Can I Use IRS 1031 Exchanges or IRAs For Costa Rica Real Estate?
Yes, for those U.S. citizens who are sophisticated investors looking for unique real estate investment avenues, we recommend that you consult with your tax professional for the best strategies tailored to your specific needs. NEW LAWS PASSED JULY 30, 2009 Regarding Client providing information to Banks, Escrow and Insurance Companies: This is in observance of Law No. 8204 “Estupefacientes, Sustancias Psicotrópicas, Drogas de Uso No Autorizado, Actividades Conexas, Legimitación de Capitales y Financiamiento al Terrorismo” (the anti money-laundering law), which requires that financial institutions complete a dossier on clients whose financial movements exceed $10,000. In July 2008, when laws were changed to allow insurance companies other than INS to operate in Costa Rica, Law No. 8204 was also changed to encompass insurance companies, based on the fact that they are indeed financial institutions. INS – which is still the only insurance company operating in this country – has integrated
