Islands for Sale in Costa Rica
While Nicaraguan authorities are investigating the illegal sale of its Caribbean islands on the internet, the same is not being done in Costa Rica, as a number of islands in Costa Rica are being offered on the Toronto, Canada, website Private Islands Online.

Unlike the Nicaragua properties, the website places a disclaimer that foreigners cannot buy islands in the territorial waters of Costa Rica, however with some restrictions, can lease a private island for up to 20 years.

These renewable leases are called "concesiones" and under Costa Rican political constitution, the public has the right to use all beaches, whether on the mainland or an island.

"No one can restrict access or have a totally private beach", the website warns potential buyers.

In Costa Rica, anyone can buy real estate and foreigners enjoy he same rights as citizens. You do not have to be a resident or even be physically present in Costa Rica to own land and enjoy the benefits of ownership. However, the same is not true when it comes to private islands, as there are restrictions on the ownership or concessions.

Concessions are rights granted by the government to an individual or corporation for the use of the land in return for a payment or lease fee.

Foreigners applying for a concession must have lived in Costa Rica at least five years before applying. If the concession right is being purchased through a corporation, then 50% of the shares must be owned by a citizen.

Some islands being offer for sale include the "Isla de Cedros" in the heart of the Nicoya Peninsula that comprises approximately 45.8 hectares (120 acres), of which 13 hectares (33 acres) are being offered on sale at a price only available on request.

Another island is the 342 hectares (846 acres) on Punta Piedra island. This island is being offered at us$1.5 million dollars.

Private Islands Online, says the company doesn't sell islands but is simply a portal where island brokers and owners can advertise their property for rent or sale.