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New Rentista law

Discussion forum for expats moving to or living in Costa Rica.

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New Rentista law

Post Posted: Wed Feb 01, 2006 5:33 am

Hi,

I just read that the immigration laws are changing and that spouses & children will be required to be covered separately, resulting in at 4 person family requirement of $120k. Man - I thought $60k was going to be a stretch, but $120k is going to be impossible. I'm a bit unclear on how this works - why does one have to put money into a CD to produce the monthly requirement? Why is foreign income (ie salary) not acceptable? I would easily be able to make the requirement if it were based purely on salary and not an investment.


thank you.

 

puthupa
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Re: New Rentista law

Post Posted: Thu Feb 02, 2006 6:06 am

You can relax, the new immigration law went through the assembly and no changes were made to the requirements for rentista or pensionado.

At one point there was serious discussion about upping the income amounts, but that portion of the bill was removed.

The bill does contain provisions that could affect "perpetual tourists", they are aimed at stopping illegal immigration and the trafficking of humans. Costa Rica is a convenient way station for South Americans intending to immigrate illegally to the US, so there was pressure to stop them here before they get closer to there ultimate goal.


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AE_Russ
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Re: New Rentista law

Post Posted: Thu Feb 02, 2006 6:12 am

ok - i think i'll chill and have a beer Wink i should stop worrying and get back to earning $ for a trip later this year. thanks for the reply.

 

puthupa
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Re: New Rentista law

Post Posted: Fri Feb 03, 2006 6:28 am

You're starting to sound like a Tico already! (mañana is always soon enough)


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Russ Martin
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Helping expats buy a vehicle since 2006 * Used or New *
All types, we take you through the process from start to finish, quickly and painlessly.

 

AE_Russ
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Re: New Rentista law

Post Posted: Fri Feb 03, 2006 7:15 am

ha! i know another way to residency would be a $50k investment in a business in a priority area, right? would buying a b&b count? here's the real question: would we have to run it as a b&b? what if it were the most poorly run b&b ever? in any case, not thinking of buying until we've rented & are comfortable, just coming up with ideas & options.

 

puthupa
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Re: New Rentista law

Post Posted: Sat Feb 04, 2006 6:25 am

That might be a case where you jump out of the frying pan into the fire. I realize that the difference between $50,000 and $60,000 is $10,000. Which is nothing to sneeze at, but on the hand you have a lot more hoops to jump through trying to get:
- Approval from PROCOMER as a priority sector
- Approval from ICT for the B & B permits
- You would have to declare income and expenses for the B & B with Hacienda
- Permits from the local city for operation of a B & B.
etc.

It's much easier to deposit a bond, if you have the money. Or go for the work permit as an executive of the company you form. As long as you hire a few people it seems to me that that would be pretty straightforward.


_________________

Russ Martin
Proprietor www.wheelscr.com
Helping expats buy a vehicle since 2006 * Used or New *
All types, we take you through the process from start to finish, quickly and painlessly.

 

AE_Russ
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Re: New Rentista law

Post Posted: Sat Feb 04, 2006 10:08 pm

yes, that is a helluva lot more involved, thanks for pointing all that out. forming a company would still require quite an investment, something that is not quite necessary when the work is new media design. going the rentista route seems like the best option.

 

puthupa
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