Due Diligence in Costa Rica
In the same way that you would with any other kind of investment, you need to perform the necessary due diligence research in Costa Rica in order to guarantee that this one is a wise choice that stays away from danger.
When you visit Costa Rica for the first time, you will definitely be taken aback by its breathtaking natural scenery, its friendly locals, its laid-back vibe, and the fantastic chances that are just waiting to be taken advantage of. There is never a shortage of terrifying tales to listen to. One of my customers told me, “I came down, and on our very first trip, I bought four properties!” Now, even the lots that we bought are impossible to locate! That actually happened to someone. During their second journey, they were only able to sell two of their properties at a reduced price, but they are still having trouble locating the remaining lots.
Therein lies the potential origin of the problem. When traveling to Costa Rica, you should approach everything with optimism but maintaining a healthy degree of caution, just as you would at home. They operate the same way that any other contemporary society would, with rules, limits, permissions, and so on. Do not fall for the common misconception that just because you are in Costa Rica, “you may do whatever you want down here.” Once you have decided that Costa Rica is going to be your new home, you should start gathering information on the following topics: immigration laws and processes, banking facilities, investigating potential car purchases, and the “Marchamo” (annual car tax). Talk to others who have already opened their own companies if you have made the decision to do the same. They are an invaluable source of knowledge.
Finding a trustworthy and devoted attorney is possible, but the best way to do so is through the recommendations of other expats. Referrals from multiple sources are preferred. As the owner of a brand new company, you have undoubtedly already made some headway in the process of liquidating your assets at home. You should not expect much assistance from the bank because it is likely that you are not yet a citizen or a resident.
You also have access to additional possibilities, such as loans secured by private equity. The majority of our lenders are retired individuals who are interested in receiving a monthly income. People who have discovered that the costs of living in Costa Rica are more than they had originally anticipated, particularly the price of building, frequently ask us for financial assistance in the form of loans. We get a lot of requests from people looking for funding to either grow or finish their enterprises. When buying a business, some people take out loans secured against their homes. Our company is called Gap Equity Loans because we bridge the “gap” between where you are now and where you hope to be in the future. We have made it a top priority to avoid foreclosures, and one of the most important ways we achieve that is by limiting our lending procedures to those that are rational. We believe that it is of the utmost importance to treat the lender and the borrower in an equitable manner. We have no intention of purchasing any homes or businesses at this time. Our team has a combined total of over 60 years of experience in CR. Always be sure to conduct your research before working with any company, including us. Please keep in mind that we are visitors in this stunning country and show proper deference to the established legal system.
Remember, don’t leave your brain on the plane! Always do your due diligence by evaluating the property’s condition!
Pura Vida!
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