buying a business

[ihelpit]

Hi,
It seems that the best way to “live your dream” and retire with your family before you can actually use your retirements funds is to “do business”
I was wandering if you could clarify for me whether buying a business will allow me and my family to move in CR ?
From what I’ve read, you can become an “inversionista” if you buy a $200000 business BUT your spouse will have to apply separately ? ( as what ?? )
Also, buying / starting a Bed and Breakfast can be used under “inversionista” ?
Much appreciated
IhelpIT

[costaricafinca]

‘You can become an “inversionista” if you buy an ‘APPROVED’ $200000 business and an “APPROVED B&B” of which there are already thousands here with many for sale, not just buy a personal residence and then change it to be a B&B.
You wife, if she has a pension can apply as a pensionada or rentista which requires additional funds, but she may not work. Rules and requirements are changing.

[ihelpit]

Thanks for your prompt reply
Is there a website with a posted list of approved businesses for sale ?
Would you recommend this approach ?
Steven

[costaricafinca]

First of all, you should be ‘very sure’ that this is where you REALLY want to live! Have you traveled here before?
Visited for an extended period?
Have kids still in school?
Do you have prior business expertise?
All of these should be seriously considered.
I suggest that you rent here for at least six months and then decide to do the final move. This will allow you, if you haven’t already done so, check out various parts of the country you think you would like to stay.
No ‘list of approved businesses’ so you will have to do the time honored ‘search’ for yourself. Unfortunately, you may purchase something and then find out it isn’t acceptable.
You will also have to apply and deposit funds on their behalf…as well as your wife for each child… who is under 18 and ones that will attend university here. Once they reach 18 or leave university, they will be required to apply in their own right, unless you all have obtained permanent residency which will then allow a person to work here, legally.
Do a search for ‘Residency requirements of Costa Rica’.
The requirement are in the process of change, which will likely change the financial requirements, unfortunately not for the better.

[DavidCMurray]

Consider, too, if your really, really want to be on call 24/7/52 which you surely will be if you buy a B&B. We enjoy the folks we rent our guest house to immensely, but we do not wait on them hand and foot nor do we cater to their every whim. In a B&B I think it would be quite a different scenario.

[costaricafinca]

Here is a link on this forum,https://www.welovecostarica.com/members/486.cfm written by a friend of mine about life as a B&B owner/operator.
I think this should be mandatory to read this article when one is considering going into the B& B business.

[ihelpit]

Thanks
Based on this article I get it that it is quite possible that, while “visiting” CR for 6 months, one could discover/develop a business and THEN apply for proper visa ?
As a result of your advice and common sense suggestions, I believe the safest approach will be to simply spend as much time in CR as possible without “cutting the cord” until I’ll be able to identify and start a business there.
Thanks
Steven

[costaricafinca]

Steven, I honestly think that this ‘is the way to go’…or come here!
Good luck!

[Andrew]

You can see the latest news on Costa Rica’s New Residency Law Update at [ https://www.welovecostarica.com/members/2157.cfm ]

As is usually the case, we didn’t come close to the worst case scenario…

Scott Oliver – Founder
WeLoveCostaRica.com

[Author]

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