New Costa Rica Property Law Promulgated in the Country

Costa Rica Legislature has recently approved a Costa Rica Property Transfer Law that has come into effect subjecting all Costa Rica real estate transfers to a 1.5% transfer tax.

Fort.Lauderdale (I-Newswire) February 6, 2013 - Costa Rica Legislature has recently approved a Costa Rica Property Transfer Law that has come into effect subjecting all Costa Rica real estate transfers to a 1.5% transfer tax. Unlike the past, now parties that sell shares of a corporation are bound by law to file a real estate sales deed with the National Registry. The new law has made it mandatory for every property seller to pay the property transfer tax and all other costs up until the final transfer of property.

The new law named as the Ley de Fortalecimiento de la Gestion Tributaria, Ley No. 9069 has completely amended the current real estate transfer tax regulations in Costa Rica. It makes it compulsory for the engaging parties in real estate transfers to pay not only the transfer tax but also the accompanying costs like registration fees and documentary stamps adding to the overall cost until the property is completely transferred and registered in the National Registry.

The law also requires that the tax must be paid within 15 business days following the Costa Rica real estate transaction. That real estate transfer tax would be paid based on the actual value of the transaction and people who used to file under valuations of their properties in the past, cannot do so now because the new law requires them to file a copy of the sales deed with the local government.

In this situation when the new law has made it difficult for the people to buy and sell property in Costa Rica, Costa Rica Eye a great real estate consultation company offers buyers and investors of property a top class real estate consultation service. The company has a team of professionals who understand the local laws governing the buying and selling of property in Costa Rica. They provide their customer's a top notch customized service and help them find the best of the best. They have a huge catalogue of available properties that buyers can choose to have a look at in their office. Their catalogue contains properties located near the beach and in the valleys or highlands.

Costa Rica is replete with all the amenities of modern life ranging from new highways to spacious airports, sandy beaches to well thronged supermarkets and buying a Costa Rica property means having a piece of land in the heavens. But all efforts of buying or selling will prove futile if he does not know what the existing laws say about property transfers. Any un-heeded move can cause un-called for legal complications. A professional Costa Rica real estate company like Costa Rica Eye can make a buyer's or seller's life easier by providing them with a professional service that is in consonance with the latest laws governing property transfers.