FREQUENTLY ASKED QUESTIONS

1. Are there any restrictions on foreigners owning properties in Costa Rica?

Foreigners have the same rights as Costa Rican nationals when it comes to owning properties. This is not the case in may other Latin American countries. Regardless, we recommend that you take title to any property purchased via either a Costa Rican corporation ("Sociedad Anonima" or "S.A.") or limited liability company ("Limitada"). Doing so has tax and other advantages if and when you sell the property. If you have more specific questions, please feel free to send us an email and we will be happy to follow up with you.

2. What is the rate of appreciation of property being sold in Costa Rica?

International and US law prevents us from representing or guaranteeing a rate of appreciation but we can say that the Central Pacific Region is experiencing a rapid rate of growth and development which presents unique opportunities for excellent returns. Vista de Sirena offers investors and purchasers unique and unrivalled investment properties. Our sales representatives would be happy to provide you with some examples.

3. Am I able to rent my home or condominium?

Yes. Vista de Sirena provides rental, maintenance and administration services for the benefit of all of our property owners. For additional info or to list your property for rent, please email our offices directly.

4. What sort of taxes can I expect to pay on my property?

If, as we have recommended, you have taken ownership of your property in a Costa Rican corporation or limited liability company, you will be responsible for land transfer taxes and registry stamps totaling approximately 2.5% of the purchase price of the property at the time of sale. Property taxes in Costa Rica are significantly lower than in North America. They are currently set at 0.25% of the registered property value and are payable on a quarterly or annual basis, at the election of the property owner.

There are currently no capital gains taxes in Costa Rica on the sale of the property or the sale of the shares or quotas of the S.A. or Limitada that owns the property.

5. What are the monthly maintenance fees?

Each Vista de Sirena project has an independent homeowners' association that establishes an annual budget with the participation of its members (homeowners). The monthly fees are determined by the density and amenities of the individual communities. A percentage of all monthly fees are paid to the Master Homeowners Association, which is responsible for maintaining all of the resort's common areas lying outside the individual residential communities. We are happy to provide you with the current budget estimates for the communities that are of interest to you. The monthly assessments for all communities include maintenance of common areas, security, and administration.

6. Is financing available?

There are several local banks that offer financing to qualified buyers and we have contacts with US and Canadian lenders who will finance real property in Costa Rica. Typically, interest rates in Costa Rica are generally two to four points higher than in Canada and the United States and most foreign buyers elect to refinance their homes in North America if they require financing to purchase property in Costa Rica. Should you have need of financing and would like our assistance, contact our sales representatives.

7. Are there any restrictions on the resale of properties? If so, what is the standard commission?

To maintain the highest resale values and provide our owners with the best brokerage services, we presently require all buyers, to list their property with the Vista de Sirena Sales Office for resale, as specified and agreed to in your Purchase and Sale Agreement. Sellers may choose to either sell their property without an agent in which event no commission is payable to Vista de Sirena or to list their property with a third party agent, in which event a commission is payable to Vista de Sirena upon the closing of the sale of the property or the stock or quotas of the S.A. or Limitada that owns the property. It is important to note that the Vista de Sirena Sales Office receives the highest quality and most qualified leads for these properties. Vista de Sirena charges a 4% commission, which is less than the 6% regional and national averages.

8. Does the fact that I own property in Costa Rica automatically qualify me for Costa Rican residency?

No. If you are interested in obtaining official residency, we advise you to contact a reputable local attorney such as Esteban Villegas Castro (tel. (602) 388-8393). It is not necessary for you to obtain residency if your maximum stay in the country does not exceed the period specified on your tourist visa. After spending a minimum of 72 hours outside of the country, you will be allowed to reenter Costa Rica and receive another tourist visa.

9. I Plan to arrive in Costa Rica by private jet. What is the closest airport to Jaco and the Central Pacific Coast?

All private and commercial aircraft are required to clear Customs and Immigration in one of the two international airports: Juan Santamaria International Airport in San Jose or Daniel Oduber International Airport in Liberia. Our projects are currently closer to the San Jose airport. From there, it is an hour and forty minutes by car. Local airstrips are unsuitable for private jet aircraft.

10. I heard a rumor that a new highway is being constructed to shorten the drive between San Jose and Jaco. Is this true?

Yes. Although the construction of the bridges is complete, the government has yet to announce the completion date for the project. The new highway will start in the western suburbs of San Jose and terminate west of Orotina. From there, drivers will exit onto the existing coastal highway to travel to our existing projects and all the way down to Quepos. It is estimated that the new route will reduce the drive time between Jaco and the airport to less than one hour.

11. I have children and would like them to attend school, do I have any options locally?

Most foreign residents send their children to Falcon International School, located very close to our existing projects in Jaco. Falcon International is a bilingual school, providing an interactive learning environment for children two years and older. In addition to following a U.S. based curriculum and a U.S. calendar year, Falcon International students have the opportunity to develop in areas such as art, music, sports, languages and the environment around them. An important aspect of this school is that the student-to-teacher ratio in most all classes are less than eight to one, thus providing a very personalized level of attention to each and every student. For further information, call Martha at 011-506-637-8633 or Fanny at 011-506-637-8983 or send an e-mail to falconicr@earthlink.net.

12. What types of medical facilities are available?

The infrastructure and trends section of this site provides a detailed summary of medical facilities in the area and what you need to do get medical attention. Medical facilities are within 15 minutes of our projects and you will find that the CARE Clinic's in and around Jaco are staffed with highly competent medical professionals. Those and other clinics and hospitals provide emergency stabilization and patient transfer services. You can arrange to have preventative medical consultations, cosmetic surgery and check-ups. There is also a means of entering a "prepaid medicine program" that provides full health insurance coverage for short and long-term stays in Costa Rica.

13. Is the water safe to drink?

The first question that comes to mind for most travelers to Costa Rica or any other foreign county is, can I drink the water? Unlike many countries in Latin America, Costa Rica’s water supply is good and perfectly safe to drink in San José and in the majority of small towns. Reports of diarrhea or other intestinal ailments are low and most cities and towns have excellent water systems. All projects created and developed by Paradise Development will be connected to the city water system and checked to ensure our water quality. Still, one should always be careful in the countryside in rural areas that are not on city water and be sure not to purchase water based fruit drinks from street vendors. Either way, bottled water is available and in plentiful supply at all local supermarkets.