New Regulations Guarantee Simplified Immigration Incentives for Costa Rican Expat Investors
Costa Rica’s current government is working to attract foreign investment with Immigration Incentives for Costa Rican Expat Investors. On February 23rd, 2023, “La Gaceta,” a national circulation newspaper, published new regulations to Law No. 9996 for the Attraction of Investors, Rentiers, and Pensioners in Costa Rica. These regulations outline the requirements and benefits for foreigners who wish to invest in the country or retire there. This article will examine these new regulations and explain how they could benefit those investing in Costa Rica.
This regulation simplifies migration procedures for foreigners who see Costa Rica as an opportunity to invest their capital. It promises to cushion the country’s current economic crisis, allow foreigners to extend their businesses on Costa Rican soil, and regularize the migratory status of rentier residents, pensioner residents, and investors.
Additionally, this regulation seeks to order migratory dynamics to contribute to national development by enriching the economic, social, and cultural aspects and overseeing the monetary flows entering the country.
Four essential aspects established by the regulation are:
Creating a Preferential Section
Within the General Directorate of Migration and Foreigners (DGME), digital platforms for processing these applications. You must be at least a temporary resident to get your shipping benefit.
Applicants must invest in Costa Rica at least US $ 150,000. This condition will be granted for two years, renewable for equal periods. To qualify, the applicant must demonstrate that they have maintained their investments uninterruptedly. The foreign person is given temporary residence as an investor, and their dependents cannot perform paid work within the country.
With a document issued by any banking institution (whether from Costa Rica or their country of origin), applicants must demonstrate that for a period not less than two years, they will receive a monthly, permanent, and stable income of no less than US$2,500.
With a document issued and apostilled by their country’s appropriate authority, the applicant must demonstrate that they receive a lifetime pension whose amount can be at least $1,000 USD per month.
All the above subcategories can be granted to the applicant’s spouse, dependents (their children twenty-four years old and under), and older dependents with disabilities.
Furthermore, those who qualify for any of these subcategories can enjoy fiscal incentives such as:
- Duty-free franchise and all import taxes for the importation of household goods.
- Import up to two land, air, and sea transport vehicles for personal or family use, free of all import, tariff, and value-added taxes.
- The sums declared as income to qualify for the benefits of this law will be exempt from income tax.
- Exemption of twenty percent (20%) of the total real estate transfer tax.
- Exemption of import taxes for instruments or materials to exercise their economic activity.
Moreover, they will not be automatically considered tax residents in the country; however, they can opt for such a condition.
To learn more, with a detailed video, click here.
Costa Rica’s new regulations guarantee simplified migration procedures for foreign investors who see the country as a promising investment opportunity. These regulations provide incentives and fiscal benefits for those who qualify, making it easier to start their businesses on Costa Rican soil. Contact our office at [email protected] to guide you through the process.
The official government website to get started on your own is here.
-Written by Glenn Tellier (Founder of CRIE and Grupo Gap).
Frequently Asked Questions
What is the purpose of the new Costa Rican immigration regulation?
The new regulation aims to simplify immigration procedures for foreign investors who want to invest in the country while promoting economic growth and regulating the migratory status of rentier residents, pensioner residents, and investors.
What are the subcategories of the new immigration regulation?
The subcategories of the new immigration regulation are the Investor subcategory, Rentier subcategory, and Pensioner subcategory.
What is the minimum investment required for the Investor subcategory?
The minimum investment required for the Investor subcategory is US$150,000.
Can the person granted temporary residency as an investor and their dependents perform any paid work in the country? Answer: No, the person granted temporary residence as an investor and their dependents cannot perform paid employment within the country.
What is the minimum monthly income required for the Rentier subcategory?
The minimum monthly income required for the Rentier subcategory is a permanent and stable income of no less than US$2,500.
What is the minimum monthly pension required for the Pensioner subcategory?
The minimum monthly pension required for the Pensioner subcategory is a lifelong pension whose amount can be at least US $ 1,000 monthly.
What incentives can those who qualify for the subcategories enjoy?
Those who qualify for the subcategories can enjoy tax incentives such as tariff exemptions and all import taxes for the importation of household goods and exemption from income tax, among others.
Can those who qualify for the subcategories automatically become fiscal residents in the country?
No, those who qualify for the subcategories are not automatically considered fiscal residents in the country, but they can choose to opt for that condition.
Fill out the form below to determine your residency category. Or click here!
Select all options that apply to you
Pensionado (Pension/Disability) Category
Rentista (Fixed Income) Category
Inversionista (Investor) Category
Family ties with a Costa Rican Resident/Citizen Category
My residency company let me down
I am not sure.
Repeat to confirm
Country Of Birth
Country of Residence
How many people under your application (spouse, children under 25)
Phone Number with Country Code (optional)
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