A GOOD PLACE TO DO BUSINESS

Costa Rica 2019 | ECONOMY | INTERVIEW

TBY talks to Victor Mora, Managing Partner of Magnalex Abogados, on Economy sector.

Victor Mora

How do you see the current investment climate in the Costa Rican market?

Costa Rica is the easiest country in the region to invest in because it has no restrictions for foreign investors and companies. Every municipality has its own system for local taxes and local regulations to open business. Moreover, Costa Rica's hospitality in renowned for making leisure and business visits more enjoyable. Our national registry is an asset as well because every property is properly titled. Specially, in the free zones market, all players are recording healthy growth because Costa Rica has proved itself as a good place to do business.

What are the easiest sectors to invest in and under which condition does an investor need a local partner?

A few businesses require a local partner. For example, according to Costa Rica's maritime law, property on the coast belongs to the municipality, and a foreigner without resident status can hold no more than 50% of a concession title. However, foreigners with legal residency in Costa Rica can receive 100% concession. Within our free zones, an investor does not need to be Costa Rican or have any particular legal situation as a resident; however, a minimum investment of CRC200,000 is needed to open operations within a free zone.

What are your competitive advantages?

We have a balance between experienced and young attorneys. It is a great mix to help different types of companies. The young attorneys bring more energy while the experienced ones bring years of practice and lessons.

What are your actual actions to promote investment and grow your market share?

We offer our clients legal advice throughout the entire process and a whole set of services to help them succeed in Costa Rica. This includes helping them with immigration, real estate, and business permits. We are a one-stop shop for legal counseling.