Residents and non-residents pay the same income tax on employment-source income. From the perspective of the buyer, it is a tax on the purchase price. Capital gains are not taxed in Costa Rica unless they are derived from habitual transactions. (Your profits before deducting expenses determine the rate you pay, whereas the rate is applied to the result of deducting your expenses from that income). This is a new tax and it is only for houses, not for raw land.     USA: (501) 291-5170 Costa Rica closed 2019 with a fiscal deficit of 6% of GDP, but this year it projects an increase to at least 9.7% of GDP, as a result of the containment measures related to … In principle, VAT applies to all provisions of goods and services. number for the owner of the property, and ask how much is due in taxes for this entity. There is no capital gains tax in Costa Rica. Sales tax in Costa Rica. If you´re the type of person who likes to get things done ahead of time, then you can pay your property tax and garbage collection fee a year in advance. From that of the seller, it is a tax only on the “value added” to a product, material or service. In order to be granted entry into Costa Rica, all visitors are required to hold a valid departure ticket, whether it is by air, sea or land. I go there for the Aciai Bowl, which is a wonderful blend of fresh fruits, shaved coconut and seeds, arranged beautifully over top of a delicious smoothy. I mean, I would trade the Costa Rican property tax regulations for the German ones in a minute! ABC Langosta Real Estate (9) ABC New Listings & Updates (23) ABC Price Reduced (6) ABC Sold Properties (11) About Costa Rica (40) About Tamarindo (45) Buying Real Estate in Costa Rica (27) Francais (1) Good Actions and Charity (5) Guanacaste News (15) Legal and Taxes (22) Schools in the area (1) Travel to/from Costa Rica (5) If you want to use a mobile phone in Costa Rica, you must have an UNLOCKED cellular phone and purchase a prepaid SIM card. So, on a home that is valued at $100,000 you will pay around $250.00. What a surprise! The percentage you’ll pay depends on your declared property value. Property transfer tax in Costa Rica. To avoid any headaches just make sure you look over your statements, so everything seems kosher. Talk to a good U.S. tax attorney if you have questions about this new IRS regulation. It is possible for taxpayers to complete these forms; alternatively, Costa Rican accountants charge very fair fees – starting around $50 – to prepare taxes and itemize deductions on the taxpayer’s behalf. The following are deductible from income for tax purposes: Costs: Any costs incurred, which are necessary to produce the income, may be deducted (i.e. Your garbage collection fee luckily is a fixed amount which you’ll pay at the same time as your property tax. However like all tourists areas, care should always be taken with your valuables. You can check out some tour operators for white water rafting on this page. The municipal government where the property is located will levy a property tax on the cadastral value of the property as assessed by the tax authorities. This comparison will also include any taxes imposed at the time of sale or transfer of title as … New corporations have to pay when constituted, 2. You guessed it. Dissolve the SA. You might have to fill out the forms and applications mentioned in this article but that’s part of the game. In other words, if your property costs more than $230,000 then you’re getting taxed on it. Contact us anytime to let us know how we can serve you. Anything else you buy, from a candy bar to a computer or furniture is taxed. The yearly property Tax in Costa Rica is only 0.25 percent of the registered value of the property. That doesn’t mean that it will happen because the Costarican citizens have the option of what’scalled Sala IV, a court where impending legislation may be overturned. Dubbed “the luxury home tax,” the proceeds are to be used specifically toward the fight to eliminate shanty towns in Costa Rica. What follows is a brief overview, by country, of the tax structure for real property. Foreigners temporarily working in Costa Rica are not exempted from this tax even though it is evident they can never benefit from it. Tel: 011-506-2288-2201 or Cell: 011-506-8839-9970, E-Mail: ustax@lawyer.com, PROPERTY AND VEHICLE TRANSFER TAXES FROM A SALE. 1. In front of the entrance of Flamingo Marina Resort Hotel If you have an active corporation, however, then your fee depends on income and can vary from $120 to $380. If you haven’t bought property in Costa Rica yet, you might want to check out this article as a first source of information. If you do so before June 2012, you will be exempt from paying. A 15% tax on the capital gains is now imposed when a property is sold. This tax is triggered with the transfer of the property. Now, this tax applies to houses, condos, and apartments whose value of construction was beyond the exempted tax amount determined by the tax office, which just so happens to be $230,000. Keel-billed toucans are very social birds, rarely seen alone. You still have to pay them – on time. Taxes are automatically deducted each month along