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I know that this came up a couple of weeks ago, partly due to a column written in Tica Times.
I am about to begin starting my residency quest, probably through ARCR, and they don’t have anything conclusive to tell me.
Just to refresh our memories, there is a claim that by simply “investing” in $200,000 in real estate , that the new law about to come into effect will allow us to apply under investor status.
I fully recognize that the soon-to-be old law does not allow this, but is there any clarity as to if the new law is going to allow this?
Thanks.
MarkAs far as I know there has been no new news since I wrote about this at
[ https://www.welovecostarica.com/members/2165.cfm ]
Scott Oliver – Founder
WeLoveCostaRica.comThe Circular issued by the Costa Rica Immigration Department on August 28, 2009, which the Tico Times article referred to and is the subject of this controversy, actually applies to the existing Immigration Law, and not the new Immigration Law due to come into effect on March 1, 2010.
As to your question as to the existence of anything conclusive as to how this Circular may affect an Application for Residency under the Inversionista Residency Category, the answer is no.
Note from Scott: ‘WatchDog’ is the username for my friend and attorney Richard (Rick) Philps who is a Canadian citizen, naturalized as a citizen of Costa Rica. Rick practiced law in Canada as a member of the Law Society of British Columbia, for fourteen years, prior to moving to Costa Rica in 1998. Mr. Philps the earned his Bachelor of Laws and Licensing Degrees (Civil Law), and a Post-Graduate Degree in Notary and Registry Law, from the Escuela Libre de Derecho University, in San Jose, is a member of the Costa Rica College of Lawyers, and has practiced law in Costa Rica for five years. Mr. Philps practices law in the areas of real estate and development, corporate, commercial, contract, immigration, and banking. To contact attorney Rick Philps and his associate attorney Roger Petersen, please use the Contact Form at the bottom of: https://www.welovecostarica.com/members/417.cfm
As you are probably aware by now Scott, there is an interview in today’s Tico Times between Chrissie Long and the Immigration Director Mario Zamora. He says in the interview if you own a home worth more than $200,000 you can solicit residency as an investor. However, you also have to give a lot of details as to how you are going to contribute to economic and social development. As I haven’t got the paper in front of me, perhaps Scott you can elaborate a bit more on this article.
We’ll certainly take a look ‘happygirl’ – the Tico Times seems to get thinner with each issue – but I’ll be buying one later today…
Scott Oliver – Founder
WeLoveCostaRica.comPosted in the wrong place and reposted here by Scott
Posted Oct 23,2009 2:19 PM johnklein56
Immigration Chief Pledges Efficiency
By Chrissie Long
Tico Times StaffTT
Something that our readers have found
very interesting is a memorandum your
office released which says a foreigner who
owns a home worth more than $200,000
can solicit residency as an investor.Exactly. This is a big change that we are
implementing as we speak.When will this option be available for
foreigners?Right now. This has been in effect since
Aug. 28. If you want to register as an investor,
all you need to do is certify the purchase
of a home with a value of $200,000
or more.What do you need as proof that the
house is worth at least $200,000?When, as an investor, you register for
tax purposes, you tell the government the
value of your property. In order to apply
for residency, you need proof that you registered
a home worth at least $200,000.The opportunity to pursue residency
as a home owner is not part of the new
law, right?Correct. This is a change that anticipates
the spirit of the law in order to better
facilitate it.1. Letter to the director of the Immigration
Administration and signed by the foreigner who
is seeking temporary residency as an investor.
The letter must be authenticated by a Costa
Rican consulate or by the official receiving the
petition.2. The letter must contain:
a. Reasons for seeking temporary residency and
an explanation of activities in the country.
b. Complete first and last name, nationality, date
of birth, profession, address in Costa Rica,
and names and nationalities of the parents
of the applicant.
c. Location or fax number, in order to receive
notification.
d. Information about supporting documentation.
e. Signature and date.
f. Passport number.3. An investment proposal of at least $200,000.
