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I dispute the statements that say only the wealthy can meet new requirements. That would be true ONLY for those who are not retiring and want rentista status. Pensionados can still get in for a minimal amount. Two thousand dollars a month income is NOT wealthy by most developed country standards. Half to over three fourths of that amount is usually made up by social security benefits anyway. The remaining amounts can be made up by pension plans and where those do not exist, other instruments will serve such as a lifetime annuity.
Does anyone personally know a perpetual tourist who lives in CR who has been deported or refused entry back in Costa Rica because of being a perpetual tourist?
Of course both parties have a hand in this mess. That is why I don’t have a lot of hope that Obama is going to be able to do much. The result of the last 20 years of right wing control in the US has pretty much cooked the goose. I don’t think it is reasonable to presume a turn around sufficient to save millions of people from economic suffering will happen in the next 15 years. Many US retirees are going to suffer. Costa Rica is now off the table as a fall back for many of them. We get our just deserts inevitably. That was my point.
You are right, Alfred. However, I am not an illegal slipping across the border. I intend to be a legal resident and I have come to the opinion that the new laws are a good thing not only for Costa Rica, but for retirees as well. Costa Rica doesn’t need another 50,000 poor retiree and rentista gringos running up real estate prices and taking advanatge of what little CR has to offer in socialized benefits. I would love to know how many americans desiring to take advantage of CR socialsim voted republican in the last five U.S. elections. Maybe they should stay home and make amends for their previous errors and try to mopve the U.S. forward towards a more progressive system.
I empathize with anyone who moves to CR looking for a more affordable cost of living. But the only foreign nationals who would even consider living on $600 a month for a couple have to be financially desparate ones. Inevitable inflation WILL, sooner than later, put these people below the national standard of living. They would become a burden to the state.
I would not be able to live here in Miami on $2,000 a month unless I made some very drastic and unacceptable life style changes. My real estate taxes, real estate, health and car insurance and utilities would eat up $1800 a month. However, $2,000 a month in CR would comfortably carry me and my wife. I would not retire to CR unless I had at least that amount. Planning for emergencies and inflation dictates to me that I need quite a bit more, actually. The more I think about the new laws, the more reasonable they seem. Perhaps there is no motive other than the obvious economic concerns of avoiding indigent foreign nationals.
grb, I agree that there is another motive besides lack OF CAJA contributions. It could be some covert co-operation between governments such as political pressure from the Chinese or the U.S., each with its own motives.
However, my biggest, and perhaps ONLY concern is that this might be coming from a general backlash of poplular sentiment towards foreign national residents. I can deal with the excessive financial requirements but there is nothing that can be done to change negativity of the attitude of the general populationa gainst us. I haven’t seen any anecdotal evidence of this but that is hardly conclusive. Has anyone else noticed a change in attitude towards us?
Worse case scenario; I could Stay at my CR property for three months, return to the States for a month and then come back to CR for three months. That would only be three visa stamps per year and certainly no problem. Best case scenario: they approve a perpetual tourist program to accommodate a large foreign national population.
I amnot moving to CR for insurance nor for economic advantages. I like the weather and the scenery and the people. Period.Well, I hope it DOES scare people from moving to CR.There are too many there now as it is and I still intend to make it my home unless they up the requirememt for pensionado to $20,000 a month guaranteed income.
But Costa Rica depends upon tourism and I doubt there would be any official attempt at killing that goose and her golden eggs. But who knows?
Crime is not a separate issue from the economic crisis for obvious reasons. The other insecurities. inflation, deflation and scarcity of food and fuel, all these things will be present no matter where you find yourself should the world economy go teats up completely. A nasty world depression could be nearly as bad as a world war and the battle front would be almost everywhere. And therein lies the problem. People behave differently under stress.
This one aspect of a nasty depression, should it manifest itself in Costa Rica strongly, would make it impossible for me to move there. I saw this photo on another expat web site last week. It was taken an in San Pedro to accompany her posting about the new immigration bill. “FUERA GRINGOS” is spray painted on a foot bridge over the road.
http://abroadincostarica.typepad.com/.a/6a00d83451b8b869e2010535ef6576970c-popupI wouldn’t get too comfy as a resident of Costa Rica either, if things get as bad as they can. Governments are reactionary which means that when the economic bucket hits the bottom of the dry well, an over reaction by the Costa Rican government could be induced by a suffering population.
An over reaction could take the form of rescinding residency, regardless of constitutional guarantees, in the name of saving the country from further degradation of social services. Whether foreign nationals are responsible or not won’t matter. A backlash against foreign residents could happen anyway if economic suffering reaches a certain level. Fear is a terrible and destructive force in human nature. It trumps logic nearly every time.
No country or culture is immune to such over reactions. Look what the U.S. did to its Japanese citizens during WWII despite all our supposed contstitutional guarantees.
Edited on Nov 24, 2008 12:32
Back in february of 2007, I spoke with an engineer on the job site of a luxury home under construction ina neigborhood of Palmares. He quoted about $75 per sq ft back then. Of course, it was a North American style house with granite counter tops and tiled floors. Today, that cost has to be near $90 a sq foot for the same quality. Tico style house might run between 50 and 60 dollars per sq ft now. Pehaps a slightly less luxurious north american house might cost between $75 and $85 per sq ft today.
On the other hand, commodity prices are falling again. I don’t know if there are special circumstances for construction material in Costa Rica, and the Colon is suffering from inflation right now, but we have definite DEflation setting upin the States. If this spreads to CR, prices should mitigate.
I wouldalso like to know. I have had an attorney pay mine for me the last time in January. I may come down and do it myself this time.
I read somewhere that the average expat who decides to give up on living abroad usually does so within the first two years.
“I don’t know why anyone who owns land or a house in CR would want to take the chance of this happening, because once you’ve been deported, you ain’t setting foot in CR for ten years! Buh-bye life in Puravidaville!”
Leaving only one option if you own property in CR, do not yet have pensionado status and do not have $300,000 spare cash laying around to use for residency status; try and sell the property or maintain it as a vacation home which can only be used for 3 months out of the year.
My social security will probably only be around $1700 per month. The wife’s will be much less. Are there any other ways one can deposit money with an accepted banking institution and set up some sort of financial instrument which would meet the requirements of the $4000 required for a couple to apply for pensionado status? I suppose I need to put this to my attorney in Costa Rica.
