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Follow on Google News | The new solidarity tax or “Impuesto Solidario” to luxury homes in Costa RicaCosta Rica sets a standard for giving home to the poor at times when the luxury real estate industry of the world is facing the challenges of the current worldwide financial crisis.
By: Yalile Alpizar, President CostaRicaLuxuryEstates The new “Solidarity Tax for the Strengthening of Housing Programs” will collect approximately $45 million a year during 10 years. The purpose is to build affordable housing in order to help impoverished families out of the shanty towns. There are roughly 390 shanty towns and government estimates put the number of families living in inadequate housing at 40,000. Costa Rica is world renowned for adventure and ecotourism thanks to its constant efforts to protect and preserve nature. It has also generally enjoyed greater peace and more consistent political stability compared with many of its fellow Latin American nations. Fighting poverty and bridging the gap between the rich and the poor is a major challenge for any government; for this reason, taking direct actions such as the “Solidarity Tax” is another example of why Costa Rica is also recognized as a leader in social action. This also means that owners of luxury homes in Costa Rica will be an example to the world with their direct contribution for providing of better housing conditions to the poor. Luxury living in Costa Rica will pay a simbolical effect in the lives of many people living under critical conditions. The solidarity tax is to be paid in addition to other property taxes owed to the government of Costa Rica (for an amount of 2.500 colones annually for each million of colones). The new tax is to be paid on a yearly basis starting with the last quarter of year 2009 and would be due on January 1st of each year. The regular property tax that has always been paid to the government is paid to the Municipalities. It is the obligation of the owners to declare the amount of the value of their properties to the corresponding municipality at least every 5 years. The tax includes the value of the land on which the homes are built. The tax is calculated based on the value of the land and the structures on top of the lot, this includes the exterior constructions such as swimming pool, ranch, garage, guest house, caretakers houses, etc. How to calculate the luxury tax or Impuesto Solidario to luxury homes in Costa Rica? The new tax is applied on a scale that begins with houses with a value of over 100 million colones with 0.25% up to a maximum of 0.55% for houses above 1,500 million colones. The following is a table for easier calculation of the solidarity tax or Impuesto Solidario: Below 100 exent above 100 up to 250 0.25% above 250 up to 500 0.30% above 500 up to 750 0.35% above 750 up to 1,000 0.40% above 1,000 up to 1,250 0.45% above 1,250 up to 1,500 0.50% above 1,500 and above 0.55% # # # www.costaricaluxuryestates.com and www.costaricamilliondollarhomes.com offer the most luxurious properties for sale in Costa Rica. It is a boutique luxury real estate company serving the needs of the most distinguished global clientele searching for luxury real estate in Costa Rica. With 20 years of experience in the local market it serves its clients with capacity, experience and excellence. . End
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