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From what I have read on the subject, you can roll over a 401k into a self-directed IRA and invest in real estate, but you cannot reside or use the real estate for your benefit or the benefit of family members. All transacations must be executed by the IRA Custodian, like PENSCO Trust that specializes in this type of investment.
Come in the rainy season on your first trip, which would be our summer & fall in the states (Oct is typically the rainiest). Stay for as long as you can (90 days without a VISA renewal); if you like it during the wettest time of year you can handle the best weather. Would you let someone build a house in the states without chacking on it weekly? The answer for me would be no, so why let someone else take such a huge responsibility here when you have never even visited or know the culture? It is a formula for a big disappointment. And as the others allude to, you better find a lawyer first (the best ones are recommended on this site) so you can set up an S.A. (Corp.) to open a bank account, buy the land and build the house. If you take shortcuts you will likely be short changed.
I have preaching the enslavement line for years and would consider myself a Jeffersonian: “To preserve our independence, we must not let our rulers load us with perpetual debt. We must make our election between economy and liberty, or profusion and servitude.”
That foul NJ air and horrendous tax structure must make you jaded.
At least those who saved and were wise enough to seize the market in Jan 2009 hit the trifecta.
Some people don’t know how to save.
Something like this would just about guarantee that our rookie, never-had-a-real-job, economic idiot president will NOT get re-elected.
I for one am just fine with that.
I followed an expat on a Harley from Colon to Montezuma. He was a great lead for missing all the potholes between Paquera and Cobano. I can’t imagine riding a bike that big on the Autopista no matter how experienced you are; sometimes you just can’t defeat physics.
crltd is right on about average annual increases of 5% for a home. Although our home values have droped 30% since 2006, I bought my home in 1992 so it is still worth double (100%) in 18 years. I am one that has plenty of equity, but a terrible market to sell. With material costs low and plenty of skilled labor available besides myself, it is worth upgrading the home on a 3-year track to sell at. The equity would be split to build new smaller home on a smaller parcel (paid for) closer to the city here and buy a parcel in CR.
$55/SF is what I have gathered construction costs of a mid-grade home on a paid for lot/land in CR. The cost of a new home in the suburbs of (Seattle) are running about $120/SF-$150/SF, so it is still a bargain in CR as far as construction costs, but the same cannot be said for the raw land cost, which is a reflection of the huge disparity in construction labor wages. I have found that building lot costs in the San Jose area are virtually the same as here now.
Bottom line for us is that CR provides for the change in lifestyle we seek, the nature, sea and weather we enjoy, the proximity to family in the US and much closer to family in Argentina, there are not [u]any[/u] cultural differences that we find intolerable and we are fluent in the language.
Given the weather as the equalizer, what better options are there that would not require either living on an island, living in a country with a questionable government or living in a culture far more foreign to most Americans as the latin culture that is 2-3 times the travel distance?
We gave ipads to the office employees this year during our holiday dinner a few weeks ago. I have seen ours a handful of times since then:?
They are great to take to bed and read, surf or e-mail.
This message was sent from an iPad.
Maybe because a new, large SUV or Truck is over $50K and a used Hyundai Accent is $4K.
And lets not forget that the model of car imported to CR from the manufactuirng country is not the same as the model they send to or build in the US. The safety standards are very different. If you never leave San Jose, you may be able to get away with a car, but otherwise you really need an SUV or truck, with a stouter suspension. No wonder the extended cab 4X4’s tend to be the most expensive for what you get, especially the Toyota HiLux.
I grew up in Colorado since 9 and traded shoveling snow for gray in Seattle and I am about done with that too. Having live in desert climates from birth to 1971 and 1981-86 and sunny Colorado, I need the sun more every year. I did a 2 year stint in Alaska and that place is NOT or me either.
Snow in video and pictures is good enough or me.
Check with the big realtor in the area Tropisphere and ask for Geoff McCabe. He will give you an honest opinion. Century 21 in Tambor is very suspect.
What is the specific fecal matter you expect to hit the fan in CR that would ever warrant calling in the US Marines? Nicaragua? That would in essence be economic suicide; too many Nicas work in CR to bring home the bacon. CR is perfectly capable of their own drug interdiction. Maybe the focus should be on curbing the demand.
As with all government legislation, I am again disgusted that IRS driven increased reporting and enforcement requirements got into a HIRE Act when it has nothing to do with creating jobs for Americans?
Have you tried asking ARCR?
If it were me I would have the employer deposit the $150K in the bank and draw it off as required over 5 years + any income tax surcharges for such a lump sum payment. Whatever the annual difference is between what is withdrawn vs. salary amount would be direct deposited by them in a US account. Since payment is being made by a US company to a US employee within the borders of the US, the foreign earned income tax deduction would be a hard sell, but you would have to declare your CR bank accounts to the IRS, especially since this is an overt way of getting what you want accomplished.