QCOSTARICA – Thanks to an internal study, two Florida companies have identified that Costa Rica is the country where the most Americans are settling lately and, therefore, they have decided to develop a real estate project of 1,800 houses luxury on the Osa Peninsula, in the province of Puntarenas, in the southern part of the country.
“Americans have been drawn to its peaceful nature, cultural diversity, tropical climate, incredible biodiversity, hundreds of unspoiled beaches, benefits for Americans, and laid-back lifestyle. What was once a vacation or retirement destination is now a place Americans of all ages call home,” said developers, ISG World Costa Rica, which has partnered with developers around the country to showcase luxury homes to US citizens and making living in paradise a reality through funding opportunities.
The plan consists of properties from 800 to over 1,200 square meters (8,600 to over 13,000 square feet), with prices ranging between US$500,000 and US$1,500,000. In the first stage, 400 houses were built and all of them have already been sold.
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The works are being developed by the real estate sales and marketing company ISG World and the private equity firm DaGrosa Capital Partners LLC, which have joined forces to create a residential complex called “Ventana Costa Rica”.
The US State Department reported in September that before the pandemic, approximately 120,000 US citizens resided in Costa Rica and more than 1.4 million visited it each year. Furthermore, he pointed out that more than 8,000 American students study here each year and that Costa Rica is the number one destination in Latin America for their study abroad programs.
Among the main reasons to settle in Costa Rica, the promoters of the Osa project highlight the way of life, the shortage of single-family homes in the United States, the architecture and design, the ease of relocation, the return on high investment and the various visas that allow foreigners to stay in the country without stable employment.
The group highlights the benefits of the Digital Nomads Act approved last July by the Legislative Assembly, which aims to attract professionals from around the world who work remotely, through the granting of incentives. Congress also approved another benefits law to invite retirees and pensioners to live in Costa Rica.
“The country recently introduced some incentives, including: the minimum capital investment for residency in Costa Rica has been reduced from $200,000 to $150,000; the duty-free import of vehicles for personal or family use has been abolished as well as the single tax exemption for the import of household goods; and money earned abroad (e.g. a US pension) will not be taxed by Costa Rica,” the company said, while highlighting the Digital Nomad Visa.
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To be clear, these incentives have yet to be approved by the country’s lawmakers.
According to the Cámara Nacional de Turismo (Canatur) – National Chamber of Tourism, each digital nomad who decides to travel here to turn their tourist destination into their “office”, together with their family, can inject 15 million colones per semester into the economy from the country.
“The project currently fills a need in the shortage of single-family homes, which exists not only in the South Florida market, but worldwide. The pandemic has prompted buyers to return to homes for the unparalleled lifestyle, space, privacy and convenience they offer.
“And the new wave of telecommuting has given people the ability and flexibility to work from anywhere in the world. We’ve recognized this new way of life, and with Costa Rica’s high quality of life, its cost of relatively low life, its commitment to sustainability and its pristine natural environment, we believe that Ventana Costa Rica is the ideal place to offer these life improvements,” explained the real estate group.
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Florida-based ISG World said it has racked up sales of more than $12 billion in real estate projects since 1992 and its eyes are currently on “Ventana Costa Rica”.
ISG World has partnered with DeGrossa Capital Partners to provide mortgage financing to Americans looking to purchase their land. Their idea is to offer this opportunity to a wider population and a younger generation, with fixed loans over 30 years and with the same process as when buying a property in the United States.
Officials said the project is the largest of its kind in the entire Osa Peninsula and their teams have worked to develop employment opportunities and form important strategic alliances with government and local businesses.
According to the developers, this residential complex has been expertly designed with the influence of modern tropical architecture.
The houses are two, three and four bedrooms and are “integrated into the natural environment and oriented to capture the flow of fresh air”. Each offers panoramic views of the mountains or the Pacific Ocean, as well as a luxurious private pool. They are built with wooden ceilings, covered terraces, upper level lofts, wrought iron details, curved windows, fitted wardrobes and entertainment units.
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