|
Costa Rica Real Estate Financing
Land and Real Estate in Costa Rica is a very good investment. As you will see, owner or developer financing is the best available option.
We do offer Costa Rica real estate financing if needed. We have various real estate financing plans we can offer to our buyers.
The terms and conditions vary depending on what type/location of property being purchased, the amount of down payment and the length of financing term.
A typical financing plan would be a 25 to 30 percent down payment with a very low interest rate (say 6%) with a one year term.
Another example would be a 30 to 40 percent down payment with an interest rate of 10% with a 3 year term.
The Costa Rican banks traditionally do not lend money to foreigners for the purchase of real estate. There is no financing available to foreigners as there is in North America, Canada or Europe for acquisition of fee-simple properties, unless of course they are residents of Costa Rica.
Foreigners that are legal residents generally qualify for bank loans if they can provide evidence of employment and adequate income.
Interest rates will depend on whether the loan is in Colones or U.S. dollars, and whether the lender is a public or a private institution. The current interest rates in Costa Rica are higher than the interest rates charged in United States.
There are other ways to finance real estate in Costa Rica:
Contacting a private international bank, who will lend you usually up to 60 or 70% of the purchase price.
American citizens can use their IRA to purchase real estate in Costa Rica. The IRS will allow you to purchase property with income that is tax-deferred.
Please give us a call and let us know how can we help you in the purchase of your dream home in Costa Rica. |
