Costa Rica passes bill to attract more residents
Costa Rica passes bill to attract more residents
This is a significant law project that could bring major benefits.
Yesterday, the Legislative Assembly approved in a second debate a bill that would make it easier for people to receive Costa Rica residency.
Before it becomes law, the bill needs to be signed by President Carlos Alvarado and published in La Gaceta, the official government newspaper. Still, this is a significant step forward that could bring major benefits.
Some of the highlights included in the bill are as follows:
It would lower the minimum investment from $200,000 to $150,000 to be able to qualify for residency.
It would allow the individual to import two vehicles, “free from all import, tariff and value-added taxes.” This includes terrestrial, aerial, or aquatic vehicles (e.g. cars, motorcycles, planes, boats) for personal or family use.
It would allow the tax-free importation of certain household goods. (Per the bill: “furniture, appliances, home furnishing articles, kitchen and bathroom utensils, bedding.”)
The individuals would not be considered tax residents in Costa Rica; thus, they would not be taxed outside of “income obtained in the national territory, resulting from the investments made in the country.”
You can read the full bill (in Spanish) by clicking this link.
As Outlier Legal notes, there remains uncertainty about how the Immigration Administration (DGME) will handle the major changes that are included in this project. So don’t pack your suitcases quite yet.
But barring any unforeseen legal hurdles, it will soon be much easier to make “Pura Vida” your reality.
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This text is current as of May 2021. While some details may have changed since then, we haven’t yet found the latest version.