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Koty: God has blessed you to be able to come down with $3000 per month to live on. My suggestion is, make that lifestyle change you have been wanting and use some of that money to better the lives of those around you. It is only then that you will find what you are seeking. .
Hey, everyone I am reading the responses with a smile on my face. What a difference of opinion! I just like chickens because they remind me of how I grew up and they are kind of funny to watch. What are the income requirements anyway? Just thought I would throw out some dream suggestions. I certainly don’t have a nanny here and until recently always drove a little truck. I never did like Tommy Hilfiger and am more of a tye-dye and flip flop sort of gal. I’ve lived out in the country now for some time and have learned to cook and do all of my own landscaping. My vegetable gardening skill is not so great but I do try. We only get to Costa Rica every 6 months or so for 2 weeks and are trying out each area of the country. Keep up the comments, good and bad! Much appreciated!
I’m going to get chickens too, because like you, they remind me of my childhood, and I plan to have a HUGE garden because I refuse to eat food that has been poisoned by agribusiness’s organophosphates, even in Costa Rica. If you are going to get residency, you will have to put up $60,000 minimum in a 5-year CD to qualify for rentista status. You’re obviously not old enough to be getting a pension, which is $600 a month to qualify for a pensionado status. We plan to allocate $2000 a month for our basic living expense, but we have no mortgage, and we also plan to save some portion of that. But it’s only me and my husband and a 20 pound dog.
dkt2u, I agree that it seems like we’re spending a lot. Let me back up my assertion by saying that my wife accounts for every colon we spend, every one. We’re certainly not living on $5,000, but we also don’t have domestic help, a pool, a second car, a child to feed and educate, an extended family to house, a taste for expensive skin goop, or aspirations to feeding a flock of chickens.
We do eat out (usually economically) whenever we want but certainly not daily. We did purchase a new car when we arrived last September and we keep it insured, but it’s a diesel that burns much cheaper fuel than gasoline and fairly sparingly at that. And we’ve been deep into building two houses. Maybe the latter has skewed the numbers.
We, too, shop in the farmers’ market, eat mostly chicken and fish, spend very little on health care, don’t go to movies, concerts, etc. And so on . . .
My only point is that living in Costa Rica is not as cheap as some would have you believe. Some costs such as utilities are incredibly reasonable, but other built-in costs such as owning a car are not.
As I said above, my wife accounts for every colon. It might be intersting for some participants in this forum to so the same for a month or two and then revisit the discussion.
I belived this has changed as of today or very soon. In a article that is placed on amcosta rica it showes the new law will be or is,
60,000.00 for the first member and then 60,000.00 for the secound member and another 30,000.00 per child.“One problem for expats is that the law is ambiguous on the financial requirements for rentistas. In the past a rentista could show a foreign income of $1,000 a month to qualify. Frequently this was nothing more than $60,000 placed in a foreign or local bank account.
The new law seems to require $60,000 for the primary applicant and $60,000 more for a spouse. For each minor child, an applicant would have to show $30,000 more.” as stated in AM CR.
So in this case she would need 150,000.00 to put into a account.
Edited on Aug 14, 2006 17:18
So, if our plan is to liquidate our assets we would need to show 150,00 in an account. Then we could live on the interest from the money we have in the other accounts? As long as we kept a balance of $150,00? I understand this money must be in a Costa Rica bank, right? Oh, Gosh, I may have to give up my chickens and expensive face goop. Oh, and I guess I will sell my Prada flip flops. Sorry, just a little tongue in cheek humor. Again, thanks.
Oh, I forgot to add one more question. I know I can not be employed in a job that could be filled by a Costa Rican but could we get income from rentals? What if we dont plan on getting residency right away. Can we leave the country every 3 months and keep our “Tourist status”?
you can leave every 90 days. You can take in expensive trips to Panama or Nicaragua. It seems though at least for now you would have the income to travel back to the States 3 or 4 times a year, which takes care of the 90 day visa requirement.
