Temporary residency as a Rentista is possible when you have a steady investment source instead of having a retirement income.
When you move to Costa Rica and buy a property or rent a home, you want to be a legal resident of Costa Rica. Read the following information if you are planning to retire in Costa Rica.
To be able to apply for residency in Costa Rica as a Rentista, the applicant must demonstrate a permanent fixed income of at least US$2,500 per month. This amount includes the applicant, their spouse and the children which are under the age of 25 and live with them in Costa Rica.
The Rules and regulations for immigration and residency in Costa Rica change continuously. We try to keep the information on this website up to date. But please make sure you check all the information on this page with any of our recommended residency attorneys.
Most applicants who seek the Rentista category do not have a pension source and instead have investment income. To apply for the Rentista category it is necessary to provide proof of the investment and that it will generate the required amount per month. The applicant must provide a letter from their bank or financial institution where the funds are deposited certifying the existence of that income.
It is not required that the funds be held in Costa Rica. The letter can be issued by international banks as well as Costa Rican banks.
The ideal letter issued by the financial institution should state that the recipient will receive at least US$2,500 per month in Costa Rica in a stable and permanent manner.
The “Rentista” beneficiaries must comply with the following:
The applicant of the Rentista category has to prove that the income was deposited into a Costa Rican bank account. Although this generally comes up when you are going to renew your residency status. Then you will be asked to provide proof that the funds have been wired into Costa Rica. Make sure you keep records of all the deposits until you complete your renewal of status. The easiest way to comply with this requirement is to ask your bank to issue a letter stating that you have an account with them and indicating that during the year you have exchanged the amount required by the immigration law i.e. US$ 30,000 per year for the “Rentista”.
The applicant has to contribute to the Social Security System of Costa Rica (C.C.S.S.). The easiest way to comply is to request a voluntary policy known as “Seguro voluntario”. You pay based upon the amount of income you report. Since the law establishes the monthly requirement i.e. $2,500 for the “Rentista” this is the amount they will base the payment on. This translates into $150/month.
This information was taken from the website of “La Dirección General de Migración y Extranjería de Costa Rica”.
I wrote this blog with the purpose of helping those retirees and other expats needing residency. By offering this information, just as our weekly blogs, we hope you elect us for all your real estate purchases.
We, of course, appreciate a reciprocal “help” by referring any friends you might have who are in the market to purchase a Costa Rica condo or a beach home in Costa Rica to our website.
Check other info about obtaining Costa Rica residency:
- Options for Temporary and Permanent Residency
- Permanent residency as a family member related to a Costarican
- Temporary Residency for Pensionado
- Temporary Residency for Investor
- Residency through buying property in Costa Rica
Contact us now for Costa Rica real estate information. For further legal questions, contact an attorney.
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