Probably the biggest surprise our clients have about real estate in Costa Rica is with regard to financing. Financing was traditionally nonexistent here, and most transactions were consummated with cash only, while a small percentage were done with some form of seller financing, which typically meant significant money down coupled with high interest rates. This situation kept many otherwise qualified buyers out of the market.
Recently, financing has been made available through local institutions. Several banks, including Scotiabank, HSBC, Banco Cuscatlan, Banco Costa Rica and several other national banks, have now launched non resident programs specifically designed to fit the financing needs of the foreign investor in Costa Rica. Several of these banks have now joined efforts with Stewart Title of Costa Rica to develop a lending program strictly for this market.
The current programs are by no means perfect, and the recent market crash has affected both the structure and availability of many of these programs, so please contact us for updated information on financing.