with your payment to the Caja for health insurance. Assumptions: Gross rental income is /US$1,500/month; The property is personally directly owned jointly by husband and wife; Both owners are foreigners and non-residents ; They have no other local income Income, such as that derived from rentals, is taxed at a fixed rate of thirty percent (30%) for corporations. Houses built on both titled and maritime zoneproperty are affected. For this reason, throughout the world, VAT has been gaining favor over traditional sales taxes. It also contemplates any increase in net worth during the taxable year, which cannot be justified by declared or registered income. The tax law (Ley de Justicia Tributaria) and Tax Adjustment Law (Ley de Ajuste Tributario impose severe fines, penalties and criminal prosecution for failing to comply with the income reporting requirements established by law. If you generate a foreign income and you already pay in the country where the income was generated, you don’t have to pay any income tax in Costa Rica. The property taxes are mandatory in Costa Rica and payable to the local Municipality, regardless if we are talking about raw land, single lots, condominiums or regular houses owned by individuals or Costa Rica Corporations. The due dates for this process are depending on the last digit of the Corporate ID according to the following schedule: In summary, as long as you take some time to find out about your personal duties in terms of Costa Rican property tax regulations and take care of them in time – you have nothing to worry about. Whether you’re a visitor planning your next tropical vacation or an owner looking to generate rental income on your home, we offer over 15 years of experience in the rental and property management profession. It doesn’t stop with luxury and corporation taxes. Having a furry friend with you in Costa Rica can be a rewarding experience. Some of the roads can be rather challenging, especially if you want to explore. Well, theoretically you could – but you would still have to pay taxes on it. The demonstrations have been held to pressure the government into avoiding new taxes in any future plan. The electricity system is exactly the same as it is in the USA and Canada. To change the constitution of any company requires publication in La Gaceta, the official newspaper, which around $15. Similarly, the calculations of property taxes can be confusing for expats trying to choose which location might be a good fit for their budget. In this case, you better hope your property isn’t worth much… don’t worry, I’m not having a sunstroke, I’m just kidding here. In Costa Rica, land taxes are administered and collected by local governments corresponding to the county where the land is located, which are denominated “Municipalities”, and these moneys are directly used to the benefit of such entities and of the specific county. The friendly staff always have the game on, serve you with a smile and oh… the chicken wings at Perla’s are the BIGGEST I have seen anywhere! You can contact SANSA at www.flysansa.com (506)2290-4100, or Nature Air at www.natureair.net (506)2299-6000. You can move all your assets into one corporation, but make sure you understand the liability issues because that was probably the original reason you put each car in a different corporation and your Costa Rica Real Estate in another. It has a small but tasty menu and is quite reasonably priced, especially when you consider the beautiful grounds and the location – right on the beach! If the customer does not want to sign the release, the entity must close the account, because otherwise, violates the Fatca. The national currency is the Costa Rican colón. It establishes a Capital Gain Tax of 15%. The Cost of Closing a Real Estate Deal in Costa Rica However, for the year 2012, the due date will be April 1st, so it will be an incomplete year and you will pay less. Payment must be made through a state or private bank, so you will probably have to open an account and give your account number to your employer for direct salary deposits every quincena (every 15 days). Property taxes are payable quarterly, but you can pay until the end of the year in advance and there is a 5% discount if you do so. You must also pay an Education and Culture tax called the timbre educacion y cultura every March 31st based on the total net equity of your company, totaling up to $18 a year, as well as a minimal municipal tax that varies based on each municipality. If divorced, you will need the official documents of such divorce from your country or wherever the divorce was granted. In addition there is a National Registry recording fee of 0.05% and a documentary stamps fee of 0.035%. An employee also has to pay income taxes in Costa Rica if his/her salary is higher than $1,250 a month. 1. They will collect. Property taxes are about .25 percent of the value of a home. The employer pays a contribution of up to 22% of gross salary and the employee pays a contribution of up to 9 % of his/her gross salary. It is a good idea to make sure the pump is zero’d prior to filling. It is the responsibility of the Municipality to conduct property appraisals and collect the corresponding property tax. Flamingo Beach, Guanacaste, Costa Rica  50308 You will not be able to do any business with any governmental institution. 