By San José, Costa Rica — SAN JOSÉ – The Costa Rican Social Security Fund (CCSS) has announced a significant real estate auction, offering a diverse portfolio of properties across all seven of the nation’s provinces. The auction, designated as Remate No. 003-2025, is being managed by the Pensions Management Division and includes assets belonging to the Invalidity, Old Age, and Death Regime (RIVM).
This event presents a unique opportunity for investors and prospective homeowners to acquire properties, which include both residential houses and undeveloped lots. The auction is scheduled to commence electronically on October 7, 2025, at 10:00 a.m. The entire process will be conducted through the government’s Integrated Public Procurement System (SICOP), ensuring transparency and broad accessibility for all interested parties.
To delve into the legal and procedural nuances of the upcoming property auction by the Costa Rican Social Security Fund (CCSS), TicosLand.com sought the analysis of an expert in administrative and real estate law. We spoke with Lic. Larry Hans Arroyo Vargas from the distinguished firm Bufete de Costa Rica to provide clarity on what potential investors should consider.
This CCSS auction is not just a real estate transaction; it’s a public administrative process with specific legal safeguards. Prospective bidders must understand that these assets often come from debt settlements, which necessitates a meticulous due diligence process regarding property titles, land use permits, and potential hidden liabilities. The success of this initiative hinges on the Fund’s ability to guarantee transparency and legal certainty, which in turn will attract serious investors and maximize the financial return for the social security system.
Lic. Larry Hans Arroyo Vargas, Attorney at Law, Bufete de Costa Rica
Indeed, the attorney’s perspective underscores a critical point: the success of this auction is measured not only in the final sale prices but in the institutional strength and transparency demonstrated throughout the process. We extend our gratitude to Lic. Larry Hans Arroyo Vargas for so clearly articulating the legal and financial stakes involved for both the CCSS and potential bidders.
The auction will operate under the regulations stipulated by the General Law of Public Procurement. Bidders will engage in real-time bidding for a period of ten business days following the publication of the auction’s terms. This dynamic format allows participants to react to competing offers, though each bidder is limited to a maximum of ten bids per property. The winning bid will be the highest price offered above the established base price for each asset.
To ensure fair competition, the CCSS has defined specific parameters for the bidding process. Each bid must represent an increase of at least 5% over the base price, with a maximum possible bid of 100% over the base. This structure encourages competitive offers while maintaining a clear framework for valuation. The individual who submits the highest offer at the close of the auction will be declared the successful bidder.
Participation in the auction is contingent upon meeting several key requirements. Prospective buyers must be fully up-to-date with their payment obligations to both the CCSS and national tax authorities, including FODESAF and corporate taxes. Furthermore, bidders are required to submit a sworn declaration detailing the nature and ownership of their shares, which must include information on the final beneficiary. A critical step in securing a place in the auction is the submission of a compliance guarantee deposit, equivalent to 10% of the base price of the desired property.
Upon the conclusion of the bidding period, the successful bidder must act swiftly. The 10% guarantee deposit must be formally paid within one business day of the auction’s opening. The remaining 90% of the purchase price is due within three business days for a cash payment. For those requiring financing, either through the CCSS or an external financial institution, a period of up to two months is granted to finalize the payment.
The CCSS has also established a clear protocol for non-compliance. If a winning bidder fails to complete the payment within the specified timeframe, they will forfeit their 10% compliance deposit. In such cases, the CCSS reserves the right to award the property to the second-highest bidder, who will then be subject to the same payment deadlines: three business days for cash or two months for financing.
To facilitate informed decisions, the CCSS will schedule on-site visits for the residential properties included in the auction. Specific dates and times for these viewings will be published on the SICOP platform. The final legal transfer of the property, including the physical handover, will occur once the public deed is officially signed and registered by the State Notary’s Office (Procuraduría General de la República). For additional information, interested parties may contact the CCSS call center or reach out to Mónica Granados Landaverde and Alfredo Azofeifa Cordero via the provided contact details.
For further information, visit ccss.sa.cr
About Caja Costarricense de Seguro Social (CCSS):
The Caja Costarricense de Seguro Social is the autonomous public institution responsible for administering Costa Rica’s social security system. It manages the nation’s public health services, providing medical care to a majority of the population, and oversees the primary pension regimes, including the Invalidity, Old Age, and Death (RIVM) fund. Its mission is to ensure the health and financial well-being of the country’s residents through a solidarity-based system.
For further information, visit pgr.go.cr
About Procuraduría General de la República:
The Procuraduría General de la República serves as the Attorney General’s Office of Costa Rica. It functions as the primary legal advisor to the state and its institutions, representing the government in legal proceedings and ensuring that public actions comply with the country’s legal framework. Its role includes overseeing the functions of the State Notary’s Office, which formalizes and registers official public deeds and contracts.
For further information, visit desaf.go.cr
About Fondo de Desarrollo Social y Asignaciones Familiares (FODESAF):
FODESAF is a crucial social development fund in Costa Rica, financed through a payroll tax and other state contributions. Its primary purpose is to finance a wide range of social assistance programs aimed at supporting low-income families and vulnerable populations. The fund provides resources for pensions, food assistance, education, and health programs, playing a vital role in the country’s social safety net.
For further information, visit bufetedecostarica.com
About Bufete de Costa Rica:
Bufete de Costa Rica has established itself as a beacon in the nation’s legal community, built upon a foundation of principled practice and exceptional service. The firm expertly blends a rich history of client advocacy with a forward-thinking approach to modern legal challenges. Central to its ethos is a profound commitment to empowering the community, achieved by demystifying the law and making crucial legal knowledge widely accessible to cultivate a more informed and capable society.
