Home Costa Rica Inheritance Law Costa Rica Inheritance Law - Gifts
Costa Rica Inheritance Law - Gifts

Costa Rica Inheritance Law - Gifts

Just like in any countries, locals or foreigners can free give properties. The giving of the gift can be done in three legitimate procedures. These can be done by donation, free transfer of the share certificates or through a trust.

Beneficiaries should be able to accept the donation with the donor being notified of such receipt. As for the transfer of share certificates, it can be done if a legal entity owns the property itself. According to the rules, the signatures and records of the company’s registry of holders must be present. Meanwhile, creation of a trust may be made as specified in Costa Rica’s Commercial Code. These options may be discussed with a qualified lawyer to avoid confusion.
These processes may look easy for a layman’s point of view. However, the assistance of the Public Notary is needed in order to record the name of the recipients at the Public Registry.

There are legal restrictions that must be considered during the transfer of properties. These are:

Transfer through Donation: Donor can set up limitations for the recipient which can last a maximum length of ten years.
Consent of Married Couple: A home owned by a married couple can be mortgaged or transferred provided that both the husband and wife agreed to this move. For this to take place, the property must first be recognized as certified family home as recorded at the Public Registry. Other limitations exist and this can be discussed with the local attorney or Notary Public.

The donation will now be considered as gift and could not be challenged after the death of the donor. If the donation was made in a proper and legal way, then the occurrence of challenges won’t be present after the donor’s death. However, the donation should be recorded in the public deed in order to avoid messy challenges.
In terms of inheritances, marital status does not immediately translate to the spouse of the bereaved getting the entire property since it must be determined first if the properties were purchased together during or prior marriage.

If the property had been purchased when the deceased was still single, then the spouse could not automatically claim ownership on the property through the conjugal rights argument. The judge will determine if the spouse will acquire the property in the end. If the properties were purchased during marriage then it would be considered conjugal and the spouse will have the automatic right to the properties. These occurrences may take place if there’s the absence of the will.

If divorce was ongoing by that time then the Costa Rican courts will decide on the fate of the properties. The ruling on the divorce needs to be acknowledged of the executor first. As per Costa Rican laws, conjugal property rights are usually about 50 percent of the price (net) of the entire properties that were bought during the marriage. The claimant must present the marriage certificate and property titles in order to get the aforementioned.
 

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.
Read more...