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jamesofomaha

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About jamesofomaha

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  1. Okay I'm not an attorney and I don't play one on TV nor the internet. However, I am sharing with you what I've been told by 2 attorneys re corporations vs having property in your name. This is what I've been told: "If you have your car or property in your own name, even if you have a will that is legal in Costa Rica, when you die that property will go into probate, it will take a long time to resolve who gets it after you die, and "the government vultures" (my attorneys' term) will charge you 10% or more OF THE VALUE OF YOUR ENTIRE PROPERTY for their "services"." I was told therefore that having the property - such as a car or house or land - in a corporate name, (S.A. or SRL) will allow you to make someone such as your wife, son, daughter, whoever, the new owner of the property if you die, thus avoiding probate completely. Also it prevents someone from taking your land from you in case someone is hurt badly on your property and they sue you and it's determined that it's your fault. If it's in an S.A. they can't come after you. Again this is what I was told, that's all I know about it. I'm not an attorney!
  2. Some more info re dissolving a corporation. A friend of mine said he found an attorney to do it for $120. Go figure. My attorney quoted me $1,000. Guess who won't be my attorney any more?
  3. Thanks for that CRF. A shame that insurance here is not very good on a totaled car. If your experience and comments I've heard apply to most cases.
  4. David, that's good info! Thanks! I didn't know any of that! Is the slow payout only on STOLEN vehicles or also on totaled or badly damaged vehicles?
  5. Unfortunately we do live at least 10km from the nearest bus! That's why this slow insurance payout thing I've heard about, is a concern to me.
  6. David, thanks for the explanation. I don't have bars either. I will not live that way. If it ever came down to having to live that way here, I'd try to move somewhere else. I know the majority of people do but to me it would make me feel like I was living in a jail. Even with nice "pretty" bars... However I don't have any thing of much value, no more than the average Tico home. So I guess I'll have to go get a quote from an insurance guy and see what he says. I'm mostly just interested in the "someone getting hurt on my property" insurance. Another issue is Do the insurance co's pay off in a timely manner? Or do they try to find a way NOT to pay off? I heard that with car insurance if you wreck your car it's not cut and dried/easy like back home. They try not to pay and take a long time to pay when they do so. And with no car rental policy in effect (providing a rental while you wait for money to get another one), what do you do for 2-3 months while you wait for the car to be replaced? So the point is, I wonder if fire or earthquake or theft insurance for a homeowner policy also takes "forever" to get paid out on?
  7. I'm going to go speak with an attorney this month for sure about dissolving the corporation. To me the less forms you have to fill out for the government, the better off you are. I've already had them cut off my social security payment for lack of a 1 page form with 1 basic question that no one even told me I had to fill out, and it was a major headache getting it done because the stupid SSA doesn't provide an encrypted space for documents uploaded to their office. So everything has to be done by hand (i.e. snail mail or Pony Express). With government bureaucracy being what it is, it seems better to me not to have to fill out forms for them every year if you have that option, and there is no real reason apparently to have a corporation, it's just something attorneys like to talk you into doing.
  8. Nice that you can read the papers, or rather that you took the time to learn to read them. Good for you! I speak fluently and am often complemented on my Spanish here, but when it comes to understanding the accents and manner of speaking, here, and understanding tv and radio where they speak really fast, and understanding the news papers where they use a lot of "big fancy words" - LOL - I just don't have the patience. In an ideal world, I know I "should". But it's far from an ideal world... Am working on understanding the way many people SPEAK; that's my goal. I find that in San Jose I can understand the vast majority but in other parts, not so much. Also some people just talk way too fast; others talk with thick regional accents; others mumble. Nothing wrong with any of that, it's just that I have a hard time with it.
  9. I'm still trying to understand, how, if the corporation tax was found "unconstitutional" it is being reinstated, and why - for all the years when it WAS unconstitutional we don't get that money back! But I've noticed that in Costa Rica the government and businesses are very reluctant to give money back, even when they admit the money should never have been charged to you in the first place. I know this isn't Kansas, but at the same time, jheez, how do they justify this stuff?
  10. Do you care to say how much you pay for homeowners insurance? I am paying about the same car insurance as I paid in the states, for a much much older car! So I would think homeowner ins here would be very high as well!
  11. By the way I was quoted $550 to have a "simple will" done , that seems a bit high to me, no? I'll be checking with another attorney.
  12. Maybe no big deal but if it's in a corporation you have to report it and if it's not you don't. From what I understand. I'm not an attorney. Obviously. ;-D I found this out from an attorney online: " The New corporation tax law will allow you in September to transfer the asset out of the corporation without paying real estate transfer taxes. " Not sure what that means in terms of lowering the price, I didn't ask that. In other words how much of the cost of taking something out of an SA and into your name is the "transfer tax" they are waiving and how much of it is other fees like registro and attorney fees etc. So I have more questions to ask! LOL. Anyone have an idea on that? I think it's a good point someone made above about not paying the corporation tax can go towards home insurance which ultimately is a better solution for any problem of someone getting hurt on your property - at least it seems that way. I don't know how much it would cost but curious to find out. I imagine if you keep the corporation CR will just continue to raise and raise the tax over time, so that's another factor, in addition to having to report it to the U.S. Also if you forget to pay your SA tax ... don't have the money when it's due, etc ...
  13. Did anyone sort any of this out re corporate tax? It is approaching July and I am wondering : Is it going to be cheaper to dissolve a corporation and put the car or whatever in your name instead of having it in an LLC/SA (not sure what the difference is, but I'm asking about an LLC). is it going to be substantially cheaper to NOT have property such a a car or house or whatever in an LLC? Anyone heard when this corp. tax is going to actually be ready to be paid? Is it still July? Is there any real advantage to having property in an LLC or SA? What I've heard is that it protects you from someone suing you for your property (assets) if they hurt themselves or you hurt them (as in with a car) or etc.; and that it is easier to transfer said property to a new owner if it's in a corporation. I am wondering if the corporation REALLY makes things that much easier or more secure, to make it worth having ? There are also IRS advantages to not having real estate in a corporation from what I have read, for those who have real estate here. Also, while I do plan to talk to an attorney about all this I am wondering if anyone already has, and what they found out, and what it cost them. Knowing what someone else paid would help me determine what I should be charged for this so as not to get gouged. Oh, one more thing re this: In terms of a will, probate etc, is it easier or better to have property in a corporation vs. personal name, or as long as you have a legal will here in Costa Rica that doesn't really matter? Again I know no one is an attorney here and I will ask at least one if not two attorneys but just curious what other people may have heard or know here. Thanks.
  14. Re Perpetual Tourism. I thought it was not allowed to talk about it here. But since everyone else is talking about it I'll throw in my 4 colones. All I know is that I know one guy who is still a PT and has been for over 10 years, owns a lot of property here and did business as a contractor and he has never had one problem. I know another guy who I'm not sure if he is still a PT or not but he was for at least 12 years and he owned and operated a bed and breakfast at the beach and didn't have any employees, he did everything (all technically against the law) and he never had any problem. In fact the mayor of the local town knew everything about him and loved him. So for whatever reason perpetual tourism could become prohibited at some point but of all the people I've known who did it (at least 10) none of them have ever had a problem. Except ONE person I heard about got a 30 day visa once instead of a 90 day one.
  15. I know there are Spanish schools (at least one) in Heredia. Also there are some at the beaches. COSI has a school somewhere at or near Manuel Antonio. I went to COSI and at that time it was good. They also have one in San Pedro.
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