Costa Rica Retirement
 

Costa Rica is considered by many North Americans as the perfect home away from home. And no attribute of the country is more inviting than its accessibility to foreigners. From first-time visitors to those wishing to buy property along one of its many coastlines, Costa Rica can offer a relatively user-friendly and low hassle experience. Those that are seeking permanent residence will quickly realize that it can be done with relative ease; the government places fewer restrictions on purchasing property or starting a business than perhaps all other countries of Latin America. In fact, both can be done without being a legal resident and while holding just a tourist visa. This is truly a rarity for a country that is so desirable and attractive to the paradise-seeking retiree.

Residency for Retirees (Pensionados)

You may acquire this status if you can prove that you have a guaranteed monthly income of at least $600 per month from a qualified source, such as a government pension. You will be required to exchange this amount each month into Costa Rican currency via the state banking system, to show proof of the exchange, and to live in Costa Rica for at least four months per year

Costa Rica retirement: Resident with Interest or Dividend Income (Rentistas)

You may acquire this status, if you can prove that you are receiving income from interest or dividends of at least $1,000 US dollars per month from a foreign or national bank. The bank must issue a letter certifying that you will receive such monies and that you will exchange them into Costa Rican currency. The bank must renew its certified letter every five years. You will be required to exchange this amount each month into Costa Rican currency via the state banking system, to show proof of the exchange, and to live in Costa Rica for at least four months per year.

Costa Rica retirement: Investor Status (Inversionista)

You may acquire this status if you invest in a local business in Costa Rica. According to the Center for the Promotion of Exports and Investments (PROCOMER), the current priority investment areas of business are ornamental plants, leather articles, spices, fruits and vegetables, processed foods, wood products, and tourism. You will be required to invest at least $50,000 US dollars in one of these areas. If you prefer an area of investment not listed by PROCOMER, you must invest $200,000 US dollars in that business. You must live in Costa Rica for six months per year and will not be required to maintain a minimum monthly income.

 

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