Costa Rica to regulate short term investment from abroad

The Central American country has the right qualities to those foreigners who wish to invest in Costa Rica.

Costa Rica is a favorable destination for foreign investment, not only because it is one of the country’s most attractive for foreign investment, the economics conditions and policies allow thousands of Americans and others place their money in the country in search of generating successful and lucrative business.

The Vice-President of the Republic, Luis Liberman said on Tuesday night, officials of the Legislative Assembly to receive a draft law to limit the entrance of capital investments in the short term that have been detected in recent months, since this takes advantage of attractive interest rates on Costa Rica colones.

According to financial authorities in the country, the Central Bank has detected a large amount of dollars entering the country and are aimed at short-term, dollars that are then exchanged colones quickly. Interest rates are much higher than the dollar in their countries of origin.

The bill which is going to be proposed by Liberman, seeks to tax short term investments from abroad to avoid that this situation will continue.

"The increase in short-term capital investments increases the amount of cash in circulation, causing a fall in rates change, increasing requests for loans and the interest of the banks", said Vice-President Liberman, who thinks that it is a measure of stabilization of the country's economy.

Also experts have commented that it is important for people who invest in Costa Rica or applying for loans, to assume this responsibility in colones, since it could affect them the exchange rate.

Costa Rica will remain a destination desired by foreign investors, growth in the real estate market as well as the arrival of franchises in the country in the coming months are emerging.

Posted by Costa Developers

Costa Rica hosts international coffee symposium

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The event is being held for the first time in Central America.

Costa Rican Vice President Luis Liberman on Monday inaugurated the 24th International Conference on Coffee Science, held for the first time in Costa Rica at the Ramada Plaza Herradura Hotel, in the province of Heredia.

For a week, the conference brings together more than 300 scientists, scholars and business owners to discuss coffee research from 30 countries.

Costa Rica has one of the highest rates of productivity per hectare of coffee in the world, and this productivity is the result of more than 60 years of research and development.

This is the first time that the Association for Science and Information on Coffee is organizing this conference in a Central American country and the third time in Latin America.

According to Ronald Peters, executive director of Costa Rica's National Coffee Institute, the event, along with the National Coffee Plantation Renewal Program, will serve to encourage research in the field. “In Costa Rica, coffee is expensive to produce, so we need to have access to the most advanced technology possible”.

Genetics, sustainability, product quality, pests, diseases, coffee processing and human physiology are among some of the topics being discussed.

Posted By Costa Developers

Spain interested in financing metropolitan train in Costa Rica

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The Spanish government offers a long-term loan of $300 million.

Costa Rican Vice President Luis Liberman said Wednesday following a trip to Spain that the government of that country is interested in financing an electric train that connects the provinces of Alajuela, San José and Cartago.

Liberman met Monday with government officials who confirmed Spain’s interest in signing an agreement to provide long-term credit to finance the project. Julio Gómez-Pomar, president of National Network of Spanish Railways, said the Spanish government “is definitely interested in participating in the construction of this project.”

The investment would be up $300 million “if the country chooses 21st century electric trains that transport up to 500 people,” Liberman said.

Ekhart Peters, Costa Rica’s ambassador in Spain, and Miguel Carabaguíaz, president of Costa Rican Railroad Institute, also participated in the meetings.

Posted By Costa Developers