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CR BIZ Real E st a t e , B us i n e ss a n d I nve s tm e n t
DINING GUIDE Page 23
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HOWLER
CO N T E N T S CR BIZ
6 - Cover Story: CINDE Drawing Foreign Investors to CR 8 - Property Spotlight: Coming Soon to Reserva Conchal 10 -Entrepreneur CR: Brain-Boosters Anyone Can Try 12 - Real Estate 101: Safety Tips for Vacation Home Renters 14 - Banking Options: Five Factors for Choosing Offshore Banks 16 - LegalEase: Capital Gains Tax
CR Open for Global Business Cover Story
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23 Dining Guide 24 - Feature: W Costa Rica - Latitude 10o North 25 - Reserva Conchal - Latitude 10o North 25 - Reserva Conchal - Cocina de Mercado 25 - Reserva Conchal - Zona Azul 26 - Holiday Happenings at the W 27 - Festive Foods: Tasty Traditions
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hal – Reserva Conc W Costa Rica 10° Norte urant-Latitud Featured Resta Public Open to the
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Don't Make it Easy for Thieves Real Estate 101
Latitud 10° Norte Dining Guide Feature
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Restaurants 28 - Jacó - Trident Poseidon 28 - Huacas - La Playita Restaurante 29- Playa Grande - Pots & Bowls 29 - Huacas - New York Pizzeria 29 - Playa Grande - Rip Jack Inn 30 - Tamarindo - Nordico 30 - Tamarindo - Lizard Lounge 31 - Langosta - El Barco 31 - Surfside / Potrero - The Beach House 32 - Surfside / Potrero - Fat Daddys 32 - Surfside / Potrero - Potrero Grill 33 - Flamingo - 5 o’Clock Somewhere Bar 33 - Flamingo - Banana Wind Cafe 33 - Flamingo - Capriccios Pizza Bistro & Cafe 34 - Las Catalinas - Sentido Norte 35 - Restaurant Directory 36 - Dining Guide Map
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The name says it all...
Splendor Del Pacifico, Luxury Residences Flamingo Beach, Costa Rica The most exceptional destinations offer a bit of everything: chic accommodations, striking natural beauty and personal service. 360 Splendor del Pacifico is an exceptional destination. With condominiums as comfortable as they are picturesque, 360 is your personal paradise in Playa Flamingo, Costa Rica. Enjoy lazy mornings with breakfast in bed, mimosas on the terrace and quiet tranquility at the top of the ridge. Because sometimes, the perfect getaway involves doing absolutely nothing at all. For real estate sales or rental inquiries: info@360flamingo.com Costa Rica: +506 8802 4848 US Toll Free: +1 (877) 405-4996 Contact us for pricing and availability!
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CR BIZ – COVER STORY
Photos courtesy of: CINDE
CINDE's FDI Journey Costa Rica: From Wildlife to Life Sciences and High-Tech
by Fabiola Domínguez
T Multinational companies attracted by CINDE have generated 106,707 jobs, at last count.
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he ever-changing faces of economic growth in Costa Rica are attracting wider worldwide attention all the time. A driving force over the past four decades has been the organization known as CINDE, which stands for Costa Rican Investment Promotion Agency. Founded in 1982 and declared of public interest in 1984, CINDE is mandated — as its name suggests — to promote foreign direct investment (FDI) in Costa Rica. Since its inception, the private, non-profit, non-political organization has helped hundreds of companies set up operations here, contributing major benefits to the country in the process. “CINDE adds value to Costa Rica by being a change agent for growth and enhanced employment options in the country,” says Jorge Sequeira, Managing Director. “Last year, we attracted 48 new investment projects and 12,961 new
high-quality jobs. This strengthens the economy and creates new opportunities for Costa Ricans.”
Economic transformation
Once known primarily for its agricultural exports of bananas, coffee and pineapples, and increasingly as a favorite tourist destination, Costa Rica has a wellestablished place on the map for reasons common to other tropical paradises. Millions of visitors and relocated expats find tranquility and adventure in this biodiverse wonderland of lush rainforests, beautiful beaches and mountain landscapes. They also appreciate the warmth of Tico hospitality and cultural enrichment. But starting in the 1980s, Costa Rica’s economic transformation on multiple frontiers has been impressive. Cuttingedge growth has occurred in specialty areas of the industrial and service sectors. howlermag.com
The country has become a hub for IT software development, smart-tech electronics manufacturing and superfoods development. From tier 3 data centers to R&D initiatives, the range of medical technology activities has also widened.
