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Friday, January 29th, 2016  |  USD: Buy 531.29 / Sell 543.92
20 years

Thousands of families have benefited from luxury home tax, according to BANHVI

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November 15th, 2013 (InsideCostaRica.com) Since the signing into law of an annual tax on luxury homes known as the “Solidarity Tax” in 2010, The Housing Mortgage Bank (BANHVI) has invested ¢14.2 billion (about $28.5 million USD) to help 1,143 families living in poverty.

 

In addition, the bank said it funded works to improve infrastructure, roads, sanitation, and parks, which the bank says, benefited 7,700 families. BANHVI also said that by the end of 2013 it would be able to provide housing for 242 families in need.

 

The Solidarity Tax is a tax applied to homes which, for 2013, are worth more than ¢117 million (about $234,000 USD).

 

Proceeds from the tax so far this year have reached ¢3.9 billion (about $7.8 million), the highest amount that has been collected since the implementation of the tax.

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  • mhogan

    I guess this article is intended to make us — who have had to pay this tax — feel good! How about making those rich Ticos who live in luxury homes do their part and pay up? I know, it ain’t gonna happen — only the expats will be targeted and maybe a few “token” nationals. Because this tax has not been universally applied — I don’t feel good about paying my and others’ shares.

  • Ken Morris

    As usual, I’d like to see a more critical analysis of the numbers. I don’t mind the tax as long as it achieves its objectives efficiently, but from what I see 1143 poor families have received an average of $24,934 in assistance without any of them yet getting a house. Actual houses are a future promise. I’m sure that roads, sanitation, and parks cost something, plus there are legitimate administrative expenses, but something tells me that none of these families has received close to $24,934 in assistance. I further suspect that handing each of them half this amount in cash would have done more to alleviate their poverty than the programs. However, when we’re only reading a summary of the self-serving news release from the bank, we simply don’t know enough to judge. I hope the program is successful, just have my doubts.

  • roberto

    I bet that everyone at BANHVI got a nice raise, trips to foreign conferences and are driving new vehicles. Google BANHVI. Excessive red tape and requirements made ​​$13.000.000 million in bonds to low-income families stay in the pockets of the Housing Mortgage Bank (Banhvi). La Nacion Oct. 10, 2013.
    In 2012, the Housing Mortgage Bank (Banhvi) announced that it would spend ¢ 2.000 million annually for public works between 2011 and 2016, using the communal bond. May 1, 2013, this program accumulated ¢ 6,000 million, which have not yet been invested. Etc. Etc. The bank says “………………” LOL

  • crbob1

    Another sure fire ripoff of expats with the evaluation process forced by attorneys having homes and property surveyed again
    so it will show an increase………a pitiful third world nation is Costa Rica that won’t change with money going into pockets…..

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