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This is addressed to Scott the Moderator.
Can you post or send me an e-mail link to the person who can ship and register imported cars, Arden Brink.
Thanks
James McLaren
Maybe, if anyone knows someone important in the Costa Rican Government with influence on the scheme attracting N American retirees should pass this MYY2H link above to them or spell out the way that Malaysia goes about their objective.
They have a dedicated Government Department with a centralised administration dedicated to explaining the system and ironing out problems that may occur.
THANKS TO ALL THE ABOVE.
Let me further expand my position.
I am currently living in Europe, Gascony in SW France and have been looking at warmer part-tie working options.
There is a scheme in Malaysia called Malaysia my Second Home which could be just what Costa Rica is looking at or around.
It allows just about anybody with a certain monthly income to retire to Malaysia and gives certain advantages and incentives to them, should they do so.
In particular is the derogation of the import and local taxes on new cars built in Malaysia, a definition of that includes cars assembled from imported “kits”. Most car brands in Malaysia either make models there or have re-assembly plants for some models appropriate for Malaysia. Thus there are three types of cars available there; locally produced, locally assembled by the the manufacturer from imported parts and imported finished models.
The tax can be significant but to lure potential retirees they remove this under controlled circumstances.
Approved retirees also have the [b]right[/b] to import their personal cars from their applying country of residence assuming they have owned it for a certain period of time.
Personal affects, clothes and furnishings are also exempt fro import taxes.
Some islands are also tax free for all to encourage inwards investment and migration.
The added bonus for me, as a UK passport holder (so would a US and Canadian) is that permissions would almost be a certain formality and the legal system is Common Law based. They even drive on the left side of the road.
Health insurance for the approved group is actually subsidised by the Malaysian Government and is of very high quality.
I would also have to pay NO income tax on any remittance from outside nor would any such earnings kept outside be taxed at all. That is to say, legal tax residency, without the requirement of physically staying in the country except for a few qualifying days per year, without any non Malaysian derived income being taxed.
Gibraltar also offers the same option to me but the investment necessary in housing is considerably greater and an annual fee is necessary to maintain residency. If you are making about €1 million or plus per year (not me!) it is good deal as the European Union has a bilateral tax agreement on this. These people usually have to organise their income through somewhere like Switzerland or Panama.
The downside is that HM Customs and Excise, The French Fisc. and the Spanish or Portuguese Tax equivalents will monitor that you spend less than 6 months in their countries and that you own nowt in their respective countries and receive no income from within. There are, as ever, ways around this for the richer people.Morocco and Tunisia are favourites for French pensioners and their French National Health and Social Security benefits are transferable, assuming the expariot continues to be tax resident in France.
So, what I am saying is that, there are a few schemes out there looking to entice people into retiring abroad and contributing to the local economy. Costa Rica has a lot going for it but, from here anyway, they need to get the tax derogation asses in action if they hope to attract more European retirees.
Have a look at the Malaysian MMY2H site as above.
I was drawing up a spreadsheet on the costs of what I consider to be the relevant financial considerations. After that there would need to another triage based on personal considerations after visita of reconnaissance.
Thanks
James McLaren
[quote=”Scott”]Did you see this article?
How Do Import Taxes Work in Costa Rica? By Attorney Jose Rafael Fernandez
[ https://www.welovecostarica.com/members/421.cfm ]
In the article, he links to the government website for the approximate taxes for importing cars ….
I would not rely on that though…
You could also ask our shipping expert Arden Brink.
Her most recent article:
Cheap Cars In Costa Rica? Buyer Beware!
Can be seen at:
[ https://www.welovecostarica.com/members/Cheap_Cars_In_Costa_Rica_Buyer_Beware.cfm ]
Arden only sends me one article every 6-9 months if we’re lucky so you should to make sure there have been no major changes…
Thank you, both posters.
I suppose that the best way is to coe to Costa Rica or ask for a quotation by e-mail and then try to work out what the hell the Govmnt website is saying and whether the “Baby Boomers” flytrap legislation has any real meaning wrt imported cars, fro Europe.
Scott[/quote]
