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As of today, selling assets like real estate will be pricier in Costa Rica.
For years, people have enjoyed a capital gains free country. Many, who bought property over the years, did so without too much question because they hoped to make a big profit someday on appreciation in value with no local capital gains tax to pay.
Those days are over. Law 9635, called the “Fortalecimiento de las Finanzas Públicas” or just the “Plan Fiscal,” the fiscal plan in English, became law Dec. 4. Many parts of the legislation were on hold until today, July 1. One of those parts was the imposition of a capital gains tax on the sale of assets.
Last Thursday, the tax department published its final revision to the regulations of the law. Here is an outline of the essential facts concerning capital gains:
