Concession Residential Construction Loans

[Fred Rea]

Are there any financila institutions in Costa Rica that will lend $ for residential construction on Maritime zone concession land that has full ICT approval for residential construction?

[Russ]

Hi Fred, welcome to the forum.

That is an interesting question.  We have a complete article about the maritime zone law on this page, if anyone reading the forum would like further information.
Costa Rica's Maritime Zone Law Article

Maybe one of the beach realtors can better answer your question, but I don't see that being an attractive loan for the institution. Particularly if your are talking concession land within the first 200 meters of the high tide line.  In the first place, concession land is only leased, the home would revert to the municipality at the end of the lease automatically and the lease can only be from 5 to 20 years.  The concession can easily be lost before then for several reasons:
- Failure to apply for an extension of a concession in a timely manner
- The forfeiture of rights by the interested parties
- The death or legal absence of the concession holder with no heir
- Not abiding by the established obligations of Article 51
- Cancellation of the concession (ZM Art. 52)  

However, if you are talking about a development with a concession area, but the actual homes are outside the Maritime Zone, then you should be able to find financing for mortgages.  

Here is a page with links to banks that offer mortgage financing.
Costa Rica banks online
 

[Jogi]

Dear Fred,

good question, but as far as I know there is still no way to get financing for concession land.
I work here on the beach since 9 years and had many inquieries regarding this issue. Even the President of a local Costa Rican Bank could not manage to get financing for his concession lot......
Anybody who knows something else or can prove me wrong.... let me know.