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Costa Rica Inheritance Law
Overview on Costa Rica’s Inheritance and other tax laws

It really pays to know the laws in Costa Rica especially if you are planning to stay in this South American paradise for a long time.
On this note, you should familiarize yourself with the existing inheritance and other impertinent tax laws.
There are some clauses that are applicable only to foreigners who are planning to leave Costa Rica properties and others that are applicable to both local and foreign nationals.

On inheritance taxes

Inheritance or gifts in Costa Rica are usually not taxed specifically. However, there’s a substitute tax rate that may be charged on property transfers. Here’s the current tax rate on inheritance based on property value.

Property value of 700,000 colones – 1 percent
Property value of 700,000 to 1 million colones – 1.5 percent
Property value of more than 1 million colones – 2 percent

Costa Rica Inheritance Law - Minors

Even if these individuals are not of legal age, minors can still get their share of the property.
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Costa Rica Inheritance Law - Gifts
The difference between gifts and inheritances is the fact that the owner can give away his properties for free while he or she is alive. This gesture is considered as giving a gift while inheritances are usually distributed after the owner has gone on and left instructions as to how the executor will distribute the properties.
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Costa Rica inheritance laws - Type of Wills
There are 2 types of wills that are recognized by the Civil Code. These are Open Will (nuncupative) and Closed Will (sealed).
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Applicable inheritance laws in Costa Rica
The law on inheritance tax usually depends on territorial principle or the property location. The conditions may be found on the Civil Code which specifies the general regulations on inheritance. The rules may be found from Title XI to XIII and on the Family Code as well.
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Newsflash

Property purchase guidelines in Costa Rica

It is without a doubt, a great investment to purchase a property in Costa Rica. This is due to the fact that the country is currently enjoying a boom in real estate. This means that properties are being sold at reasonable rates. Surely, you envision yourself having your very own house or condo in this Latin American paradise. A lot of people are sharing your feeling right now, including the retirees who are thinking of spending their remaining years peacefully in Costa Rica.
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