Costa Rica New Immigration Law: Second Part

As our previous post mentioned, Costa Rica is currently one of the preferred international destinations for citizens of the developed nations to invest or retire. It is the obligation of the Costa Rican Immigration Law to control all the related aspects about significant migratory trends and to offer advantages for those who are willing to relocate to Costa Rica. In this post, we will discuss specifically about two of the main types of residencies offered by the Costa Rican Immigration authorities and the possible changes that could affect them in the near future, those residencies are: Rentist or Pensioner.

To become a Rentist, according to Costa Rican Law, the basic requirement is to receive a monthly income of no less than US $1.000 in a recognized local or foreign bank. To become a Pensioner, the requirement is to receive a monthly life pension of no less than US $600, both types of residencies are allowed to get involved in business activities; however they can’t be hired as employees of Costa Rican Companies.

Regarding the aforementioned categories, there is a mayor concern derived from a bill currently in discussion in the Congress, named General Immigration Law. It promotes several changes to the current Immigration regulations, among these, the possibility of increasing the established amounts required by the applicants of such regimes. This precise topic is causing great controversy among Costa Rica lawyers, expats and the general public.

According to the proposed content, the minimum amount required to qualify as a Rentist would increase to up to US $5000 (for a single applicant, with the possibility to include the spouse and dependants under 18), concerning the residency for Pensioner, US $2000 (also for a single applicant or a family unit). Some of the Congressmen disagree in increasing the amount in such a drastic way, which is why some of them presented motions to consider amounts such as US $ 1000 related to Pensioner, and between US$2500 and US$3000 for the Rentists however a definite decision has not yet been taken.

Either way, this issue is causing anxiety within the local and foreign communities. Even the members of the Congress have mentioned the fact of receiving hundreds of e-mails about the fear regarding the dramatic increase in the amounts, and the negative effects these might cause to their resident condition already granted. Real Estate agents affirm that upon the approval of these highly increased amounts it is foreseen a new economic damage for Costa Rica’s economy, and it’s not convenient to apply this figures specially considering the economic crisis presently experienced in the entire world.

The government assures that the main reason for increasing the amounts is to respond to the needs of national security, and that the amounts are not as excessive as they seem, instead, necessary for better benefits. Even so, citizens, residents, people from abroad are worried and still consider the amounts potentially required as outrageous, as an obstacle for entering in Costa Rica.