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The new immigration law has had its ups and downs. Now the final, final version has been approved by a legislative committee again and is about to be subject to a vote on the floor of the Asamblea Legislativa. Approval is highly likely.
The Comisión Permanente de Gobierno y Administración has made minor changes in the law as it related to trafficking in persons. The proposed law, on the verge of passage several times, hit a roadblock when lawmakers sent it to the Sala IV constitutional court for a review.
Court reviews before final passage of legislation frequently take place in Costa Rica. The court reported that it found inconsistencies between this bill and the just-passed law to protect victims and witnesses in the area of human trafficking.
Due to legislative rules, lawmakers could not make swift changes in the existing bill and had to send it back to a committee to do the editing. That was done last week. The work appears to be minor compared to the complete rewrite of the bill published several months ago.
The committee Tuesday also incorporated other changes that had been proposed and approved before the measure went up to the court. Originally lawmakers planned a vote May 22. The bill was No. 1 on the list of priorities.
This is the measure that will raise the monthly financial requirement for a pensionado to $1,000 from the current $600 and require rentistas to show a monthly income of $2,500 from $1,000.The new law also would require all foreign residents to
become members of the Caja Costarricence de Seguro Social.
When the measure first was announced, expats and potential expats were surprised by a retroactive clause and a $5,000 a month requirement for a rentista resident. E-mail and telephone campaigns from expats are credited with being responsible for changes from the original draft.
When President Óscar Arias Sánchez took office in 2006 he moved unsuccessfully to stop a new immigration law from going into effect. That law, passed in the last days of the Abel Pacheco administration, was considered to be too harsh. It drew criticism from Roman Catholic Church officials, for example, because they thought their relief operations for illegal immigrants could be considered trafficking.
Officials called together representatives from a number of interest groups and social organizations to consider a new immigration law. For some reason, North American and European expats were not included. That is why the higher requirements for pensionados and rentistas got into the initial bill.
Costa Rican officials lump the measure together among the handful of citizen security bills that are moving through the legislature or have been approved like the victims bill or the organized crime bill. Among other changes, the final draft contains measures to reduce corruption in the Dirección General de Migración y Extranjería.
Unless the paragraph has been changed in committee, expats will have six months to apply for residency under the old requirements.
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El Penon Del Sol, Ocotal
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Announcing a price reduction
on El Penon Del Sol Community, Ocotal Project, FINANCE AVAILABLE, a 591 sq. ft., 1 bath, 2 bdrm 2 story "Loft Style". Now
MLS®
$82,000 USD
- 70% OWNERS FINANCE.
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Vista Perfecta, Playas Del Coco
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Announcing a price reduction
on Vista Perfecta Ocean View, Playas del Coco, Guanacaste, FINANCE AVAILABLE, a 794 sq. ft., 2 bath, 2 bdrm 2 story "252 sq.ft Roof Terrace". Now
MLS®
$165,000 USD
- 70% FINANCE AVAILABLE.
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The view to die for!
• 794 sq. ft., 2 bath, 2 bdrm 2 story "252 sq.ft Roof Terrace"
-
MLS®
$165,000 USD
- 70% FINANCE AVAILABLE
Vista Perfecta, Playas Del Coco
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60% OWNERS FINANCE AVAILABLE
These ocean view condos have been built near the upscale Vista Marina development in Playas del Coco, Guanacaste. They have 2 bedrooms, 2 bathrooms, air conditioner and hot water heater and are located about 5 minutes from the beach. There is 633.50 square feet of living space and a 160 square feet balcony off of the upstairs bedroom. 252 sq.ft roof top terrace. The ceilings are 10ft high and there is a spectacular view of Coco Bay from the upstairs bedroom and the balcony. There are only 13 units in the development with a swimming pool and guard house/BBQ area.
Just two apartments is available for re-sale! A Bargain at this price!
We have put together a few furniture packages for the units ranging from US$15,000 to US$30,000. More info available on request.
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Villa Dolce Vita, Ocotal
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Announcing a price reduction
on DV11/12-Villa Dolce Vita, Ocotal, Guanacaste, Costa Rica, a 861 sq. ft., 2 bath, 2 bdrm 2 story "Roof-Top Trrace". Now
MLS®
$70,000 USD
- Summer Sale!!!.
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You mortgage your own property!
A surefire way to protect your real estate here
By Garland M. Baker
Special to A.M. Costa Rica
Behind every palm tree there is someone lingering to steal a property one calls home. Costa Rica is a win-lose society. This means to win, someone else must lose. Surely, this is the reason there is so much corruption in every level of the government. Two ex-presidents jailed is a prime example of the current state of affairs.