Value proposition
CINDE’s compelling FDI value proposition has helped make this small Central American country one of the top investment destinations in the world. Costa Rica’s qualified workforce, strategic location, excellent business climate, robust utilities infrastructure and quality of life are all persuasive factors in its proven FDI track record. Multinational companies attracted by CINDE have generated 106,707 jobs, at last count. Green-field investment — occurring when a parent company creates a ground-level subsidiary operation in another country — has been integral to this success story. Startups have been undertaken in varied sectors including corporate services, life sciences, advanced manufacturing, light manufacturing and the food industry. More than 300 high-tech companies — 24 percent with Fortune 100 status — have established successful operations in Costa Rica and continue to grow. Prominent examples include GSK, McKinsey & Company, Procter & Gamble, Zollner, Emerson, Microsoft and Intel. Over the years, Costa Rica has consistently moved forward in achieving production value chain goals, with emphasis on R&D activities.
Expor t dynamics
History in the Making
Costa Rica now exports some 4,355 different products and services to more than 151 countries. Preferential
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he stage for Costa Rica's modern renown as an FDI hot spot was set back in 1949, with the abolition of its army. (Costa Rica remains the largest country in the world without an army.) This monumental accomplishment allowed for the reallocation of military budget funding to enhanced investments in public health care and education. In the latter instance, achieving today’s literacy rate of 98 percent is a widely recognized outcome. Costa Rica’s national education system has given its workforce a competitive global edge in attracting FDI. English language proficiency qualifies an increasing percentage of the population for employment in the services sector. The selection of job and career options continues expanding for graduates of universities and technical training programs. Human talent is the main thrust behind new FDI opportunities in Costa Rica, affirms Jorge Sequeira, Managing Director of CINDE. “It’s the key to making our country attractive for international companies seeking new markets to expand their operations.” Meanwhile, efforts will continue to improve the country’s competitiveness in areas such as business climate and infrastructure.
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connections are with trading partners accounting for two-thirds of the world’s GDP. This is made possible through a strong network of free trade agreements with the European Union and countries such as the United States, Canada, China and Singapore. The life sciences and services sectors lead the pack when it comes to Costa Rican exports, as well as job creation at home. • In 2018, medical devices topped the country’s list of industrial export products, valued at US $3.3 billion. As Latin America’s second largest exporter in this sector, Costa Rica is where six leading global producers of cardiovascular equipment have a strong presence. • Value-added business services exports, including telecommunications, computer and information services, represent 7.3 percent of the GDP. Economic growth created a sixfold increase between 2000 to 2018.
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A Few Facts About CINDE’s Impact Currently, the country's workforce includes: • 65,904 in the services sector • 26,417 in the life sciences sector • 10,157 in advanced manufacturing • 4,229 in light manufacturing and the food industry In 2018, CINDE-generated FDI from multinational companies accounted for: • 31 percent of Costa Rica’s overall employment • a female job occupancy rate of 57 percent • 850 people finding new jobs outside the San José Greater Metropolitan Area — 600 of them in Amazon’s virtual work centers.
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Reserva Conchal Expands Into Branded Homes (and More) Photos courtesy of: Reserva Conchal
by Karl Kahler
REAL ESTATE SPOTLIGHT
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eserva Conchal has long been recognized as one of Costa Rica’s finest hospitality and residential communities, featuring 2,200 acres of tropical forest, luxurious homes, an award-winning golf course and a 1.6-mile stretch of pristine white-sand beach. This unique development is known for its exquisite natural setting, its environmentally friendly practices and its appeal to people on vacation, people looking for an exciting place to live, and investors seeking a home that can fetch top dollar as a vacation rental. Reserva Conchal currently offers nine residential communities, along with an array of impressive amenities, including a 100-acre nature reserve, swimming pools, spas and hiking trails. It has long been known for the 406-room, Marriott-branded Westin Hotel, an all-inclusive, eco-friendly retreat. Last year, Reserva Conchal opened a spectacular, $52 million, 150-room W Hotel. The W won the 2018 HOLA (Hotel Opportunities Latin America) award for hotel development of the year, edging out a Four Seasons in São Paulo and a Grand Hyatt in Bogotá. And early next year, Reserva Conchal will be offering 14 exquisite new lots for homes branded by the iconic W. Owners of W-branded homes will have full access to all the amenities of the hotel (including room service), and their homes can become suites in the W’s rental pool, making them excellent investments. Reserva Conchal’s first foray into branded residences means a globally recognized luxury hotel like the W is lending its imprimatur to privately owned
