Living/Retire in Costa Rica, Investment

Living in Costa Rica , ways you can qualify for work permits and resident status when thinking of moving to Costa Rica

This page offers you tips about getting legal residency in Costa Rica . Look below for ways you can qualify as a legal resident, including work permits, rentista, pensionado and inversionista status. At the end of the page is a comprehensive overview of the process and of documents you must file. You must hire a lawyer registered with the Costa Rican bar association. A good lawyer will charge from $1000 to $1500 for the process.

Costa Rica retirement

: Residency for Retirees (Pensionados)

You may acquire this status if you can prove that you have a guaranteed monthly income of at least $600 per month from a qualified source, such as a government pension. You will be required to exchange this amount each month into Costa Rican currency via the state banking system, to show proof of the exchange, and to live in Costa Rica for at least four months per year.

Costa Rica retirement: Resident with Interest or Dividend Income (Rentistas)

You may acquire this status, if you can prove that you are receiving income from interest or dividends of at least $1,000 US dollars per month from a foreign or national bank. The bank must issue a letter certifying that you will receive such monies and that you will exchange them into Costa Rican currency. The bank must renew its certified letter every five years. You will be required to exchange this amount each month into Costa Rican currency via the state banking system, to show proof of the exchange, and to live in Costa Rica for at least four months per year.

Costa Rica retirement: Investor Status (Inversionista)

You may acquire this status if you invest in a local business in Costa Rica . According to the Center for the Promotion of Exports and Investments (PROCOMER), the current priority investment areas of business are ornamental plants, leather articles, spices, fruits and vegetables, processed foods, wood products, and tourism. You will be required to invest at least $50,000 US dollars in one of these areas. If you prefer an area of investment not listed by PROCOMER, you must invest $200,000 US dollars in that business. You must live in Costa Rica for six months per year and will not be required to maintain a minimum monthly income.

Costa Rica retirement: Qualified Business Representative or Technician, Domestic Servant

If you are a qualified business executive or a qualified technician from an accredited institution, a qualified worker in an educational center with a special contract, or a domestic servant, you can get a work permit or temporary residency. At the end of your contract you must leave the country. The institution will be held responsible for the applications before the General Direction of Immigration Department. The Immigration Department of Costa Rica determines the requirements for a specific job category at its own discretion.

Costa Rica Retirement: Procedures for retirees to become a Costa Rican permanent resident

Your lawyer will guide you through this process. You may need to file other documents and applications, according to the regulation under which you will be qualifying. But here you have a comprehensive overview of the process and the majority of documents you will need to obtain and file.

Prior to your arrival in Costa Rica , you must authenticate these documents at a Costa Rican Consulate:

• Birth Certificate

• Police record Note: Police record must be issued by a competent authority in the country where you and your dependents over 16 years have resided for the last 6 months before entering Costa Rica . This document will only have a 6 months validity after the date of issuance; if it expires during the processing of the application, a new one must be submitted.

• Marriage certificate (if applicable)

• Academic degrees or equivalent

• Certified copy of your passport including all pages

• Birth certificate for each dependent (if applicable)

• Letter from your prospective employer stating the terms and conditions of your contract, the salary you will earn, and your job description.

The Costa Rican consulate's web page says: "Permanent & Temporary Residents We strongly recommend that you enter Costa Rica as a tourist. Then, you may file a petition to change your tourist status to any of the following permanent resident status:" Once you are in Costa Rica , you have 30 days to file your application to change your non-immigrant status. If you want to change your status as a Retiree, you must file the documents with the Department of Tourism (Instituto Costarricense de Turismo (ICT)), which will submit your application to the Immigration Department.

If you are filing an application as an investor or Resident with Interest and/or dividends income, you must file the documents directly with the Immigration Department of Costa Rica.

• Application Form (includes, but not limited to: Full name, citizenship, marital status, occupation, passport information,number of dependents - who must provide the same kind of information-, oath stating your desire to obtain Costa Rican residency, income source and the monthly amount, provisional or permanent address of your country of origin and/or Costa Rica, official mailing address for notifications)
Note: This application must be duly authenticated by a notary public.

• Legal Representative You will be required to hire a lawyer who will be your representative in Costa Rica and who will state the reasons why you want to live in Costa Rica and who will provide a mailing address in San Jose , Costa Rica where notifications may be sent.

• Foreign Documents The documents listed above authenticated by the Costa Rican Consulate:

• Costa Rican Documents:
- Four recent passport sized photos.
- Five sheets of official legal sized paper.(papel oficio)
- Police record issued by the Judicial Criminal Registry of Costa Rica.
- Certification of entries and departures from Immigration (mecanizado)
- Photocopy of Costa Rican ID, if married to a Costa Rican citizen.
- Payment of the legal fees and stamps required by law.
- Medical exams required by Health Department ( HIV test, venereal diseases, tuberculosis, among others)

Additional documents required to obtain temporary resident status.

• Application form of the Department of Foreigners,authenticated by an attorney and presented to the General Direction of the Immigration Department.

• Fingerprints.

• Guarantee deposit.

• Persons working for companies mentioned above must present a document from the company designating them in their pertinent position. Note: Domestic servants must include a letter of guarantee from the employer, authenticated by a notary lawyer.

Income Source Certification Requirements

Income Certification - General Information

Income certification must be issued by the financial institution that provides you with your money. If you are filing to obtain a Resident with interest and/or dividend income status, the certification must state that you will receive a minimum monthly income of $1,000 U.S. dollars in a permanent, stable, and irrevocable way during a period of five years. If you are filing as a retiree, the certification must state that you will receive a minimum monthly income of $600 U.S. dollars in a permanent, stable, and irrevocable way.

Income Coming from Companies

If your source of income is from an established foreign company, you must provide the following documents:

• A letter from your company stating your full name, your title, your qualifications, and that the company will allocate at least $1,000 US dollars per month for you in Costa Rica . (The letter must be signed by the manager or the president or the legal representative of the company.)

• A certification of legal capacity or equivalent document for the representative of the company who signed the letter.

• A registered certification or equivalent document stating that the company has been in business for at least three years

• Registration issued by a Certified Public Accountant (CPA) who is not the company's accountant. The CPA must state the same information as the representative of the company, attesting to the validity length of time the company has been in business; moreover, the CPA must ratify that the monthly $1,000 US dollars will be sent in a permanent, stable and irrevocable way. (In case the irrevocable term can not be used, please state "not subject to conditions." Provided that it is revocable, it must state that "ICT will be informed")

• A certification stating that the CPA is legally authorized to issue such registration, either by the city's College or Registry Office.

• Three bank references showing the funds available to the company

Income from Foreign Banks

• A certification from the Bank stating that it will send you $1,000 U.S. dollars per month for a five year period in a permanent, stable, and irrevocable way. Including your name and your relationship to the bank.

• A certification stating the existence, performance, and location of the bank, or equivalent document issued by the official of the public organization