If you hold your assets in a Costa Rican corporation or company, you have the assurance that even if you are no longer present due to legal issues or other reasons, your property can still be managed and disposed of according to your wishes. This is beneficial if you want to ensure that your children or family members can handle the property if you are absent.
Opting for individual ownership of a property in Costa Rica can be riskier compared to owning it through a corporation. When you hold a property as an individual, it exposes your personal assets to potential liabilities. On the other hand, owning property through a corporation offers a layer of protection, shielding your personal assets from the risks associated with the property. This can provide you with greater peace of mind and minimize potential financial risks.
When you own a property through a Costa Rican corporation, the company itself has the authority to sell the property or make other decisions related to its management. The legal representative of the corporation can act on behalf of the company, allowing for efficient and effective decision-making. Regardless of the ownership structure of the company’s shares or stocks, the corporation can still take action in line with estate planning goals.
Using an SPV to buy property in Costa Rica
Using an SPV can provide further advantages when it comes to property ownership. An SPV is a separate entity created solely for a specific purpose, such as holding and managing real estate. This is particularly useful when you need someone else to make decisions on your behalf, for example, when you are absent from the country.
General content provided by Javier Sauma at Sauma Rossi law firm in Costa Rica.