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homes in recognition of the excellence of their design. Cocobolo is another new residential development, featuring five high-end lots with breathtaking ocean views that are planned for release in January 2020. Of the nine existing residentials, only two have unsold lots or new homes. Llama del Bosque, featuring lots for the construction of stand-alone homes in the heart of Reserva Conchal, has four unsold lots and a spec home. Aromo is another stunning development, with six new townhomes and three private lots, each with breathtaking Pacific Ocean and nature views. Only two harmoniously designed townhomes, plus a spacious lot with the capacity to build one or two homes, are left for sale in this exclusive gated community. Plus, this being Costa Rica, Reserva Conchal is getting into the zipline business when its adventure park opens in the summer of 2020. It will feature horseback riding and other attractions, all with Reserva Conchal’s eco-friendly signature. Ronald Zurcher, Costa Rica’s most celebrated architect, designed not only the new W but also the homes that will bear its name. One model will be built next year for sale, leaving 13 lots where you can build your own. Reserva Conchal is also now partnering with Troon, the world’s leading golf club management company. And its original master plan was developed by Edsa, a global leader in the formulation of master plans for luxury developments. howlermag.com
The amenities at Reserva Conchal include an 18-hole championship golf course designed by Robert Trent Jones II that is widely considered the best course in Costa Rica, plus the two spas and 13 restaurants that both the Westin and the W offer. Also, Reserva Conchal’s swanky beach club has its own restaurant, bar and swimming pools, plus a golf club. A half-dozen hiking trails allow guests to explore this pristine natural area, along with a wildlife refuge that’s open to the public and protected by the government but owned by Reserva Conchal An on-site nursery provided all the landscaping, trees and bushes for the new W Hotel. Reserva Conchal’s environmental cred is bolstered by centers for recycling and composting, plus a desalination plant. And a new organic garden aspires to provide produce for both hotels, as well as to sell to the public. And that’s without mentioning the direct access to Playa Conchal, one of the most beautiful beaches in Costa Rica, with “sand” consisting largely of crushed white seashells. The owner of Reserva Conchal, Florida Ice and Farm Co. (FIFCO), is the largest publicly traded company in Costa Rica, best known for beverages like Imperial, Pilsen and Cristal, and the branch called Florida Capitales offers financing for the purchase of land here. Reserva Conchal is located just one hour from the international airport in Liberia and is a short drive from the popular vacation destinations of Tamarindo and Flamingo, which offer a wealth of activities, including sportfishing, scuba diving, snorkeling, ziplining and much more. “This is a great place to be and a great place to invest,” said sales executive Mariel Salazar, “and with the financing we offer, you really have access to a better way of life.”
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ENTREPRENEUR COSTA RICA
CR BIZ
Think Big: Ways To Boost Your Brain by Joanna Blanco
C Drinking coffee can have a positive effect on your cognitive functions because it is rich in antioxidants.
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ómo están ustedes? I am now making your brain work out as you read! In this article, I offer tips for keeping your mind in good shape. Optimal brain performance is not only essential in your work but to feel well and live well overall. Your brain is one of the most critical organs in the body. It is responsible for motor and sensory functions, heart and breathing regulation and much more. This “big fellow” inside your head really is worth looking at more closely for big improvements that may be possible. As an integrative nutrition health coach, my suggestions to clients cover five areas.
performance. Add to your shopping list flax seeds, chia seeds, walnuts, salmon and sardines, among other sources of beneficial omega-3 fatty acids. That is because more than half of your brain is made up of fat. What to avoid: Trans fat-rich fried snacks, refined sugars and alcohol are on tonight’s taboo list for entrepreneurs and others needing to be mentally sharp for tomorrow’s important meeting or presentation. These foods not only contribute to cognitive decline but also poor memory and reduced brain volume. Go for some nuts and green tea instead!
1. Nutrition
2. Physical activity
You are welcome, coffee lovers! Yes, drinking coffee can have a positive effect on your cognitive functions because it is rich in antioxidants. Just don't rush for that next cup of coffee yet, though. Sorry, but there’s a downside: having more than two cups can have a negative effect on cognition. If you have a sweet tooth, go for dark chocolate. Its anti-inflammatory and antioxidant effects can help your cognitive
Get yourself moving. Cardiovascular exercises can help your brain to maintain its efficiency. Cardio delivers blood faster to all parts of your body, including the brain. With that comes a boost in oxygen, which plays a key role in the brain's function. Dancing for brain optimization has the bonus benefit of requiring coordination to keep it working. So don't get frustrated trying to keep up with hip hop choreography; think about the good it is doing to your mind.
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It may seem counterintuitive that sleep would do our brains much good with so much less body movement. Yet sleep is critically important to brain health. Those hours of physical relaxation have a restorative effect that improves cognitive functions and memory. Investigators recently have been interested in the brain’s “housekeeping role” in removing toxins that build up while we are awake.
