Do I get a title for my house? During phases 1, 2, and 3, all owners buy a title. Later, this will change as WUBNB will sell homes that are located on agricultural land. When buying homes at phase 3 or onwards please be aware thaT WUBNB will have two types of land usage lots. One type of land usage allows subdivision of the lot (close by to the public road). In this case, you will receive a title of ownership which is registered in the government registry. The second type of lot (agricultural lot) does not provide title ownership. When building on agricultural lots, there are usually 2-4 houses built. Costa Rican law does not allow for the subdivision of agricultural land and therefore WUBNB will subdivide the land internally. The subdivided lot in its entirety will be owned by a newly formed company (LLC) and the owners of the villas will have shares in that company based on their villa type. As an owner of this type of property, you will be able to sell your shares and do whatever you like to your house as you please. This method is fully legal and fairly common practice here in Santa Teresa and Costa Rica as a whole. Your part of the land and thus the company will be detailed on your contract and you can sell it at any time. Buying a home within agricultural land is similar to how a Co-Op’s are owned in places like NYC.
What are the estimated monthly HOA fees? $250 per month. The HOA fees include security, landscaping, and general maintenance of WUBNB, like running the communal services i.e. shared workspace, pool, garden, roads.
What other monthly fees may apply? $200 per month for the maintenance of your home. Including a handyman available for any unexpected issues.
Is there a board or organization that runs the community? There is no community board. There is an in-house management team looking after all aspects of the community. They will be based in the community campus and their job will be to manage all of the community’s business affairs as well as manage properties for owners who wish to use their villas for additional rental income. You will have ownership of your house and what you do in your house is your prerogative. We will have some general rules for co-living in harmony in the community, but apart from that, we do not want to overreach. Our job is to keep the place running smoothly and efficiently.
What are the property management fees? If you want to create a passive income on your property or wish to rent out the villa when you are not using it, WUBNB will manage the whole process. To have a successful rental business there are a lot of criteria that need to be met and typically that is very time-consuming. WUBNB will therefore be responsible for the whole process of advertising, cleaning, renting, checking in and out guests, providing oversight with reports for a 20% fee of the booking price. We are proficient in online rental services such as Airbnb and VRBO. With WUBNB.com obtaining direct bookings all year long, WUBNB clients save on expensive booking fees.
When can I sell the property? At any time.
Can I buy a ready-made home? Currently, we are selling houses by order only. Once all the community has been established an existing owner might want to sell their house.
Do I need to have residency status in order to own a home? Costa Rican law permits you to apply for residency after you have spent $200,000 or more on any property. You do not have to have a residency to enter into the country, however border agents typically give a tourist a 3-month visitor stamp. If you apply for residency the process is relatively easy and inexpensive ($1500). We created an article about immigration to Costa Rica here.
As a buyer, would I obtain title ownership of my home and it’s land? Yes, as long as you buy on phases I and II you will secure title ownership. You will be the owner of your house and land. However, all amenities and communal land will be retained by WUBNB. For buyers purchasing at phase III onwards, you might have the chance to purchase a home that is built over agricultural land: under Costa Rican law this can only be designated to a company on which you’ll acquire shares that translate in a home and land within the lot.
Is the developer the legal owner of the land designated for WUBNB? Yes. The developer has secured the land on which WUBNB is being built.
Is the land that I’m buying free of any debts, claims or litigation? Yes. WUBNB has done all due diligence and has gone thru all the legal process to acquire the land.
Are all taxes paid for the property I’m buying or being part of? Yes.
How long would it take to register the property once I sign the agreement? All land/title transfers are done with lawyers in Costa Rica, their land registry system is extremely efficient and well organized. After signing, you will have a contract in hand and a copy of that title is electronically and physically sent to the municipality to be officiated.
What are the closest airports to Santa Teresa? Costa Rica has two international airports. The first is San Jose International Airport (Juan Santa Maria, SJO) and is located in the capital of San Jose. The other international airport is Liberia International Airport located in Liberia. Depending on where you are flying in from each airport has different direct flights into the country. From there you can either take a 20 minute domestic flight to Santa Teresa’s nearest airport Tambur (and coming soon Manzanillo) which is a 30 minute drive from the town.
How do I get to Santa Teresa? From Liberia or San Jose you take a 20 minute domestic flight and then there are taxis from the local airport to the village.
How long is the flight from NYC/LA/ Europe? New York under 5 hours Los Angeles 6 hours Europe 10 Hours
Do I need a vaccination? Costa Rica does not require visitors to have a Covid-19 test, however due to the pandemic they are requiring visitors to have travel insurance.
Are there restrictions on travel to and from Costa Rica? Costa Rica currently has no travel restriction and all borders are open. Due to Covid 19 situation this can obviously change. They do require an Insurance policy that will cover you for all medical expenses if you do contract the virus while in Costa Rica. This can be obtained from any travel agent.
Do I need a visa to come to Costa Rica? You can reference this link to see if your country of origin requires a travel visa for its citizens to enter the country. US citizens do not need a travel visa.
How hard is it to get a residence permit? Any person over the age of 65 Is eligible to apply for a retirement visa. Any person owning property over $200,000 is also eligible for residency. The application process is fairly simple and inexpensive. We can recommend several lawyers for the process if needed.
Do you have any good lawyers you can recommend? Yes.
I have more questions, who can I call? We are here to answer any questions you may have. Our email is marc@theshang.co or we can jump on a call anytime +506-85758814
Can you call me? Of course. Please feel free to leave us your contact and we will reach out to you at our earliest convenience, typically within 24 hours if not sooner.
Can I come and visit the community? We would love for you to come and see what we are doing and share our enthusiasm for our way of life. Any time you come down here you are gifting yourself with sun and fun. We can even help and suggest how and where to get here.
Where can I learn more about what you are doing? www.yokovillage.com
Where are you located? We are located in the village of Santa Teresa in the Nicoya Peninsula, Costa Rica.
