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Has anyone recently applied or received Rentista Residency for their family? I’m really very interested in knowing whether the income requirement is a $1,000.00 per month requirement ($60,000.00 deposit in a Costa Rica bank) for the whole family or has it changed? I’ve received different versions and would really appreciate some info if possible? Thanks so much for your help!
The following information was retrieved from: http://www.residencyincostarica.com
This is a little vague and doesn’t answer all your questions. I would suggest that you contact the Costa Rican Consulate in your area for updated information.
“Those seeking rentista residency and the advisers who guide them are trying to get the application papers filed as soon as possible.
The problem is that the new immigration law contains a clause that doubles from $60,000 to $120,000 the money a married rentista must have. Although the clause is in conflict with another section, those who deal in helping foreigners with residency expect immigration officials to accept the most strict version.
The immigration law has been passed but does not go into effect until August. One company involved in residency applications, Residency in Costa Rica, said it strongly recommends that rentista applications be filed not later than the first week of July 2006.
Single persons who seek rentista status and those who seek pensionado status face no changes in financial capability in the new law. A single rentista must show that he or she has $60,000 in a bank and agree to change $1,000 a month into colons.
In addition to an extra $1,000 a month income for a spouse, rentistas have to show income of $500 a month for each minor child.”
Bill Maes
My husband and I are applying for Rentista status right now and are scrambling to beat the Aug 12th deadline where the requirement changes from $60K to $120K for the two of us. We put $60K into a CD in our bank here in Florida and had to do some sweet talking to have our banker write the letter for us. We feel better about doing this than putting the money into a Costa Rican bank. We are also flying to San Jose first week of July to have our finger printing done. Apparently it takes 30 days to have this go through so we are cutting it close but I think we’ll make it. We are using Residency In Costa Rica http://residencyincostarica.com/ to help us with this confusing road to residency. (Javiar is great, very knowledgeable and helpful.)
Looks like we’re really doing it! I’m so excited.Hope this helps a bit. Let me know if I can answer anything else.
Angela
I have two friends who doing the rentista thing with Javier at Residency in Costa Rica, and all documentation had to be in way before the August 12 deadline. I also used Javier to do our pensionado residency and I am really pleased with how everything was handled and the speed at which it was all done.
I read in a previous post (see above) that the new president may postpone the deadline for one year. We’re hoping and praying that he will. We don’t have $150,000.00 to deposit for five years in a bank plus the investment needed to purchase and build our home, car, etc. It is our Dream to live in Costa Rica!
We love Costa Rica, just the way it is! We want to come and become a part of her, and to help where we can. We’re not rich, just old-fashioned minded, decent, prosfessional, middle-class people in our forties; but we do have a tremendous respect for Costa Rica, her people and her land. I want to get away from the American lifestyle and the spoiled, self-centered, aggressive attitudes here. I work with the public every day here in the States, the attitudes here have changed dramatically. What happened to “loving your neighbor as yourself”, truly caring about others, instead of just trying to get what you can no matter who you have to destroy to do it (very prevelent where we live). Oh what a dream it would be to live among real, down-to-earth people . . . in peace, yes even with the petty theft, the bad roads, etc. Yes, there will be trials and problems, yes they have their share of problems; but we can handle them in this new wonderfully different environment. Wow, did I get off the subject or what? Sorry about that! We just want to move there so terribly much, and this new program may not allow us to do so!
Thanks so much to everyone for their help!
If there is a chance that this new law will be enacted at a later date, then perhaps you should start the rentista thing NOW while it’s still at the lower rate. You will not be able to live in Costa Rica without some sort of residency and if you are too young for a retirement pension then your only choice is rentista status, otherwise you will have to leave the country every 90 days and that can get to be a bother after a while. I understand your reasons for moving out of the US — the ones you cited are the same ones I have and in the 18 months since I made the decision to move to CR and get legal residency and build a house, I have never had one second of regret. Now if ONLY I could sell our house here in the States and get out once and for all. LOL
Keith,
My wife and I just returned from completing our application and setting up our bank account. You first must set up the bank account itself with a minimum of $30. Then you have to set a a special CD type account with the amount of $60K. This account will automatically withdrawl $1000 worth of colones each month and deposit it into your established account. Once this is set up they give you a certificate that shows you have done this. This certificate is part of the application. We also were taken (by our attorney) to the police station to be fingerprinted, deliver four passport sized photographs and answer some quetions. Our attorney was very helpful. His name is Romulo Pacheco; email is crlexs@racsa.co.cr He charged $1250 for my wife and I and than there’s a $600 deposit that is required by the government that is refunded to you once you become a permanant resident (sort of a deposit in case you have to be deported…interesting). Now we are just waiting for our cedula, which we were told could be two to four months. I would definitely recommend his services. Hope this helps.
Edited on Jun 18, 2006 13:59
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