A common practice among savvy Ticos when investing in real estate is to self-mortgage a purchased property. Usually this is done by creating another company other than the one holding the property and using it to hold a mortgage over the other.
This practice provides a fail-safe measure over real estate because should some crook illicitly transfer a property to him or herself, the company holding the mortgage executes the document against the crook to regain possession and ownership.
This custom is well known, commonly practiced but totally illegal, and this method does not guarantee full protection.
There is a way to have the same protection legally. It involves taking out cédulas hipotecárias or mortgage certificates over real estate. These cédulas are like stock certificates and represent the value of the property for which they are issued. Unlike a normal mortgage, the same person owning a property can own them perfectly within the law.
They work better than a standard mortgage because they can be used to borrow money based on their face value, or otherwise negotiated in normal business transactions much like stock certificates.
The key here is precaution, holding them as a security blanket over fraudulent property transfers.
There are new investors and potential homeowners arriving in Costa Rica each day. Property values are exploding as many come to this country to find and own a piece of paradise.
However, many others have found Costa Rica is no Garden of Eden. Some return from a vacation out of the country to find someone else living in their house or on their land because it has been stolen.
There are so many ways to rip off assets in Costa Rica. The list is too long to outline them all. Forged signatures on legal documents are one of the most common methods used to steal something here. Crooked notaries (all notaries in Costa Rica are also attorneys, but not all attorneys are notaries) and legal magic takes second place on the long list of thieves tricks.
Mortgage certificates are created over real estate by requesting the national registry (Régistro Nacional) to draw up the certificates. The documents are made on special paper with special stamps and other security features.
The only way to release a mortgage based on mortgage certificates is with a special public
legal instrument made by a notary. The original certificates must be attached to this document.
Property owners making mortgage certificates have the freedom to decide the number of certificates created. For example, one can make a mortgage for $100,000 represented by one certificate, or 10 certificates representing $10,000 each.
Mortgage certificates can be transferred with an endorsement. Most banks accept them as guaranty for a loan. A property owner can save thousands of dollars in attorney’s fees when borrowing money since bank lawyers do not need to create a new mortgage just verify the endorsement in the name of the bank.
Here is a checklist to create mortgage certificates for real estate:
1.) Hire an experienced notary with the knowledge to register mortgage certificates. They are called cédulas hipotecárias in Spanish. Many attorneys do not know about them, so find one that really does.
2.) A property needs to be free of encumbrances or other mortgages, since these titles represent a priority lien. Normal mortgages can be replaced by certificates.
3.) The legal costs are comparable to the cost of a normal mortgage, less than 1.3 percent of the property value with most of the expense being the lawyer’s fee.
In summary, cédulas hipotecárias represent a great legal tool when investing and buying real estate in Costa Rica. They can be time and money savers too.
Most importantly, they are like having a Colt .45 in one’s back pocket against the bad guys.
Garland M. Baker is a 32-year resident of Costa Rica who provides professional services to the international community. He can be reached at info@crexpertise.com. Baker has undertaken the research leading to these series of articles in conjunction with A.M. Costa Rica. Lic. Allan Garro provides the legal review and can be reached at crlaw@licgarro.co
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Las Palmas Urbanization, Playas Del Coco
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Announcing a price reduction
on Villa Riviera No 5, Las Palmas Urbanizacion, Playas del Coco, Costa Rica, a 764 sq. ft., 2 bath, 2 bdrm 2 story "2 Full Baths". Now
MLS®
$105,000 USD
- Built in 2007.
Property information
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Reduced $10K Price!
• 764 sq. ft., 2 bath, 2 bdrm 2 story "2 Full Baths"
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MLS®
$105,000 USD
- Built in 2007
Las Palmas Urbanization, Playas Del Coco
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The villa is located just 300 meters from the Coco beach. It is close to the oldest fisherman village of Playa del Coco, in the Province of Guanacaste. The Liberia International airport is just 20 minutes away.
This area offers world class sport fishing and scuba diving.
The villa has 2 bedrooms with large windows, 2 bathrooms, a complete kitchen, hot water, air conditioning, cable TV. The villa has a Queen bed and 2 twin beds and an additional sofa bed in the living room. All furniture is handmade with local hardwood.
2 Levels, 2 Bedroom, 2 Bathrooms
Living Room, Dining Room, Kitchen Area
Pool, Jacuzzi, BBQ, Rancho Parking Space,
/ Security Patrol 24/7 Fully furnished, A/C
Property information
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Las Palmas Urbanization, Playas Del Coco
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Announcing a price reduction
on Las Pomas, Playas del Coco, Guanacaste, Costa Rica, a 861 sq. ft., 2 bath, 2 bdrm 2 story "Plus Roof Terrace". Now
MLS®
$109,000 USD
- Up to 60% owners finance!.
