Corporations

Most often properties are purchased through corporations in Costa Rica for liability reasons. Especially because most people buy a vehicle (s) so we do not recommend any asset to be in the same corporation as the vehicle because when you have a car, you're not exempt from an accident. So, In the event that you don't have liability or full coverage insurance to cover for the physical damages to the other vehicle of to pay for the medical expenses to the parties involved, the problem with liabilities can be serious, and your house of property could be a stake.

Any board member can resign if removal from the board or management of a corporation is requested by shareholders through an assembly meeting. This resignation must be recorded in the National Registry as well as any changes in the constitution of the corporation. All officers, directors, manager, auditors have 2 years to file the resignations.