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Frequently Asked Questions
 

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Financing . . . . . . . . . . . .. . . . . . .. . Download pdf of Frequently Asked Questions

• What are the steps to financing property in Costa Rica? What are my options?  
• How do I open a personal bank account in Costa Rica?

Palm Springs does not offer financing for land purchases or home construction. You may either receive financing in your home country or through a local lender. If you finance in your home country, you may be eligible for a tax deduction. Many buyers take an equity loan out on their existing home or pay cash.

There are several Costa Rican banks that offer construction financing and mortgages to foreigners for new home construction. Most banks require 20-40% down payment, although some lenders now offer up to 90% financing. Loans can be used for full time residences, vacation homes, rental property for investment purposes and the purchase of residential land. Each local lending institution has its own formula of rates and terms which usually include interest rates, rate spread, if variable, length of loan, closing costs, origination fees and various other fees associated with the financing industry. Lenders provide 10-30 year loans with rates around 2.5% over prime or LIBOR rates.