Costa Rica, officially the Republic of Costa Rica is a country in Central American bordered by Nicaragua to the north, Panama to the east and south, the Pacific Ocean -- to the west and south and the Caribbean Sea to the east. Costa Rica was the first country in the world to constitutionally abolish its army. The capital and largest city is San José . In addition to the capital, other important cities are Alajuela , Heredia , Puntarenas , and Cartago .
Government
The country is governed under the 1949 constitution. The president, a strong executive, serves a four-year term and may not be immediately reelected. The unicameral legislature is also elected for four years. There is universal adult suffrage, and voting is compulsory. The country is divided into seven provinces.
Economy Education
The central government offers tax exemptions for those who are willing to invest in the country. Several global high tech corporations have already started developing in the area exporting goods including chip manufacturer Intel, pharmaceutical company GlaxoSmithKline, and consumer products company Proctor & Gamble. In 2006 Intel’s microprocessor facility alone was responsible for 20% of Costa Rican exports and 4.9% of the country's GDP.
In recent times electronics, pharmaceuticals, financial outsourcing, software development, and ecotourism have become the prime industries in Costa Rica's economy. High levels of education among its residents make the country an attractive investing location. Costa Rica is famous for its gourmet coffee beans, with Costa Rican Tarrazú among the finest .
The literacy rate in Costa Rica is of 96% (CIA World Factbook, February 2007), one of the highest in Latin America. Elementary and high schools are found throughout the country in practically every community. Universal public education is guaranteed in the Constitution. Primary education is obligatory, and both preschool and high school are free. There are both state and private universities.
Flora and Fauna
Costa Rica is home to a rich variety of plants and animals. While the country has only about 0.1% of the world's landmass, it contains 5% of the world's biodiversity. Around 25% of the country's land area is in protected national parks and protested areas the largest percentual of protected areas in the world. “REASON WHY YOU SHOULD INVEST IN COSTA RICA”
Why invest in Costa Rica real estate?
Slow US economy the Costa Rica real estate market is thriving, and Costa Rica’s popularity as a tourist destination in recent years has more people looking to invest in this Central American Country than ever in the slow down in the USA economy. Although the prices have been steadily rising, investors still have the chance to cash in on Costa Rica’s cultural and economic prosperity.
No army Unlike many others countries in the region, Costa Rica has no standing army and is known for its Switzerland-like neutrality. According to ShelterOffshore.com “Citizen happily boast that they are so peaceful a nation they have no need for an army, that school children are able to preside over crowd control at election time and that the country has more teachers than it does policemen”
Tourism 2nd in Latin America Its status as a safe country is a definite boom to holidaymakers; 1.7 million international visitors came to Costa Rica in 2006, garnering a total of $1.6 billions in tourism receipts, according to the World Tourism Organization. When the World Economic Forum released its 2008 Travel & Tourism Competitiveness Report, Costa Rica ranked its 44th worldwide. It ranked first in Central America and second in the entire Latin American and Caribbean region, after Barbados. Short direct flights are available to Costa Rica from several U.S. cities, making travel plans simple.
Highest Level of Education Costa Rica is home to 4.1 million people. The country boasts a literacy rate of 96 percent having the highest level of education in Latin America. The unemployment rate of 4.6 percent and it’s known for its political stability. The official language of Costa Rica is Spanish.
High Technology The majority of Costa Rica’s economy is based on commerce, tourism and services, which make up 62.4 percent of its $21.4 billion GDP. But also it has an advanced level of telecommunication and High Tech industries such as Hewlett Packard and INTEL , manufacturing of electronic components make up 28.9 percent of GDP. As per the report of Latin Business Chronicle, Costa Rica has second best place the level of technology in Latin America. Agriculture accounts for 8.7 percent. The Costa Rica Colon, Costa Rica’s currency had an estimated inflation rate of 11.5 percent in 2007.
The Costa Rica real estate market is based on the U.S. dollar, which means U.S. investors won’t feel the pinch and European investors may be more likely to buy. Foreigners enjoy equal property rights with Costa Rican citizen in most circumstances.
Free Trade Agreement Since Costa Rica recently agreed to the Central American Free Trade Agreement (CAFTA), investments in the business sector are likely to increase. “Days after the vote a giant European car parts manufacturer announced plan for a new plant employing up to 550 persons. Exports from the country are expected are expected to double in the next few years, with the U.S. being the number one buyer and China ramping up as a close second”
Ecology The government and developers know that Costa Rica ‘s ecology and natural beauty are its main draws and are committed to preserving them and promoting sustainable development. Costa Rica is known to have the most Number of National Parks and preserves. This draws the Eco-Tourism worldwide.
US Title Companies For those making real estate transactions now there are two or three different American companies here in Costa Rica that provide title guarantees, like Chicago Title and Stewart Title from Houston. Those corporations, they do provide foreigners with a title land guarantee, so in case there is a problem in the title they can be identified and the buyer can be paid back.
Most real estate in Costa Rica is fee simple. Property taxes are 0.25 percent of the property’s registered value and closing cost are approximately 3.5 percent of the purchase price.
Mercedes Castro First Realty Costa Rica
UNITED STATES Phone : (954) 727 3541
LOCAL Phone : (506) 2220 3100 Fax : (506) 2231 3760
This e-mail address is being protected from spambots. You need JavaScript enabled to view it
In recent times electronics, pharmaceuticals, financial outsourcing, software development, and ecotourism have become the prime industries in Costa Rica's economy. High levels of education among its residents make the country an attractive investing location. Costa Rica is famous for its gourmet coffee beans, with Costa Rican Tarrazú among the finest .
