Costa Rica Residency by Investment: New Regulations and Opportunities

Costa Rica residency by investment has gained traction over the years, particularly in the wake of the global pandemic. The benefits of Costa Rica residency include not only the country’s stunning landscapes and rich biodiversity but also advantages like one-time import tax exemptions. These features make this pathway increasingly appealing. Costa Rica’s ongoing developments in beautiful locations are selling points on their own.

Costa Rica Residency by Investment

There are numerous ways to apply for Costa Rica residency as an investor, but here are the two primary Costa Rica residency options under the new regulations:

1. Real Estate Investment In Costa Rica

This route involves purchasing real estate in Costa Rica under your personal name, not through a corporation. The property must be valued by the local municipality at a minimum of $150,000 USD. It is important to distinguish between the purchase price and the municipal value, as they are assessed differently. Required documents for this type of investment include:

• Certification from the Municipality showing the property’s value.
• Confirmation that municipal taxes are up-to-date.
• Luxury tax declaration, if applicable.
• Certification from the Public Registry confirming property ownership.

2. Corporate Investment:

Alternatively, investing in Costa Rica through a corporation involves using the shares owned within the corporation to apply for residency, rather than the property itself. Often, a capital stock increase is necessary to meet the requirements set by the Tax Agency and the Immigration Department. Required documents for this route include:

• Documentation of any capital stock increase.
• CPA letter declaring the capital stock increase.
• Certificate of Corporate ID.
• Certification of the Capital Stock Distribution.
• Certification of being up-to-date with tax obligations.

If you’re curious about the difference between investing in your name vs investing in a corporation, this article outlines the advantages of each option.

Regardless of the investment path chosen for Costa Rica residency by investment, the following documents are required:

• Relevant investment documentation.
• Birth Certificate, duly Apostilled/Legalized.
• Official Spanish translation of the Birth Certificate with the Apostille/Legalization.
• Criminal Report, duly Apostilled/Legalized.
• Official Spanish translation of the Criminal Report with the Apostille/Legalization.
• Marriage Certificate, duly Apostilled/Legalized if applicable, and its translation.
• Consular Registration and its official Spanish translation.

Costa Rica Residency Application Processing and Considerations:

Note that any criminal records might reduce the chances of approval by up to 50%, depending on their nature. With increased application volumes and staff shortages, the Immigration Department’s response times currently range from 18-24 months. However, applicants and their families are allowed to remain in Costa Rica throughout this period.

Once the residency is approved, new residents must enroll in Caja, Costa Rica’s Public Health System, and request their DIMEX card. Costa Rica permanent residency requirements include that the Temporary Residency is initially granted for two years and is renewable every two years thereafter. Important: if you used property to apply for residency, you must keep that property under your name for at least two years after approval to qualify for renewal.

Long-Term Benefits and Path to Costa Rica Citizenship:

After three years of holding a Temporary Residency, you can apply for Permanent Residency and eventually, this route can lead to Costa Rican citizenship, allowing you to fully embrace and enjoy the Pura Vida lifestyle permanently.

If you don’t apply to the investment category, there is also the opportunity to get Costa Rica residency through the rentista and retired programs.

Interested in Costa Rica residency by investment? Our Costa Rica immigration lawyers are here to guide you through the Costa Rica residency laws and ensure a smooth transition to your new life in Costa Rica.

For more information feel free to reach out to MARIA JOSE MATHUS at mjm@quatro.legal