Costa Rica Residency – Important points to remember.

When people start promoting their real estate project as a vehicle that would help you get your residency, you have to be very careful who you listen to…

This can be a complex issue and I would beg you please… Do not take legal advice from a developer who is not a Costa Rican attorney specializing in immigration and, who is obviously trying to sell you something.

1. A real estate project must be approved and listed with ICT and CEMPRO as a ‘tourist’ related business before someone could get apply for that type of residency and, typically you would be buying shares in a tourist related project rather than owning it outright. With a tourism related project – you are typically investing a minimum of $50,000
2. To you can obtain residency with a reforestation project, the reforestation project must be a MINAE licensed reforestation project, it should be listed with CEMPRO and the minimum investment is $100,000
3. To get residency as an ‘inversionista’ we must remember that “investment” here means a commercial activity where Costa Ricans are employed – buying a home to live in is not considered an “investment” for residency purposes. Where you are buying a hotel or developing a large real estate property for sale – which must be listed with CEMPRO – we should remember that the minimum investment is $200,000
4. It is very important to note that should you sell off the land or, if you sell the hotel and your investment falls below that US$200,000 you would no longer be eligible for ‘inversionista’ status. You must always be able to show that you still hold that US$200,000 minimum investment in a correctly accredited project.
5. Buying a home is NOT considered an ‘investment’ for immigration purposes. If you are buying an expensive home, if it is NOT an ICT & CEMPRO approved ‘tourist’ project, then it doesn’t matter how much the purchase price is for the home, the buyer will NOT get residency unless that real estate investment has a direct connection to some kind of a ‘commercial activity’ like a B&B.
6. A B&B (Bed and Breakfast) business may qualify you for residency but again, this must be approved by the ICT and should be a business that employs numerous Costa Ricans

Please note that these residencies are inextricably tied to the business of a B&B, or a tourist related real estate project or a reforestation project.

What Does This Mean?

This means that should you sell that business or a portion of it so that your minimum investment falls below the minimum levels – you will lose your residency status.

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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.