Residency and working in Costa Rica

[mcraev]

Good Morning Everyone…

I’ve been reading thru all the postings, hoping to not be redundant, but still have some questions. Please bear with me…

My husband and I purchased property in CR and are in the process of having our house built. We want to obtain Residency as soon as possible. Our financial requirement would be satisfied as we will be investing appriximately $300,000.00 in Government guarenteed investments here in the states. And we will be living in CR full time once the house is built. I was told that if you own property, the requirements for Residency are different…Is this true?

Also, our 21 year old daughter has opted to make the move with us. Can she obtain residency thru our situation and will she be able to work there?

Thanks for your patience!

[DavidCMurray]

Owning property will have no effect on your eligibility for legal residency in Costa Rica. What’s more, you should consult with a knowledgeable Costa Rican attorney who specializes in residency applications to determine if your U.S. government-guaranteed investments will meet the financial requirement. Basically, pensionados and rentistas must have monthly income, not just cash in the bank.

I’m skeptical that your 21 year-old daughter will gain any benefit from your residency application unless she is truly dependent upon you, as if she were still a student, disabled and dependent, etc.

A.M. Costa Rica, the online daily newspaper, reported the other day that the new residency law has been published in the legal newspaper, La Gaceta(sp?) and will become effective in six months. A.M. Costa Rica’s coverage included the note that pensionados and rentistas will now be able to work legally in Costa Rica, at least under some circumstances.

That said, however, you need to appreciate that Costa Rican wages are absurdly low by U.S. standards. And while your daughter may, indeed, have marketable skills, so do the Costa Ricans. Even if she is permitted to work legally, she will be very disappointed in the wages she would be paid. In most instances, Costa Rica is not a place for North Americans to come looking for work.

[enduro]

I agree with David on this, contact an attorney re residence.

As for your 21 yeard old daughter, she will probably have to try for residency on her own, as a rentista, that said, she will be able to own and manage a business under the current legislation, as to the new legislation, only the articles of law have been passed, it will be some time before the regulations equated with each article (all 268 of them) are put in place. The new legislation requires a whole new body to control it, which will take time to set up, then they will discuss the finer points and determine what is what. As to work as a pensionado or rentista, it does state that they can work for personal gain, but as David pointed out, wages are rediculously low by US standards.
My own personal belief is that the law will come into effect (March 1 2010) before they have all the required regulations, so they will operate under existing regulations until they have determined what they need to do…
Even the lawyers are still going through this legislation, so be sure to pick one that is recommended by someone you trust.
The grey areas are still there and some will use this to their benefit… not necessarily yours…

I’ve just been reading the new legislation, and as rentistas, the new amount ($2500) covers the family unit, husband, wife and children under 25 and older disabled children. It’s in article 82

Edited on Sep 03, 2009 12:07

[mcraev]

Thanks for the info. And now the next question would be “Do you know a reputable attorney?” I don’t think the lawyer we used to buy the property is knowledgable in residency issues.

[mcraev]

Thank you for your info as well. We had heard that the income requirement would be increasing. And I will ask you the same question…know any trustworthy lawyers? We’re in Bijagual, near Jaco…

[DavidCMurray]

I know an residency expert. You can e-mail me at: daveandmarcia@gmail.com

[Author]

Posts