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Is what I am reading gospel now about the new income requirements for pensionados? They’re saying that instead of $600 it will be $1,000 but they are also saying that they are not sure if that $1,000 per month is for on pensionado or the couple? If it’s a couple does that mean it is $2,000 per month? I read it in that online newspaper that regurgitates whatsever in La Nacion
It’s not over until the fat lady sings… and even then we’ll have to wait and see! There’s going to be some changes… but NOTHING like the original proposals that were made. My best guess is the $1000 is for a married couple. These changes are nothing more than some housekeeping to keep the regulations in step with the economic realities of the cost of living in CR. Even so the $1000/month is a low number, so those that might think it’s unreasonable will have a hard time making an effective case that one (or a couple) can live reasonably well on a lesser amount.
This was from another site posted this morning:
Higher immigration income requirements confirmed
A legislative committee drawing up a new immigration bill has established income requirements for rentistas at $2,500 a month and for pensionados at $1,000 a month.
The new amounts had been reported April 9, but the figures were not official.
The confirmed numbers now come from a summary of action Tuesday in the Comisión Permanente de Asuntos de Gobierno y Administración. The committee concluded the period Tuesday for making amendments to the bill.
The committee is expected to send the proposal back to the full Asamblea Legislativa today. Other amendments are possible there but not likely.
The pensionado income of $1,000 is well within the range of U.S. Social Security payments. However, there still is uncertainty if the amount will cover a spouse.
Under current practices, a rentista applicant has to show that he or she has a steady income of $1,000 per month. This income can come from rents, dividends or interest. Usually an applicant simply deposits five years worth of income into a bank account, and the bank certifies the amount to the Dirección General de Migración y Extranjería.
With the $2,500 requirement, an applicant for rentista residency would have to deposit $150,000, although the procedure for doing so still is open and subject to
regulations drawn up by the immigration department.When the law originally came to the legislature, the monthly amount for pensionados was $2,000 and the monthly amount for rentistas was $5,000. That generated great concern among expats. Also causing concern was a section of the bill that said current rentistas and pensionados would be subject to the new amounts when their terms of residency expired. Whether that still is in the committee’s final version is unknown.
Olga Marta Corrales Sánchez, president of the committee, said that the bill was of vital importance to the country. President Óscar Arias Sánchez was the person who decided to redraft the immigration law that was approved in 2005. He termed that law draconian and noted that the Catholic Church and others working with immigrants were concerned by some of the penalties.
Among other changes, the new proposal would create an immigration tribunal that would have final say on matters like visas and other appeals. Now appeals appear to go straight to the Sala IV constitutional court for resolution.
The tribunal also is seen as a way to reduce corruption in the immigration department because the panel would be autonomous.
This is the second time that the committee went over the bill. Under legislative rules additional amendments will be minimal. The measure could be passed before the May 1 date when the legislature elects new officers.
You can see the latest news on Costa Rica’s New Residency Law Update at [ https://www.welovecostarica.com/members/2157.cfm ]
As is usually the case, we didn’t come close to the worst case scenario…
Scott Oliver – Founder
WeLoveCostaRica.comI’m wondering about the three years to permanent residency… will this go back to five years or stay at three? Anyone know?
I have one query.
I recall a mention of an extended tourist stay of 6 months. This exstended stay was to carry a $100 USD charge. Does anyone know if this came to be a part of the final draft?We are rentistas and will apply for our permanent residency later this year so this change will not matter to us and we feel lucky for that. We would not have moved down if we had to put $150k into a Costa Rican Bank. That is a good chunk of change to put up into a national bank. The government crumbles for any reason, your money has no guarantee.
We have friends that have been here 15 years and own a hotel, they still are here as tourists and leave for 3 days every 3 months.
A second friend owns a restaurant and has been here for 7 years under the tourist law.I think that this is the BEST option for people considering moving here. Your 3 months can be as easy as a bus to San Juan Del Sur Nicaragua for a few days on a beach. Cost may be $3-$500 per time ($1200 – $2000 per anum) Takes a LOT of trips to make up $150,000
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