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baraim

New Capital Gains Tax from July 2019

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I am a long term lurker on the board and have learned a great deal about CR here.  As plans to retire to CR have evaporated for various reasons I am now getting ready to sell  a plot of land in Guanacaste which I have owned for over 20 years.

To my horror I have just learned that a Capital Gains Tax regime (15%)  comes into effect in July this year. The amount of tax would be retained by the buyer from selling price and paid over to the government !! 

I am unable to find much information about what happens when I sell up either before July or more likely after July this year.  I did see some reference to a transition arrangement whereby gains on assets owned before July 2019 could be exempt or pay only 2.5 %.  Any such Tax 

My question to the knowledgeable sharers of CR wisdom is as follows:

1) Is there anyway to avoid / reduce this tax burden ?   Does anyone know how all those who own land today will be affected?

2) If indeed there is a transition arrangement of  ‘only’ 2.5 % capital gains tax on assets owned before July 2019, is there any impact of the real estate market, I.e.is there a rush to buy / complete transactions before July ?

Thanks to all share knowledge - empowering all.

mbtico

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When I asked 1) Is there anyway to avoid / reduce this tax burden ....

I of course mean the Legal and legitimate way of avoiding Tax burden - I am not looking for advise to do anything illegal or immoral.

Naturally like all good upright citizens I fully accept that Tax Evasion is wrong, illegal and immoral.

mbtico 

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