PURCHASING A BOAT IN COSTA RICA

There are a variety of timely procedural factors to consider

- RALEIGH P. WATSON

I remember seeing the ads in Marlin promoting Los Sueños Resort and Marina in Costa Rica when it was being built and then first opened to the public in 2001. I doubt anyone could have envisioned that it would become one of the premier fishing destinations in the world just a little over 20 years later. Owners now keep their sport-fishers in Los Sueños and other marinas in Costa Rica for years at a time in order to take advantage of its incredible fishery. As a result of the nation's popularity, it has become commonplace for vessel closings to occur there. Of course, there are several important factors for buyers to consider.

CLOSING AND POST-CLOSING

Vessel closings in Costa Rica are relatively straightforward, and for the most part, the parties will go through the same process as if the closing occurred in the United States. As usual, the brokers will assist the parties in coordinating hull and engine surveys, sea trials and haulouts. It also might be necessary to perform an offshore closing, depending on the set of circumstances surrounding the transaction. Perhaps most important, a buyer, his broker and attorney should also plan their post-closing actions, which will depend on whether the buyer wishes to keep the boat in Costa Rica for an extended period of time, or if he plans to move it to another country.

CRUISING PERMIT