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The Project to attract foreign investors and pensioners – File 22-156 is an initiative proposed by the Government of Costa Rica which is currently favorably working its way through the General Assembly having been approved overwhelmingly twice and just awaiting publication in La Gaceta to go into Law and it is aimed at contributing to the post pandemic reactivation of the Costa Rican economy and would have an effective term of 5 years from the moment the Law is published and has the option to extend up to a decade. It reduces from US$200,000 the amount required to qualify for Residency under the Inversionista Resident program, down to US$150,000. Currently the law says the following for the Investors and their Dependents category of residency applicants:
Article 87.- For the application for temporary residence as an investor, the interested foreign person must demonstrate their investment with a capital of not less than US$ 200,000 (two hundred thousand dollars) according to the official sale exchange rate determined by the BCCR, and whether in real estate, registrable assets, shares, securities and productive projects or projects of national interest such as sustainable tourism infrastructure. In those cases where the investment is regulated by special laws, it will be analyzed individually.
The proposed bill establishes that this will apply to all those persons who are authorized to enter our country under the immigration categories of Investors, Retired Residents or Rentista Residents. President Alvarado pointed out that “This project will help the economic reactivation of our country, since for more than four decades our country has granted certain benefits to attracting investors, rentiers and pensioners; Due to what our country is currently living under COVID and what is happening worldwide, this project was presented to be able to give benefits, to be able to contribute, to be able to attract new capital to the Costa Rican economy”.
The persons who Will Benefit under this proposed law would receive the following:
Duty free of all import taxes for one time only, for the importation of household items.