Lawyers, Laws & Taxes

Department of Immigration Clarifies Income Requirements for Rentista Category

The new regulations adhere to the text of the new law which provides that the incomes is to be received in a stable and permanent manner for at least TWO [2] years. This reduces the financial requirement significantly.

Costa Rica’s Rentista Residency Application. Income requirement is now much easier.

An interesting change to the Application requirements for this Category under the new Regulations to the Law, just published, is that the period for establishing a monthly income of US$2,500 per month, has been reduced from a five year to a two year period (Regulation Article 76 e).

Taxes in Costa Rica… Are like rivers they “flow into the sea, Yet the sea is not full…To the place where the rivers flow, There they flow again”. (Ecclesiastes 1:7)

As most of you should know by now (I hope), President’s Chinchilla administration has proposed some new tax laws. The most ambitious was set aside by the Constitutional Court, but another one, the tax upon existing corporations did pass and entered into effect, April 30th 2012.

FATCA: Big Brother Goes Global

No, what concerns me the most is that just like people, governments often imitate each other. And when it comes to tax collection, governments around the world are looking very intently at the United States, still the world’s largest economy and by far its most influential country.

The Education and Culture Stamp Tax. System now available online.

Starting now, the Tax Administration has enabled online payments for this little tiny tax at most of the banks with online banking service.

Costa Rica Corporations – The three types

The company is managed by one or several managers who may or may not be shareholders. While the simplicity of operation is a benefit of this form of incorporation the drawback is the limitation on the ability to transfer ownership of the Limited Liability Company to third parties.

Costa Rica Laws – Using a Shelf Corporation in Costa Rica

In Costa Rica purchasing property in the name of a corporation has become very common practice. As a result many law firms offer corporations that have already been formed and are commonly referred to as a “shelf company”. Since this type of corporation is already formed …

All Notaries Are Lawyers But… Not all Lawyers are Notaries. Free introductory video with Attorney Rick Philps.

All Notaries are Lawyers, but not all Lawyers are Notaries. Notaries are required to complete a post-graduate degree in Notary and Registry Law, and must be a Lawyer and an active member of the College of Lawyers for at least two years, prior to becoming a Notary.

Annual Tax on Costa Rica Corporations Passes

Once the grace period is over. The legal representatives of the corporations will be PERSONALLY liable for any outstanding annual tax.

Costa Rica Guns – Importing Q&A.

Will I pay duties on the guns when I bring them into Costa Rica?

Litigation In Costa Rica – Part I

When a lawsuit is filed in Costa Rica it can proceed under three different procedural tracks: ordinary, abbreviated and summary procedures. Which procedure applies depends on the subject matter of the controversy.

Costa Rica Real Estate – Foreigners OK To Buy with FREE online video interview with attorney Roger Petersen.

A purchaser is well advised to retain the services of a qualified and reputable real estate agent, to advise on the purchase, and the services of a lawyer, specializing in real estate conveyancing, to complete any purchase transaction.

Buying or Building Real Estate in Costa Rica? What You Need To Know About Closing Costs. Part II with FREE online video with Attorney Roger Petersen

The Notary that drafted the contract for sale and carried out the closing on the property transfer is entitled to a Statutory Fee. For many years that statutory fee has been 1.25% of the value of the transaction. However, in August 2005 …

Buying or Building Real Estate in Costa Rica? Here is What You Need To Know? Part three.

In most cases, beach front property is untitled property because in Costa Rica the ownership and possession of the shoreline is governed by the Maritime Zone Law (Ley Sobre la Zona Maritimo Terrestre) which restricts the possession and ownership of beach front property.

Good Tax News – The accounting and legal books are gone and electronic invoices are here!

Don’t get me wrong, these are two great and expected big steps in order to take the Tax Administration to a higher level, but as usual the Tax Administration hasn’t clarified exactly how this will be accomplished.