For many, pursuing a Costa Rica Investment is the first step toward a new life or a secure financial future abroad. To provide clarity and expert insight into this market, we at Pura Vida Escrow and Trust aim to share educational content from experienced professionals.
Today, we feature an exclusive interview with Ms. Enis Davis-Lewars, a distinguished Real Estate Agent with Summer Coast Realty. Having made the personal move from Toronto, Canada, to Costa Rica, Ms. Davis-Lewars offers a unique, informed perspective for prospective buyers. Her guidance is vital for understanding the process of purchasing property in this dynamic Central American nation.
A New Beginning in Paradise: From Toronto to Pura Vida
Ms. Davis-Lewars, your story of moving from Toronto, Canada, to Costa Rica is an inspiration to many. What initially attracted you to Costa Rica in 2013, and how did that initial “crush” evolve into the decision to call it home?
In 2013 I was watching a show called House Hunters International and said to my husband “that place looks really nice”. He responded, I forgot to tell you I have relatives in Costa Rica but I don’t know where they are. He said, his Aunty left Jamaica in 1895 and went to Costa Rica. We went on a mission to find his relatives and found a number of them in San Jose but they originated from Limon. We visited the country a couple of times and decided after that we need to make a permanent move. The winters in Toronto did not help either.
As someone who has personally gone through the moving process, you have a unique perspective on the challenges and rewards. What are the three most common questions foreign clients ask when considering buying a property in Costa Rica, and what advice would you give them?
The common questions asked by foreigners are:
A. Can foreigners purchase property in Costa Rica? Yes, foreigners have the same rights to purchase property in Costa Rica like citizens though there are special rules for land within the Maritime Zone (the first 200 meters from the high tide line).
B. What are the property taxes in Costa Rica? The property taxes in Costa Rica is calculated as 0.25% of the purchase price of the property; unless your property is deemed to be categorized as a luxury property. The tax rates range from 0.25% to 0.55% of the property’s value, which is determined by the evaluation performed specifically for the Luxury Home Tax. The Luxury Home Tax currently applies to houses valued at approximately US$285,000 or more.
C. What are the procedures of buying property in Costa Rica? The procedures of purchasing property in Costa Rica is similar to the procedures in Canada and the US. You will need to put a deposit down of 10% of the purchase price. That deposit will be sent to Escrow. There is a due diligence period which could be from 3 to 4 weeks after the signing of the Purchase and Sale Agreement. During the due diligence period, a home inspector is chosen by your real estate agent and a report will be submitted by the inspector. If the buyer agrees with the content of the report, then we will proceed to closing. Closing usually occurs between 30 to 90 days.
Could you clarify whether foreigners can obtain financing in Costa Rica and if being a resident is a prerequisite to purchasing property?
Yes foreigners can obtain financing in Costa Rica. We have 3 banks that will provide financing to US citizens and two banks for Canadians. However, be prepared for a long process as the banks ask for a lot of documentation including bank statements, job confirmation and Equifax reports.
How important is the use of an escrow account as a mechanism to protect buyers’ funds, ensuring transparency and security in the transaction?
It is highly recommended that a reputable escrow company be used.
Escrow protects both buyers and sellers by holding funds in a neutral third party account and releasing those funds only after all conditions of the purchase agreement are met.
Many of your clients need property management services once the purchase is complete. What kind of services does Summer Coast Realty offer to assist owners from a distance?
At Summer Coast Realty we continue assisting the buyers even after closing.
We recommend that you retain our services for property management and vacation rentals.
What advice would you give to a property owner looking to maximize the return on their Costa Rica Investment through vacation rentals?
The high season occurs from December to April. Green season occurs after April to August and low season is from September to November. We always notify our clients to be prepared that the most money will be made on your vacation rental property during the high season and on an average your home will rent about 65% of the time. So it is best that the owners who would like to stay in their investment properties do so during the low season.
Based on your career and experience, what final message or piece of advice would you like to convey to someone who is considering investing in real estate in Costa Rica?
My advice to anyone who is thinking of purchasing property in Costa Rica. First, visit the country to see if this is a country you would like to invest in.
Stay in an Airbnb and get to know the culture and the people. If you can afford to even stay for 6 months; do that. Choose an experienced real estate agent when you decide to make that move and ask your real estate for recommendations for a good lawyer.
Enis Davis-Lewars
Real Estate Agent, Summer Coast Realty, Costa Rica Member of CRGAR, NAR
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Ms. Enis Davis-Lewars provides a clear and practical roadmap for navigating the Costa Rican real estate process. Her advice—to visit and experience the culture, stay for an extended period if possible, and engage experienced professionals—is key to a secure and successful Costa Rica Investment.
We thank Enis Davis-Lewars for sharing her expert knowledge and helping prospective buyers understand the necessary steps to acquire property in this beautiful country.