3. For example, a recorded $1,000,000 USD home would yield a property tax $2500 USD per year. I suggest you reserve your table and head over to witness in the most breath-taking sunsets you will ever see. To file the paperwork costs about $130. But for now, congress as well as Costarican government have approved the new tax, and it is scheduled to go into effect on April 1st, 2012. Unlike individuals, your tax rate will be based on your gross income, but applied to yournet income. 3. A 90 day tourist visa is automatically granted upon arrival. The flora and fauna differ from one type of forest to another as well. Pre-operating expenses can be capitalized for future years, also. If you own property already: get in touch with our property management services and find out how we can make life better for owners. The law allows for the corporations to dissolve automatically when the payment of the tax hasn’t been made in three years. If the taxes are not paid the corporation cannot legally do any business in Costa Rica. Existing corporations every year from 1st of January until the 31st of January. Also, the city or district (municipality) will end up doing their own assessment of your property. This must be done by Dec. 15. The end of the first quarter is March 31. And the property tax is very low as well. So with that being said, let’s take a look at some of the most important stuff that you need to be aware of. It is traded against the US Dollar and the rates vary from day to day but usually hover around 550 colónes for each USD. Still waiting on that one though. Too meet the requirements, all financial institutions must sign an agreement with the IRS, and to inform customers about the extent to which they, in turn, authorize a disclaimer. I don’t know about you, but nothing gets my blood pumping like talking about taxes…NOT! 10% tax is due on income in excess of ¢215,600.00 up to ¢324,100.00. You will be considered a tax resident if you are physically in Costa Rica for more than six months in a tax year (1st October to 30th September). If there is any payment pending, you will not be able to get a certification on that corporation from the National Register. Be aware that even if your were only transiting through any one of the following countries, Costa Rican authorities will require a yellow-fever vaccine certification: Angola, Benin, Burkina Faso, Cameroon, Democratic Republic of Congo, Gabon, Gambia, Guinea, Liberia, Nigeria, Sierra Leon, Sudan, Bolivia, Venezuela, Brazil, Peru, Colombia, Ecuador and Guyana. Your property tax is going to be 0.25% of the registered value of the property. The following parks provide accessibility:nn Poas Volcano National Parkn Manuel Antonio National Parkn Carara National Park. In terms of the amount you will have to pay: read on! CEO of Quickboost Marketing. With its exceptionally priced menu and really really good food (really), this restaurant / bar has become a favorite stop for the North American community of the Potrero / Flamingo area. ** In accordance with public health recommendations, Special Places continues to work hard to keep our guests safe. Now the amount of tax to be paid per year is not set in stone. Costa Rican property tax regulations obviously include an annual property tax. A lot of foreigners come thinking they don’t have to pay taxes. Although Spanish is the native tongue here in Costa Rica, English is widely spoken throughout Guanacaste. Those low property taxes and a lack of capital gains tax in Costa Rica makes real estate investment a viable opportunity for foreign investors. VAT is assessed and collected on the value of goods or services that have been provided every time there is a transaction (sale/purchase). Please enter your username or email address. You can pay the property tax quarterly. 4. However, not everyone has to pay, individuals are exempt for the first $5,700 a year. Is voluntary registration for VAT/GST and other indirect taxes possible for an overseas company (e.g. And where would be a better place to do that than Costa Rica, where people are happy, nature is fantastic and prices are low? PAYMENT OF PROPERTY TAXES If a property is acquired in Costa Rica, it is require to make a quarterly payment of real-estate property taxes to the nearest local government. Changes to Costa Rican property tax regulations you can look forward to in the new law are: The fiscal year originally from October 1 st to September 30 th will now be from January 1 st to December 31 st. Well, I cannot answer the latter question, as I’m generally afraid of wives and don’t want to get into trouble. You need three copies of this, two to turn into most any bank (Banco de Costa Rica, Promerica, etc.) To start, you will have to get your Orden Patronal which the Caja will send to the work place. Contact Kenny to have your property featured here for an entire month! How to Visit Costa Rica on a Budget, Things to Do in Costa Rica: Top 10 Adventures & Activities, Renting a Car in Costa Rica: 7 Must-Know Tips Before