In the last decade, Costa Rica has become one of the countries with most demand for foreigners’ investors due to the development of the cities and business industries. If you are looking for a place to buy a property or settle a company, you must consider Costa Rica.

Recently this year, the government of Costa Rica took a big step in the attraction of foreigners to the country by establishing new benefits that are only available to people that obtain residency in Costa Rica after making an investment into the country. Some of these benefits includes tax free importation of 2 vehicles (cars, motorcycles, boats, planes), tax free importation of household items or articles related to a person´s profession.

With this new regulation, the country expects to attract investment and make the residency process easier for Investor applicants.

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Investment types

Currently in Costa Rica, there are multiple ways to obtain residency as an Investor, this will depend on how the investment is made in the country. In this article, we will explore the two most common options:

1. Investment in a property or vehicle: to apply for this type of residency, it is required to have purchased a property (this can be just land or a house, buildings) for a minimum of US $150,000. If the property is acquired with a loan, the initial payment must be over the required amount. It is important to mention that this investment must be made by an individual, in the case of residency, by the primary applicant. According to the new regulation, is not possible to apply if the property was obtained through a company.
   If the amount that was paid to purchase the property, does not reach the US $150,000, it is possible to combine other types of investments such as cars, boats, or any other vehicle, as long as the investment is made by the primary applicant only.
2. Investment in a corporation: If you are thinking on opening a company in Costa Rica, bear in mind that this can help you to apply for residency. In this particular option, the primary applicant must have a participation in the company and have invested in shares that represent a minimum of US $150,000. In case there are several shareholders, as long as the applicant has enough shares to reach the investment amount, will suffice.

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Requirements to obtain residency as an Investor

Every type of investment has its own rules and requirements. The new Regulation established the following requirements:

1. Investment in a property: if the investment is made by the purchase of a property you must consider the procurement of the following:
   1. Certification from the National Registry: it is required to obtain a certification from the National Registry in Costa Rica that confirms that the owner of the property is the primary applicant. In case a property has multiple owners, the person applying for residency must hold a portion of the property with a value of at least US $150,000.
   2. Certification from the Municipality: each property in Costa Rica has to be registered with the local municipality and pay for the corresponding taxes. Therefore, a certification indicating the current value of the property (over US $150,000) and the confirmation that the taxes are up to date is required. In addition, it is important to notice that, in case a construction of any type is valued over 135.000.00 colones (around $250,000 USD) the owner of the property is required to pay a tax known as the “Luxury Tax”. If that is your case, you will need to obtain a certification from the National Treasury.
   3. Investment in vehicles: if you invest in a vehicle, you must add proof of payment corresponding to the taxes depending on the type of vehicle.
2. Investment in a corporation: if you invested in shares of a corporation the following is required:
   1. Good standing certificate: a certification the National Registry indicating the information about the corporation as well as the participants.
   2. Shareholders certificate: this must be issued by a Public Notary indicating the distribution of the shares and the value.
   3. Income Certification: a certification issued by a Certified Public Accountant confirming that the residency applicant made an investment in the corporation of at least US $150,000.

The investor residency is a great option for people that are looking for a new home and living an active life in Costa Rica. If you are looking to relocate, this might be your perfect choice. Our Law Firm is dedicated to help you in every step of the process from doing the real estate transaction or creating the corporation to doing the Immigration process and making this journey a pleasant experience.

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