the asset as well. It’s what we do.