3. Daily routines
Maintaining an organized structure and daily routine keeps your brain awake. It means that you are following actions correctly and that your memory is working. Fun fact: from time to time, change part of your routine so your brain wakes up and takes notice. Take a different road to the supermarket or fasten your watch upside down. Your mind will make an effort to pay attention and wonder. A wondering mind increases creativity and problem-solving.
4. Meditation and mindfulness
These two practices can give your mind the break it needs for detox, and rest. The brain creates several substances necessary to function correctly. As stated earlier, it bears a major share of responsibilities for the body’s healthy functioning. Meditation or mindfulness practice can help allow this vital organ time to regulate itself and continue working properly. Ten minutes of meditation, twice a day. can make a difference. I encourage anyone who hasn’t tried this to do so.
5. Last but not least
Hydration. Your body without water can make your mind distracted and unfocused. It’s just one more good reason to keep yourself hydrated. Laugh. LOL. Go and watch funny cat videos. My kid loves them (So do lots of adults). Laughter is linked with good mental health. Handwriting. Don't use your smartphone and apps all the time for your to-do lists. Writing your grocery list by hand can help improve your cognitive skills. Sudokus and crosswords. Keep your brain active, learning and focused. I guess I will start with these. Aprende Español en Costa Rica. Learning a second language enhances your brain’s integrity and creates more cells. It is a long explanation, but I encourage you to take advantage of learning a new language to keep the mind more significant.
There are many other ways to keep you learning, memorizing, and remembering. I like to advise trying one action at a time. Maintain the right balance in your lifestyle to keep a healthier body and mind. A bientot!
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CR BIZ
Don’t Be An Easy Target
by Jodee Lynette
REAL ESTATE 101
Rental Property Safety Tips
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acation rental properties can be an easy target for local petty thieves, so the need to be prudent and wise cannot be overstated. After all the planning that went into your choice of vacation spot, not to mention a long day of travel getting here with a bit of worry along the way about finding it, you have finally arrived. Everyone has plopped down and started to relax. It’s natural to feel carefree and behave likewise while on vacation. Isn’t that the point, after all? You are here to relax and have a reprieve from your usual worries of the day, with none of the normal constraints. This is exactly what makes you a perfect target for property crime! It’s easy to think that because everything is new and unknown to you as a visitor, that it is the same for others around you. In truth, it’s the opposite for predators who may be lurking. This is their home turf and they know all the cracks, crevices, and angles. It is not unusual for vacation rental homes to be broken into. Nor is it something many of us want to admit or talk about. Unfortunately, a lot of property managers don’t actually care if you get robbed or property contents get stolen. Because it is not going to cost them a thing, they don’t bother warning you to be cautious. Best not to talk about it, right? Wrong! The best property managers will tell you about the possibility of crime and how to stay safe.
Better safe than sorr y
Here are some simple pointers to minimize the chances of you going home feeling sad and violated.
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• Keep your doors and windows locked when you aren’t in the immediate area. • Keep the security doors locked even when you are lounging on the living room couch. • Keep purses, bags and valuables out of sight when you aren’t using them — even when the doors and windows are locked but open. • Keep your valuables with you in the bedroom when going to bed. • Keep smaller valuables locked in the safe. • If you took something outside, bring it with you when you come back inside. Don’t leave anything outside that wasn’t there to begin with. • Don’t assume you are safe on the second floor. It isn’t that hard for a thief to climb and jump from a balcony. Keep in mind that you will meet lots of friendly locals, who can help make your visit enjoyable and memorable. But don’t let your guard down just because they “seem nice.” You do not know your surroundings, but the locals do and they know who you are. Certainly, there are lots of good people just going about their day, but mixed in with them is that one exception — someone jumping at the chance to snap up and stroll off with your belongings, simply because they were left unattended. It was a chance just too easy to pass up. There is no need to be paranoid or obsessive, just be careful. Don’t make it easy for petty thieves with sticky fingers to take advantage. If it isn’t easy, most won’t bother.
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Time now to make your investment in Costa Rica! Guanacaste’s Gold Coast has a wide selection of properties Many different sizes and prices. Every legal requirement met
Lots and Fincas Tourist Center Condos Condo Complex
Hotels Houses/Cabinas Bars and Restaurants Apartment Buildings
Contact in English or Spanish and Whatsapp Email: bravoeugenia@yahoo.com
(506) 7267-3635
@Green Coast CR HM HOWLER MAGAZINE | 15
CR BIZ
International Banking BANK OPTIONS
I
What You Need to Know About Selecting an International Bank
t’s easy to see why so many investors opt to invest internationally. Offshore investing offers privacy, confidentiality, and new opportunities to diversify one’s assets. However, there are countless international banking options to choose from. Narrowing down all those options and settling on one institution can be an overwhelming task. As you look for an international bank, take the following five factors into consideration. Let this help guide you to find the right international bank that meets your needs and provides financial security.
