Most offshore jurisdictions offer a residency by investment program and Costa Rica is no exception. So much so that the phrase money talks should be changed to money buys nationality. Every residency by investment program is different and what you obtain from your investment is not always the same Here’s what you need to know about Costa Rica’s residency by investment program.
What Are Your Options
With so many options out there, a thorough investigation should be done to find which of the many residencies by investment program best fits your situation. We have written extensively about this subject and will be happy to assist you in finding the perfect residency by investment and guiding you through the process.
There are a few programs in Europe that are worth taking a look such as the Golden Visa Program offered in Portugal, the second passport program that Bulgaria gives to investors, and the popular programs that have attracted many investors to Malta and Cyprus. LINKS In this post, we’ll focus on residency by investment in Cosa Rica.
Europe is a fantastic choice if you wish to set foot in the European Union, but the thing we should mention about European residency or citizenship by investment programs is that they are quite expensive. In this post, we’ll focus on residency by investment in Cosa Rica.
Costa Rica Residency Program
Because of this reason I recommend you take a look at Central America. This part of the world is home to some of the most interesting citizenship by investment programs offered. Specifically, Costa Rica’s residency by investment program is an excellent offer.
If you compare Costa Rica’s residency by investment program to any other country in the region, you’ll see that it is much easier than most. This, of course, is related to the fact that Costa Rica is one of the most laid back and peaceful countries in Central America… and definitely the safest.
Costa Rica is known to be laid back and secure. It’s been a top choice for about a decade and immigration can be tough. You must not have any criminal record whatsoever. Your background and financial check must be totally clean.
Working in Costa Rica
I’m often asked if you can work in Costa Rica if you get residency. The residency by investment program in Costa Rica is meant for retired or high net worth persons. None of these programs want to bring in workers to compete with locals for jobs… they want to bring in money (retirees) or those that will bring more jobs (high net worth entrepreneurs).
Thus, you can move to Costa Rica and set up a business or move there to retire. You will not get a work visa and can’t work for a Costa Rican firm.
Regulations in Costa Rica stipulate that you’re required to invest at least $200,000 dollars. Much lower than any other country in Europe by far.
The investment of the $200,000 residency by investment funds must be placed one of the categories addressed in the Costa Rican Immigration Law decree. The most common investments are buying real estate in the country, a construction project, and any other type of negotiable instruments.
A good thing about the residency by investment program offered by the Costa Rican government is that you’re not tied down to one sector of business. You can choose from any you would like your investment to go, it just has to be at least $200,000 dollars and you need to pass the backgrounds checks that will be done to you.
Some of the most popular sectors that are attracting a lot of foreign investors in Costa Rica include: constructing or renovating a hotel, opening a restaurant, starting a tourism-based business – basically you should start any sort of business where you create jobs for nationals, etc.
Besides starting a business, you can also make an investment in what the government of Costa Rica calls a productive project. These investments also qualify you for residency by investment in Costa Rica.
Productive projects are projects that qualify as vital to the national interest of Costa Rica. For example, any type of project that will help to revive the forestry industry or a governmental sector that needs some kind of aid.
After the investment is approved, and you are cleared from your background checks, you can obtain temporary residency. After you have been a temporary resident of Costa Rica for three years you can apply for a permanent residency.
Permanent residency is much more preferred over temporary residency in Costa Rica. Permanent residents only have to visit Costa Rica once a year for 72 hours to keep the permanent residency active and in good status.
The “permanent” residency must be renewed every five years. Each permanent residency application is for one person, so your wife and your dependents must file separate application forms.
After you’ve been a permanent resident for seven years you qualify for citizenship in Costa Rica. Citizenship in Costa Rica gives the applicant a second passport and as of July 2019 visa-free travel to 150 countries and territories, making Costa Rica a very strong second passport.
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I hope you’ve found this article Costa Rica to be helpful. For more information, or for assistance with any second residency or second passport program, please contact us HERE
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