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Your comment about Costa Rica reminding you of the U.S. in the 1950s hits very close to home, Maravilla. I’ve often remarked that our little corner of this country reminds me of the rural West Virginia I knew in the 1950s.
As an aside, the road up our way from Grecia has only been paved for about the past twenty years. (Some would also assert that it was last paved twenty years ago.)
My husband also said that CR reminded him of Italy in the 50’s — that slower pace of life, the respect for the old folks, not everything on a fast track, REAL food still available and not everything in a can, box, or frozen package, really bad TV programs, and a few other comparisons that I can’t remember right now. At least you have a paved road. Where I live in CR,the road is still gravel from the main highway to our house and beyond with no chance that it will be paved anytime in the next decade.
You have no idea how wonderful it all sounds, the bad roads, the bad TV , the slower pace of life, the resemblance to USA in the 50.s, It is just what we were looking for. Maui is fast becoming another California.
One more question how hard would it be to eventually get perminant residancy in CR. Would we have to have jobs there or just money in the bank and then how much money would be enough to allow us to stay. I am 55 and my husband is 48. We can live off what our website provides would that be enough. how does it work.“Charming”, Ava, is in the eyes of the beholder. That’s why it’s so critical that you not jump into this.
Unless you have a very, very well guaranteed pension (Social Security, government, locked-in annuity), you will probably have to apply for “rentista” status. To qualify financially, you will have to deposit $60,000US _per_adult_ in a Costa Rican bank account and convert $1,000US per month to colones. (Nothing says what you have to do with the colones.)
QUESTION FOR THE FORUM:
Can anybody say what the process is for rentistas once their $60K is deposited, their residency application approved, their cedula issued? What happens at renewal time? What is the fate of the $60K? Does it have to remain on deposit permanently? If you can draw it down, what’s the requirement for your bank account at renewal? How does all that work?
Regarding the mosquito’s they can be troublesome and dengue is getting pretty bad according to the numbers reported. In the central valley there seems to be much less of a problem with them, but in the beach areas it can be very bad, especially for someone who is naturally targeted by them. I’m like Terry, they usually don’t go after me, my girlfriend on the other hand gets bitten like crazy if she is not vigilant about spraying etc…I know a few people that have gotten dengue, so just be careful.
Javier helped my friend with his rentista status, so maybe I will ask one of them to explain about the draw-down and the balance thingy — I have no idea how it all works beyond converting the grand a month into colones because I have pensionado status.
“Charming” is a euphemism for total inefficiency — at least compared to our fast-pasted computer oriented society in the States. This inefficiency drove my husband crazy, especially when we went to BCR to pay our exit taxes. First we stood in a line to get a number, then we sat down and waited for 40 minutes to see a bank employee who filled out the paperwork (which took longer than usual because of computer problems), then we had to stand in line and pay the fees, then we had to get back in line to get the forms. Hubby got so exasperated by all the line-waiting that I had to make him wait outside so he wouldn’t throw a tantrum about how inefficient it all was. I didn’t mind at all, because I always strike up conversations with the Ticos when I’m standing in line and suddenly it’s a social event! The “charm” of Costa Rica is what drives a lot of people to move back to the States — and to them I say buh-bye and peace. No doubt, the whole system in CR is completely different than anything you will ever experience in the States. If you do not have patience, you won’t survive here because nobody in CR is in a hurry to get anything done, but then I’m not in a hurry either anymore, so it’s all good.
David, Javier and I have been in contact and I do have a long letter explaining the process. First he said I do not have to put the money in a C.R. bank. I can put it in a bank here in Texas. I believe this has been discussed before but once again what is needed is a letter from the bank giving a statement of “irrevocable” guarenteed funds. There in lies the problem, getting a bank to issue such a letter. I am working on that now. The bank then sends $1000.00 to a C.R. bank and one withdraws it once a month.
As for how long it must continue it is necessary until you have a ready guarenteed source of income ie…social security,retirement fund such as a teacher woul recieve etc. Of course if these folks have such a fund and are already receiving a income sufficient to qualify they could use that as their guarentee for income…ie a Trust fund that can give a letter of guarentee for at least 5 years. I also asked Javier about how long I had to leave the money in the guarentee form and he has told me that when I turn 62 and choose to take social security I can place that as my guarentee and then release my bank funds. These people need to talk to one of the attorneys mentioned on this forum…there are more than several and get the straight info. based on Their financial position. I do not believe the “income” from the yoga or any other work they may do (legally or otherwise) has anything to do with the subject of guarenteed funds..in fact I am sure it does not( the gov. does not care about current income as it can stop at any time they want guarenteed continued funds)
I am sure more will respond to this….good luck eva..p.s this is not meant to be legal advice of any form just what one local C.R. attorney has told me…
Terry From TexasOkay, Terry, so you’re saying that a rentista must tie up $60,000 irrevocably (whatever that means) in a U.S. or Costa Rican bank, get proof of it, and thereafter draw it down at a rate of $1,000 per month. Ignoring the fact that the (initially) $60,000 will earn some interest, it’ll be depleted in five years. The question is, what happens if in five years Ava’s husband has reached age 53 (he’s 48 now)? His $60k is gone. He isn’t eligible for Social Security. Can he not then qualify for an extension of his residency?
David….Heck if I know? ..did not go that far. guess I should ask that question as the good ol U.S could really screw me if they change the early taking of S.S.
Terry From Texasava , i lived in hawaii for ten years in waianae (oahu), with my filipina (local kine)wife from kauai. we moved there and built a house singlehandedly. i worked for imua builders service as a finish carpenter (UNION). she passed away and i made the stupid mistake of moving back to da mainland (calif). maybe you know what that’s all about. new marriage, keeds ly dat. now da keeds stay beeg and time to move on. hawaii seems to me, on return trips, to be getting shabby. i consider costa rica to be hawaii without the expense. the climate in the highlands is similar to the hills above makakilo. 1 year or so (with consideration for the housing market) and i’ll be moving there. as a well traveled individual i believe i have a unique perspective. da locals used to say, eh bra you no stay like da uddah kine haoles, all stuck up ly dat. you je like us brah. i worked foah imua builders service and lived in lahaina while building the maui surf hotel (yeah, long time befoah). anyhow, reply if you like. two plus years of internet research and 1 visit to costa rica (where i was invited into one costa rican home)gives me some perspective. all these replies are telling you to get your s*** together prior and they’re right. lots to consider beforehand and bonafides to compile, but you’ve got the right idea. good luck to ya! crayzrj@earthlink.net. p.s. i’n not necessarily a great co-respondent but i do reply in hawaii time (costa rica time same same)aloha nui loa.
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