Residency for Rentista (Fixed Income) – Your ticket to Costa Rica

Residency for Rentista (Fixed Income) – A Path to Residency in Costa Rica

Who is this Rentista residency for?

The Rentista (Fixed Income) residency is a popular choice among individuals who have not yet retired but wish to establish their residency in Costa Rica. This category offers numerous advantages and long-term benefits, not only for you but your possible companions, like spouses and children. If you are exploring the possibility of obtaining residency in Costa Rica based on your financial resources, the Rentista category (Fixed Income) could be the ideal option for you. By opting for Rentista residency, you can showcase your dedication to becoming an active and contributing member of the Costa Rican community through a temporary financial commitment.

How does the Rentista (fixed income) category work?

For the first step there are two options:

1.) One option is to open a local bank account in Costa Rica with a deposit of $60,000 USD. Don’t worry, we can guide you through this process. Once the account is set up, you will have the option to withdraw $2,500 USD every month from the initial deposit. This means at no point in time will you lose any of your money. You can choose to spend this amount or keep it available for future use.
2.) Foreign Income Earners: To qualify, applicants must provide a document issued by a banking institution, either in Costa Rica or their country of origin, confirming that they will receive a monthly income of at least US$2,500. This income should be sustained for a minimum of two years and must be reliable, consistent, and permanent. Equaly it can be $60,000 USD in a foreign banking institution.

It’s important to note that after two years, you will need to prove that you still / again have $60,000 USD in your account if you’d like to apply for an extension of another 2 years. ( We will touch that topic a little bit further below on your path to permanent residency.) If you don’t utilize the $2,500 USD as your primary source of income each month, you will have the same amount available at the end of the two-year term to use again. This method offers the most straightforward and convenient way to obtain Residency for Fixed Income, also known as Rentista residency.

Why should you get residency?

Obtaining residency in Costa Rica under the Rentista (Fixed Income) category can provide you with numerous benefits and should be the path for everyone wanting to stay in the country for a longer period of time. To learn more about the advantages of residency in Costa Rica, click HERE. Additionally, Costa Rica is known for offering excellent healthcare services. If you’re interested in accessing top-notch hospital care in Costa Rica, click HERE.

What is needed – the requirements

Let’s discuss the requirements and specifications for obtaining Residency as a Rentista (Fixed Income) in Costa Rica. To qualify, you need to fulfill the following criteria:

Proof of deposit of $60,000 USD in an approved bank, with $2,500 USD withdrawn every month. This requirement must be met during the initial application and every subsequent renewal (every two years) until you apply for Permanent Residence (after 3 years total having received your first extension). You cannot work as an employee while holding Rentista residency.

To apply for residency in Costa Rica under the “rentista” category, a bank reference is one of the required documents. A legitimate bank reference must typically meet the following criteria:

1. Official Letterhead: The reference should be on the bank’s official letterhead to ensure authenticity.
2. Recent Date: The letter should be recent, usually issued within six months of the residency application date.
3. Bank Contact Information: It should include the bank’s name, address, phone number, and email address for verification purposes.
4. Account Holder’s Details: The letter must clearly state your name as the account holder and may also include your account number (though some banks may issue references without the full account number for security reasons).
5. Account Standing: The letter should confirm that you are a client in good standing with the bank. This means you have no history of overdrafts, bounced checks, or other financial issues.
6. Financial Solvency: For the “rentista” category, the bank reference should verify that you have a steady income or sufficient funds. This typically means showing a regular income of at least $2,500 USD per month for a period of two years or a deposit of $60,000 USD.
7. Signed by Bank Official: The letter must be signed by an authorized bank official, such as the branch manager or a similar authority.
8. Notarization and Legalization: Depending on Costa Rica’s requirements, the letter must be notarized and legalized or apostilled in your home country.
9. Translation: If the bank reference is not in Spanish, it will need to be officially translated into Spanish by a certified translator.
10. Authenticity Verification: Some Costa Rican authorities might require a way to verify the authenticity of the letter directly with the bank.

Before submitting your application, it’s advisable to check with the Costa Rican consulate or us for the most current requirements, as immigration policies can change.

Things to keep in mind

You must spend at least one day per year in Costa Rica to maintain your residency.
Here are some additional specifications to consider:

Temporary Residency: The Rentista residency is valid for two years and can be renewed.
Permanent Residency: After three years of holding Rentista residency, you can apply for permanent residency without any additional conditions.
Dependents: You can include your spouse and dependents who are 24 years of age or younger in your residency application.
Business Ownership: As a Rentista resident, you can own a company in Costa Rica and receive dividends.

Documents

As with every migratory process, to apply for Residency for Rentista (Fixed Income), you will need to gather several documents.

These documents include:

– Proof of fixed income as per the specific requirements of Costa Rican Immigration.
– Criminal Background Check.
– Birth Certificate.
– Marriage Certificate (if applicable).

We can assist in obtaining most of these and help fill out the required forms. Please note that all documents should be apostilled in your country of origin. In case your home country is not part of the Apostille Convention, the documents should be authenticated or legalized at the Costa Rican Embassy in your home country.

Do I Have to Leave Every 180 Days Once I Start My Residency?

No, once you have initiated the residency process in Costa Rica, you will receive a certificate called the “Hoja trámite” from immigration, commonly referred to as “the golden ticket.” This certificate allows you to stay in Costa Rica while your residency application is being processed, eliminating the need to leave the country every 180 days.

However, it’s important to note that if you plan to drive in Costa Rica, you will still need to leave the country every 90 days to get your passport stamped to drive legally in Costa Rica. This requirement is in place because your license is only valid as long as your visa is valid. Therefore, even though you can remain in Costa Rica during the residency process, you will still need to periodically exit the country to ensure the continued validity of your driver’s license. The institution that handles driving related issues is not related to the government department of immigration.