Multiple benefits Costa Rican Golden Visa
The Costa Rican government recently approved the "Law for the Attraction of Investors, Rentiers and Retirees", which grants new benefits to new residence applicants in the following immigration categories: Investor, Rentiers and Retiree Residents.
What is this law about?
It’s a law that brings a series of benefits in taxes for these immigration categories, seeking capital attraction to reactivate the local economy.
Who does it apply to?
To those who receive a Temporary Residence under one of these three categories: Investor, Rentier or Retiree. To be eligible for one of these categories, the applicant must:
- Rentier: Have a permanent, stable, and irrevocable income of at least $2,500 per month for the next 24 months.
- Retiree: Have a lifetime pension of at least $1,000 per month.
- Investor: The minimum investment capital is reduced to a sum of no less than US$150,000, from the former US$200,000, which may be in real estate, shares, securities and productive projects or projects of national interest. Investors in venture capital or sustainable tourism infrastructure projects also qualify for the benefit.
Which are the benefits?
- Investors category: The reduction in investment capital from US$200,000 to US$150,000 is a new benefit. The investment may be in one of the following: real estate, shares, securities and productive projects or projects of national interest. Investors in venture capital or sustainable tourism infrastructure projects.
- One time only tax exemption on the import of household goods.
- Beneficiaries may import up to two vehicles, duty-free, for personal or family use.
- The amounts declared to obtain immigration status will be exempt from income tax.
- 20% of transfer tax exemption for real estate acquired within a period of five years if the beneficiary is the owner.
- Exemption from import taxes for instruments or materials for professional or scientific practice.
- Foreigners classified as investors, retired residents or rentier residents will not be automatically considered tax residents.
- Expedited processing channel for these immigration categories.
How can someone request this type of visa?
Immigration will create a separate channel for expedited processes. Currently, Retiree and Rentier applicants may apply online. The request for the Investor visa must be made in person, directly at the Immigration office, and an appointment must be made previously to secure a space for filing.
How can someone apply for these benefits?
The procedure and forms are not defined at the moment, but it should be defined within the 60 days’ time frame to rule the law.
How long does it take to obtain a residency in these categories?
The average processing time is 10-12 months after the application is filed, but Immigration is working to reduce it to just 90 days in the future.
If the person already has a residency, can these benefits apply?
No, they do not apply to current residents, only new applicants are eligible.
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