Residency Types and Income Requirements

In 2010 the residency requirements changed in Costa Rica.  The three types are Pensioner, Renter, and Resident Investor.

Pensioner Resident is required to show a verifiable minimum monthly pension of $1,000 US.  The pension must be guaranteed for life.  Only Social Security pensions, or similar, are permitted.  No other kind of income will satisfy this requirement as it has to be a life time beneficiary to secure not less than $1,000, and petitioner should have to demonstrate that the issuance company has the ability to secure this monthly income for life.  You can do this by certified copies of the financial status of the company. Expires every 2 years.

Renter Resident is required to have a verifiable monthly income for at least 5 years for no less than $2,500 US per family.  You can qualify with this requisite if you have a deposit in the bank for no less than 5 years that generates no less than $2,500 a month, or you must make a deposit in a Costa Rican bank that generates this sum of money being $150,000.00 US.  Expires every 2 years.

No matter if you apply for a Pensioner or Renter the money you bring into the country to meet the requirements of the status must be converted into colones.  Once you converted these monies into colones the Costa Rican government does not require you show them what you do with it.  Once the money is into colones, you can use this money to pay for your living expenses  etc.  If you do not want to use colones you can reconvert them back to dollars.

The third type of residency if called Resident Investor.  To qualify for this you must make a one-time minimum investment of at least $200,000.00 US.  You must demonstrate that your investments are duly listed for a minimum amount of $200,000 US with the correspondent office and that you pay taxes on it.  If you sell or loose your investment you will no longer be able to renew your residency document.

Your fourth option, being a US Citizen, is to stay in the allowed 90 day period, exit the country, have your passport stamped and re-enter the country for another 90 days. A day trip to Panama is a great way to meet your requirement and spend a fun day.

These laws can change at any time.  You would need to check the requirements coming from the country you are in at the time you choose to leave.

Pura Vida...

I'm Doing It!

I am just back from my investigative trip to Costa Rica.  I visited the first day with my attorney in San Jose, Roberto Umana.  He gave me all the information I need to establish my residency and qualify for the Caja (insurance).  Afterwards I was off to Puriscal for my vacation and search for a place to rent.

Success!  I found the nicest adorable small house for rent in a professional Tico neighborhood for $400. a month!  The average temps there are 70 degrees.  They can reach 80 and rarely 58 degrees.  There is no need of air conditioning or heat!  Utility bills will run an average of $30. to $60. a month with internet.  If you are careful anyone can live here on their social security!

I am doing it!  After 5 years I am going to reach my dream of retiring in paradise.  I turned in my resignation at work and will be moving to Santiago de Puriscal on June 5th.  I am following my attorney's advise and gathering all the information I must have to establish Residency and qualify for the Caja.

Pura Vida!