Masala – Indian Food In Playas Del Coco

Don’t get me wrong, I love gallo pinto and a fresh grilled garlic Mahi Mahi, but every once in a while it’s nice to have some new flavors. That’s why I was thrilled to find out Masala has opened up in Playas del Coco!

Masala is a truly authentic Indian restaurant. Currently, Masala has three locations. The first restaurant opened in Liberia in 2019 and was the only place that offered Indian food in the area. Then in 2021, Masala opened another location in Brasilito. Finally, July 29th 2022, Masala arrived in Playas del Coco. Seems like there is quite the demand for delicious Indian cuisine!

The restaurant is located right in the heart of Playas del Coco, across the street from Coopeguancaste. Masala has a clean, colorful, and inviting interior. You have the option of sitting in their air conditioned indoor space, at the bar, or enjoying the outdoor terrace that looks out onto main street Coco.

You will be blown away by the exceptional cuisine! Masala serves traditional & modern Indian food. Meals and beverages are served in imported hammered copper bowls and cups. Even the gorgeous utensils are all imported from India. Spices are hand ground and they use a real tandoori oven. Since the chefs are from India, they know exactly the taste expected in every meal.

Masala’s extensive menu has something for everyone! The menu indicates whether dishes are lactose free, gluten free, vegetarian, etc. With so many options, you can eat there for a week straight and never order the same thing twice! This is a perfect restaurant to go with a group of friends or family because the meals are meant to be shared.

Never had Indian food? Well this is definitely the place to try it, you won’t be disappointed! Interested in other dining options in the area? Check out my restaurant guide on my website (https://www.costarican-american-connection.com/Playa_Hermosa_Area_Restaurants/page_2639415.html). Hope to see you around town enjoying all the flavors that Playas del Coco has to offer!

Nya – An All Encompassing Community

Something huge is coming to the Guanacaste area, over 900 hectares of huge to be exact (that’s 2,223 football fields!). Nya is breaking ground just minutes from the Liberia International airport.

What is Nya?

Nya is an expansive real estate project that will be an all encompassing community. Residential, retail, health, recreation, green spaces, sport, education, hospitality, and a trade free zone will all make up Nya. 

What does Nya offer? 

Over 60 amenities will be offered! The biggest amenity will be the Crystal Lagoon with white sand beaches, more on that later…. There will be a retail village with plenty of shopping. Numerous dining options such as fancy rooftop restaurants, little cafes, smoothie shops, wine lounges, bars, mini markets, as well as just casual lunch spots. You can enjoy the various entertainment spots including a playground, marina, or concert pavilion. Interested in getting work done? There will be office buildings and a co-working center you can make use of. If you like sports and wellness, Nya will offer a gym, wellness spa, pickle ball, soccer, basketball, tennis, and a yoga center. Nya means tree in the Chorotega language so nature will play a large part in this development. There will be an Eco Canyon that will have an incredible assortment of flora and fauna. As well as a mile-long canyon, river, cliffs, waterfalls and endless trails to enjoy. Feel free to hike, horseback ride, atv or bike all 19 magnificent miles of trails nestled in nature. 

Crystal Lagoon

Nya has partnered with Crystal Lagoons to create a 8.6 acre clear turquoise lagoon. This lagoon will have 7 white sand beaches, some private and others public. So much will be offered at this lagoon. You will be able to kayak, paddle board, jet board, sail, enjoy an inflatable water park or simply just relax in the luxurious cabanas and lounge chairs. If you are hungry food service will be available and you can also make use of the wet bar! There will be restroom facilities, shaded areas and handicap friendly beach entry. 

