{"id":31130,"date":"2020-01-08T12:24:44","date_gmt":"2020-01-08T17:24:44","guid":{"rendered":"https:\/\/www.escapeartist.com\/?p=31130"},"modified":"2020-09-21T05:26:29","modified_gmt":"2020-09-21T10:26:29","slug":"a-path-to-costa-rican-nationality-through-retirement","status":"publish","type":"post","link":"https:\/\/www.escapeartist.com\/blog\/a-path-to-costa-rican-nationality-through-retirement\/","title":{"rendered":"A Path to Costa Rican Nationality through Retirement"},"content":{"rendered":"

A Path to Costa Rican Nationality through Retirement.<\/strong><\/h2>\n

Costa Rica is a popular retirement<\/a> destination for people from across the world. The country\u2019s one of those few places that have maintained a stable economy and political atmosphere despite having a very weak currency. It works for Costa Rica though\u2014the country generates a fair bit of revenue from outsourcing its tech sector whose work costs less than half of what it might cost anywhere else.\u00a0<\/span><\/p>\n

488,935 foreigners<\/span><\/a> currently live in Costa Rica, out of which 24,000 are from the US and 3,600 are from Canada. The low cost of living, beautiful landscapes and biodiversity have made the country a popular destination for people to settle in and enjoy a peaceful retirement. Owing to its proximity to the United States, many of my clients say that they don\u2019t feel like they\u2019re cut off from the rest of the world either. Most of the country speaks English and the healthcare system is also pretty great, which is why no one\u2019s concerned about fitting in either.<\/span><\/p>\n

Although I\u2019ve written extensively about the ways people can acquire a Costa Rican passport, I realize I\u2019ve never specifically focused on how you can retire to the country. For this reason, this article will outline all the requirements for a retirement visa to Costa Rica and how that can be used to get Costa Rican nationality.<\/span><\/p>\n

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Some General Rules<\/b><\/h2>\n

As a general rule, there are plenty of ways for people to acquire a Costa Rican residency<\/a>. While there are different requirements for you to acquire a residency, people usually get a temporary residency (TR), then a permanent residency (PR) and finally citizenship.<\/span><\/p>\n

You need to live as a temporary resident for three years, after which you\u2019ll qualify for a permanent residency, and a further three years later you can get naturalized. There\u2019s a naturalization ceremony where they hand you over your passport.<\/span><\/p>\n

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The Advantages of a Costa Rican Passport<\/b><\/h2>\n

As of October 1, 2019, the Costa Rican passport ranks as the 27th<\/span>\u00a0most powerful passport<\/span><\/a> in the world. The strength of a passport depends on how many countries it lets you access without a visa and gets you a visa on arrival. Costa Rican nationals can enter 150 countries across the world with visa-free or visa on arrival. This includes much of Europe, Asia and nearly the entire South America.\u00a0<\/span><\/p>\n

There are few passports in the world that could offer you as much mobility as the Costa Rican passport. With the authorization to travel across more than half the world without a visa, it\u2019s possible for you to create more opportunities to invest in business and real estate across the world. All things considered, getting a Costa Rica passport can open quite a few gates for you.<\/span><\/p>\n

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Costa Rican Tax System<\/b><\/h2>\n

The <\/span>Costa Rican tax system<\/span> is a territorial one\u2014you only get taxed for income generated from commercial activity in Costa Rica and nowhere else. This presents a great opportunity to reduce your tax burdens in retirement since most of your income will be generated in a foreign country. One of the reasons this many people move to Costa Rica after retirement is to enjoy greater purchasing power and live a better life than they would in their home countries.<\/span><\/p>\n

Owing to the exchange rate disparities between the Costa Rican Colon and other major currencies, along with <\/span>low inflation rates of 2.2%<\/span><\/a> make the country quite affordable. Many people say that you can live quite comfortably in the country with a monthly income<\/a> of $1500.\u00a0<\/span><\/p>\n

Each of these factors are crucial considerations for a sustainable financial plan for your retirement. Costa Rica meets all of the requirements for an ideal retirement destination, which is why I also suggest moving to the country once you\u2019re done working.<\/span><\/p>\n

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How to Get a Retirement Visa for Costa Rica<\/b><\/h2>\n

The documentation requirements aren\u2019t too extensive, nor is the process too complicated for a Costa Rican retirement visa. It\u2019s always best advised that you move to a country that minimizes red tape for applicants and makes it convenient for people to move in. It\u2019s a mark of how welcoming the country is and how easy you\u2019ll find to settle there.<\/span><\/p>\n

The documentation requirements for a Costa Rican retirement visa include:<\/span><\/p>\n