New law in Costa Rica to incentivize residency
It will be easier to become a legal resident of Costa Rica.
President Carlos Alvarado has signed into law a project that will make it easier and more beneficial to receive Costa Rica residency.
Some of the highlights included in the new law are as follows:
It will lower the minimum investment from $200,000 to $150,000 to be able to qualify for residency.
It will 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 will allow the tax-free importation of certain household goods. (Per the law: “furniture, appliances, home furnishing articles, kitchen and bathroom utensils, bedding.”)
The individuals will not be considered tax residents in Costa Rica; thus, they will not be taxed outside of “income obtained in the national territory, resulting from the investments made in the country.”
“What this law achieves is to create the conditions so that these people can come to the country, bring their investments and we can generate employment. It is one more step in the direction of recovery, which we all must continue to push in the country,” said President Alvarado.
The Costa Rican Tourism Board also supports the new law, saying it will encourage people to “choose Costa Rica as a place of retreat and rest thanks to the diversity of natural attractions and the environmental and social conditions it offers.”
You can read the final text of the law (in Spanish) by clicking this link.
What happens next?
The Government has 60 days to determine how exactly this law will be administered. When that ruling is published, it should clarify some of the finer details that haven’t been specifically addressed. (One key question: Will these benefits be retroactive?)
Barring any unforeseen delays, it will soon be much easier to make “Pura Vida” your reality.
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