Beachfront Condominiums

The beachfront condominiums will be the first residential project within Nya. These condominiums will be located right in front of the beautiful Crystal Lagoon. You have the options of a 1 bedroom, 1 bedroom + flex room, 2 bedroom, 2 bedroom + flex room, and a 3 bedroom (a flex room is an extra room that can be used as an office or a small bedroom). All units will have family sized balconies, floor to ceiling windows, views of the volcanoes/lagoon, cabinetry with quartz countertops, central AC, and hookups for a dishwasher, dryer, and washing machine. Aside from the Nya amenities, the condos will offer additional amenities such as beach volley courts, a dog park, BBQ ranchos with horseshoe pits, kids playground, 24 hour security and HOA fees averaging only $350. Prices start at only $199,000!

 

Sustainability

This massive project is also taking many steps towards being environmentally conscious and sustainable. Solar panels will be installed over parking spaces and provide renewable energy not only for Nya but for nearby communities as well. There will be recycling and composting programs as well as an initiative to reduce river contamination in the Liberia river. 100 hectares will be reserved for green areas, dedicated to reforestation and preservation of local wildlife. All waste water will be treated and used for landscaping. Even the Crystal Lagoon is innovative! The lagoon will use only 2% electricity compared to traditional swimming pools and uses 100x less chemicals! Nya has definitely taken into consideration Costa Rica’s green ideology! 

Nya is truly an all encompassing community with everything you need to live, work, and enjoy life to the fullest. Please contact me if you are Interested in more information or purchasing a condominium. Nya also offers financing! Don’t miss out on this incredible opportunity coming December 2023.  

Coopeguanacaste Introducing Gasification Technology For Green Energy

Costa Rica prides itself on being a green country, especially when it comes to green energy! Coopeguanacaste plans on making history by being the first organization to bring gasification technology into Central America! 

What is Gasification?

Gasification is a process that converts organic or fossil-based carbonaceous materials at high temperatures without combustion, with a controlled amount of oxygen and/or steam into carbon monoxide, hydrogen, and carbon dioxide. Gasification technology has been around for more than 50 years and is in use all over the world such as in Europe, the U.S., and Asia. 

What is Coopeguanacaste’s plan? 

Coopeguanacaste plans to use gasification technology on municipal solid waste to convert it to energy that can be used to supply power to many homes in the region. The plant will be located in Belen de Carrillo and hopes to receive 150 metric tons of waste daily. Waste will be collected from Liberia, Carrillo and Nicoya.

How much power can this new gasification plant generate? 

Over 17,500 homes could be supplied with electricity. The 150 metric ton volume of waste can generate between 7.7 and 9 megawatts per hour.

What are the other benefits? 

Being able to use waste for energy will minimize the final amount of waste that ends up in the landfill. This is a step towards a better waste management system that will promote reduction, reuse, recovery and recycling. The municipalities of Liberia, Carrillo, and Nicoya will benefit from a quicker and safer disposal of waste and a strict control of gaseous emissions. There will be lesser risk of contaminated aquifers and spontaneous combustion in landfills as well. 

 

How is this project being financed?

Coopeguanacaste announced that they will have tradable green bonds on the National Stock Exchange with which they hope to raise the ȼ31 billion colones necessary for the creation of the gasification plant.  

The National Decarbonization Plan (2018-2050)

This gasification plant is just one of the many goals in the National Decarbonization Plan Costa Rica has created to achieve net-zero emissions in 2050. Costa Rica is always striving towards having a positive environmental impact and being a leader in the green movement. 

Visit this beautiful and forward thinking country today! Better yet, buy a property and make Costa Rica home. I would be more than happy to assist you. 

Paw House Roasters Is The New Place To Check Out In Playa Hermosa!

Something new has opened in Playa Hermosa… Paw House Roasters is a coffee roasting house, coffee shop, bakery, wine bar and so much more! All your favorites in one place, it doesn’t get better than that.Paw house roasters in Playa Hermosa Costa Rica

Located in Hermosa Heights, Paw House is just off the main road and open to the public. Open from 7am to 5pm, Monday through Saturday and closed on Sundays. 

Paw House Roasters takes their coffee very seriously. Offering only the highest quality gourmet coffee. The raw coffee beans or “green” coffee beans are sourced from Cafe Monteverde, an association consisting of 18 families. These beans are sustainably grown in Monteverde and then roasted on the spot at Paw House. It truly doesn’t get fresher than that! 