You Rent, The Quick Guide To Costa Rican Property Tax Regulations, The fiscal year originally from October 1. For properties that are valued at 126 million colones or more (about $223,623 at the current exchange rate), a luxury property tax is also due. NOTE: If you have any unused corporations, ask your attorney to dissolve them. You will receive a link to create a new password via email. The law requires the banks to turn over information for any “United States person,” The legal definition includes those with dual nationality, as well as citizens of Costa Rica who hold legal residency in the United States. Actually, you won’t even be able to contract with the government or any public institution. However, an individual who works for an employer does not have to register in Hacienda, and does not give invoices to the employer every time is paid. 4. There is also a small property tax payable annually by property owners based on the value of the property, however there is no capital gains tax in Costa Rica. The IRS will in 2014 begin to order banks in the United States to withhold assets for foreign financial institutions that fail to sign the agreement. If you are a property owner in Costa Rica or thinking of becoming one, you should read this quick guide to Costa Rican property tax regulations. Costa Rica property taxes underwent a change on July 1, 2019. Property taxes are levied by the municipalities at the flat rate of 0.25%. or abroad are deductible; Casualty losses: Casualty and theft losses, which are not covered by insurance; Note: It is best to consult a good accountant who can help you will the process of filing taxes in Costa Rica. For terrific breakfast fare, try The Surf Box, about 150m south of the BNCR Bank, which is located where the main route 911 splits into the fork to Potrero on the right, and Flamingo on the left. However, we recommend the consumption of bottled water, especially in areas near the coast. If you have legal residency in Costa Rica, chances are you’re paying every month to the Caja Costarricense de Seguro Social – the Caja for short. Fatca integrates highly sensitive issues such as the closure of accounts and bank secrecy. Special Places of Costa Rica is a leading full-service vacation rental company in the province of Guanacaste, on Costa Rica’s resplendent Gold Coast. A value added tax or value-added tax (VAT) – Impuesto al Valor Agregado (IVA) in Spanish – is a form of consumption tax. Condominiums Sunset Heights, Costa Rica: +506 2654-4493 For dinner, I suggest the restaurant at Bahai del Sol, right on the beach in Potrero. When and what to pay The Corporation Tax Costa Rica has to be paid every year, the first 30 days after January 1st… A property transfer tax of 1.5% is payable by the purchaser on the value of real estate purchased. So if you complete a full year, a worker should get nearly an extra month’s salary in December, which is tax free. The required documents are: a valid passport or valid travel documents and a sworn statement (affidavit) signed in the presence of a Costa Rican lawyer. Factat applies to all entities around the world as the U.S. wants to better regulate their capital and above all raise more the taxpayer escapees. Dual citizenship in Costa Rica may be of little value in escaping FATCA. Loves good food, traveling and basketball. The government won’t remind you, and if you don’t comply, you’re going to end up paying fines or have collection procedures set up where they take your money anyway. Whether you are looking to move to beautiful Costa Rica, or purchasing a vacation rental there, owning property is always a good investment. The same applies to the transfer of ownership of a motor vehicle which includes a 2.5% transfer tax. It will change your life! You have to fill out a D-140 form asking what money generating activity you will be involved in and basic contact information. The other benefit of the Caja system beyond not having to declare taxes is the yearly aguinaldo which totals what a worker earns between December 1st through November 30th divided by 12 (8.33%). There are customs here that you are probably not used to so to better prepare you we have created the information page renting-a-car-in-costa-rica. Property owners in Costa Rica pay a small municipal tax to the municipality where the property is located. The tax law (Ley de Justicia Tributaria) and Tax Adjustment Law (Ley de Ajuste Tributario impose severe fines, penalties and criminal prosecution for failing to comply with the income reporting requirements established by law. He has members of his staff who can also help with local matters. Countries in Latin America have widely different approaches as to what real property should be taxed and when. If the corporation has any assets at that time, the government will put a mortgage these assets for the tax debt. These protocols include enhanced cleaning and disinfection procedures for all properties under management **, Yes, passports are required. Both offer frequent service to the different tourist destinations within the country. This annual tax is 0.25% of the registered property value. Changes to Costa Rican property tax