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Obtain residency in Costa Rica through your real estate purchase. You can buy a property anywhere in Costa Rica, live in it, and use the purchase as an investment to apply for your Costa Rica residency.
In January of 2011, the government published the proposed regulation to the Immigration law, which allows for more flexibility in the investor category to qualify with the purchase of “tangible property, shares, negotiable instruments, productive projects or projects deemed of national interest”. Attorney Rómulo Pacheco of Pacheco, Marin & Associados, is the leading residency specialist in Costa Rica. He informs us that the registered value at the transfer of the title(s) in the National Register needs to be over $150,000 and the value of the property(s) in the Municipality.
The $150,000 can be the total value of different properties together. You can do this yourself, but save a lot of heartburn by hiring a professional attorney’s office specializing in Costa Rica residency. Previously, the minimum investment amount to obtain residency in Costa Rica was $200,000.
The investment amount must be US$150,000 or more
Changes in the existing types of investment
On the 28th of August, 2009, General Director Mario Zamora of the Costa Rican Immigration Services modified the existing types of investment that could be made to qualify for the Investor category of the requirements for residency in Costa Rica. The Costa Rican law specifically excluded personal investments in the past as a way to be eligible for residency. And now, purchasing a property in Costa Rica qualifies any person for the investor category. So, you can now buy any Costa Rica real estate, like a home, land, or buildings, and qualify.
The modification of the immigration law states:
According to the official exchange rate, the investment amount must be US$150,000 or more. The Central Bank of Costa Rica established this rate. Also, future residents can invest in:
- tangible property,
- shares,
- negotiable instruments,
- productive projects
- projects of national interest
The modification of the Costa Rican residency law allows for this great option.
Important Information
Make sure you pay attention to this, if you’re buying property to obtain residency in Costa Rica:
- The property must be in your name,
- If you’re married, the minimum total value must be $150,000,
- If you’re unmarried, it’s $150,000 for each person, so $300,000 for two people, etc.
- The Municipal value must be at least $150,000. So once you have bought, ask your lawyer to assist in presenting a new “declaración de bienes inmuebles” for the purchase amount, if it was under $150,000 before,
- You cannot have the property in a corporation,
- The property must be lien-free, so it cannot have a mortgage.
Additional Benefits
Apart from being able to live legally in Costa Rica, there are a few tax benefits when applying for the investor status:
Costa Rica offers tax exemptions on importing household goods for individuals, like foreign nationals seeking residency in Costa Rica under specific categories. The “Law to Attract Investors and Retirees” (Law No. 9996) provides these benefits to those classified as investors (inversionistas), retired residents (pensionados), or income-based residents (rentistas).
- One-Time Tax Exemption: Beneficiaries may import household goods exempt from import taxes on a one-time basis. Household goods include furniture, appliances, and other personal effects necessary for daily living.
- Application Process: To avail of this exemption, individuals must apply through Costa Rica’s EXONET System and obtain authorization from the General Directorate of Finance (DGE). The application should detail the quantity and nature of the goods, demonstrating their proportionality to the applicant’s economic, family, and professional situation.
- Timeframe: The law’s benefits are available during the first five years of its validity. Once granted, beneficiaries must retain the imported goods for at least ten years to maintain the tax-exempt status. Transferring these goods within this period may result in the obligation to pay the initially exempted taxes.
Attorney Rómulo Pacheco can be contacted at his email address if you want to obtain residency in Costa Rica. In addition, contact your American European real estate group’s agent to purchase a Costa Rica property using the new investors’ option now.
Our agents follow the law and can recommend the right property to purchase to obtain legal residency. So, contact us now.