Coffee roaster at Paw House Roasters

Want to try every style of roast and wash? Check out the tasting sessions that Paw House Roasters has to offer. Not only will you enjoy delicious coffee but you will learn about coffee culture in Costa Rica. Tasting sessions can be booked Tuesday – Saturday (8AM, 10AM, 12PM, 2PM and 4PM). 

Paw House Roaster's menu

Nothing compliments a cup of coffee better than a sweet treat. At Paw House you will find an incredible assortment of mouth watering goodies. A variety of cheesecakes, pastries, cakes, sweet empanadas, breads, and cinnamon rolls will have you coming back each day to try something new! 

Not much of a coffee drinker? That’s okay! Paw House has a nice selection of tea, soft drinks, freshly made smoothies, and milkshakes! For those who enjoy a savory treat instead of a sweet one, there are croissants, meat pies, enchiladas, quiches, and pizza rolls. Everything you see is made fresh each day. 

Looking for something a little stronger? No worries, Paw House has you covered. Stop by and wine down. You can enjoy a wine tasting or just order a nice big glass of wine. To accompany the wine, Paw House offers a small bites menu which includes mini hamburgers, caprese skewers, hummus, and other yummy snacks! 

Paw House is always keeping it fun and interesting. They just started offering baking classes for kids! The perfect place to teach your child measuring, counting, following directions, and a formal clean-up. Paw House also hosts mixer events for the community and has a large event space upstairs equipped to seat 30 people. Make sure to follow them on Facebook (https://www.facebook.com/pawhouseroasters) to stay up to date with all the exciting news and events! 

Employees of Paw House Roasters making coffee

It’s easy to see how Paw House has it all. The perfect place to kick back, relax, and enjoy incredible coffee right in Playa Hermosa. 

Everything You Need To Know About The Digital Nomad Law in Costa Rica

One year ago, the Legislative Assembly of Costa Rica approved the “Digital Nomad Law” but never got around to the regulations. Thankfully on July 4th, 2022, President Rodrigo Chaves approved the regulations of the “Digital Nomad Law” to finally start attracting digital nomads/remote workers to come to Costa Rica! The good news is, the visa process is much simpler than initially proposed.

Digital nomad office space

Costa Rica has recently become one of the most popular travel destinations in the world! Which comes as no surprise since the weather is incredible, there is a low crime rate, beautiful beaches, high speed internet, and state-of-the-art healthcare. What’s not to love?

Now that many folks have the luxury of having a remote job. Why just travel to Costa Rica, when now you can make it home. If you can work anywhere, then you might as well be sitting in an ocean view home or a walk to the beach condo!

View of the ocean from my digital nomad office

So what are the requirements to be eligible to become a digital nomad in Costa Rica?

  • You must have proof that you are receiving a stable income of no less than $3,000 per month, when traveling alone. If you have a family that you are bringing along, the monthly income must be a stable $4,000.
  • You must provide proof of health insurance for the whole duration of your stay in Costa Rica. If you are bringing your family, all members must be covered as well.
  • The income cannot be generated inside Costa Rica. The company must be registered outside of Costa Rica. The Immigration Authority has a list of remote jobs allowed.
  • You must make a one-time payment for being allowed to stay as a Digital Nomad/Remote Worker and this amount will be determined by the Directorate of Immigration.
  • Once the migratory condition is granted, you will be authorized to enter and there will be a 3 month processing period for the migratory accreditation document. You will have to attend a face-to-face appointment with an immigration official to complete the process.

Becoming a digital nomad in Costa Rica does not give you a residency. Instead you are granted the ability to stay in Costa Rica up to one year, with the possibility of extending it for another year. This law has authorized a new migratory category of non-resident and is strictly for digital nomads/remote workers.

What are the perks?

