LEGAL REQUIREMENTS FOR RESIDENCY IN COSTA RICA

Obtaining residency in Costa Rica, is not complicated, if you use a professional Immigration Attorney or Specialist. Do not try to do this on your own! Many attorneys will tell you that they can assist you with this process, and gladly take your initial deposit. Then they drop the ball completely and you are left hanging, wondering what happened. The process is difficult and needs someone who will follow up diligently with your specific file and situation. Many individuals call themselves “Pros”, but the reality is that there are very few who get the job done. I have worked with many different firms and can guide you in the right direction.

If you would like an introduction to a reliable and competent attorney or specialist, contact me directly and I will gladly make the introduction.

There are Three Main Categories of Residency in Costa Rica:

1. Residency as a Retired person or Retiree (Pensionado)
2. Residency as an Investor (Inversionista)
3. Residency as a Renter (Rentista)

Residency as a Retired Person or Retiree

A foreigner and family (spouse, parents, and children under 25 years old) can only apply for this type of residency if he is entitled to a lifetime pension of $1000 per month in their country of origin. This could be from a US IRA program, or a 401K retirement plan or a certifiable pension from a corporation or the US Social Security. The same applies for Canadian residents with their RSP program .The foreigner must obtain a certifiable letter to prove life time pension and this letter must be authenticated either by a Costa Rica Consulate or through the “Apostille” Process. The foreigner will be given a temporary residency and can work in Costa Rica only if he has his own Costa Rican corporation / business and not work for another company. After 3 years of temporary residency, the foreigner can apply for permanent residency with no restrictions.

Residency as an Investor

A foreigner and their family (spouse, parents and children under 25) can apply for residency as an investor if the foreigner owns investments in Costa Rica valued over $200,000. USD$. The Investment should be in specific areas as tourism, reforestation, and share ownership in a Costa Rican corporation, properties and/or any other activity supported by the Costa Rican government. The foreigner will be given a temporary residency and can work in Costa Rica only if he has his own Costa Rican corporation/business and not for another company. After 3 years of temporary residency, foreigner can apply for permanent residency with no restrictions. This is one of the easiest ways to obtain and maintain residency in Costa Rica. A retiree can purchase a property as in a home, villa, condo or even a farm that they will retire to, as long as the property is held in a Costa Rican corporation that is legally registered in the National Public Registry showing a value over the $200,000. To maintain the temporary residency for the 3 years all that is required is proof of value and proof of property taxes being paid.

Residency as a Renter

A foreigner and family (spouse, parents and children under 25) can apply for residency as a Renter, if foreigner receives a certifiable monthly income of $ 2,500.00 USD for the following 2 years or deposit $60,000 USD into a Costa Rican Bank Account. Under this type of residency the foreigner CANNOT work for another company while living in Costa Rica. To prove the income, the foreigner must get a letter from a Costa Rican Bank, financial institution, foreign bank, CPA or Law Firm certifying he will be receiving a monthly income of $2,500.00 USD  for the next 2 years. If the letter is issued outside of Costa Rica, this document must be authenticated either by a Costa Rica Consulate or through the “Apostille” Process. The foreigner will be given a temporary residency and can work in Costa Rica only if he has his own Costa Rican corporation/business and not for another company. After 3 years of temporary residency, the foreigner can apply for permanent residency with no restrictions.

GENERAL REQUIREMENTS:

 1.  Application Letter – The letter should include the following information

• Complete name of the person applying for the residency
• Nationality, marital status and occupation
• Passport number, date and place where it was issued and date it expires
• Name of any direct family member (children or wife) dependent on the income of the applicant who will also apply for residency
• Date in which the applicant entered Costa Rica
• A formal request of his/her desire of being a Costa Rican resident
• Specify the type of residency applying for
• Temporary address in Costa Rica or the address in the country of origin
• Must indicate a place or fax number to receive notifications

 2.  Birth Certificate:  Must be authenticated either by the Costa Rican Consulate located in the country where the document is issued or through “ Apostille”  Process   This document expires after 6 months of being issued.

3.  Marriage Certificate:  Must be authenticated either by the Costa Rican Consulate located in the country where the document is issued or through “ Apostille”  Process   This document expires after 6 months of being issued.

4.  Police record:  Must be authenticated either by the Costa Rican Consulate located in the country where the document is issued or through “ Apostille”  Process   This document expires after 6 months of being issued.

5.  Finger Prints:  They need to be taken at the Ministry of Security in San Jose, Costa Rica and applicants must bring passport and 3 photographs of them selves

6.  Certified Passport Copy: of the entire passport (even blank pages).

7.  Special Power of Attorney: Granted by the applicants to the attorney that will handle the residency application.

8.  Photos: 5 passport size photographs or each person applying for residency

9.  Fess to Costa Rica Government: The applicant is required to pay/ deposit $250 for each person applying for residency, in the following bank account that belongs to the Immigration department of Costa Rica: Banco de Costa Rica, Account # 242480-0

10.  Registration: The Applicant must registration their intentions at the embassy of its origin country located in Costa Rica.

NOTE: All documents written in a foreign language must be legally translated into Spanish.