New Residency "Income" Requirements

[judywow]

Happy New Year To You All,

I am hoping that 2007 brings me to Costa Rica! I have been trying to find out what the new rules are to become a resident? In 2001, a person was required to put $60K in a Costa Rican bank to qualify as a resident. Someone told me that now the government also requires that one has an income of $600 a month from the US. Is this true?

Also, what are the costs for a small apartment? My plan is to move there for 6 months and make sure that this is the correct decision before I move permanently. Are there many jobs for Americans – or do most Americans start their own small businesses?

Third question, does anyone know what the annual insurance premium is for a woman (past baby years)?

Last question, are there any American groups – web sites, etc. that I can communicate with before I make my temporary plans. I hope to make a “visiting trip” this spring and would like to make some contacts with other newcomers.

Thanks for all your help and kindness. I am writing from Denver, Colorado where I have huge 6 foot snowbanks lining my driveway and 9deg.F. It feels like the North Pole and I’d rather be spending my holidays on a beautiful beach!!!

Warmest regards,

Judy W.
(photoujudy@yahoo.com)

[maravilla]

Hey, Judy — I still have 3.5 feet of snow from last week’s storm, plus another 38 inches from this week’s storm! I’m up in the foothills and can’t wait to get out of here for Costa Rica. The residency requirements have changed regarding the rentista status, but it’s still $600 a month for pensionado status. The two categories are completely different and independent. You are not allowed to work in Costa Rica and yes, many people start their own business but you cannot work in the business — a Tico has to do that, but you can take the profits. An apartment can cost anywhere from $150 – $1500 depending on where you are. The outlying areas are cheaper than the city or beach towns. I have a friend who lives in San Ramon and has a darling tico house on a coffee plantation that she pays $220 a month for. When are you leaving for CR? Tomorrow wouldn’t be soon enough for me — I’m sitting in my office in a polar fleece with gloves on! Brrrrrrrrrr.

[deb]

Hello,
I am currently in the Midwest & moving to Costa Rica in January. At this time the only thing I can help you with is re getting information via websites, etc. I have checked out several forums which are not very lively, meaning all I see is an occasional post to which there is no reply. I think you will find this forum to be very helpful. It contains a wealth of information from regular people. I have posted several messages to which I always get a rapid response. Good luck!

[roberta3a]

Hi Judy,

I too have made the decision to file for residency in Costa Rica. I will be taking a tour offered by Chris Howard for people moving there.
I will be leaving from balmy Northern California the 22nd of this month and returning the 5th of February. I then plan to move there upon my return from the tour.

I have been doing a lot of research this past year and find there are several books you can get – Retirement In Costa Rica (amazon.com)
Scot’s books (all of them are great!) I also joined the Association of Residents Costa Rica and have gotten much information from them regarding residency, insurance, houses for sale, attorney’s and accountants, even bringing my dog. They sent me, via email, a lot of information on how to file for residency and they can help you do that.

Scott’s forum is great. I hope to find out a lot about the questions you are asking so will let you know what I find out when I get back.
After doing a lot of research, I have decided to rent for 6 months before I buy any home there. I have also gotten the Institute of Languages Spanish course and am learning the language.

I have decided to file for US Social Security and will qualify under the $600.00 per month requirements of the Costa Rican government.

I still have so many questions and I hope the tour will answer most of them. I will ask about the questions you have and when I get back I’ll email you and tell you what I found out.

Have a great New Year and let me know how you fared in the storms. We here in CA felt so bad for you guys!

Roberta

[judywow]

Hi Deb,

Thank you for the reply. I hope you have made it to Costa Rica safely. You are missing horrible ice storms in the Midwest. Did you already have friends there, or did you move alone? I too have learned alot from this forum. Scott does a great job. I used to also get the Tico Times (it’s in English) and is a weekly newspaper sold at the grocery stores.

Best of luck to you and keep in touch. We snow birds back in the states will all want to know how you are doing.

Thanks,

Judy

[judywow]

Hi Roberta,

Thanks again for your reply. Only a few more days and you will be there!!! I am excited for you. We are expecting “Round 5” of snow storms (5 fridays in a row), and now we are also in the deep freeze, 9 below zero last night and tonight. This morning it was minus 16 with wind chill. All I can think about is the sunny beaches!!

One thing you mentioned, that you filed for US Social Security. Do you have to be over 60 or 62 years old to qualify? That is my biggest problem – I hope I don’t have to wait for years. Can you request SS earlier for leaving the country? If you have a few moments before your trip, please let me know.

Best of luck and have a fantastic trip!!

Judy
(photoujudy@yahoo.com)

[deb]

Hi Judy,

Sorry for late response….I have been held up in the Midwest, enjoying the weather here as well. Due to various things (family illnesses, last-minute odds & ends, trying to figure out how to get 3 pets there,etc)myself & 2 sons are making the big move Feb 28!! My husband has been there most of the time since Dec 2 & loves it! I can’t believe we are actually finally doing this! So far the strangest part was selling a large home & trying to figure out how to basically get our lives into 2 suitcases (plus carry ons)each.

Debbie

[deb]

Someone please correct me if I am wrong, but I thought I read somewhere one could apply for Social Security at the American Embassy in Costa Rica. Is that correct?

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