1. A jurisdiction with low or no taxes
There are many reasons to bank overseas.
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There are many reasons to bank overseas. One of the key reasons is to cut back on taxes. This is a completely legal and savvy strategy that can protect your hard-earned assets. Taxes can erode saved and earned wealth, so finding a jurisdiction with low or even nonexistent taxes should be a priority. Start by looking at the taxes for selling assets. If you store assets in an international bank account, but then decide to sell them, what will you lose in the process? Ideally, there would be no tax applied for such a transaction. Keep in mind that there are often different tax codes for permanent residents and international investors. While local residents may have an income tax, foreign investors may not; thus you should pay close attention to these differences to determine whether a country is the right fit for you. Destinations like Belize, for example, have a zerotax regime. That’s just one reason why international
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by Luigi Wewege
banks located in Belize are so popular among experienced foreign investors that want to protect their wealth.
2. Minimal government inter vention
It’s you, and you alone, who should be responsible for the future of your assets and investments. That’s why it makes sense to choose an international bank in a location free from government intervention. Remember that government intervention and government security are two very different things. To illustrate, it’s considered positive having government laws in place that require banks to have a certain liquidity rate, although less appealing to have laws in place that allow government agencies to freeze assets or hold funds without warning. Investors deserve the right to move or store their assets however they see fit. By selecting a government and a jurisdiction that believes in the same, you can rest assured that you’ll have greater control over your financial future. In some countries, government agencies can seize assets because of an impending court case, or rather they can freeze assets involved in a legal inquiry. Investors, of course, are always the real losers in these situations. Always look for banks situated in countries where there is minimal government intervention if you’re concerned about the long-term stability and security of your holdings.
3. Confidentiality and privacy
Financial structures are often created for a variety howlermag.com
of reasons, usually to do with protecting the identity of people who can benefit from them. Grandparents from the United States, for example, might wish to set up a financial structure that could one day benefit their grandchildren. In such a scenario there is no need for the names of those grandchildren to be found in dozens of financial documents or via a search engine online. The best international private banks are in jurisdictions where privacy and confidentiality are available. Of course, completely anonymous bank accounts and financial structure aren’t a viable option. Fortunately, the best banks offer something that falls somewhere in the middle of these two extremes. An offshore or international bank can require individuals and businesses to self-disclose key pieces of information, such as identity or location. That information is used for verification purposes, but this is never made public. This is widely regarded as the ideal way to protect the confidentiality of those who seek it. Privacy is always important for benefactors, investors and businesses alike.
4. Structures and options that maximize investment
The primary goal of any financial structure is to grow assets while minimizing losses. It’s logical, then, that most savvy investors will look to international banks to achieve those objectives. By eliminating penalties like capital gains tax, it becomes much easier to see holdings increase in value. Otherwise, wealth could start to erode over time, even if you aren’t spending it. Beyond the tax issue, it’s worth exploring and finding the financial structures that best meet your needs. There are countless opportunities out there, but not all will be the right fit for your financial goals. Some investors are most concerned with longevity, and they want to establish a fund that will care for their loved ones. Other investors are willing to accept slightly higher risks, but they are
eager to enjoy higher rewards, as well. Some investors need access to multiple currencies at all times, and others simply need a way to limit taxation. Before deciding on an international bank, ensure that the financial institution offers the structures you will benefit from most.
5. Financial exper tise
When you’re choosing an international bank, location is clearly key. Once you have selected the right jurisdiction, however, don’t forget about the specifics that make a bank truly great. Belize is a popular spot for savvy foreign investors, but not all banks in Belize are created equal. Start with the basics and ensure that you are able to communicate clearly and effectively with financial experts in the language of your choice. Next, ensure that communication won’t be limited to traditional office hours, particularly if you’re located in a different time zone than the bank. Then, make sure that the banks can offer financial professionals with plenty of experience and expertise. Fortunately, destinations with great offshore banking credentials, such as Belize, typically do a wonderful job of meeting this particular requirement. Financial professionals might have worked, studied and lived around the world, but come back to jurisdictions like Belize because of the vast financial opportunities that exist within the country. With so many international banks out there, choosing one for your holdings can be tricky. As you make your choice, consider these five factors: A jurisdiction with low or nonexistent taxes, minimal government intervention, financial expertise, structures that maximize investment and confidentiality. On all counts, Caye International Bank in Belize fits the bill perfectly.
