New Blog Post by Tres Amigos Realty Group Aims to Educate Property Owners on Capital Gains Tax.
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Playas del Coco Property is pleased to announce the release of its informative guide to help property owners understand the complexities of property taxes in Costa Rica. This new blog post, titled "Your Guide to Costa Rica's Capital Gains Tax," aims to clarify the tax implications for both new and existing property owners in the region.
According to the company, understanding the nuances of property taxes is crucial for any property owner, especially in a foreign country. As such, Playas del Coco Property’s guide provides an in-depth look at the capital gains tax, known as “Ganancias de Capital” in Spanish, which has been in effect since July 2019. The guide explains that this tax is set at 15% of the gain from the sale of the property, a significant consideration for anyone looking to buy or sell real estate in Costa Rica.
At its core, "Your Guide to Costa Rica's Capital Gains Tax” details who is affected by this tax, highlighting that residents with permanent residency are exempt if the property in question is their primary residence. This exemption is a vital piece of information for residents and those considering long-term investment in Costa Rica property. The guide goes further to define what qualifies as a primary residence and the criteria for residency, making it a valuable resource for both potential buyers and current property owners.
One of the critical aspects covered in the guide is how the capital gains tax is calculated. It is based on the difference between the purchase and sale value of the property, calculated in the local currency, Colón. The guide provides practical examples for various scenarios, such as selling a vacation home or a lot intended for future construction, making the complex calculations more comprehensible.
Additionally, the guide lists allowable deductions that can significantly reduce the tax burden. These include legal fees, accounting services, construction costs, and property improvements. The importance of obtaining a legal Factura Electrónica for these expenses is emphasized, ensuring that property owners can take full advantage of the deductions available to them.
The guide also offers special considerations for property owners who purchased their properties before January 2019. These owners have the option to choose the more advantageous tax calculation method: either 2.25% of the total sale or 15% of the gain. This flexibility can result in substantial savings, depending on the individual circumstances of the sale.
The comprehensive nature of this guide underscores the importance of consulting with a legal advisor and a local CPA. Navigating the tax requirements and optimizing financial outcomes can be challenging without professional guidance. Mike Simons, Owner of Tres Amigos Realty Group, stated, “We always make it a point to educate our clients about all the tax implications of buying a new home in Costa Rica.”
Property owners are encouraged to visit the Playas del Coco Property blog to read the full guide and reach out to Tres Amigos Realty Group for further assistance. This guide is an essential tool for anyone involved in the Costa Rican property market, providing clarity and actionable advice on navigating the capital gains tax.
For further information or media inquiries, please visit https://www.playasdelcocoproperty.com/.
About Tres Amigos Realty Group/Playas del Coco Property
Tres Amigos Realty Group is a leading real estate agency in Playas del Coco, Costa Rica. With a deep understanding of the local market and a commitment to client education, the team at Tres Amigos Realty Group provides unparalleled service to property buyers and sellers. Its expertise in Costa Rican real estate and dedication to client satisfaction, make the company a trusted partner for navigating property transactions in the region.
Contact Info:
Name: Michael Simons
Email: Send Email
Organization: Tres Amigos Realty Group/Playas del Coco Property
Phone: +506-2670-2175
Website: https://www.playasdelcocoproperty.com/
Release ID: 89136949
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