1 minute read
New 2021 Costa Rican Immigration Laws
NEW 2021 COSTA RICAN IMMIGRATION LAWS By Vitaly Balasanov
Costa Rican immigration laws are changing – mostly to the benefit of those seeking residency. The new laws are being designed to attract investors, renters, and retirees.
Advertisement
According to Jorge Gonzalez Roesch, partner at INVICTA LEGAL COSTA RICA, the recently approved “Law for attraction of investors, renters and retirees”, aims to grant additional benefits to the new residency applicants in these categories . The benefits will apply for those who apply for residency in the first 5 years of the validity of the law and will last for 10 years after they get approved . The benefits are as follow:
1 . One time only tax exemption from import of household goods . 2 . These include new and used household goods in reasonable quantity such as appliances, furniture, decorative items, among others . 3 . Tax-free import of 2 vehicles (land, maritime, and air transport) for personal or family use . 4 . Local income tax for the amounts declared to obtain the migratory status does not apply .
Further income resulting from the investment within the national territory will have to pay income tax . 5 . 20% transfer tax reduction of the property acquired during the period of said law . 6 . Tax exemption for equipment or materials for professional or scientific use . 7 . The beneficiaries of the immigration status of investors, residents, and retirees will not be considered automatically as tax residents .
In addition, in the Investor category application, there was a permanent reduction of the investment sum from USD$200,000 .00 to USD$150,000 .00 . This investment can be executed by acquiring assets, shares, securities, and projects of national interests . Moreover, they will also be considered within this category those investors in venture capital or sustainable tourism infrastructure .
Should you have any further inquiries please do not hesitate to contact Jorge Gonzalez Roesch or one of the other partners at INVICTA LEGAL COSTA RICA at your convenience, and do not forget to check on the investment opportunities at www .vitalybalasanov .com .
www.2costaricarealestate.com
