According to Immigration Experts, there are three main residency categories to apply for in Costa Rica. You can apply as an investor, a renter, or as retired. In this article we present a quick summary of each one of the categories, this will give you a better idea of which one you can apply for.
In Costa Rica, an investor is a person, and his immediate family including spouse, parents and children), who has investments in the country of at least $200,000. Such investments can be in tourism, reforestation businesses, shares in Costa Rican corporation, real estate or any other activity supported by the Costa Rican government.
As mentioned before, another residency category is as a renter. This category also applies to an individual and his immediate family as mentioned in the previous paragraph. There are two ways to become a renter resident, 1) the individual will receive a monthly income of at least $2.500 USD and that income will continue to come in for the following 2 years after applying for residency, or 2) the individual has bank investments in Costa Rica (most likely a deposit with a Costa Rican bank) of $60,000 USD.
As proof of availability of funds, the individual will have to present a letter from a Costa Rican bank, a financial institution, a foreign bank. It is important to know that in case the letter comes from an institution outside of Costa Rica, it will have to be authenticated by the Costa Rican Consulate or through the “Apostille” Process. Click here to find the closest Costa Rican consulate to your city.
The third most common residency category foreigners apply for in Costa Rica is as a retiree. This type of residency also covers, besides the individual, the spouse, parents, single siblings and children. To become a retired resident, the individual must prove through a certified letter by the Costa Rican Consulate or the “Apostille” Process, that he is entitled to a lifetime pension of at least $1,000 in his country of origin. Suddenly Costa Rica sounds as a great retirement option, don’t you think?
It is important to know that in all this three categories, you will be given a temporary residency, which will allow you to work in the country only if you have your own Costa Rican business or corporation. Once your temporary residency is approved, you don´t have to necessarily live in Costa Rica, you can maintain your residency status just by visiting Costa Rica one day a year, that is amazing! After a period of three years as a temporary resident, you will be able to apply for permanent residency without any restrictions.
Finding a good and trusted lawyer in Costa Rica is very important, especially when it comes to your residency process. Luckily, you can count on Immigration Experts to guide you through getting your residency in Costa Rica.
You can read more about Immigration Experts here.Social tagging: Immigration in Costa Rica > Relocation > Retiring in Costa Rica