A Call for a Ban on Foreign Property Purchases in Costa Rica
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The Rising Cost of Living in Paradise
Costa Rica, along with popular destinations like Hawaii, Puerto Rico, and Bali, is experiencing a significant surge in living expenses due to an influx of foreign residents and property buyers. This phenomenon has sparked discussions about implementing restrictions on real estate purchases by non-Costa Ricans.
A potential prohibition on the acquisition of residential properties by foreigners is being considered as part of a wider initiative by the government to combat escalating housing prices. In light of trends such as Airbnb, remote work, and affordable air travel, certain nations have proactively sought to safeguard their territories. For instance, Canada has introduced a law aimed at curbing foreign property investments.
“The Prohibition on the Purchase of Residential Property by Non-Canadians Act, S.C. 2022, c. 10, s. 235 (the Act) came into force on January 1, 2023. The Act prohibits non-Canadians from purchasing residential property in Canada for a period of two years, with some exceptions.”
Violators of this law face severe penalties. “A non-Canadian that contravenes the prohibition against purchasing residential property within the Act, and any individual that knowingly counsels, induces, aids or abets them to do so, or attempts to, is liable on summary conviction to a fine of not more than $10,000.00.” (Source: Robert Lysy, Kwaku Tabi, Steven Adler. Cassels.com)
The Need for Stricter Penalties
I would advocate for even more substantial fines for foreigners who, without regard, buy property in developing nations, thereby exacerbating poverty within our communities. While it is perfectly acceptable for international visitors to relish in the natural beauty and beaches of Costa Rica, issues arise when the primary intention is to acquire land after falling in love with the country.
Cultural appreciation must stem from empathy, awareness, and respect, acknowledging that land is not merely a commodity for sale. True spiritual awareness cannot exist in a vacuum devoid of equality.
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Your Native Friend is a creative individual who enjoys coffee with milk and brown sugar. Over the past five years, she has traveled extensively, lived in four countries, and showcased her art in various exhibitions across multiple continents.
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