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Does anyone know how much land or dollar amount must be spent to qualify for this program? Many Thanks if you can shoot me some info..
This would the “inversionista” (investor) residency status ….
The quote below taken from: [url=https://www.welovecostarica.com/members/580.cfm]Costa Rica Residency Categories Explained[/url] – New Immigration Law update.
“Another Temporary Residency Category is the “Inversionista” or Investor Residency Category. This Category requires a minimum of a $200,000.00 U.S. investment in Costa Rica, in property, corporate shares, securities, production projects, or projects of a National interest.”
I filmed some video interviews with Attorney Rick Philps yesterday which will be edited and ready in a few weeks …
Scott
[quote=”Scott”]This would the “inversionista” (investor) residency status ….
The quote below taken from: [url=https://www.welovecostarica.com/members/580.cfm]Costa Rica Residency Categories Explained[/url] – New Immigration Law update.
“Another Temporary Residency Category is the “Inversionista” or Investor Residency Category. This Category requires a minimum of a $200,000.00 U.S. investment in Costa Rica, in property, corporate shares, securities, production projects, or projects of a National interest.”
I filmed some video interviews with Attorney Rick Philps yesterday which will be edited and ready in a few weeks …
Scott
[/quote]
Thanks Scott, good info to know, looks like the rentista is my route as I am not old enough for SS (and doubt it will be there when I am of age).
[quote=”kwhite1″][quote=”Scott”]This would the “inversionista” (investor) residency status ….
The quote below taken from: [url=https://www.welovecostarica.com/members/580.cfm]Costa Rica Residency Categories Explained[/url] – New Immigration Law update.
“Another Temporary Residency Category is the “Inversionista” or Investor Residency Category. This Category requires a minimum of a $200,000.00 U.S. investment in Costa Rica, in property, corporate shares, securities, production projects, or projects of a National interest.”
I filmed some video interviews with Attorney Rick Philps yesterday which will be edited and ready in a few weeks …
Scott
[/quote]
Thanks Scott, good info to know, looks like the rentista is my route as I am not old enough for SS (and doubt it will be there when I am of age).[/quote]
That’s my plan also. We better hurry before the gang in Washington try to stop us.
[quote=”jmcbuilder”][quote=”kwhite1″][quote=”Scott”]This would the “inversionista” (investor) residency status ….
The quote below taken from: [url=https://www.welovecostarica.com/members/580.cfm]Costa Rica Residency Categories Explained[/url] – New Immigration Law update.
“Another Temporary Residency Category is the “Inversionista” or Investor Residency Category. This Category requires a minimum of a $200,000.00 U.S. investment in Costa Rica, in property, corporate shares, securities, production projects, or projects of a National interest.”
I filmed some video interviews with Attorney Rick Philps yesterday which will be edited and ready in a few weeks …
Scott
[/quote]
Thanks Scott, good info to know, looks like the rentista is my route as I am not old enough for SS (and doubt it will be there when I am of age).[/quote]
That’s my plan also. We better hurry before the gang in Washington try to stop us.[/quote]
JMC….it’s too late SS won’t be there for us, just have to grind it out before they restrict travel out of the US (which is coming unless you are politically connected).
Target date of early 2014 for me, I think 2015 will be too late.
[quote=”kwhite1″][quote=”jmcbuilder”][quote=”kwhite1″][quote=”Scott”]This would the “inversionista” (investor) residency status ….
The quote below taken from: [url=https://www.welovecostarica.com/members/580.cfm]Costa Rica Residency Categories Explained[/url] – New Immigration Law update.
“Another Temporary Residency Category is the “Inversionista” or Investor Residency Category. This Category requires a minimum of a $200,000.00 U.S. investment in Costa Rica, in property, corporate shares, securities, production projects, or projects of a National interest.”
I filmed some video interviews with Attorney Rick Philps yesterday which will be edited and ready in a few weeks …
Scott
[/quote]
Thanks Scott, good info to know, looks like the rentista is my route as I am not old enough for SS (and doubt it will be there when I am of age).[/quote]
That’s my plan also. We better hurry before the gang in Washington try to stop us.[/quote]
JMC….it’s too late SS won’t be there for us, just have to grind it out before they restrict travel out of the US (which is coming unless you are politically connected).
Target date of early 2014 for me, I think 2015 will be too late.[/quote]
Kwhite… I can’t think of a more interesting neighbor than David, great fun I’m sure. I think that travel won’t be so difficult but the removal of assets will be the problem. What’s your take on Costa Rica signing the tax compliance agreement. What constitutes tax evasion and is that a moving target? One minute in compliance and the next in violation.
Kwhite… I can’t think of a more interesting neighbor than David, great fun I’m sure. I think that travel won’t be so difficult but the removal of assets will be the problem. What’s your take on Costa Rica signing the tax compliance agreement. What constitutes tax evasion and is that a moving target? One minute in compliance and the next in violation.[/quote]
I don’t blame CR for signing it, they were pressured and the ramifications would cause haovic amongst the expats, thus resulting in less expats moving there in fear of being hassled by the gubment. Less expats = less $.
