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Sorry this is off on another banking tangent here but it is important …
Costa Rica is unfortunately being drawn into the new banking order! Congress naively thinks that it’s good when they see the words transparencia, fortalecimiento and fiscal.
The proyecto de ley is an attempt to give the tax department absolute freedom to get third party information including from banks and any other source they want for tax collection purposes.
The rationale indicated in the actual text of the proposed law states that Costa Rica must adopt “internationally accepted tax standards as established by the O.E.C.D.”
One of the proposals is to change the definition of “transfer of real property” to include transfer of the dominion or control of any real property by whatever means it was carried out – i.e. should this be approved, this would make stock transfer of corporations that own property a “transfer of real property” subject to the transfer tax.
It will also carry forward any corporation tax liabilities to the shareholders of the corporation.
Scott
I had a question regarding the rentista issue and hoping to stem off of this topic as it relates. It is my understanding that the required funds was reduced down to 60k. Although you still need to transfer 2500/month but for only two as opposed to five years. My husband and I plan to go this route when we move, so here is my question. You transfer the 2500k per month into a CR acct. And have proof of such. Do you have to then in turn spend that money in the CR economy? Or can you just keep it in the CR bank and withdraw the 60k (or whatever amt is required) once you get residency or keep it there if you wish. I am imagining that this rule is in place so you can show that you can support yourself,but in our situation at first we may not be living there 12 months out of the year. Hope this makes sense.
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