Why Costa Rica?
Costa Rica is one of the oldest democracies in America. The country is currently home to many international organizations such as the Inter-American Court of Human Rights, the United Nations University for Peace, and the Earth Council. 25.58% of its territory is protected under various forms of conservation. Although the country is small and covers only 0.03% of the planet’s surface, it has the privilege of being the habitat of 5% of the existing biodiversity throughout the world.
Their people :
The ‘ticos’, as Costa Ricans are also known, are famous for being hospitable people and they like to keep that reputation. They are polite and hardworking, they like to give a smile to people.
Why Costa Rica is a paradisiacal country to invest in and live?
Costa Rica with a business position, as a destination to attract foreign investment. The importance of state immigration policies directly influences Foreign Direct Investment, since they are linked to investment and business opportunities. The opportunity to apply for a residence in the country through minimum investments of $ 150,000 dollars in projects such as acquisitions in the real estate sector, vehicles, boats, yachts, investment in shares, participations or creation of legal entities in the country, securities, investment certificates term, tourist or productive projects of national interest.
It also opens the possibility of offering the opportunity to retire or pensioners, who receive a minimum monthly pension of $ 1000 dollars in their country of origin or a minimum income of $ 2500 dollars, both abroad and locally.
WHY INVEST AND LIVE IN COSTA RICA?
- COSTA RICA’S HEALTH SYSTEM IS IN THE TOP 3 WORLDWIDE. Costa Rica under its health system is based on social security, access to basic services, working conditions, social protection, and economic and health policies.
- COSTA RICA WITHIN THE 3 BEST DESTINATIONS FOR RETIREMENT. The annual global index “International Living” establishes a list of the 24 best-ranked countries in terms of global retirement, and establishes Costa Rica within the top 3, being the third best in terms of the health system, being below Portugal and Spain. The index is based on 10 categories within which conditions are analyzed such as the value of the real estate, ease of acquisition and leasing legislation, investment opportunities, cost of living, immigration policy and residency and visa options, health standards public and private, government and banking systems.
- GEOGRAPHICAL LOCATION, BIODIVERSITY, AND CLIMATE. The geographical location of the country strategically positions it both internationally and locally thanks to the proximity between its coasts and the capital. Easy and fast transfer between seaports and international airports.
- “BLUE ZONE”. The Nicoya Peninsula in Guanacaste is one of the 5 regions in the world known as the “Blue Zone” or Blue Zones, these areas being home to some of the longest-lived and healthiest people on the planet.
- OTHER INCENTIVES. Along with this classification is added the historical fact of the abolition of the army, government stability, ease of acquisition and varied real estate offers, tax and labor incentives through the implementation of companies in special regimes, reduction of operating costs, infrastructure, the hand of qualified work, ease of processing for transactions, protectionist measures for minority investors by granting greater access to corporate information, and tax exemptions represent other benefits that the country has implemented to grant remuneration and incentivize investments.
- COSTA RICA has many country advantages and benefits of being a place with great job opportunities, economic, and human talent, geographic location, and above all an efficient health system.
Why buy your second home in Costa Rica?
In Costa Rica, the general rule is that foreigners can acquire property, directly or indirectly, just like any Costa Rican. However, when we are dealing with properties located in the maritime zone or on the border, there are certain restrictions.
How to acquire real estate?
Once the foreign person has identified the real estate to be acquired, there are mainly 2 ways to get it: one directly in the personal name, or indirectly through a Costa Rican entity constituted by the foreign person interested through the creation of a public limited company.
Payment of real estate tax (current rate 0.25% on the tax base or property value) and municipal obligations (garbage collection services, cleaning of public roads, public lighting, among others). Payments are made annually, semi-annually or quarterly, as established by the local government (Municipality).
What benefits does a foreign person have for acquiring a property in Costa Rica?
If real estate is acquired, with or without constructions, with a value equal to $ 150,000 dollars, legal tender of the United States of America, the foreign person may choose to apply for a temporary residence with restricted condition. This migratory category is called “Temporary Residence as Investor”.
If there is a house on the property acquired or it is built, and the investment is equal to $ 150,000 dollars, legal tender of the United States of America, the foreign person can choose to apply for the “Temporary Residence as Investor” , and thus enjoy the house as a “second home”.
What are the benefits of a foreign person with the immigration status of “Temporary Resident as Investor”?
Among the benefits we can mention the ease of opening bank accounts, simple approval of the driver’s license, not having entry or exit restrictions, nor the need for a return ticket, local discounts as residents, the possibility of purchasing voluntary insurance and even to contribute for a social security pension, free social security care for minors, the possibility of acquiring permanent residence after three years of having a temporary residence, and the possibility of acquiring Costa Rican nationality when complying with the established period of residence.
Remember to evaluate your priorities and needs to choose the best option and you want to know more about the benefits of living in Costa Rica, contact me for a free consultation. We look forward to working with you!