New Law passed to attract Investors and Retirees to Costa Rica

Written by Michael Simons on . Posted in Buying and Selling Property in Costa Rica, Costa Rica Living, EX PATS in Costa Rica, Investing in Costa Rica, Newsletters, Residency

A new law just passed that is designed to attract Investors and Retirees to Costa Rica.  The intent of the law is to stimulate foreign investment into Costa Rica and to make life generally easier for people who want to get residency in Costa Rica and retire.  The law has passed and there will be a time period before it is actually implemented and we know the exact details of how to apply it but for now this is incredibly great news!

Tank Tops Flip Flops Newsletter edition no. 199

Is there licensing for Costa Rica real estate agents?

Written by Michael Simons on . Posted in Buying and Selling Property in Costa Rica, Residency

Choosing among the many Costa Rica real estate agents can be a tough decision, and how you choose your agent can be based on many different factors. One of the most important questions perspective buyers need to know the answer to is, “Is there licensing for Real Estate Agents in Costa Rica?”

Yes, there is licensing in Costa Rica for real estate agentsunfortunately, it is not a requirement by law, but we are working very hard to change that. The government of Costa Rica does not force real estate agents to be licensed, but they are very lax about most requirements in business.

Hair stylists don’t need a license and neither do massage therapists, personal trainers or most contractors. It is up to each industry to take control of their own destiny and change it, just like the USA did 50 or 60 years ago.

Fortunately, the government of Costa Rica is changing their ways. Recently, the country passed a law, that said ALL real estate agents and property managers MUST be registered by SUGEF, which is the banking authority that oversees all money transactions. Escrow agents and Money Management companies are registered with SUGEF as an example. The individual must be a permanent resident of Costa Rica, or a citizen of Costa Rica. They must have a background check done by the Costa Rica OIJ and a USA background check done by the FBI. Their bank accounts will be monitored by SUGEF as well as the banks themselves, and if a person receives a commission or handles third party funds, and they are not registered, their accounts will be immediately shut down.

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