Categories: Blog
Costa Rica is known for its natural beauty, political stability and growing economy, making it a popular destination for foreigners Investors, Annuitants and Pensioners who wish to move to the country in search of a better balance between quality of life and personal-professional development.
In order to facilitate this migration and help the development of the country’s economy, the new Regulation of the Law for the Attraction of Foreign Investors, Annuitants and Pensioners (Law No. 9996) have been published this February 23rd, for those people who wish to invest in Costa Rica or people who can demonstrate income and wish to live in the country.
One of the most significant changes is the decrease in the minimum investment that foreigners must make, going from $200,000 to $150,000 dollars. It is worth mentioning that in case of being accepted the legal permanence will also be reflected in your spouse as well as in your children.
For the approval of the application, the interested party must provide documentary proof of investment with a capital of not less than $150,000.00, such investment may be made in the following:
- Real estate o Registrable property
- Shares
- Securities
- Projects of national interest or Productive projects
- Venture capital funds
- Sustainable tourism infrastructure projects
Now, once the application is accepted, the beneficiary may request the renewal of this condition for two years. The tax benefits that the applicants will obtain with this condition are found in numeral 5 of the Law in question, in allusion to them we can highlight the following ones:
- Beneficiaries may import up to 2 transport vehicles, air and/or sea, for personal of family use, free of all import duties, tariffs and value added taxes.
- Exemption of 20% of the total transfer tax, in those real estate properties acquired during the term of this law, provided that the beneficiary is the registered owner of the property.
- Exemption of import taxes for instruments or materials for professional or scientific practice, carried out by the person with the migratory category of investor, resident pensioner, or resident annuitant.
- Possibility of exemption from import taxes for a single occasion of household goods, understanding household goods as those new or used articles of a reasonable natura and quantity and proportionally sufficient for the needs of the beneficiary and the members of his or her family nucleus.
Finally, we must indicate that it is of utmost importance to be clear that the term to opt for the benefits granted by Law N.9996 will only be for the first 5 years as of its publication; likewise, for those people who have obtained such condition, they must keep the assets in their possession for at least 10 years.
For the acceptance of the application among foreign investors, annuitants and pensioners certain requirements must be presented, which vary depending on who es being requested the legal permanence, in addition to the presentation of the general requirements for both the applicant and his/her dependents. In case you are interested in making the application and require more information you can complete the form where you will receive advice from our team of specialized lawyers as soon as possible.