  • The income received from abroad by digital nomads will receive a total exemption from Costa Rican income tax.
  • Digital nomads will be exempt from paying all taxes on the importation of the following items: a basic personal computer, telecommunications equipment, or any other similar equipment necessary to fulfill the tasks of their job.
  • Driver’s license from the digital nomads country of origin will be valid for the purposes of driving in Costa Rica, as long as the license is in good standing.
  • Digital nomads may open savings accounts in Costa Rican banks.

Out of all the 45 countries that have similar laws in place, Costa Rica is by far one of the easiest places to apply! Immigration is even making the process 100% online and hopes to have the platform working next month. So what are you waiting for? Grab your laptop and enjoy the ocean view! You never know you may end up deciding to stay for good and own your own piece of paradise.

Are You Ready To Buy In Costa Rica?

Your heart may be set on buying a property in Costa Rica but are you truly ready or qualified? Below are a few things to keep in mind before taking the leap. It’s critical to know all the details so you can make your dreams an actual reality.  

Luxury ocean view home in Costa Rica

Financing

Or should I say lack of financing? If you are not a Costa Rican citizen or legal resident you will not be approved for a loan. There are a few banks that “say” they offer financing to foreigners, but I have yet to see some one get a loan in the 14 years I have been here. Even if you become a legal resident, the odds of getting a loan are slim but doable. I know because I got one. Costa Rican banks have a very hard time verifying your financial information from the US, Canada, Europe, etc. thus making it difficult to secure a loan. 

But don’t lose hope! There are other ways to secure financing.

  • Sometimes sellers or developers will offer owner financing. 
  • If you own a home in North America you can get a home equity loan or a home equity line of credit. 
  • You can use your retirement fund. If you are from the US, your 401k or IRA can be converted into a self-directed IRA which can be used to make your purchase.
  • Lastly, you can use a private lender, but be prepared for higher interest rates then the local bank which are high to begin with.

If you are interested in more financing information, please read my blog (Financing Property in Costa Rica) or send me an email to jaaechef@gmail.com.

Location

Are you happy with the location you have decided on? Is being in close proximity to an International Airport convenient? Do you enjoy all the amenities such as Pricesmart, Walmart, state-of-the-art hospitals, a variety of grocery stores, plenty of fabulous restaurants, little boutiques, banks, hardware stores, appliance stores, post offices, dentist and doctors’ offices and more? Do you care about great roads and reliable internet? Most importantly the weather!

View of Playa Hermosa in Costa Rica

Obviously, Playas del Coco and Playa Hermosa are my first choice but maybe you still want to search around? Maybe you are interested in the traffic jams and crime in the Central Valley around San Jose or what seems like the endless rain and humidity down in the southern Pacific region like Dominical, or Manuel Antonio? Now don’t get me wrong, they are interesting and can be fun places to visit, but not necessarily a place I want to have a home and spend lots of time.

Type of Property

Have you thought about what kind of property you want? Are you hoping to rent this property or is it strictly for personal use? Do you prefer an ocean view or a walk to the beach? Are you interested in having an HOA or being within a gated community? How many bedrooms, bathrooms, square footage, lot size? It is good to know all the advantages and disadvantages of each style of property. 

Luxury condos in Playa Hermosa Costa Rica

If you are not ready to move to Costa Rica maybe a piece of land is the right choice. Or if you want to get your foot into the door, start small and get a condo. It’s important to look at all your options to make sure if they work for you. 

Expenses 

Just being able to afford the property isn’t always enough. It is true that property taxes in Costa Rica are low, only a one quarter of one percent ( .25 of 1%) but there are always additional financial responsibilities. If this is a second home for you, then it will be double the everyday expenses such as utilities, upkeep, HOA fees, travel costs to get to the home, property management fees, taxes. 

It is important to budget accordingly and factor in all the expenses. You want to guarantee you have enough in savings to cover any unexpected expenses. Things to consider can be….

