Yes it is possible to use your IRA to purchase property in Costa Rica.
This applies to any type of real estate in Costa Rica land,condos,homes,and
commercial property.
The one golden rule is that you can not use your IRA to purchase a residence
or vacation home if you are under 59.5 years of age.
There are other limitations in the IRS code.
The property must be purchased by the IRA custodian in there name.
You will also need to work with an independent IRA custodian that allows
real estate investments to set up an IRA account.
If there is a mortgage on the property it can be done through a IRA but it must be set
up according to the IRA guide lines.
Before considering this as an option to purchase real estate we would recommend you to consult with
a tax professional.
Please contact Barrantes & Associates for more information on how foreigners can buy property in Costa Rica.
Lic Giovanna Bararntes
Barrantes & Associates
Office 011 506 2 256 3807
Direct 011 506 8 398 1203
Edificio Casa Canada Paseo Colon Subway
Anexo Uno 100 metros sur/50 metros oeste
Skype CostaRicaLaw1
http://www.lawyerofcostarica.com
http://www.twitter.com/lawyerofcr
This applies to any type of real estate in Costa Rica land,condos,homes,and
commercial property.
The one golden rule is that you can not use your IRA to purchase a residence
or vacation home if you are under 59.5 years of age.
There are other limitations in the IRS code.
The property must be purchased by the IRA custodian in there name.
You will also need to work with an independent IRA custodian that allows
real estate investments to set up an IRA account.
If there is a mortgage on the property it can be done through a IRA but it must be set
up according to the IRA guide lines.
Before considering this as an option to purchase real estate we would recommend you to consult with
a tax professional.
Please contact Barrantes & Associates for more information on how foreigners can buy property in Costa Rica.
Lic Giovanna Bararntes
Barrantes & Associates
Office 011 506 2 256 3807
Direct 011 506 8 398 1203
Edificio Casa Canada Paseo Colon Subway
Anexo Uno 100 metros sur/50 metros oeste
Skype CostaRicaLaw1
http://www.lawyerofcostarica.com
http://www.twitter.com/lawyerofcr