When it comes to offshore banking solutions, would-be clients can certainly feel overwhelmed with the plethora of choices available. Yet, over the last couple of years, Belize has become a go-to for many investors looking for security, stability and new investment opportunities. Here, Luigi Wewege, Senior Vice President of Caye International Bank, writes on the unique benefits that Belize has to offer, and how it has become the region of choice for savvy investors from all over the world. Caye International Bank was recently recognized by Wealth & Finance INTL as the ‘Best Offshore Private Bank in Latin America’ in the 2019 Banking Excellence Awards.
Secure your future with private offshore banking
San Pedro Town, Ambergris Caye, Belize, Central America Telephone: +501-226-2388 or +501-226-3083 service@cayebank.bz www.cayebank.bz HM HOWLER MAGAZINE | 17
New Capital Gains Tax in Costa Rica by Ivan Granados
Exemption and deductible expenses
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osta Rica’s Law #9635 created a capital gains tax of 15 percent, which applies to all investment income and real estate. The new law became effective on July 1, 2019. Capital gains taxes can be a very complicated subject. In this article, we will try to streamline the information you need to understand this tax law.
Impor tant notes •
LEGALEASE
Only gains, not losses
Capital gains taxes are collected on the capital income you GAIN from the sale of real estate or an investment. For example, investment in a restaurant would include assets such as equipment. If you sell real estate or an investment at a LOSS, no tax is collected.
What is capital income?
Your primary residence is exempt from capital gains tax.
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A one-time exemption applies to the sale of real estate property owned before the capital gains tax law was implemented on July 1, 2019. For this one-time exemption, the seller will pay 2.25 percent on the purchase and sale price. Regarding expense deductions, sellers are allowed to deduct 15 percent from the gross income of the sale, without providing proof of the expenses, and with no possibility of taking another deduction for those expenses.
Capital income refers to gaining equity or movable capital. • Gaining equity includes income from leases, subleases and creation/assignment of rights. Gross income - deductible expenses = taxable capital income • Movable capital is income in cash or in kind from the transfer of funds to third parties. Total paid for movable capital with no deductions (not allowed) = taxable capital income
What if I sell my home?
If you are a resident of Costa Rica and own property, the property you live in is considered your primary home/residence (at right). It is exempt from capital gains tax. The primary home can be registered in the seller’s personal name or a Costa Rican corporation. In the latter case, you must prove that it is the shareholder’s primary home instead! If the property is owned by a foreigner who does not live in Costa Rica as a domiciled person (see sidebar), the BUYER is legally required to hold back 2.5 percent of the purchase and sale price to ensure that any capital gains tax is covered.
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• •
If you own two or more properties in Costa Rica, as of July 1, 2019, you will pay a capital gains tax on the sale of your property unless it is your primary residence. Payment of the capital gains tax is due by the 15th of the month after a sale closing. The seller is responsible for paying the capital gains taxes.
Like most tax laws, Costa Rica’s new capital gains tax law involves many more details than this article can cover. It is very important to consult with an attorney to fully understand your specific circumstances. You will find further important details online at www. howlermag.com/legalease. We are at your service at gmattorneyscr.com.
Primary Residence
This is the property in Costa Rica with the primary purpose of being the shelter, protection and home for the owner, and where the owner resides.
Domiciled Person
For tax purposes, this refers to a foreign person who is spending more than 183 days in Costa Rica. If the person goes in and out of Costa Rica periodically, that would not necessarily eliminate the status, but would have to be confirmed by the Tax Office to avoid any issue. Costa Rican corporations (either SA or SRL) registered at the National Registry are considered to be domiciled in Costa Rica, if their legal domicile or place of business is within Costa Rica. howlermag.com
HM HOWLER MAGAZINE | 19
Luxury Real Estate
Costa Rica
COMMERCIAL REAL ESTATE SERVICES, WORLDWIDE
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Walk-to-Beach | Tennis | Gym
Flamingo Marina Resort 204
Ocean Views & Walk-to-Beach!
Villaggio Flor del Pacífico 2
Other Units Available!