View of the Pacific Ocean from a luxury home in Playa Hermosa

  • Do you have an emergency cash fund readily available?
  • Do you have any credit card debt? Or still paying down another loan?
  • Is your current home paid off? Or are you still carrying a mortgage?

I am eager to help make your dreams a reality but it is important for buyers to take a step back and see if they are both ready and qualified to take the leap.

Beach Bistro Cinema Playa Hermosa

Lights, camera, action! Playa Hermosa has its very own movie theater. Tucked inside the Hermosa Heights development you will find the Beach Bistro Cinema! 

Beach cinema in Playa Hermosa Costa Rica

This charming movie theater in Playa Hermosa is open to the public and has a varying schedule depending on movie releases. More often than not, you can come see a movie on Friday, Saturday, or Sunday. Beach Cinema often has specials, where you can see 2 movies for the price of 1! To find out showing times and specials, check out their website https://beachcinemahermosa.com

Beach Cinema may be a small movie theater with only one auditorium, but that doesn’t stop it from having all the latest movies! You can watch new movies as soon as they are released! Movies are often played in English with Spanish titles, depending on the schedule. This cinema also offers movies in 3D! 

Inside the Beach Cinema in Playa Hermosa

This cozy movie theater was recently completely renovated and offers very comfortable seating and leather loungers up front. Always kept very clean, you won’t have to worry about a sticky floor or stale popcorn in your chair. 

Speaking of popcorn… Beach Cinema has fantastic popcorn. You can get regular orPopcorn kettle or the two mixed together, which I highly recommend! They also offer nachos, hotdogs, candy, soda, water, tea and BEER! Not only do they have local beer but also craft NUMU beer. 

Interested in having the Beach Cinema all to yourself? No problem! This theater lets you rent the entire space for private events. There is seating for 100 guests and every seat offers a fantastic view of the screen. The space is perfect for parties, corporate meetings, fundraisers, and more.

Make sure to check out this fantastic little movie theater next time you are in Playa Hermosa. It’s the perfect activity during the rainy season or a great way to relax after spending the day at the beach! Interested in other amenities in the area or purchasing a property? Feel free to reach out and email me, I would be happy to assist you! 

Ruta La Paz XII Race for La Paz Scholarship Program

Ruta La Paz XII was a grand success here in Playa Hermosa! Even through the pouring rain, everyone was all smiles and full of excitement. So many members of the community came to support the runners and La Paz school’s scholarship program.

In case you missed my previous blog about the La Paz scholarship program please click here link or watch this video. To give a quick overview, the La Paz school offers a scholarship program that is donor-funded. Community leaders that participate within the school seek out underprivileged children in the local communities and offer them the opportunity to learn at La Paz with one of these scholarships. The goal of the scholarship program is to help these less fortunate children become future leaders and raise up the underprivileged communities they came from. Ruta La Paz is a race hosted by La Paz school to help fundraise for these scholarships.

Saturday, June 11th, was the day of the big race! Parents, volunteers, sponsors, and kids were all working hard since 11am to get ready for the event. Music was playing, kids were laughing, tents were being set up, and donations were being collected. Aquasport, the beach front restaurant that was the kick off for the entire event, was filled to the brim with community members working together to get the beach race ready.

My wife Karla, Julia and her husband Mike, (Julia is my right-hand assistant, not sure what I would do without her) helped set up a large tent by the finish line to hand out bananas, mandarins, and apples to all those who ran in the race. It was such an honor to personally be a Diamond sponsor for Ruta La Paz and to know that so many underprivileged kids will now get an educational opportunity of a lifetime! I was also so proud of my team at Tres Amigos Realty Group for coming together and also donating to the La Paz Scholarship program. Collectively, Tres Amigos became the Principal sponsor of Ruta La Paz XII by donating $20,000.

At 3pm some dark clouds started to roll in and the wind picked up. But that didn’t stop all the great energy and enthusiasm for the race which was to begin at 4pm. The kids started dancing in the rain to warm up beforehand and the adults continued to work hard to get everything ready.

