Thursday 9 February 2023

Costa Rica Expropriation Law Comes Into Effect

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8 February 2023 - At The Banks - BCCR

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The current road to Monteverde is a nightmare for area residents and tourists. Photo for illustrative purposes.

 

QCOSTARICA – The law reform which reduces the deadlines for the State to take possession of the goods necessary for the execution of public works has been published in the official newspaper La Gaceta.

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After being passed by the Legislative Assembly last October, the Reformed Expropriation Act was finally published in the official newspaper La Gaceta and takes effect from Wednesday (Feb. 4, 2015). One of the reformed items states that the Government need not conduct a judicial proceeding in order to expropriate a good, but will do so administratively.

With regard to the payment of the expropriated property, Article 45 states that “… the fair value will be paid in cash, unless the expropriated party accepts securities. In this case, the titles will be taken at their real value, to be certified by the National Stock Exchange, through its agents or, alternatively, by an official broker.”

In the event that the State temporarily occupies land, Article 52 states that “… When the Public Administration needs to temporarily occupy the property of an individual, it must issue a reasoned decision to declare public need of that occupation. This decision must be reasoned in the appropriate form. The term must not exceed five years and appropriate compensation must be expressly indicated. Also, notification must be given to those affected by the occupation. ”

 

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