Friday, March 13, 2009

The walkway to the beach got washed out

I have been here and lived trough so many storms and yet never have I seen something near to the amount of water that have comedown since last November in this cost. Is just been storm after storm, non stop. Even I begin to feel the weight of the destructions is causing. Our beach walk way is totally washed away. Fernando my neighbor started to do some lands movement yesterday with heavy machinery. I wouldn't have done it to that way but I'm glad he is doing it, it’s well appreciated. Our neighbor on the right hand side, a lawyer from san Jose who doesn't give a flying rat, land is higher than ours, so of course, it all washed into my walk way and wreck Fernando's and my rain water ditches. Now we must re do and make so our land is higher than his. We’ll see. I have no more bridge. Is buried three feet under! We'll live trough it though. The beach is looking better I will definitely go running tomorrow....

Wednesday, March 11, 2009

My website is updated

Is not an excuse but, since this rain hasn't end is been kind of difficult to get thing going. I took a little time to watch a little football, I must confess! I have most of the properties listed on my Real estate page now. Is not state of the art design but it get the point across and all information is there. Don't forget I am 24/7 waiting for your phone call if you need to get better info about any of my properties. I spend less time and money on the packaging so I can keep my prices down! The prettier the packaging the less I trust a product, contrary to whatever my wife says!! My cell phone is: (506) 8875 3924. Remember prices are low at the moment and I'm always willing to discuss it. I may not be an easy guy to discuss politics with for my views are pretty much set at this point. Never the less a good investment discussion can go a long way!!

Tuesday, March 10, 2009

Buying beach property - part II

Purchase of Land through Costa Rican Companies

In any of the above mentioned cases, both Costa Ricans and foreigners are always advised to buy land through a company. Among the advantages of forming companies for this specific reason, the reduction of personal liabilities and taxes are the most outstanding.

Ownership of recordable assets, such as real estate and cars, has become the main purpose of most of the registered companies in the country. Hence this method of "indirect" possession, is the most highly recommended means of managing recordable assets.

Once formed, a corporation may be fully controlled by a sole shareholder. This allows the concentration of corporate powers which allows a single individual, or a small group of people, to operate the company in a relatively simple and inexpensive manner. Your attorney will be able to help you find the best ways to ensure control of the company and the overall handling of corporate power.

Monday, March 9, 2009

Buying beach property - part I

Buying beach property

Public Law No. 6043 of 2 March1977 establishes a restricted coastal zone called the "Zone Maritimo/Terrestre." It comprises a 200 meters long strip of land along both the Pacific and Atlantic coasts of Costa Rica, measured from the high tide line toward the inland. This "Maritime/terrestrial" restricted zone is given a differentiated treatment since it is owned by the national government and administered by local governments (municipalities). It is divided into two sections:

a) The Public Zone (Zone Publica): 50 meters wide strip of land between the high tide line and the outer line of the "Restricted Zone" (Zone Restringida).

b) The Restricted Zone (Zone Restringida): 150 meters wide strip of land from the inner limit of the Public Zone toward the inland.

No private individual or corporation is allowed to build on or use for private purposes any portion whatsoever of the Public Zone. However, they may obtain a lease concession on the Restricted Zone for private or business use.

Leases on the Restricted Zone are authorized by the Instituto Costarricense de Turismo (ICT) and granted by the relevant municipality. Beneficiaries of lease concessions are granted the use, occupation, and possession of the land, including the right to build.

No lease concessions are granted to non-Costa Ricans who have resided in the country less than 5 years, nor to foreign companies, nor to national companies of which 50% or more of its stock is owned by non-Costa Ricans.

Lease concessions may be transferred with the previous approval of the municipality and the ICT. They are generally granted for periods of time that range from 5 to 20 years. The lease granting municipality is entitled to charge a small leasing fee. The lessee can apply for an extension of the lease concession at the Municipality. Extensions are normally granted with the previous approval of the ICT.

There are very few exceptions to Law No. 6043 of 2 March 1977. Beach front land that is not regulated by this Law can be found, but it is extremely unusual to have property titles in areas within the restricted 200 meters.

An American investor wishing to acquire a lease concession must do it through a Costa Rican corporation. Land not included in the Public or the Restricted Zones can be purchased individually and with no special restriction or limitation

Before acquiring a lease concession, the buyer would ask his or her attorney to examine the Municipality Records, verify the seller's ownership status, as well as general tax and leasing dues. A similar procedure applies to the purchase of non-restricted land described above.