There appears to be more and

more buyers looking to retire in

Costa Rica. In the past it was

more futuristic looking ahead

for their 3-5 year plan.

Today buyers are looking for

present—day retirement op-

tions. Buyers look to websites

for insight as to whether or not

to purchase or rent first. Many

still feel comfortable relying on

the professional opinion of

realtors working for major

brands. There is a shortage of

long term rental properties.

Anyone looking for a long term

rental after September finds

most nice homes/condos have

been reserved for the upcoming

Christmas and New Year Holi-

days. An additional shortage

factor is due to the increase in

employees involved in new

development whether hotels or

new residential projects .

The Paradisus Papagayo Bay

Resort is due to open Dec.2014

R E A L E S T A T E M A R K E T — C U R R E N T T R E N D S

N E W T O U R I S T A T T R A C T I O N I N G U A N A C A S T E

New $10 Million Tourist Attraction; Water Kingdom Aquatic

Park in Guanacaste Costa Rica near Bagaces. The park could

attract about 10,000 people each day at full capacity. Seven massive

swimming pools and other water attractions will entice families from all

over the country and internationally when the word gets out! The

name of the park is Water Kingdom . The park will offer water slides,

splash fountains, relaxing rafts, diving platforms, floating bounce

houses, SCUBA diving instruction, athletic fields, mini-golf, restaurants,

and more. Water Kingdom location is just a couple of kilometers

from the Palo Verde National Refuge. Surfers will enjoy catching a

wave at the park; there are 1.20 meter waves in a 1,400 sq. meter

pool complete w/ a beach that can accommodate hundreds of surfers.

CO

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4 T H Q U A R T E R — 2 0 1 3

C O S T A R I C A

N O R T H W E S T P A C I F I C

R E A L E S T A T E & C O M M U N I T Y U P D A T E

I N S I D E T H I S I S S U E :

R E A L E S T A T E -

M A R K E T C U R R E N T

T R E N D S

1

N E W T O U R I S T

A T T R A C T I O N I N

G U A N A C A S T E 2 0 1 4

2

B A N K I N G :

I N T E R N A T I O N A L

T R A N S F E R S ,

C R M O R T G A G E S

3

L E G A L &

G O V E R N M E N T

R E G U A L T I O N

U P D A T E

4

G T E V E T E R A N ’ S

A S S O C I A T I O N

F U N D R A I S I N G

P R O J E C T

5

C O S T A R I C A

F E B R U A R Y 2 0 1 4

P R E S I D E N T I A L

E L E C T I O N

6

A N O T H E R N E W

H O T E L R E S O R T

O P E N I N G S O O N I N

T H E P A P A Y G A O

7

In Ocotal a bank foreclosure,

initially published at $2.1 million

sold for $800,000.

Best real estate deals in the

area: North Coco : Condos; 1

bedroom lofts; $57K—$65K, 2

bedrooms, 2 baths $70K—$90K.

Coco Hills; Titled lot, ocean view,

gated community, 6,000 sq. me-

ters reduced to $195,000. Con-

temporary ocean view villa re-

duced from $595K to $439K.

Foreclosure hotel 16 rooms,

$1,595,000. Ocotal Villa: $725K

reduced to $495K. Hermosa: 3

bedroom, single story, 2,500

sq.ft., family room, pool, now

$389K.

Currently they have hired

over 1,000 contracted and/or

full time employees and upon

opening they will hire 600 em-

ployees.

Buyer activity is increasing in

the condo market usually less

than $100,000. We are see-

ing multiple requests for mort-

gages and when bank terms

and conditions are revealed,

seller financing is sought after.

Recent market trends for sales;

Sellers highly motivated to sell

are reducing their original list,

published price considerably.

A couple of recent sales, a nice

home, 3 bedrooms, caretaker

room, separate apt., walk to the

beach, pool, Hermosa location,

reduced from $425K to $310K

which generated 3 offers and

soon after a closing. In Coco,

a condo originally priced at

$99K sold for $83,500. Land

sales are still very, very slow.

The park project has been certified by the National Board of Tour-

ism as a major attraction in Costa Rica. The project is expected to

be completed in November 2014.

Set Goals for your Retirement.

Plan ahead.

“If you don’t know where

you are going, you are

already there” !

Presented by; LInda Gray, Owner Broker

Linda@coldwellbankercr.com

www.coldwellbankercr.com 1-877-589-0539

People with bank accounts in

Costa Rica that are not legal

residents with a “cedula residen-

cia” card/status cannot make

intra bank transfers.

The requirement is referred to

as “DIMEX” qualification.

Inter banking transfers can be

made with a passport .

