Relocation To Costa Rica: How To Immigrate To Pura Vida Country?

Costa Rica, with its unparalleled lifestyle characterized by natural beauty, warm weather, and a reasonable cost of living, stands as an attractive haven for those seeking a change in scenery. The country offers a myriad of advantages, including a relaxed way of life, accessible healthcare, and enticing opportunities for foreigners to establish businesses. This article explores the main benefits of living in Costa Rica and sheds light on recent legislative changes that make it even more enticing for investors, retirees, and individuals with a fixed income.

a. General Benefits:

– Peaceful and Stable Environment: Costa Rica boasts a peaceful, democratic, and politically stable environment, providing a secure backdrop for residents.
– Low Tax Jurisdiction: The country operates as a low-tax jurisdiction, offering favorable conditions for both residents and businesses.
– Warm Climate: The tropical climate ensures a warm and inviting atmosphere throughout the year, contributing to a comfortable living experience.
– Territorial Tax System: Costa Rica’s territorial tax system provides a tax-friendly environment, with taxes levied only on income earned within the country.
– High Quality of Life: Residents enjoy a high quality of life, thanks to the country’s commitment to environmental conservation, healthcare, and overall well-being.
– Efficient Permanent Residency: Eligibility for permanent residency can be attained in a relatively short period, facilitated by an easy and straightforward process.
– Stay During Approval: Despite the process’s length, applicants can stay in the country while their residency is being approved.
– Healthy, Accessible Food: Costa Rica’s commitment to sustainable agriculture ensures access to healthy and locally sourced food, contributing to a well-balanced lifestyle.

b. Recent Legislative Changes (Law No, 9996):

The recent Law to attract investors in Costa Rica (Law No, 9996) has further enhanced the appeal of residing in this tropical paradise. Noteworthy changes include:

– Reduced Investment Requirement:
Foreign investors now need to invest a minimum of $150,000 to obtain residence in Costa Rica, providing a more accessible entry point which now includes the possibility to invest in shares of a corporation which adds a new positive wrinkle to our expats looking to become residents.

– Tax Incentives for Various Categories:

• Household Items Import Tax Exemption: Investors, Pensionados, and Rentistas benefit from a one-time import tax exemption on household items, making the transition more cost-effective.
• Transport Vehicles Exemption: Up to two land, air, and/or sea transport vehicles, for personal or family use, are exempt from import, excise, and value-added taxes.
• Income Tax Exemption: Individuals qualifying under this law enjoy an exemption from income taxes on declared income, excluding local investments.
• Transfer Tax Exemption: A 20% exemption on the total transfer tax is granted for acquired real estate.
• Import Tax Exemption for Professional or Scientific Materials: Instruments or materials for professional or scientific practice are exempt from import taxes.

Costa Rica’s unique blend of natural beauty, warm weather, and an affordable cost of living is complemented by a host of benefits and recent legislative changes. Whether you seek a peaceful retirement, entrepreneurial opportunities, or a change in lifestyle, Costa Rica’s welcoming environment and favorable legal provisions make it a destination worth considering.

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