Country: Costa Rica
29 May 2009
The Costa Rican government is trying to lure overseas nationals into buying and developing property in Costa Rica by introducing various tax breaks and trade agreements, reports Overseas Property Professional.
The publication reports that developers can now defer a greater chunk of their tax liability due to the increase of accelerated depreciation from 50% to 60% for assets purchased in 2009, effectively reducing the cost of buying construction equipment.
“This tax change was brought in to try to get more international companies to invest in Costa Rica this year,” said James Cahill of Costa Rica Invest, which sells development land on timber plantations. “It’s just one of the ways that the government is trying to be proactive and think outside the box to encourage foreign investment.
“In general, the tax regime is very pro-investment. The government is offering tax breaks at a time when many countries are trying to increase their tax revenues. There is low corporate tax here, no capital gains tax and new companies can get up to eight years tax free.”
The country’s property market has ground to a virtual halt over the past year or so, following a sustained period of boom. Very few completed homes are currently selling, while a number of off-plan residential projects have now been delayed or scrapped.
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