Tax evasion is illegal and I would never condone illegal acts, tax avoidance, however, is legal, and I am a big advocate of utilizing the tax laws in effect and minimizing the taxes paid via the very laws written to tax you!
And I agree David would be a great neighbor! I like David, I was just ribbing him by my tag line (my sense of humor is very dry and twisted sometimes, keeps me in trouble)
[quote=”kwhite1″]
Kwhite… I can’t think of a more interesting neighbor than David, great fun I’m sure. I think that travel won’t be so difficult but the removal of assets will be the problem. What’s your take on Costa Rica signing the tax compliance agreement. What constitutes tax evasion and is that a moving target? One minute in compliance and the next in violation.[/quote]
I don’t blame CR for signing it, they were pressured and the ramifications would cause haovic amongst the expats, thus resulting in less expats moving there in fear of being hassled by the gubment. Less expats = less $.
Tax evasion is illegal and I would never condone illegal acts, tax avoidance, however, is legal, and I am a big advocate of utilizing the tax laws in effect and minimizing the taxes paid via the very laws written to tax you!
And I agree David would be a great neighbor! I like David, I was just ribbing him by my tag line (my sense of humor is very dry and twisted sometimes, keeps me in trouble)[/quote]
I was thinking in terms of the rules being changed on us in the future. The US is going to chase us everywhere in the world because we have some assets and I believe they will take from us because we are citizens with the help of foreign governments. Not only will the foreign governments help the US identify holdings in their countries but help in the collections process. Cyprus on steroids.
Every year we have to file tax returns with the value of foreign holdings. Let’s say that the US decides to tax the rise in value of your foreign home on a yearly basis. You say that can’t happen, we have constitutional equal protections, They could not do this to a small group. I say what about the rich and their equal protections, what is their fair share.[quote=”jmcbuilder”] Let’s say that the US decides to tax the rise in value of your foreign home on a yearly basis. [/quote]
As long as we’re fantasizing, let’s say that the U.S. decides to tax the rise in the value of your domestic (U.S.) home on a yearly basis. So how would living in Costa Rica be any different? And who do you suppose would administer this levy?
And suppose they decided that the depreciation on your car was tax deductible, too.
And suppose they came for our guns, our Bibles, our Torahs and our Korans.
And suppose they round us all up and inter us all (I mean everyone) in the FEMA camps we suppose they’re building (but which no one can find).
And suppose . . .
And suppose . . .
And suppose . . .(ad nauseam).
Of course, no one has proposed any of this, but let’s just let our imaginations run wild (and sound more and more like (you know who)).
]
I was thinking in terms of the rules being changed on us in the future. The US is going to chase us everywhere in the world because we have some assets and I believe they will take from us because we are citizens with the help of foreign governments. Not only will the foreign governments help the US identify holdings in their countries but help in the collections process. Cyprus on steroids.
Every year we have to file tax returns with the value of foreign holdings. Let’s say that the US decides to tax the rise in value of your foreign home on a yearly basis. You say that can’t happen, we have constitutional equal protections, They could not do this to a small group. I say what about the rich and their equal protections, what is their fair share.[/quote]I do know that a good portions of international banks (clarify, any bank out of the US), are not excepting US citizens to open accounts. I know in Belize you have to apply and it takes upwards of 6 months to get approval for a checking account!
There will be some sort of “tax” imposed on your assets located out of the US, the only way I see around this is to own your house out right, keep cash, and form a company to hold any other assets in your host country. It will be increasingly difficult to “disguise” assets held by US citizens out of the US.
There is talk (rumor) that IRA’s will be converted into gubment bonds, or a portion of your assets. But, just a rumor at this point. But I trust the gubment is the best place to keep all of your assets, they have done a fantastic job so far on fiscal matters….
[quote=”DavidCMurray”][quote=”jmcbuilder”] Let’s say that the US decides to tax the rise in value of your foreign home on a yearly basis. [/quote]
As long as we’re fantasizing, let’s say that the U.S. decides to tax the rise in the value of your domestic (U.S.) home on a yearly basis. So how would living in Costa Rica be any different? And who do you suppose would administer this levy?
And suppose they decided that the depreciation on your car was tax deductible, too.
And suppose they came for our guns, our Bibles, our Torahs and our Korans.
And suppose they round us all up and inter us all (I mean everyone) in the FEMA camps we suppose they’re building (but which no one can find).
And suppose . . .
And suppose . . .
And suppose . . .(ad nauseam).
Of course, no one has proposed any of this, but let’s just let our imaginations run wild (and sound more and more like (you know who)).