I’m certain that there is no restriction on a non-resident collecting rents, although you may have an income tax liability.
Question: What’s the down side of becoming a resident of Costa Rica? It doesn’t impinge upon your U.S. citizenship or impose any liabilities.
I belive there is a catch here and if you check out the web site at http://www.costarica-embassy.org/consular/living/residence.htm
“The rentists (and their dependents) cannot work and/or earn a salary in Costa Rica. They can however, administer their own investments but without a salary. In addition, a physical presence in Costa Rica for a minimum of 4 months each year is required.” So this is the gray area “without a salary”.
If you decide to start a company you have to have at least one Tico employed and you have to follow the countrys rules for employment. Like the yearly bonus and other things.
And there are lots and lots of the rules Scott refers to.
An alternative that may work is to enter into a contractual relationship with an “employee”, as good friends of mine have. There are still plenty of pitfalls, but a good attorney should be able to guide both employer and employee through them.
davidc, I agree people can spend a lot here. I tried to look a little deeper into what koty was saying she wanted. A lot of those luxuries will go by the way side I think once they move down here. It is almost impossible to come here and not have a change in attitude about some things. I will admit though, I do not have experience with having to budget for private school, two possible new cars with the expense that goes along with that, etc. So my thoughts on how much it takes to live here and include some of those things in your budge is merely based on some estimations. Which a lot of the advice is here. That isn’t a bad thing. It is always good to get different and even opposing views on subjects. It struct me that you were being negative, but I may have misinterpreted your thoughts. No direspect was intended. I have told friends and aquaintences that are considering moving down here that I would encourage anyone to give it a try if they really think they want to, but I would never try to talk them into doing it.
Koty
You sure got a lot of input! lol
I’ll tell you a little of my experience. I came to Costa Rica 4 times over the last two years. I searched the Pacific Coast – Jaco, Manuel Antonio, Quepos and it just wasn’t what I was looking for. Too hot and too touristy (great for many, but not me) I then went into the central areas of Heredia, Garcia, Escazu, La Garita and Atenas………When I arrived in Atenas, I fell in love with this small, clean, freindly town. I stayed at the Colinas del Sol for a week and during that week, I check out homes…..I wanted to rent not buy. I found a beautiful “Gringo” home in Villatenas – it’s 3 bedrooms, 2 full baths, veranda, large front and rear yards, large living room, nice kitchen with eating bar and a large living room…..oh yes and a carport. The property is Iron fenced in the front and on three sides with an 8 foot stucco wall – Very Attractive. The house is only $450 a month. I rented the house last May and arranged for a nice couple I met to live in the house until I moved here for good. I furnished the house “very nicely” with local furniture and art work. I moved to Atenas for good this last June 7th. I found that I spend less than $1000 a month for the rent, food, gas etc. I did purchase a car over the internet from a gent in San Ramon, CR. I came with an income of $2860 so I can tell you that I am living just as well as I did in Califonria with so much less stress and the good thing – I have $$$ left at the end of the month.
You can choose many life styles that fits your budget – enjoy this wonderful country.
ButchBest to you too!
My only problem with my entire move was the shipping of my goods to C.R. I only had about 300 cu. ft. but none the less, this was the “I can’t live without stuff” you know what I mean.
Unfortunately, to date, the Transport Company “Global Ocean Freight” can not tell me where my stuff is. I shipped it out 5/22 and was promised delivery by 6/30 –I suggest that you a lot of searching when picking a company to transport your goods. As I said earlier, I furnished this house with local goods. Had I known that I was going to have so much touble with my small amount of goods – I would have sold it all along with everything else and just entered Costa Rica with my carryon! This problem I am having has nothing to do with the Tico’s or Costa Rica – it’s the U.S. I recemntly talked to another family that is having the same problem but with a full container of all their goods…….just something to think about – if you would like to eamil me direct, I’d be happy to answer questions etc for you. itsbutch@hotmail.com
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