KRAIN Costa Rica | COMMERCIAL REAL ESTATE SERVICES Hermosa | $9M | 58 Hectares
Flamingo | $5.95M | 6782m2
Hermosa - Ocean View
Mixed-Use Development
Titled Beachfront - FLAMINGO
Coco | $1,399M | 11,830 m2
Hotel Site - Residential Development
Potrero | $1,.322M | 66,106 m2
Coco | $4.5M | 1.18 Hectares
Beachfront
Zoned - Tourism
Hotel or Mixed-Use Brasilito | $1,285M | 16 Rooms
Bagaces|$4M|1200Hectares
Tamarindo | $2.47M | 26,956m2
Tamarindo Paradise
Hotel Site or Residential
Burdeos Cattle Ranch
Various Uses | Land Bank
+1M Existing Improvements
Flamingo | $650K | 1,807 m2
Potrero | $525K |7 Bed/6.1 Bath
Mixed-Use
Development Commercial Road Frontage Mixed-Use Development
Mixed-Use Development
or Private Estate
Conchal Hotel
& Papaya Restaurant
Mar Y Posa B&B
4 Suites Plus 3 Bed Home
OUR PASSION IS REAL ESTATE. Our team is comprised of U.S. and Canadian licensed agents who have chosen real estate as their profession and value the high standards imposed by U.S. and Canadian licensing requirements. KRAIN’s local reputation and expertise is backed by its selection as a member of the Leading Real Estate Companies of the World®, a global community of over 550 international real estate companies awarded membership based on rigorous standards for service and performance. KRAIN is also the exclusive Costa Rica affiliate for NAI Global, the 4th largest commercial brokerage in the world, and Mayfair International Realty, a London based firm with a global reach. KRAIN’s Luxury Marketing is fueled by Luxury Portfolio. Simply put, we are the best at what we do. Our professionalism, knowledge, and high quality of service is the cornerstone of our unprecedented success and is our continued promise to you, our clients.
Breitlander Team
Peter & Sarah | Owners
Jeff Goode
Broker Associate
Jane & Dennis
Broker Associates
Les McIntyre
Broker Associate
Rafferty Team
Debra & Frank | Brokers
Jesse Lobb
Broker Associate
Monett Team
Hickey Team
Doug & Sharon | Brokers Ryan & Chrissy | Brokers
8413-7165 or 6148-0406 C.R. Cell: 8411-5347 8844-2577 or 8701-8697 C.R. Cell: 8511-1625 8504-8394 or 8363-1247 C.R. Cell: 8530-0275
C.R. Cell: 8510-1154 8829-8983 or 8426-7380
info@kraincostarica.com Jeff@kraincostarica.com Jane@kraincostarica.com Les@kraincostarica.com Rafferty@kraincostarica.com Jesse@kraincostarica.com Doug@kraincostarica.com Hickey@kraincostarica.com
LeadingRE.com | LuxuryPortfolio.com | MayfairInternationalRealty.com
Offices in Tamarindo, Flamingo, Potrero, and Ocotal
Costa Rica
Luxury Real Estate
HM HOWLER MAGAZINE | 21
CR BIZ DIRECTORY Real Estate, Property Management
PLAYA TAMARINDO, COSTA RICA
Ocotal, Flamingo, Potrero Daily 8-5 2654-4010 info@kraincostarica.com
| #searchfindhowl | online
CABO VELAS PEST CONTROL Pest Control - English Speaking Bug Busters is now Cabo Velas Pest Control with 10 years of experience El Llanito, Villarreal Mon-Fri, 7-4 8416-4860 / 8702-6807 bamboopq@yahoo.ca
DENTAL SERVICES
22
Hermosa del Mar Plaza #7 Mon-Fri, 8-5, Sat, 8-noon 4702-7098 / 2665-8746 info@costarica-brokers.com
PEST CONTROL
ATTORNEY
Tamarindo, Flamingo & Nosara Mon-Fri, 9-1, 2-5 2654-4367 / 2653-2155 info@gmattorneyscr.com
HORIZON PACIFIC Property Management and Rentals A leader in quality properties and services: Vacation rentals, management, association administration Tamarindo, Plaza Palmas #17 Mon-Sat, 9-5, Sun 9-2 2653-0390 horizonpacificvacations.com
BROKERS COSTA RICA Property Management & Rentals We specialize in luxury rentals and property management
Flamingo, Potrero, Tamarindo Daily 8-5 2654-4010 info@kraincostarica.com
GM ATTORNEYS Legal Services Full service in all areas of law
Playa Tamarindo 7 days a week, 9-5 2653-0073 www.remax-oceansurf-cr.com
DENTAL SERVICES
