Archive for October 7th, 2009
Wednesday, October 7th, 2009
Costa Rica’s President Óscar Arias has signed into law a reform bill to allow state banks to increase to 20% from 6% the financing of infrastructure works. The new legislation aims to increase the number of public works and at a lower cost as the interest rates of state banks are lower.
Private financial institutions can finance up to 23% of public works initiatives. Projects to be benefitted by the new law include highways, aqueducts and hydroelectric dams.
Posted in Costa Rica News | No Comments »
Wednesday, October 7th, 2009
Although the three judges of the Tribunal Segundo Circuito Judicial de Goicoechea found former president, Rafael Angel Calderón, guilty of embezzlement in the Caja-Fischel case and sentenced him to five years, he continues with tremendous support from all walks of life in Costa Rica.
The Spanish language printed dailies and the local television news stations all interviewed a cross section of individuals, from the well known to the “ordinario”, all agreed that they court decision was in error and the sentence was unjust.
Supporters outside the courthouse Monday afternoon withstood the downpour that came down while “their man” was inside and caused a near riot when the word of the court’s decision made its way outside the courthouse.
The former president was almost mobbed by well wishers who shouted “innocente” was he made his way to his waiting vehicle.
Although there is no doubt that Calderón’s political career was squashed yesterday, supporters still are confident that he will be vindicated, a higher court will over turn yesterday’s decision and find him innocent, allowing his return to the presidency once again.
Posted in Costa Rica News | No Comments »
Wednesday, October 7th, 2009
The Banco Central de Costa Rica (Central Bank) said it will be introducing the new paper currency in 2010 and in addition to the different size of the paper, there will also be a ¢20.000 and ¢50.000 note.
The new bills will be sized according to their denomination, said Marvin Alvarado, head of the Tesorería del Banco Central.
The ¢1.000 will be the smallest of the bills at 125 millimetres wide. The ¢2.000 bill will be a few millimetres larger with the largest bill, the ¢50.000 colones, reaching a width of 160 millimetres.
Alvarado added that each note will be distinct and feature each a defunct Costa Rican personality. The ¢20.000 note will feature María Isabel Carvajal (Carmen Lyra) and the ¢50.000 Ricardo Jiménez Oreamuno.
The new bills are expected to enter the market by middle of 2010 with the introduction of the ¢20.000 and ¢50.000 notes, while the change to the existing notes will be based on market conditions.
The ¢1.000 note will continue to red, as it is known popularly as “a rojo” and will feature Braulio Carrillo Colina; the ¢2.000 will be blue and feature Mauro Fernández Acuña; the ¢5.000 will be yellow and feature Alfredo González Flores; the ¢10.000 will be green and feature José Figueres Ferrer; the ¢20.000 orange and the ¢50.000 purple.
Posted in Costa Rica News | No Comments »
Wednesday, October 7th, 2009
Most of the news concerning real estate market trends this past year indicates that the picture is not as gloomy as certain industry publications would have you believe. It is still considered to be a desirable and viable investment opportunity for US citizens who are searching for investment property or a vacation home. In addition to this, Costa Rica still features a low cost of living index as well as low cost property taxes. Overall, investing in real estate in this country offers affordable options with very little compromise.
Buying and financing property in Costa Rica offers the non-resident the same security and protections as a resident. In fact, these rights are protected in the Costa Rican constitution. Title insurance, property insurance, title examinations, recorded mortgages, appraisals, zoning, and all typical legal protections are part of owning real estate in Costa Rica.
Just be aware of the fact that the Costa Rican property market has not been immune to the economic downturn in the US as well as the current instability of the global economy. Current statistics indicate that the US has been responsible for roughly 60% of the tourism traffic in the country. Additionally, the majority of Costa Rican exports are currently being purchased by the US. Finally, despite a 30% drop in real estate sales (as of the end of 4th quarter 2008), the market has witnessed a noticeable upswing which is increasing prices of property in Costa Rica.
Posted in Costa Rica News | No Comments »
Wednesday, October 7th, 2009
Jose Mena scored in the 21st minute and Marco Urena added an insurance goal with two minutes remaining to give Costa Rica a 2-0 upset over host Egypt on Tuesday, sending the Ticos to the quarterfinals of the Under-20 World Cup.
Costa Rica, which lost two of its group stage matches and only advanced to the second round on goals scored after a 3-2 defeat to the Czech Republic, will next play either Venezuela or the United Arab Emirates on Saturday in the quarterfinals. Venezuela plays the UAE on Wednesday.
Goalkeeper Esteban Alvarado twice denied Egypt in the first half when the host had the better of play, denying a header by Mohamed Talaat in the 19th and thwarting the Al-Ahly striker again 12 minutes later. He also stymied second-half substitute Afroto in the 88th on the Egyptian’s free kick attempt, just before Urena tallied.
Mena put Costa Rica ahead with a diving header after David Guzman, who had one of three goals against Australia in Costa Rica’s only group victory, had his free kick flicked on to the back post.
Urena added his just before the final whistle, finishing with a ball high into the corner after being sent in on goal by Diego Estrada.
Posted in Costa Rica News | No Comments »