The proposal must relate to investment contributing
to economic or social development of the
country. The investment should be described
in detail and include an explanation of what is
contained in the investment and a schedule of
activities that describe the path of the investment.4. Certification by an accountant demonstrating
the applicant’s financial solvency and stating
the business plan or showing how the project
furthers the objectives of the proposal.5. Proof of an account that contains project
funding.6. Birth certificate. This should be presented to
a consulate for appropriate authorization and
submitted to the Ministry of Foreign Affairs
to be sealed.7. Certified criminal record that shows no convictions
in country of origin or where applicant has
resided for the past three years. This should be
presented to a consulate for appropriate authorization
and submitted to the Ministry of Foreign
Affairs to be sealed.8. Photocopy of passport and original passport.
This must be presented to the immigration
official who receives the documents.9. Fingerprints from the Public Security Ministry.
10. Three recent passport-sized photographs.
11. Fiscal stamps: ¢125 ($.21) for the application
and ¢2.50 (less than a U.S. penny) for each
sheet.12. Receipt of deposit in the Bank of Costa Rica
account number 242480-0 of $30.13. All documents that are in a language other than
Spanish must be accompanied by a translation
by an official translator.14. Completed form of affiliation, which can be
obtained on the Immigration Administration’s
Web site: http://www.migracion.go.crSOURCE: Immigration Administration
Requirements
for Residency
as an Investor
Immigration Administration Director
Mario Zamora.This is about as crystal clear as it’s probably going to get no? Where the reporter states that: “The opportunity to pursue residency as a home owner is not part of the new law, right?”
“When, as an investor, you register for tax purposes, you tell the government the value of your property. In order to apply for residency, you need proof that you registered a home worth at least $200,000.”
So my understanding of that is that you must apply for inversionista residency status to begin with, comply with those requirements and only then would owning a home of $200K or more help with that residency application….
If someone needs to provide a “Letter to the director of the Immigration Administration and signed by the foreigner who is seeking temporary residency as an investor.“
Again surely this confirms that you must apply for inversionista residency status first, comply with those requirements and only then would owning a home of $200K or more help with that residency application….
And you need to provide “An investment proposal of at least $200,000. The proposal must relate to investment contributing to economic or social development of the country. The investment should be described in detail and include an explanation of what is contained in the investment and a schedule of activities that describe the path of the investment.”
You must provide as “Certification by an accountant demonstrating the applicant’s financial solvency and stating the business plan or showing how the project furthers the objectives of the proposal.
What do you think Attorney Philps?
Scott Oliver – Founder
WeLoveCostaRica.comI think, not easy. I am happy we have our residency and don’t have to go through all this hassle. Nothing is ever easy in Costa Rica! But, oh, what a country! I love it.
As someone who applied years ago under the ‘investor ‘ status, when we had producing coffee farm with permanent employees and was approached by an existing company to also grow ornamental plants for export, whereby we would purchase additional land, this is not easy to obtain. There are so many ‘ifs’ ‘buts’,’maybes’ and they required many ‘plans’ and in the end even though we gave them everything they asked for, we didn’t get approved.
So, if anyone thinks this is the easy way, please think again.
Same ploy…different nameAfter reading the posting of the exchange between the Reporter and the Director of Immigration, I don’t believe that the subject Immigration Department Circular of August 28, 2009, changed the requirements of the Inversionista Residency Category in any appreciable way. When this contoversy started, I commented that historically, the basic philosophy surrounding this Residency Category was that the investment made to qualify for the Inversionista Residency status had to in some way contribute to the “social good” of Costa Ricans (eg. creating employment opportunities, etc.), which is a discretionary decision made by the Immigration Department on a case by case basis. I would suggest that this requirement remains intact, as I initially surmised it would. From the comments of the Director of Immigration contained in the posting here, merely acquiring a property with a value of $200,000.00 U.S., or greater will not complete the equation for an Application under this Residency Category.
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