Money Matters

Costa Rica is celebrated around the world for its “green,” pro-environment image. This week, the Green Building Council of Costa Rica is helping to launch a new certification system here that will help builders and homeowners manifest that reputation.

Moving to another country like Costa Rica is always a big step, especially if you don’t have all the information together to be able to follow the rules. In most countries the tax authority or city will send you a notice when it’s time to pay your taxes. That’s not the case in Costa Rica, and you will be fined for late payment. Needless to say there are a couple of taxes you should know about.

Potential property owners are likely quite familiar with property taxes. However, a relatively newer tax has hit the real estate market that you should keep in mind should you consider purchasing property in Costa Rica. It’s called the Impuesto Solidario para el Fortalecimiento de Programas de Vivienda (roughly translated as the Solidarity Tax for the Strengthening of Housing Programs)

The global monitoring organization Financial Action Task Force (FATF) is currently conducting an evaluation of money laundering activities associated with drug trafficking in Costa Rica. They are particularly focused on the real estate industry.