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I don’t know if this is feasible in your case, but I have friends who took out a home equity loan on their current home in the states and purchased a home in CR. They plan on selling their home and paying back the loan at that time. (They saw something that suited their needs and didn’t want to risk waiting).
I was told that in order to avoid US taxes, you must become a legal resident of Costa Rica, and you can have no businesses, addresses (properties), bank accounts, driver’s licenses or anything else in your name in the USA. If you have any of the above, you are still liable for state income taxes, as well as federal.
If you’d like some firsthand information from someone who had plastic surgery in Costa Rica (and was so happy with the results, is going back for more) check out: http://www.makemeheal.com and do a message board search for poster: amyyoung88 (I am one of the moderators over there–you can also post any questions you have and I’m sure you’d get answers!)
Are you allowed, by law, to just go there and open up a business? Is that a case where you can own the business, but not work it (i.e., have to hire Tico’s to actually work the business?) I read a story on another website where an American bought a bed and breakfast, and was allowed to own it and take profit from it, but all of the employees had to be Tico. One day, he was helping ‘the guys out’ as the restaurant was really busy, by clearing tables, and immigration took him in for questioning and gave him a warning.
I received Scott’s book last week…and I have to say…it has GREAT information in it–I’ve been reading it with the intensity of a Robert Ludlum novel! I recommend it too! (I hereby attest to the fact that I paid retail for the book and am not being compensated for this endorsement! LOL) Adele
I received some info from the consulate, and was told that (if the changes do go through as planned in August, 06) you would need 1000 dollars per month PER ADULT for 5 years in a CR bank ( or proof of income from investments, social security, business ventures, etc that equal 1000 dollars per adult per month)…it appears that the change is a ‘per person’ change vs. per couple. I think it said minors need 100 dollars per month verifiable income (or available cash) as well. (I don’t have it in front of me here at work). But like Scott says…who knows? A lot can happen between now and then.
I’ve seen their website, but nothing about the Costa Montana Estates. Is it the same company? so many have similar names.
These websites might be a start for you….
http://www.frommers.com/destinations/playasamara/I’m sure anyone on these boards who know the area will be of a help, too.
My husband can relate to the job situation very well(chicago area)!! Seems like all the women on my street work, and the men have been out of work for 1-3 years–and not for lack of trying! Can’t wait to hear about your adventure! Keep a journal if it’s your thing, and definitely post pix if you can! It’ll be nice to hear your assessment of the different areas you visit, as well as the trip itself. How long are you staying for this trip? Have a fabulous time!!! (I’m envious!) Adele
Check out the Paragon Properties thread below! Someone even posted pics of his ‘lot’ that he promptly requested his money back for. As far as my experience with Paragon goes…I wouldn’t give them a dime…and it is a good thing that you don’t have to pay for incoming calls, because I’d be broke by now…their selling tactics are second only to polite harassment…calls just about every nite for a week at the dinner hour, for example…”making sure I had the fedex envelope to send my 35000 dollar deposit” (sight unseen)….calling someone who is compensated to tell you good things about the property under the premise that the person lives there 6 months out of the year, only to find out that she just looked at the property a couple of months ago for the first time and nothing had been built yet at all…and you can read some more of the unsubstantiated claims Paragon Properties makes in the threads below……
Denise…sounds like a plan! When you wake up to that natural beauty, you start your day a whole new way! The sights, the sounds, the weather….and most of all, the people! The best times I’ve ever had when travelling, were meeting, speaking with and interacting with the ‘natives’. When in Barbados, for example, we hired a driver for the day to see the sights…as much as we enjoyed that, we had even more of a great time when he took us to his home, we saw how he lived, met the family , and played ball with him and his son, and had dinner! That’s something you can’t ‘buy’ at a travel agency. I’m really looking to surround myself with beauty and getting back to the basics of life…things that can be easily cast aside in the ‘rat race’. I wish I could go tomorrow! Hopefully I’ll finish researching, reading and talking to people by May, so that I feel comfortable enough to narrow down areas I’m interested in, map out an itinerary , and spend a week or two checking it all out in person.
Your plans sound like my plans! I did what you did, to start–books, internet searches, etc… Read the Costa Rican paper on line, and I’m trying to improve my Spanish! (it helps that I work with 2 Puerto Ricans and have many Mexican patients, many of whom do not speak English). Inquired with some realtors, as well as looked up property on the internet, and joined this forum! I also called the CR consulate, and they promised to send me information about all kinds of stuff(I have more questions than Jeopardy!). Bought Scott’s book, too, but haven’t received it yet. My ex-husband’s aunt has lived in CR for over 20 years, and has a son my age (47). When in Costa Rica, about 10 years ago, we spent some time with them. They live just outside of San Jose. He just got me her phone #, so I intend to call this weekend. The last time I was in CR, it was just for ‘fun’. I plan on checking out different areas when I go down this time, as relocating even part time wasn’t something I was thinking about the last time I was there…only after I got home did the bug bite! It’s important to me to be within about 1 1/2 hours of San jose…Initially, I wanted beach (pacific coast), but now I’m not so sure…my husband is still insisting on the beach tho! I’d be happy with gorgeous tropical foliage all around! (I’ve always been big on landscaping). One of these days we plan to sit down together, and mark off the areas we might be interested in, and try to find someone reputable to show us properties/homes…at this point, it probably would make sense to buy the land and build later. (Although then again, you can always build and rent). I wouldn’t leave a home ‘sit’ for 9 months of the year. so much to decide! But it is a fun trek! Good luck!