KRAIN Luxury Real Estate Member of Leading Real Estate Companies of the World
www.remax-oceansurf-cr.com
COMMUNITY CHURCH PLAYA HERMOSA
RE/MAX OCEAN VILLAGE Making Dreams Come True Experienced professional real estate sales team serving the entire Papagayo region Playas del Coco, Ocotal, Playa Hermosa, Playa Panama Daily, 8-5 2670-2175 remax-oceanvillage-cr.com
REAL ESTATE & PROPERTY MANAGEMENT
REAL ESTATE & PROPERTY MANAGEMENT
KRAIN Luxury Real Estate Member of Leading Real Estate Companies of the World
RE/MAX OCEAN SURF & SUN RE/MAX OCEAN SURF & SUN Buying oror selling a home? Find a RE/MAX Agent Buying selling a home? Find a In Playa Tamarindo since 1999. Sales of condominiums, RE/Max Playa Tamarindo homes, lots, Agent fincas and in businesses. since 1999. Sales of residential condos, Playa Tamarindo Monday to Saturday, homes, lots, fincas9-5 and businesses. 2653-0073 ~ 866.976.8898
BUILDING SUPPLIES BOOKSTORE PLAYAS DEL COCO
OCEAN SURF & SUN
COMMUNITY & SERVICES DIRECTORY
M&G DE HUACAS Marble, Granite and Quartz Custom countertop, highest quality and materials, free inspection and quote 50m east, 150m north, 75m west Huacas Community Center M-F, 7:30-5, Sat, 7:30-2 8840-3815 litomtz74@gmail.com
BEACH COMMUNITY CHURCH Love God, Love Others Come join us on this journey as we discover the Author of Life Brasilito, before CRIA Sun 10am-English, Sat 6pm-Sp. 8621-6273 info@ beachcommunitychurchcr.com
PACIFIC SMILE DENTAL CARE Kids & Adults - English Speaking Highly experienced staff— orthodontics, implants, endodontics, gums Near Auto Mercado, Tamarindo Mon-Fri 9-6, Sat by appt. 2653-4354 info@pacificsmilecr.com
TAMARINDO DENTIST First Dentist in Tamarindo Implants • Orthodontist • Endodontist • Cosmetic Dentistry Tamarindo 24/7 for emergencies 2653-2020 smile@tamarindodentist.com howlermag.com
Be a Happier Community HOA management with integrity and transparency. We optimize our clients´ time and investments.
HM HOWLER MAGAZINE | 23
www.FlamingoBeachRealty.com (CR) +506 8402-2795 (US) 1-239-205-5097 Exceptional Service Casa Piedra
•
Genuine Care
•
Buy. Sell. Invest. Tamarindo Commercial Center
Villa Cielo y Mar
Playa Flamingo, Beachfront
$1,980,000 6 beds / 4 baths 4305 sq ft
Aromo - Lot 2
Playa Conchal, Reserva Conchal
Luxury Living, Beach Club, Gym, & Restaraunts
Walkable to the Beach! No expenses spared!
4 bed / 7 bath + maids 7800 sq ft Incredible Sunset Views & Views of Marina
Carao T1-3
$699,000 2405 m2 - Large Ocean View
Casa Cascadas
Playa Potrero, Surfside
$1,740,000
Playa Flamingo, Southridge
2 bed / 2 bath 2450 sq ft
Playa Conchal, Reserva Conchal
$595,000
3 bed / 3.5 bath 2648 sq ft Luxury, Ocean View, Gated, Secure, Resort Lifestyle
Flamingo Marina Real D
Playa Flamingo, Northridge
Great investment! 2 Stories
$900,000 870m2 - 6 Commercial downstairs, 6 Apartments upstairs
360 Southridge Lot
Oceanica 829
$550,000
Tamarindo Main Road
$589,000
Playa Flamingo, Southridge
Incredible 360 Views of Pacific Ocean!
1559.8m2 of usable land!
Flamingo Towers 12
$425,000
2 bed / 2 bath Steps to the Beach! Walkable to Shops & Restaurants 1300 sq ft
Flamingo Marina Resort 202
$350,000
Playa Flamingo, Southridge
Huge Ocean View Balcony and Back Porch Gated
2 bed / 2 bath 1685 sq ft
Cabo Velas 52
FIRESALE!
Playa Flamingo, Northridge
$190,000
1 bed / 1 bath 903 sq ft 3 Balconies, Walkable to Beach, Grocery, Restaurants
Melanie Engel
24
Braeden Engel
Jennifer Dalton
Playa Flamingo, Northridge
$169,000
1 bed / 1 bath, 484 sq ft + balcony Ocean Views & View of New Flamingo Marina!
Michael Avey
| #searchfindhowl | online + 506-2654-6565
Will Matthews
Matapalo - 10 Mins to 10 Beaches
Walkable to Grocery and Restaurants
Vanessa Bonilla
Flamingo Plaza #B7
Brandy LeRoy
$148,000 3 bed / 3 bath 1235 sq ft
Greg Petin
howlermag.com
