Of the many ways to qualify for residency, investor residency by investing in real estate is a popular choice. You can buy and own real estate in Costa Rica personally or through a corporation.
Fee Simple Property
When the property is owned this way, you’ll need the following documents to show ownership:
- Cover Letter (description of the asset);
- Copy of the Deed (Escritura);
- Certificate of Title (Matrícula): shows ownership of the property, owner’s name, and purchase value;
- Municipality Certification: shows location and value of property;
- Certificate of Registration: demonstrates property registered for luxury tax (if applicable).
Property Owned Through Corporation
In addition to the documents above, you will also need the following:
- Copy of Stock Certificates;
- Certificate of Good Standing of the Corporation;
- Copy of Agreement to Purchase Shares;
- Notary Certification detailed in Shareholder’s Registry showing the applicant as 100% owner of shares.
There may be a few more documents, but these are the major ones needed to establish temporary residency. However, there are additional requirements as well.
Minimum $150,000 USD of Real Estate Investment
The investment can be made directly or through a corporation. Remember, only those who invest at least this amount can qualify.
The rest of the process is fairly straightforward for those using the Fee Simple method. However, suppose you invested in the property through a corporation. In that case, you will need to make clear through the Immigration Department that you made the purchase in that manner and have all the necessary documents to back that up.
Investing in a Business Instead?
You will need at least the following documents if you’re investing in a business to gain Temporary Residency status;
- Business Permit;
- Health Permit;
- Workers Compensation Insurance;
- Proof of Registration with CAJA as Employer.
To clarify, you only need these documents if you plan to invest in a business and not purchase real estate.
Suggestions when Purchasing Real Estate for Your Residency Status
Here are some pointers to assist you in completing the procedure more quickly and with fewer issues.
- Fee Simple is Best! This is easier, faster, and better than investing in a corporation.
- Pay Taxes & Respect Local Laws. Always be aware of local laws and ordinances and pay your taxes.
- Report ACTUAL Purchase Price of the Property. One important fact to remember is accurately reporting the actual purchase price of the property you obtained. Under-reporting can lead to serious consequences if discovered as it is illegal.
Get Professional Assistance
When applying for investor residency status, having knowledgeable, experienced, professional help will get you through the process faster with fewer complications. At Costa Rica Immigration Experts, we can guide you properly so you can gain your status quickly and easily.
If you are looking for a reputable Real Estate company in Canada – CLICK HERE.
-Written by Glenn Tellier (Founder of CRIE and Grupo Gap).
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