If you have been thinking about moving to Costa Rica, now is the perfect time! The Costa Rican government has just approved two new laws that will make it easier for investors, pensioners and remote workers to set up life in this beautiful country. Hoping to encourage an influx of investment and digital nomads, the government believes that these changes will stimulate the economy and produce more jobs.
- Temporary Residency via Investment – Previously a non-Costa Rican citizen could apply for temporary residency by investing $200,000 in property or in a business. This has now been lowered to $150,000. The law provides for the following additional benefits for those seeking investor status in the country:
- Temporary residency will be granted for ten years (previously this was two years, renewable after two years)
- Investors, pensioners, rentiers can import two vehicles for personal or family use, free of import and tariff taxes (this can be a car, a boat, a plane or a helicopter!)
- Exoneration, for a single time, of import customs taxes on household goods. This would include home furnishings, appliances, decorative items, kitchen and bathroom utensils and bedding.
- Remote Workers – a second, separate law relates to remote workers or digital nomads. The law has been approved in both debates at the Legislative Assembly and now only has to be signed into being by the President. The law allows for the granting of one year visas to remote workers that qualify for the program. The visa will be renewable for an additional year. The requirements to qualify for the one-year remote worker visa are as follows:
- The applicant will need to prove that they have had a stable, fixed or average monthly income of $3,000 per month for the last year.
- If the applicant is also bringing their family with them, this amount is increased to $4,000 per month.
- This income must be from a source that they will continue to receive even when not in their home country.
- The applicant will need to obtain and provide proof of a medical insurance policy that covers the applicant throughout their stay in Costa Rica. The conditions and minimum coverage of this insurance is still to be determined.
If you are looking to move to Costa Rica and would like to talk to an immigration lawyer, Nomad Immigration Services come highly recommended!
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