regulations you can look forward to in the new law are: If you are a shareholder of a property or corporation, the following will apply to you according to Costa Rican property tax regulations: Starting on March 2019, corporations must disclose the names of all the shareholders to the Bank of Costa Rica. The real estate tax is calculated on a calendar year basis and must be paid annually, semi-annually, or quarterly, depending on the municipality. Use commons sense, such as not leaving valuables visible in a vehicle even if it is locked. With fully staffed offices in Flamingo and Coco, we manage all aspects of the vacation rental business, including booking properties, greeting guests, arranging cleaning and maintenance, and offering concierge services to assist with tours, car rentals, private chefs and more. Renting a car requires a little forethought here in Costa Rica. Transfer any assets that you have in the S.A. into your personal name. A fancy word for these is “municipality”. Taxi’s are also available from the airport to Flamingo/Potrero area. Some will even give you a small discount for the annual payment. When you sell your home, you receive both the original cost of the house plus the appreciated value, tax-free. If payments are made to an agent or subsidiary of a firm which is permanently established in Costa Rica then the deduction cannot exceed 10% of the annual gross sales of that company; Travel Expenses: These may not exceed 1% of the gross income declared; Start up Expenses: Deductions are allowed for expenses necessary to initiate production of taxable income; Advertising: Advertising and sales promotion expenses inside C.R. raw materials, parts, components, or services needed to produce the goods or services); Salaries: Wages, bonuses, gifts, benefits actually paid out are deductible as long as the income tax of the recipient has been withheld and paid to the Treasury; Taxes: Any taxes levied against the goods or services or transactions carried out in the ordinary course of business; Insurance Premiums: Insurance Premiums for policies, which cover fire, theft, earthquake, or similar risks; Interest: No reduction allowed for interest payable to shareholders of limited liability companies; Bad Debts: If related to the transactions in the ordinary course of business of the taxpayer and all legal efforts have been exhausted to collect the debt; Depreciation: Apply to the exhaustion, wear and tear, or obsolescence of property, which is used in the trade or business. Costa Rica has many beautiful and luxurious mansions to offer – whether you like beachfront, mountain view, or a valley around you. Annual payments are most common, but it is also possible to make biannual or quarterly payments. This means you have a set salary established by your place of employment. Also, you’ve got options. So, non-exempt homeowners (aka people who have to pay the tax every year since their property is over $230,000) have to fill out a declaration form every three years called D-179. NOTE: The taxes year in Costa Rica begins in October 1 and ends September 30, both for individuals and corporations. This tax is based on the basic salary of a government employee, which is now 180,330 Colones (US$ 357). The link of the Costa Rican consulates abroad is: Costa Rican Consulates. The property values on the books of Municipalities is far below the actual market value of the property and each Municipality is implementing its own property tax program to update its property tax data base. If you don’t do this you’re going to get, wait for it, drumroll please…….fines! Slipping through the cracks in Costa Rica with a corporate bank account is not likely to succeed. A property transfer tax of 1.5% is payable by the purchaser on the value of real estate purchased. Here we pay .25% of the registered value per year so on a property valued at $100,000 the annual taxes would be $250. The Surf Box has incredible healthy choices and uses only fresh ingredients. These taxes are paid at a rate of 0.25% of the value of the property as declared by the taxpayer and accepted by the municipality. Actually just save all receipts and let your accountant determine what counts, you’d be surprised what is considered work-related! The country is desperate for revenue because of its deficit and trying to get it through increased taxation. Talk to other expats for recommendations. To be allowable deductions the taxpayer must prove that they were necessary to produce taxable income. Property taxes in Costa Rica are ridiculously low. Also, there is a $29 exit fee which must be paid prior to departing Costa Rica. We offer an extensive list of rentals ranging from modest budget condos to spectacular beachfront mansions, covering an area that includes Playas del Coco, Playa Hermosa, Flamingo, Potrero, Surfside, Brasilito and Reserva Conchal. Yes, there are a number of small corner stores in the immediate area that carry a wide selection of food, meat, fresh produce, wine, liquor and beer. The Tax Law specifies the maximum depreciation amounts allowed; Business Losses: Deductions are allowed for business losses. 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