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Hi Subhadra,
No, the $60,000 is put on deposit in a recognised bank, and the bank issues a letter to the immigration authorities, stating that the deposit is locked in for a minimum of 5 years and they are allowed to withdraw $1000.00 per month. This then qualifies them for rentista status and thus residencia.
To qualify for residencia as an investor you must invest in Costa Rica a minimum of $200,000 to purchase an existing business/ or develop your own business from scratch.
I did the latter some 12 years ago when I left Canada to live here, and thus qualified for permanent residencia.
True there are many people who do not follow the legal ways to gain residencia………….I know quite a few……..but they always live in the fear that they will be discovered or those that leave CR for 72 hours every 3 months, to re-qualify as a tourist, may have a shock when one day they are refused re-entry as a perpetual tourist. It also limits their ability to make money in this country.
My son is using the legal department of the ARCR…Association of Residents of Costa Rica………and I have been impressed with how well they operate, and at reasonable cost. Much less than I paid an attorney 12 years ago to process my paperwork.
It may pay you, being so close to Ottawa, to pay a visit to the CR Embassy in Ottawa. They have all the documentation that you will need, and the ways, to establish residency.
I you want I can get the details of the contact person(s) at the ARCR for you, from my son.
Good luck.
Brian
My son, his wife and their two young children have just moved here from Ottawa, Canada to take up residency. They took the decision to sell their business, but keep their home in Ottawa which they have rented out. This gives them a guaranteed income while they decide what type of business to take up here.
To get their residency they have used the ARCR(Residents Association) to apply for residency and thus avoid having to leave the country every 3 months for several days. Certainly having a child born in Costa Rica makes it relatively automatic according to the ARCR. In their case they are using the $60,000.00 deposit for rentista status, which I believe is only open as an option until August of 2006 due to the proposed change in immigration requirements.
If you decide to go ahead and make the move here , do not hesitate to keep in touch with me through this site.
Brian Kerr
