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Redbeard

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About Redbeard

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  1. rodo, I don't think that shares inherited by a spouse would be subject to a transfer tax, but my understanding is that in 2012 or 2013 a law was passed that eliminated the exemption from paying the real estate transfer tax when selling corporate shares that own real estate. My lawyer also said that if I transferred my condo from the corporation name into our personal names, we would have the pay the transfer tax (which would make that transfer rather expensive). I read that the new corporate law has a provision for dissolving a corporation before the new law takes effect in a few months - I plan to ask my lawyer if the new law will allow such a transfer without requiring payment of a transfer tax.
  2. With the corporate tax about to be reinstated, I am wondering if it is time to dissolve the corporation that our condo is owned by. My understanding is that the new corporate tax law allows an opportunity to dissolve a corporation before the new tax takes effect. We used a corporation to purchase a condominium in 2011 when there were tax advantages (i.e. real estate transfer tax exemption) as well as some other advantages that may still apply. But since then the transfer tax exemption has been removed and taxes on inactive corporations have been added. Furthermore, I have found my USA income tax reporting to be more complicated due to ownership in a foreign corporation. I am wondering if the advantages of ownership of real estate in a corporation still offer enough advantages to offset the disadvantages. One concern is whether a transfer tax would apply if we dissolve the corporation at this time and transfer the property into our names. That would be a change in title on the property which normally would require payment of a transfer tax - and that would make the transfer rather costly for us. But if the current law allows a change in title without payment of the transfer tax, that may make it an opportune time to make such a transfer. One advantage touted is better protection against property theft using identity theft methods. Is this still a big advantage? Or with current disclosure laws relating to corporations, is there sill much advantage? I will be discussing this with my attorney, but I would also like to get other viewpoints on the pros-cons of corporate ownership of real estate in Costa Rica based on current laws.
  3. I looked at the Panamanian blog on healthcare - it seems to read almost as if it was written in Costa Rica! Many of the same pros and cons apply in both countries. We also purchased private healthcare insurance in CR, in addition to participating in Caja. Our healthcare policy also provides hospitalization coverage in the USA "at participating hospitals". We have a couple of years to go before we are eligible for Medicare - then we will re-evaluate the USA coverage. If we need major medical care at that time, we can decide between CR private medical care or travel to the USA for Medicare healthcare.
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