Costa Rica Residency – December 2008

We’ve had all sorts of gossip flying with regards to the proposed changes to the Costa Rica residency laws and many of our VIP Members have asked me to comment.

However as you all know I am NOT an attorney and residency is certainly not my area of expertize however, I believe that one of our most valued VIP Members David Murray recently summed the situation up very clearly in our Discussion Forum:

“A legislative committee has sent to the full legislature a proposed law that would, among other things, increase the income requirements for rentistas and pensionados. The proposed monthly income requirement for rentistas (presumably per person, as it is today) is US$5,000 the proposed monthly income requirement for pensionados (presumably per family, as it is today) is US$2,000

The proposed legislation contains language which would apply these standards to currently approved rentistas and pensionados when they apply to extend their residencies for another term. Two knowledgeable attorneys have opined that such a provision, essentially changing the law retroactively, would not stand up to a constitutional challenge.

The proposed legislation is subject to amendment in the review and approval process on the floor of the legislature, so none of its provisions is yet carved in stone.

My own attorney, a residency specialist, has observed that the legislature is a place where you can put in apples and have oranges come out the other end, so while the good folks in the media and in this forum can speculate to their hearts’ content, we really cannot say anything for certain until the proposed law passes a first reading.”

Thanks David.

So the bottom line is we can huff and puff and get all hot under the collar about these proposals or, it might just be best to wait and see if we get apples, oranges or perhaps a coconut!

[thrive_leads id=’257299′]

[custom_script adID=97]

Written by Scott Oliver, author of How To Buy Costa Rica Real Estate Without Losing Your Camisa and Costa Rica’s Guide To Making Money Offshore.

Andrew Makarik

to@welovecostarica.com

Andrew Makarik is the main editor of WeLoveCostaRica, a fan of this sunny country. He is also a loving husband and a has a lovely daughter. By being a devoted family man and the biggest Costa Rica fan, he wants to make more people feel at home there. WeLoveCostaRica unites people and helps them find new home or a new travel destination. This website is a friendly community where everyone can find not only information, but also new friends and travel pals. Andrew is also passionate about IT and programming, so he himself maintains a friendly atmosphere in this cozy environment of WeLoveCostaRica.com.