Finally, at 4pm the first race began. The little ones (2-4 years old) lined up at the starting line and shot forward like little shooting stars across the sand. The crowd went wild! Everyone cheered on the littles ones as they ran as fast as they could. It was so cute to watch!

Soon after, it was time for the main race to begin. A 5 kilometer run across Playa Hermosa beach. The runners assembled into place and took off at lightning speeds at the end of the countdown. Hundreds of runners were scattered across the entire beach. No rain or wind could stop them from running for a great cause!

Finish line for Ruta La Paz in Costa Rica

As the runners started to cross the finish line the sun began to poke through the clouds. Beautifully carved coconut medals were passed out to the runners and everyone was high-fiving! The rain was a blessing in disguise, keeping everyone cool and hydrated.

Joseph Emanuelli at the podium of the Ruta La Paz race

Ruta La Paz XII raised $120,000 in donations! This amount will allow 10 underprivileged kids to receive a full scholarship to La Paz for a whole year. A full scholarship includes uniform, laptop, books, transportation, lunch, school supplies, special services such as home visits, workshops, and field trips.

Interested in helping out and sponsoring a local child? La Paz is always accepting donations! No donation is too small. If you are interested in donating, please reach out to me at jaaechef@gmail.com. See you in Playa Hermosa soon!

Rainy Season News

Rainy season is finally in full swing here in Guanacaste. The mountains are lush and you can no longer see over the grass! This year we are expected to have an intense rainy season and we are already off to a strong start.

Rain falling near Playas del Coco and Playa Hermosa

The Rainy Season is Affected by La Niña

Due to the “La Niña” phenomenon, the National Meteorological Institute predicted an exceptional 2022 rainy season. At least 14 tropical cyclones are being anticipated for this season. Thankfully, here in the Playa Hermosa and Playas del Coco area we never receive the full effects of any tropical storms that may hit the Atlantic side of Costa Rica.

Even though we don’t have to worry about hurricanes, be prepared for larger pot holes, fallen trees or rocks in the road, and definitely don’t park under palm trees! Be cautious when driving during an aggressive rainfall and check for road closures if traveling to other parts of Costa Rica. Playa Hermosa and Playa del Coco even get some “surfing waves” during this time of year! You better be a good surfer or you could get hurt.

Use the Rainy Season to Check on Properties

For homeowners, there are plenty of important things to keep in mind when the rainy weather begins. Make sure your gutters are clean. If the gutters become clogged, rainwater will not drain and possibly cause damage to the interior or exterior of your home. Inspect the trees on your property, weak trees can snap or become uprooted from strong winds. Cover and protect your outdoor furniture and put away any items that can become blown away.

If you are not in Costa Rica, it is important to contact your property manager at the beginning of the rainy season to double check that your property is ready for the season. Lot owners that have their properties listed for sale should have the grass cut at least once a month to keep the lot accessible.

For those interested in purchasing property, this is a great time of the year to see if there is any flooding, which in 14 + years living here I have never seen any. You will also be able to see if there are any roof leaks and how quickly water will drain away from the property. For those looking to put in some new landscaping, there is no better time than the rainy season! Plenty of rain will help establish new plants and promote root growth.

Surprising Differences in Rainfall

Oddly enough the difference in rain between Playa Hermosa and Coco can be quite drastic! It can be a sunny day in Playa Hermosa but down pouring in Playas del Coco! For many years I have been keeping a close eye on daily rainfall throughout the rainy season. It’s fascinating to see how much the rain varies!

For example on June 5, 2022 in Monte Seco (Playas del Coco) it rained 1.2 inches vs in Los Altos de Cacique (Playas del Coco) it rained only .6 inches. But then on June 6, 2022 in Monte Seco it rained .9 inches and in Cacique it rained 1.4 inches! For the month of May it rained a total of 18 inches in Monte Seco and only 11.5 inches in Los Altos de Cacique.