Property information
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Las Palmas Urbanization, Playas Del Coco
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Announcing a price reduction
on Villa Los Juncos, Las Palmas Urbanisacion, Playas del Coco, Guanacaste, Costa Rica, a 861 sq. ft., 2 bath, 2 bdrm 2 story split "1st floor unit". Now
MLS®
$109,000 USD
- UP TO 60% OWNERS FINANCE!.
Property information
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Nicoya Peninsula, Guanacaste
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Announcing a price reduction
on Las Pilas, Guanacaste, Costa Rica, a 32,375 sq. m. lot / land. Now
MLS®
$120,000 USD
- Just $1.60 per m2.
Property information
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Caimital, Nicoya Peninsula
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Announcing a price reduction
on Gamalotal, Nicoya, Guanacaste, Costa Rica, a 8,000 sq. m. lot / land. Now
MLS®
$125,000 USD
- Good Value for Money!.
Property information
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Nosarita De Nicoya, Nicoya
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Announcing a price reduction
on Nosarita de Nicoya , Guanacaste, COSTA RICA, a 2,000 sq. ft., 2 bath, 3 bdrm single story. Now
MLS®
$127,000 USD
- FINANCE AVAILABLE.
Property information
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| By the A.M. Costa Rica staff
The full legislature is expected to discuss and possibly vote Monday on the new immigration law that has been the topic of so many expat conversations.
A committee is believed to have eliminated many of the sections that expats considered burdensome, like the $5,000-a-month requirement to be a rentista.
Also trashed was a clause that would have made the law retroactive and forced current pensionados and rentistas to meet the new standards. E-mail and telephone campaigns from expats were responsible for changes from the original draft.
Now the financial requirements are $1,000 a month for pensionados and $2,500 a month for rentistas, with both amounts covering close family members. However anything can happen on the floor of the legislative plenario.
If the lawmakers vote, the action will be the first approval. The measure would need a second vote on a non-successive day to get full legislative approval. Then the bill goes to President Óscar Arias Sánchez for his signature. The rules would go into effect six months after the new law is published in the La Gaceta official newspaper. Those who obtain residency before the time the law is effective will do so under the old rules.
The current requirements are for pensionados to have a
| $600-a-month income and for rentistas an income of $1,000 a month.
The new law also requires all foreign residents to become members of the Caja Costarricence de Seguro Social.
Legislative aides released the plenario calendar for Monday, and it showed the immigration law in No 1 position, higher even than an administration bill against organized crime.
When Arias took office in 2006 he moved unsuccessfully to stop a new immigration law from going into effect. That law, passed in the last days of the Abel Pacheco administration was considered to be too harsh. It drew criticism from Roman Catholic Church officials, for example, because they thought their relief operations for illegal immigrants could be considered trafficking.
Officials called together representatives from a number of interest groups and social organizations to consider a new immigration law. For some reason, North American and
European expats were not included. That is why the higher requirements for pensionados and rentistas got into the initial bill.
For Arias and his advisors, the law is more than just about immigration. They lump it together among the handful of citizen security bills that are moving through the legislature. Among other changes, the final draft contains measures to reduce corruption in the Dirección General de Migración y Extranjería. |
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• 322 sq. ft., 1 bath 2 story split "Top Floor Unit" - MLS® $38,950 USD - Reduced from US$45,000.00 Sweet Dreams , Ocotal - New Project in Ocotal, Playas del Coco, Guanacaste, Costa Rica to be comleted in 2-3 months..
Playa Ocotal is a small village that is 3 km south of El Coco on the northern pacific coast of Costa Rica. The beach on Playa Ocotal is one of the best places to snorkel in the area. Playa Ocotal is also one of the cleanest and quietest beaches around.
Ocotal project is very close to one of the best in the country, Ocotal Fishing and Scuba Diving Resort.
Ocotal is a five-minute drive from Playa del Coco, a small fishing and tourist village where you can find a supermarket, bank, pharmacy, restaurants, stores, bars, and nightlife. Liberia International Airport is just 25 minutes away.
Ocotal is considered the best place in Pacific coast for scuba diving (crystal clear water) and fishing is out of this world.
1 BEDROOM, KITCHENETTE, DINING AREA, 1 BATH PARKING SPACE, POOL, RANCHO, SECURITY. 322 SQ.FT OR 30M2.
Full furniture and appliances package to make unit ready for renting out: US$8,300.00, including air-con unit, blinds, ceiling fan and water heater.
Full Legal Service, including Limited Company incorporation: US$1,950.00 Property information
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