Costa Rican Commercial Real Estate Developments Are Hot!

Costa Rica developments are gaining in popularity and demand. Investors are pouring a lot of money into this small country.But why Costa Rica?Because Costa Rica’s blend of beauty and business culture is attracting a growing number of travelers and international businesses to this Caribbean area.Since the late 1970’s, Costa Rica has been luring tourists to its lush rainforests and exotic beaches. A pioneer of eco-tourism, the country, wedged between the Pacific Ocean on the west and the Caribbean on the east, is primarily known for its amazing biodiversity that includes an astonishing array of flowers, birds, butterflies, and other creatures. In more recent years, however, the country has also become an attractive destination for scores of foreign companies. In the case of Costa Rica, perched between two of the world’s largest markets (North and South America), there’s a highly developed tourist industry and a growing expatriate community.Enticed by Costa Rica’s low costs, highly educated and often bilingual workforce, political stability (the country abolished its army in 1949), attractive tax incentives, pleasant climate, and one of the highest standards of living in Latin America, Costa Rica has become a growing haven for companies & business travelers. And this has led to the influx of Costa Rica developments.Coffee Anyone?Perhaps one of the most famous enterprises to come out of Costa Rica is Café Britt. Steve Aronson, who is from New York, founded the company in 1985. Café Britt is Costa Rica’s leading exporter of gourmet coffee, with estimated sales of $39.1 million. Also, large U.S. companies such as Intel, Microsoft, and Hewlett-Packard have come to Costa Rica, investing hundreds of millions of dollars.The widespread interest and success of these companies has sparked a need for more upscale hotel and entertainment facilities, as well as residential communities.Costa Rican LawAlso, unlike many Latin American countries, it isn’t necessary to have a Costa Rican citizen as a business partner and foreigners have the same absolute right to own real property, as do citizens. This is a strong reason why Costa Rica developments have become so popular. Many countries have restrictions on foreign ownership of real estate but not Costa Rica. In Costa Rica, everyone, nationals or non-nationals have the same legal rights, which are protected by their Constitution and reflected in their laws. Even so, most developers & companies hire Costa Rican attorneys to help them navigate the systemThe legal system in Costa Rica is based in the so-called civil law system, which is derived through the Spanish Civil Code with roots in the Napoleonic Code. All titled property in Costa Rica is registered in the National Registry. Almost all legal liens and encumbrances will also be on file in the Registry.What’s Not To Love?With all of these positives and not too many negatives, developers are flocking to this tiny country. They are developing hotels, condos and housing communities. In some parts of the country, you almost feel like you’re in the U.S. or Canada because of all the expatriates. If you’re looking for a dynamic market, then Costa Rica is for you!