Can I lose my property for failure to pay Costa Rica property taxes?

Just like any country in the world, you are required to pay your taxes. Failure to pay your property taxes can initiate the start of foreclosing on your land or your house by the Municipality.  Most property managers pay your taxes as part of their services, and many law firms offer this service too.  But in the end it is your obligation to make sure they get paid.  So every year you should follow up and confirm that these taxes have been paid. Like anywhere, there are penalties and interest for paying late.

Before answering the question of how to open a Costa Rica bank account, another question should be answered: “Do you NEED to open a bank account in Costa Rica? And that depends on what you are doing in Costa Rica.

You do NOT need to open a bank account to buy a property in paradise. All transactions are done using a reputable law firm and a third party escrow, like Secure Title Latin America. They will set up an escrow account specifically for your transaction and insure that the closing takes place before your funds are distributed to the seller.

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Costa Rica is a very safe place to put your money and their banks are considered some of the strongest in the world. So your money is very secure in a financial institution in this country. But they are also very opposed to money laundering, drug dealings or tax evasion, and they have implemented many rules and regulations to guard against those types of transactions. So be prepared to show lots of paperwork to substantiate WHERE your funds have come from and HOW you have obtained them. In order to open a Costa Rica bank account, you will need to provide the following documentation: