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Wondering what a single 56 yr. old male needs to have according to CR’s government to move there. Won’t be eligible for SS until 62. Understand that I need to invest $120K. Is that true? Is there a govt. web site I can investigate or someone to call while I am here in the States to find out? Thanks, John
Do a Google search on “Embassy of Costa Rica” and look under “Tourism” for the Immigration link. It is very complete.
The Embassy site for Washington DC has two navigation paths and one does not include the information you want. Try:
http://www.costarica-embassy.org/consular/living/rentists.htm
Basicaly you need to prove you have $1000 monthly income OR put $60,000 in the bank in CR. There are several options.
On SS the requirement is only $800/month
But all the above may change. . . or may not.
I understand that if I put 60K in a Costa Rican Bank I would earn 5% on it. Am I able to get access to that money (the 5%) monthly to live on? Do I have to keep a 60K Balance in that bank indefinately? What if an emergency came up and I needed access to the 60K? Am I right in my understanding?
Where is the best place to find out all the paper work needed to start the process.
I visited the Philippines 10 years ago. Is that Passport still valid?
Thanks
You really need to be talking to a competent, experienced Costa Rican attorney who does residency work for a living. I have one, if your’re interested.
Everything I’ve read, and what he says, is that the new residency law, which has been passed but not implemented, raises the monthly income requirement for “rentista”-class residency, but the law did not change the $600 per month income requirement for “pensionados”. So, while the Legislature might change the income requirement for pensionados, there is no evidence that they have any intention of doing so. They have just been through a long process of updating the residency law and did not address an increase in the pensionado income requirement.
As to your question about access to your $60,000 on deposit, that, too, is a question you should pose to a residency attorney. You will have to demonstrate that upon your initial application – no doubt. The question you should be asking is what you will have to demonstrate with your application for *renewal*. Typically, your initial application gets you residency for a two-year period. Then you must renew; however, a friend of ours just got his cedula (identification card) and it expires in June of 2007 – clearly not two years. This is an important matter and you need to get it right the first time.
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