For many who are about to retire or who are seeking new challenges in a country that is open to new ideas, then Costa Rica offers many advantages that you will want to explore. According to the U.S. State Department there are over 50,000 US citizens currently reside in this wonderful country.
For many foreigners, having the ability to obtain Costa Rican residency status offers many advantages when it comes to taking advantage of living in this beautiful country.
Investment in Real Estate for Residency in Costa Rica.
Temporary Residence – Investor:
• Investment of US$200,000 in a business or property.
• Must remain in country at least 6 months per year.
• Can claim spouse and dependents under 18 years of age.
• Income allowed from the project.
• Can own a company and receive dividends.
The investment can be made in any type of business, including manufacturing, transportation, hospitality hotels, B&B, bar, restaurant, tourism industry, amusement and adventure-type parks, and of course real estate. However, for this article we are only going to talk about real estate.
Investor in Real Estate Requirements for Residency Status
In order to become a proper resident of Costa Rica under the investor category, you will need to have an investment of at least $200,000 in Costa Rica according to the current exchange rate. In addition, you must remain in Costa Rica at least 6 month each year. Many Americans who live in Costa Rica split their time between living in the US and in Costa Rica.
How Recognition is Obtained for Real Estate
The requirement of a $200,000 investment will be based on the actual value as listed on the deed of the property itself. So for example, if you paid $300,000 for the property and the deed shows that it is worth $190,000, then you will be $10,000 short. So, before you finalize the purchase be sure that the deed does reflect an actual value that is at or above $200,000.
Also remember that market value plays no role in the value of the property itself in terms of establishing residency. If the deed states the value as under $200,000 that means you’ll need an additional investment to qualify. However, if you were to purchase the property for under $200,000, yet that is what the property value is stated on the deed, then it will qualify. The purchase price on the deed itself is what matters.
Click here to see the short list of the requirements common to most forms of residency applications in Costa Rica. At Costa Rica Immigration Experts we’d love to be able to help you file correctly the first time and enjoy your residency as quickly as possible.
Costa Rica Immigration Expert has the knowledge, expertise and insight needed to help you get established in the beautiful country of Costa Rica. You can find out more about the services they offer by visiting their website.
Enjoy the benefits of Costa Rica residency by contacting us at +506-8373-2085 with your questions, or completing our free assessment questionnaire.