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Costa Rica – Property Financing

Mortgages for Foreign Nationals in Costa Rica

Costa Rica is a popular destination for foreign nationals looking to invest in real estate or purchase a vacation home. However, obtaining a mortgage as a foreign buyer in Costa Rica comes with its own set of challenges and requirements. In this article, we will explore the availability of mortgages for foreign nationals, local lenders that provide such mortgages, deposit requirements, and property ownership responsibilities in Costa Rica.

Availability of Mortgages for Foreign Nationals

While it is possible for foreign nationals to secure mortgages in Costa Rica, the availability of these mortgages may be limited compared to what is offered to local residents. Costa Rican banks typically have stricter requirements for foreign buyers due to factors such as residency status, credit history, and financial stability.

Foreign buyers seeking mortgages in Costa Rica should be prepared to provide extensive documentation, including proof of income, credit reports, and financial statements. Some lenders may also require a minimum period of residency in the country before considering a mortgage application from a foreign national.

It’s important to note that while mortgages are available, foreign buyers may find it more challenging to secure financing compared to local residents. Additionally, interest rates and terms may differ for foreign nationals.

Local Lenders Providing Mortgages

Several local banks and financial institutions in Costa Rica offer mortgage services to foreign nationals. These banks have their own eligibility criteria, interest rates, and terms. It’s essential for foreign buyers to research and compare the offerings of these lenders to find the most suitable mortgage option. Here are some of the prominent banks that provide mortgages to foreign nationals in Costa Rica:

  • Banco de Costa Rica (BCR): BCR is one of the largest banks in Costa Rica and offers mortgage services to foreign buyers.
  • BAC Credomatic: BAC Credomatic is a leading financial institution in Costa Rica that provides mortgage solutions to foreign nationals.
  • Scotiabank Costa Rica: Scotiabank operates in Costa Rica and offers mortgage options for non-resident foreigners.

Foreign buyers should contact these banks directly or consult with mortgage advisors to understand the specific requirements, application procedures, and interest rates associated with their mortgage options. Building a good rapport with a local bank can be beneficial for foreign nationals seeking financing in Costa Rica.


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Deposit Requirements for Property Purchases

Deposit requirements for property purchases in Costa Rica can vary depending on several factors, including the property’s value, location, and the lender’s policies. Generally, Costa Rican banks require a down payment for property purchases, which can range from 20% to 50% of the property’s purchase price.

The deposit percentage may vary based on the property’s location and value. In some cases, foreign buyers may be required to provide a higher down payment than local residents. It’s essential for property buyers to be prepared to make a substantial down payment when purchasing property in Costa Rica.

Property buyers in Costa Rica should work closely with real estate professionals and mortgage advisors to understand the specific deposit requirements for their intended property purchase. Additionally, consulting with local banks that offer mortgage services can provide valuable insights into the deposit expectations.

Responsibility for Outstanding Debts

When foreign nationals purchase property in Costa Rica, they generally do not inherit outstanding debts or financial obligations related to the property that occurred before the purchase. Costa Rican property transactions typically involve a due diligence process to ensure a clean title transfer.

Before a property sale is finalized, both the buyer and seller typically engage in due diligence to verify the property’s ownership history, any existing liens, and any outstanding debts. Sellers are generally responsible for resolving any existing debts, encumbrances, or legal issues associated with the property before the sale is completed.

Working with experienced real estate professionals, including real estate agents and attorneys, is advisable to ensure a smooth and legally sound property transaction in Costa Rica. These professionals can assist in conducting due diligence, reviewing contracts, and addressing any potential issues that may arise during the process.

In conclusion, obtaining a mortgage as a foreign national in Costa Rica may be challenging due to stricter requirements and eligibility criteria. Several local banks and financial institutions offer mortgage services to foreign buyers, and it’s crucial to research and compare their offerings. Deposit requirements for property purchases in Costa Rica can vary but generally range from 20% to 50% of the property’s purchase price. Property buyers in Costa Rica generally do not inherit outstanding debts on the property, as thorough due diligence is conducted to ensure a clean title transfer.


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