The rule to implement Law N°9996 for the “Attraction of Investors, Residents, and Retirees,” which establishes the procedures and specifications for submitting an application for this new law in Costa Rica, was published in La Gaceta #34 on February 23.
Most significant amendments to Law 8764:
- Residence as Investors: The investment amount was lowered to a minimum investment of $150,000.00, which might be made in real estate, shares, drivable vehicles, productive initiatives, projects of national interest, or sustainable infrastructure for the tourism industry.
- If the investments are in real estate or registrable vehicles, they must be registered in the name of a physical person; Immigration will not accept such registrations in the name of an entity.
- The applicant for the requested type of residency and any accompanying dependents are not permitted to work.
- Throughout the first five years of the law’s implementation, any foreigner wishing to take use of its provisions must submit an application.
- The residencies as investors that are now being considered by the DGME, which had not been resolved when the regulation was enacted and benefited the applicant, will be resolved in accordance with the new regulation.
- Preferential processing on digital platforms (TRAMITE YA) is a benefit.
- A one-time exemption from all import taxes for the importation of a household.
- A one-time exemption from import taxes and VAT for the importation of two personal or family-use transportation vehicles (cars or ships).
- If the beneficiary is the property’s registered owner, 20% of the transfer tax for real estate purchased within the law’s validity will be waived.
The foreign person must show that they have maintained their investment for a continuous and uninterrupted period of time from the approval of the residency as one of the prerequisites for renewal.
Note: This publication’s goal is to provide basic information about changes to immigration laws in Costa Rica; it is not meant to be legal advice in the traditional sense. Please contact Cordero & Cordero Abogados at email@example.com or visit our website at www.corderoabogados.com if more detailed information is needed on these subjects.