Even though it may be the rainy season, expect plenty of sunshine! Here in Guanacaste, you can still enjoy many sunny beach days. Thankfully the rain usually sticks to the mornings and nights with a possible shower midday every once in a while. This is my favorite time of the year! Come see for yourself the beauty of the green season.

How To Prepare For Escrow

Escrow is an important element in any real estate transaction. It is used to protect both the buyer and seller throughout the transaction. Knowing how to prepare for escrow will make the process go smoothly and lead to less frustrations.

Due to the money laundering laws of Costa Rica, escrow is actually the most difficult part of purchasing a property. However, once you meet the due diligence requirements, it is a piece of cake. So put on your patience hat.Person signing an escrow document

What is Escrow?

Escrow is a legal arrangement in which a third party escrow company temporarily holds money until the fulfillment of a purchase agreement. Escrow companies are legal financial entities authorized and licensed to hold funds as a neutral third-party real estate and other dealings. Escrow companies in Costa Rica must be registered with SUGEF.

What is SUGEF?

“SUGEF” stands for “Superintendencia General de Entidades Financieras” (Superintendent General of Financial Institutions). This organization audits financial institutions such as banks, savings and loans, and employee credit unions, as well as institutions or persons that handle large money transactions such as real estate agents, escrow companies and even property management companies to ensure they are complying with federal and international financial regulations. SUGEF is similar to the Office of the Comptroller of Currency (OCC) in the United States.SUGEF headquarters in Costa Rica

How to prepare for Escrow

Have your documents ready! Every transaction must be supported with the following documents. Each individual depositing funds into the escrow account needs to provide the following items: All documents must be in English.

  • Copy of your passport or Costa Rican cedula for locals & driver’s license. It must be a color copy and full page of the picture and signature page. Even all four corners must show of the passport and drivers’ license.
  • A “Know Your Client” form filled, printed and signed with ink. This form will be supplied to you by the escrow company. Your signature must match exactly the same signature you have in your passport.
  • The latest tax return/tax filing/tax assessment. This is to comply with FATCA law (U.S Citizens) or CRS Reporting Standard for other nationalities.
  • Bank Verification Letter issued by your bank indicating the age of the account and average balance. If the letter is generated outside Costa Rica it must be apostilled by the Secretary of State
  • Documents that support the origin of funds to be received by the escrow company. This may be, but not limited to, proof of property sale, salaries, dividends, inheritance, or any other document considered to support where funds have originated.
    • Please consider if the origin of funds are salaries and/or savings from salaries you must provide bank statements of the last 6 months showing funds available to cover the transaction.
    • If the origin of funds are dividends payments you must provide proof of ownership of shares*/financial statements (certified by public accountant) or tax filings from the corporation*/and last 6 months of account statements where funds are allocated.
    • If the origin of funds is a real estate sale you must provide all closing documents (sale deed and closing statement) and proof of payment (incoming wire to your bank account).
    • If the origin of funds is inheritance you must provide legal document that confirms inheritance or beneficiaries* and last 6 months of bank statements where funds are being held.

Example of an escrow document

*Legal and financial documents need to be certified and apostilled for the bank’s purposes.   

Please also take into consideration that if the funds are transferred from a company/corporate bank account, the escrow company will need the incorporation documents. Documents coming from outside Costa Rica must be apostilled by the Secretary of State.

When wiring funds they must come from the same accounts you provided for compliance purposes. If you plan to send the initial deposit and final closing amount of funds from different banks or financial institutions, all documentation from each bank/financial institution must be supplied in the beginning process to make the final closing as smooth as possible.

All escrow companies will require you to send documents via a secure link or portal to ensure the safety of your documents.

The last word on setting up escrow in Costa Rica

Escrow companies may seem like a lot of paperwork and headache but they are truly advantageous to both buyer and seller. Escrow tracks the entire purchasing process and gives the buyer a verification when everything is completed. For the sellers, the escrow company ensures payment. Both parties are well represented and taken care of. The process does not have to be difficult. Good preparation and a solid understanding of the process will make the transaction go smoothly.