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Will we have to pay a "Luxury Home Tax?"

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PuraVida
  11/26/2021 07:24 EST

If we buy a home for $240,000 will we have to pay a 'Luxury Home tax' in addition to the annual property taxes?

https://www.crhoy.com/nacionales/asi-se-cobraria-el-impuesto-a-las-casas-de-lujo/

Kohl
  11/26/2021 10:21 EST

Unfortunately for you, yes.

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rodo1234
  11/29/2021 05:55 EST

I think you deduct the value of the land first and whats left is the house value to see if you need to pay the tax. I would check with an attorney or accountant as it appears to me you may be under the limit. But things are open to interpretation in Costa Rica

PuraVida
  11/29/2021 08:21 EST

Friends spent 6 months looking for a one-arm lawyer. You make an appt. with a lawyer for $$$ per hour and then after 59 minutes, he/she says, "but then again on the other hand."
They didn't find one but found one that was an 'eagle scout'. Seems like you need a Phd. from MIT to understand the convoluted luxury home tax formula.
Two essentail things when starting off in CR: honest, reputable lawyer....honest, reputable auto mechanic.

rodo1234
  11/29/2021 08:52 EST

A positive attitude for expats trying to navigate Costa Rican laws and regulations is in my opinion the most important thing needed in order to get started.

Best of luck

WeOld
  11/29/2021 09:49 EST

Like a 'sense of adventure, a sense of humor and a lot of patience.'

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Bruceburke
  12/27/2021 16:10 EST

approximately, how much would the luxury tax be on a home valued at 240k?

Thank you

Bruceburke
  12/27/2021 16:10 EST

approximately, how much would the luxury tax be on a home valued at 240k?

Thank you

WeOld
  12/27/2021 16:21 EST

Apparently the first 3 years are lower but on the 4th year it would be @ $600. Best to consult with a knowledgeable attorney and/or accountant.

Kohl
  12/29/2021 10:34 EST

More information regarding the new tax proposal on houses.

https://www-crhoy-com.translate.goog/nacionales/gobierno-concentrara-a-diputados-en-impuesto-a-casas-de-lujo/?_x_tr_sl=es&_x_tr_tl=en&_x_tr_hl=en&_x_tr_pto=sc

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