Restriction of U. S. International

Transfers……. I am hearing from

clients in the U.S. that some

banks are not allowing interna-

tional transfers. According to

Paul Watson of Infowars.com,

Chase Bank has moved to limit

cash withdrawals while banning

business customers from

sending international wire trans-

fers from November 17 on-

wards, prompting speculation

that the bank is preparing for a

looming financial crisis in the

United States by imposing capi-

tal controls. Quoted by associate

Alex Jones; he personally visited

Chase Bank and inquired about

setting up an account and asked

if he could wire money out of the

country or withdraw the amounts

of cash listed in their letter. He-

was told no, and that he would

have to “qualify” with them for a

special type of international

will be Dec. 15th , 2:00—6:00

P.M. at the CB Hermosa office.

Linda is spearheading this event.

Carlos Hiller will create art which

can be purchased, wine tasting at

the new restaurant next door

“Navegante”, variety of food, and

the sale of coffee, Christmas

baked goods , plus music. If you

are in Coco at that time please

attend. Contact Linda to make a

donation. 1-877-589-0539

Dr. Hanzel who has the emergency

clinic in Coco (& private ambulance

service) brought to the attention of

the GTE Veteran’s Group a dire need

in the community for defibrillators (&

replacement parts) plus associated

training. It is everyone’s goal to

have 1 defibrillator in each of our

beach communities and organize

through Dr.Hanzel, classes in Span-

ish & English for CPR & use of the

defibrillators. The 1st fund raiser

I N T E R N A T I O N A L B A N K I N G & C O S T A R I C A B A N K M O R T G A G E S

G U A N A C A S T E V E T E R A N ’ S A S S O C I A T I O N I N I T I A T E S

N E W C O M M U N I T Y P R O J E C T — F I R S T F U N D R A I S E R

L E G A L & G O V E R N M E N T R E G U L A T I O N U P D A T E / R E M I N D E R

the seller accepts, everything should be in

order so as not to delay a closing or give a

buyer the appearance that the seller is short

of funds (which could raise maintenance is-

sues) . Costa Rica lawmakers present animal abuse

law November 1st, 2013 according to Inside-

CostaRica.com.

Members of the Committee on Environment of the Legislative Assembly presented the

Animal Abuse Law yesterday afternoon, which

provides jail sentences for the mistreatment

of both wild and domestic animals. Among

the bill’s provisions are prison sentences of

one to six years for any person who intention-

Costa Rica Corporation Taxes

The majority of property owners purchased

their property with a Costa Rican corporation

usually a sociedad anonima S.A. (3-101) or a

limitada ltda. (3-102). The corporation taxes

are due every January. If not paid by the end

of January interest/fines start accruing.

Those owners desirous of selling their prop-

erty , often think they can just have the es-

crow holder deduct the tax from their pro-

ceeds and let the buyer, new owner worry

about it. However, you CANNOT transfer a

property owned by a Costa Rica corporation if

the corporate tax is not current. Of course

property taxes should be current as well.

Once a qualified buyer makes an offer and

Page 2 4 T H Q U A R T E R — 2 0 1 3

bank account and would have to

deposit huge amounts of money

and pay fees to be able to access

those services. Question posed -

how many other U.S. banks will

impose the same restriction?

I believe it is due to banks not

meeting Homeland Security Regu-

lation and procedures relating to

funds possibly coming from

money-laundering/drugs.

Costa Rica Mortgages; buyers are

asking about mortgage require-

ments & terms and conditions. It

is almost impossible for a non-

legal resident of Costa Rica to get

Inflicts pain or suffering to an animal result-

ing in its death, or those who intentionally

injure, torture or assault animals. The same

sentences would apply to anyone who organ-

izes or participates in public performances

or competitions in which animals are killed,

hurt, or tortured.

Those who abandon an animal without

proper care, for instance dumping a dog on

the roadside, face between 50 and 200

days in jail. The bill has strong support from

all lawmakers and will now pass to plenary

for approval.

approval for a mortgage from a

Govt. owned bank. The only bank

that I have found that is attempt-

ing to capture the mortgage mar-

ket is Scotia Bank. They are offer-

ing a couple of options. 1) 25%-

30% down, 8% interest fixed for 3

years then prime rate + 6.25%.

2) 6.55% variable rate , adjusts

about every 3 months to prime

rate + 3.25%. After 3 years, prime

rate plus 6.25% There is a an

application/commission fee of

1.5% plus $500 ($100 per $1,000)

appraisal fee & 1.5% legal fees.

HYATT ANDAZ RESORT—PAPAGAYO OPENING SOON

The hotel will feature 153 deluxe rooms, including 21

suites, nine spa treatment rooms, unique concept-

restaurants with incredible ocean and four meeting rooms.

Located near the Marina—scheduled to open Dec. 2013.

COSTA RICA PRESIDENTIAL ELECTION –Feb. 2014

10 parties & Presidential Candidates Running. Laura

Chinchilla (Liberación Nacional party) - is the current

president. There are no female candidates for this next

election. Speculation—next President will be Johnny

Araya, same party as Laura. He is currently the Mayor of

San Jose .