Buying in Costa Rica
If you are planning on taking up Costa Rica residency then you need to be aware of the different options at your disposal. This post aims to clarify everything for you. Costa Rica residency is split into five different groups; pensioners, renters, investors, representatives and permanents. Whether you are buying land in Costa Rica or you wish to rent a property over there you should find all the answers you are looking for here.
So, let’s begin with those who are hoping to become a permanent resident of Costa Rica. You can acquire first degree relative status by either marrying a native Costa Rican or having a child with one. If neither of these apply to you then you will be able to put in an application for permanent residency. However, you will need to have experienced three years under another Costa Rica residency i.e. as a pensioner, investor, renter or representative. If you wish to acquire permanent residency status you have to visit Costa Rica at least once a year. You will be allowed to work and receive an income. You can also open your own company. Nonetheless, you won’t be able to claim spouse and dependents that are under the age of 18 years old.
What about those who wish to rent in Costa Rica? You will need to provide some proof of income. You need to show that you have earned a minimum of US$1000 per month for at least the last five years. If you cannot do this then the other alternative is to have a US$6000 deposit which is in an approved Costa Rican bank. You have to be present in Costa Rica for at least a third of the year. You cannot work as an employee, however you are able to receive an income via owning a company.
Let’s move onto the next type of Costa Rica residency; pensioners. You must show that you are generating US$600 every month via some form of a pension. Similarly to renters, you must be in the country for at least four months of the year and you cannot be an employee yet you can earn an income via your own company. It is also worth mentioning that both pensioners and renters can claim spouse and dependents who are under 18 years of age.
If you are buying land in Costa Rica or properties for investment purposes than you need to be in the country for half of the year. You need to either prove that you have US$200000 in any business, or you must show a specified investment amount in particular sectors which are government approved. Of course you are allowed to generate income from your investment and you can also own a company and generate money in this way too. If you want to claim spouse and dependents of those under the age of 18 then there is a separate process you will need to follow.
Finally, if you wish to seek representative Costa Rica residency then this is identical to the previous residency with regards to spouse and dependents, the length of time you must remain in the country, and how you can generate your income. But when it comes to proof, you must be a director of a business and you have to show you meet certain requirements, for example you have to employee a minimum amount of local workers.
Hopefully this will have clarified the different types of residency in Costa Rica. However, if you have any further questions then please do not hesitate to get in touch. We are always happy to help and provide you with any information you require.