I have exchanged a few emails with Bret Dudl, property developer in Costa Rica. He recently gave me some insight into the tax ramifications when buying Costa Rica property.
Here is what he writes:

The advantages of buying property in a corporation in Costa Rica are many, but it’s very important to use the right kind of corporation and to know what the tax ramifications are for each.

• When you buy property in a corporation and subsequently sell it you can avoid the transfer tax

• Corporations in Costa Rica don’t pay income tax.  This can be a major advantage if the corporation is going to retain profits for a future investment

• There is a big difference between a SRL (similar to a U.S. LLC.) and a SA (similar to a C-Corporation).  You use a SRL if you are a US Citizen and want to receive the benefits of pass through losses to offset gains.  You use the SA if you have more than one officer of the corporation and want to sell shares of stock to others.