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I found this in the Feb 2011 issue of “International Living” magazine.
” It’s important to have the proper visa if you plan to retire in Costa Rica. Rentisa visa holders have to show income of $2,500 per month for at least five years, guaranteed by a banking institution or make a deposit of $150,000 in an approved Costa Rican bank. You must change at least $2,500 a month into colones (Costa Rican currency) and live in Costa Rica at least four months of the year.
Those seeking a pensionado visa needs to prove a minimum income of $1,000 per month from a qualified pension or retirement account or from Social Security. You must also change at least $1,000 a month from dollars into colones and you must live in Costa Rica at least four months of the year.”
My question: regarding the set amount of dollars having to be changed into colones every month.
1. what about Tico’s liken to receive dollars (in stores and such). does one have to spend only colones till they’ve reached the required amount exchanged unless their sure their income is sufficient to cover this requirement in any particular month?
2. is it required to be exchanged the months your not in the country?
and. If the income is your pension & you need to live on it while out of the country too, does it have to be received in CR even when your out of CR, and does the required amount still have to be exchanged to colones while you are out of country for say a month or more?
Well, let’s see . . .
First, the author has the basic facts straight, but the terminology is wrong.
The terms [i]rentista[/i] and [i]pensionado[/i] refer to categories of temporary legal residency, not to visas. To qualify for legal residency, one must meet the income requirements and provide the required documentation, make the application for residency, and be approved by the Ministry of Immigration.
Visas are generally granted to short-term visitors, although some long-term “non-visitors” remain in Costa Rica by leaving the country periodically and then reentering to obtain another short-term visa.
Now, your questions:
1. To prove your conversion of dollars (or the equivalent) to colones, you must have a bank record. That is, you must have either the teller’s receipt showing the details of the transaction and who made it or you must obtain a letter from the bank detailing the conversions you have made. Withdrawing colones from a dollar account via an ATM will not suffice. Likewise, you cannot make a purchase in a store, pay in dollars for an item that’s priced in colones, and have that count as a conversion.
If you go to the bank and convert (say) $1,000US to colones, you can do anything you wish with those colones including deposit them in a colon account, spend them in the retail market, or convert them back to dollars (and take the loss). All you need is proof of having made the conversion from dollars to colones.
2. At the time that you renew your temporary residency or apply for permanent residency, you must be able to document these currency conversions to Immigration. While the monthly rate is $1,000 or $2,500, they are not picky about your making that conversion each and every month, but they also do not want to see it all in a single conversion. The basic requirement is that you convert $12,000 or $30,000 to colones every year.
You should also be aware of what the article does not mention. It is now required that all legal residents be enrolled in the CAJA, the Costa Rican national health system. You don’t have to use it, but you do have to pay for it.
I agree with David Murray’s quote below.
In addition, the financial requirements for each of the Temporary Residency Categories of Rentista and Pensionado, apply equally to a single Applicant, or to a husband and wife, including minor children (age 18, or to age 25 if enrolled in an educational institution), and handicapped children to any age.
PS. Note from Scott. Watchdog is Costa Rican attorney – Rick Philps who has written a few articles for this site.
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