Equity and Guarantee Trust funds are the most popular of these types of instruments in Costa Rica, where more and more companies and individuals are choosing to manage their properties using this alternative.
Between 2000 and 2011 property management trusts increased from 67 to 6930, reflecting increased knowledge about the characteristics and advantages of this instrument for managing property.
Using a guarantee trust, the customer transfers personal goods or property to a third party, as a backup for fulfilling obligations for which they are responsible.
In the case of equitable property, one of the most used in the country, the individual can transfer property and other assets within their lifetime to a trust, so that on their death the trust fund manager complies with the instructions given to them by the client in favor of the beneficiaries previously named in the contract.
An article in Nación.com's adds: "Regarding taxes for the trusts, Mauricio Zamora, director of the National Bank’s Trust Department, explained that duties and taxes are not paid to the Public Registry when properties are transferred to a trustee, and likewise when it is returned to the original owner.
If the property is returned to a person other than the constituent, said Jorge Porras, manager Aldesa Trusts, they are required to pay transfer taxes in accordance with the value of that property at that time. "
Source: Nacion.com
More on this topic
April 2012
Starting May 1st, the National Registry of Costa Rica will offer a property alert service which will give owners greater control of their assets.
The service is called Alert Registry and will be available to owners of personal property (vehicles) and real estate (land). The annual fee to receive notices is $15 per year (7700 ¢) for each of the properties you want to put under surveillance.
August 2010
The banking system has increased its range of mortgage credits with terms of up to 30 years in both dollars and colones, the local currency.
The Costa Rican banking system's housing credit portfolio makes up 31% of 31% of all non-financial private sector loans, measured in colones. As of May year on year sector growth stood at 3.71%, according to the Central Bank.
November 2011
Only 3% of the real estate assets called "reverted areas", that have been a major factor in development over recent years, still need to be awarded.
Of the 137 000 hectares of property along the route of the Canal that was returned to the Panamanian State, only about 4,600 still need to be sold or let, according to the Reverted Property Management Partnership’s (UABR in Spanish) inventory taken in October 2011.
February 2012
The deficit between supply and demand for housing solutions is growing every year, requiring state policies for the creation of credit systems for low-income sectors.
In Guatemala, the demand for housing grows between 55,000 and 60,000 units every year, but only 20,000 new houses are built, calculates the Guatemalan Chamber of Construction (CGC).
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