Requirements & Options 💸
Costa Rica continues to attract buyers and investors from around the globe. But one of the most common questions we get at Caiman Real Estate is: Can foreigners obtain financing to buy property in Costa Rica? The short answer is yes, but the full picture includes some important details. Let’s explore the options and requirements 📋.
🏦 1. Bank Financing in Costa Rica
While state banks often have strict policies, some private banks do offer loans to foreigners, including:
- Banco LAFISE
- BAC San José
- BCT
Typical terms:
- ✅ Up to 70% loan-to-value
- 📅 Terms up to 20 years
- 📈 Interest rates from 8.5% to 10%
- 📑 Required documents: passport, proof of income, credit history, property appraisal, etc.
🔍 Important: The process can be lengthy and bureaucratic. Some banks require legal residency, and all documents must be in Spanish or officially translated.
🤝 2. Owner Financing (Direct from Seller)
This is becoming a popular option in tourist destinations like Manuel Antonio. The seller acts as the lender, and you negotiate the terms directly.
Advantages:
- Less red tape 📝
- Flexible payment terms 💸
- Quick approval 🚀
Typical terms:
- 50% to 60% financing
- 1 to 5-year terms
- Interest rates between 6% and 9%
- May include a balloon payment at the end 🎈
This route works exceptionally well for foreigners who don’t yet have a local credit history.
💼 3. Private Lenders
There are also private companies and individual lenders offering property loans.
Advantages:
- Faster approval ⏱️
- Fewer bureaucratic hurdles 📉
Disadvantages:
- Higher interest rates (up to 16%) ⚠️
- It’s critical to have legal support to review contracts 👨⚖️
📋 4. General Requirements for Foreigners
Regardless of the financing source, foreigners are generally required to provide:
- Valid passport 🛂
- Proof of income 💼
- Personal financial statements 📊
- Official property appraisal 🏡
- Translated documents (if not originally in Spanish) 🌍
- A local attorney to oversee and review contracts ⚖️
🌟 Caiman Real Estate Expert Tip
Before making a decision, evaluate all your options and consult with professionals. We can connect you with reputable lenders, property owners open to financing, and trusted legal advisors.
📞 Ready to take the next step?
At Caiman Real Estate, we’re ready to help you navigate the purchase process—with or without financing. Let’s make your Costa Rica lifestyle a reality! 🇨🇷🌴
Contact us today:
📧 alejandro@caimanrealestate.com
📱 +506 8883-9884
