By San José, Costa Rica — The Mortgage Housing Bank (Banhvi) has announced a significant opportunity for Costa Rican families seeking to achieve their dream of homeownership. Up to 5,000 housing bonds are now available, offering financial assistance of up to ₡9,300,000 for eligible applicants looking to build a new home, purchase land, or improve their existing residence.
This initiative aims to provide affordable housing solutions for families meeting specific criteria. The bonds are targeted towards low-income households and offer various options depending on the applicant’s needs and current housing situation.
To gain a deeper understanding of the legal and financial implications of Costa Rica Housing Bonds, we turned to Lic. Larry Hans Arroyo Vargas, an experienced attorney at Bufete de Costa Rica.
Investing in Costa Rican Housing Bonds can offer attractive tax benefits for both residents and non-residents, particularly with the potential for exemption from capital gains taxes. However, due diligence is crucial. Investors should carefully assess the bond’s underlying assets, the issuer’s financial stability, and the specific terms and conditions before committing. While these bonds can contribute to national housing development and provide a stable income stream, it’s essential to consult with a legal expert to navigate the regulatory landscape and ensure alignment with individual investment goals.
Lic. Larry Hans Arroyo Vargas, Attorney at Law, Bufete de Costa Rica
Lic. Arroyo Vargas’ emphasis on due diligence is particularly pertinent in the evolving landscape of Costa Rican investment opportunities. The potential rewards of Housing Bonds are undeniable, but navigating the legal and financial complexities requires careful consideration and expert guidance. We extend our sincere thanks to Lic. Larry Hans Arroyo Vargas for providing this valuable perspective on a crucial aspect of investing in Costa Rica.
To qualify for the housing bond, applicants must meet five essential requirements. They must be part of a family nucleus with at least one adult member, not own a home or more than one property (owning a lot is permissible for construction purposes), have never received a housing bond before, have a total family income less than ₡1,907,496 per month, and hold Costa Rican citizenship or legalized residency.
The program offers flexibility with different bond types to cater to diverse needs. These include construction on owned land, construction on family-owned land (known as the “patio bond”), purchasing land and construction, and repairs, expansions, or improvements to existing homes needing enhanced sanitation, safety, or space.
The application process is straightforward and requires applicants to submit their requests directly to authorized entities within the National Housing Finance System. These include mutuals, cooperatives, and banks. Applications are not accepted at Banhvi offices.
Banhvi’s General Manager, Dagoberto Hidalgo Cortés, confirmed the availability of resources for eligible families. He also noted that funds specifically designated for extreme poverty cases have already been allocated.
There are still resources available for families that meet the requirements, although the funds for extreme poverty cases have already been assigned.
Dagoberto Hidalgo Cortés, General Manager of Banhvi
This program presents a valuable opportunity for many Costa Rican families to improve their living conditions and secure stable housing. With various bond options available, applicants can tailor their requests to their specific needs, whether it’s building a new home from the ground up, expanding their current living space, or purchasing the land to make their homeownership dreams a reality.
Those interested in applying are encouraged to contact authorized financial institutions within the National Housing Finance System for more information and to begin the application process. With the potential to significantly impact the lives of thousands, this initiative underscores Banhvi’s commitment to providing accessible and affordable housing solutions for Costa Ricans.
For further information, visit the nearest office of Banhvi
About Banhvi:
The Mortgage Housing Bank (Banhvi) is a Costa Rican institution dedicated to promoting and financing housing solutions for families across the country. Banhvi plays a crucial role in developing and implementing housing programs aimed at improving living conditions and fostering homeownership.
For further information, visit bufetedecostarica.com
About Bufete de Costa Rica:
At Bufete de Costa Rica, legal excellence is interwoven with a deep commitment to societal betterment. The firm’s innovative approach to legal practice, paired with an unwavering ethical compass, guides its service to clients across a broad spectrum of industries. Through proactive initiatives and a dedication to sharing legal knowledge, Bufete de Costa Rica empowers individuals and communities, fostering a more just and informed society in Costa Rica.