[/quote]
Sure, all conjecture. I think it important to evaluate current conditions and make judgements accordingly. The bs about no new taxes on people making less than 250k a year at the time the healthcare bill was being passed. Turns out there is a 3.8% tax on the sale of my personal home in the obamanation healthcare bill. That represents over 50k tax on me and I haven’t earned over 50k a year for the last 6 years. The groundwork is being laid for the taxation of US citizens abroad. Sorry I’m two steps ahead in thinking!!
[quote=”jmcbuilder”][quote=”DavidCMurray”][quote=”jmcbuilder”] Let’s say that the US decides to tax the rise in value of your foreign home on a yearly basis. [/quote]
As long as we’re fantasizing, let’s say that the U.S. decides to tax the rise in the value of your domestic (U.S.) home on a yearly basis. So how would living in Costa Rica be any different? And who do you suppose would administer this levy?
And suppose they decided that the depreciation on your car was tax deductible, too.
And suppose they came for our guns, our Bibles, our Torahs and our Korans.
And suppose they round us all up and inter us all (I mean everyone) in the FEMA camps we suppose they’re building (but which no one can find).
And suppose . . .
And suppose . . .
And suppose . . .(ad nauseam).
Of course, no one has proposed any of this, but let’s just let our imaginations run wild (and sound more and more like (you know who)).
[/quote]
Sure, all conjecture. I think it important to evaluate current conditions and make judgements accordingly. The bs about no new taxes on people making less than 250k a year at the time the healthcare bill was being passed. Turns out there is a 3.8% tax on the sale of my personal home in the obamanation healthcare bill. That represents over 50k tax on me and I haven’t earned over 50k a year for the last 6 years. The groundwork is being laid for the taxation of US citizens abroad. Sorry I’m two steps ahead in thinking!![/quote]
Well, amazingly when the new payroll taxes hit the first of the year, only one of my employees questioned it. The rest of the sheeple just went about thier business. It was quite concerning to me that they just accepted it. That was a tax increase and I distinctly remember O saying that he won’t raise taxes one “thin dime” on anyone making less than $250K, then $225K, then $150K.
JMC, you hush up and pay your fair share like a good boy. Someone needs a new obama phone and you get to pay for it.
And yes, they will be tracking your out of country assets, one will need to renouce to get away from it all, but that will cost you one final IRS audit to ensure you are paid in full. And that one will be a nasty one, I have heard they tax you on your household goods (average of the populace), and they go back through every tax return you have ever filed.
[quote=”jmcbuilder”]The groundwork is being laid for the taxation of US citizens abroad. Sorry I’m two steps ahead in thinking!![/quote]
Sorry, jmc, but you are at least two steps behind, not ahead. The IRS Code has, for decades, provided for universal taxation of the income of U.S. citizens. It ain’t nuthin’ new. You can ask anyone who actually lives outside the U.S.
And while you can slog through the process of renouncing your U.S. citizenship, you will continue to be liable for U.S. income taxes for something like ten years after your renunciation, so that will provide you little shelter.
Too, income derived in the U.S., regardless of the citizenship of the recipient, is subject to taxation by the IRS. So if, for example, you renounce your citizenship but make taxable withdrawals from an IRA, receive Social Security, have residual income from royalties, rents, etc, you still have to pay U.S. federal income taxes.
Here is my take on the future of SS outside the country.
Government will state:
As of June 1, 2016, if you move out of the US and are on or apply for SS, you will be paid 75% of you SS. This is a temporary measure.
The next will be:
As of June 1, 2020, if you move out of the US and are on or apply for, SS, you will be paid 50% of you SS.
Following that will be:
As of June 1, 2022, if you move out of the US and are on or apply for SS, you will be paid 25% of you SS.Notice that they have not touched the SS of someone already living outside the US.
There are about 6000 people in CR receiving SS payments. Although it is difficult to get figures, that could amount to 70-100 million a year. For expats around the world, probably billions of dollars leaving the US in SS, veterans benefits, etc. These billions do not support or recirculate in the US for : local and state governments, gas stations, restaurants, auto body shops, clothing stores, local schools, Boy Scouts, churches and other charities – the list goes on. The US needs that money to circulate in the States, not outside it and the government will find a way to get it without taking away what we think of as a constitutional right to travel and live where we please.
Then there are those pesky assets that we have to start tapping at age 70.5 – our IRAs. That money gets spent outside the US as well and the IRS will want some.
I hope we all know that I am not a conspiracy theorist (let my organic gardening friend take care of that) but I think this is a real threat to us and to people who have not left the States.
[quote=”VictoriaLST”]Here is my take on the future of SS outside the country.
Government will state:
As of June 1, 2016, if you move out of the US and are on or apply for SS, you will be paid 75% of you SS. This is a temporary measure.
The next will be:
As of June 1, 2020, if you move out of the US and are on or apply for, SS, you will be paid 50% of you SS.
Following that will be:
As of June 1, 2022, if you move out of the US and are on or apply for SS, you will be paid 25% of you SS.
[/quote]Victoria, do you base the foregoing on one single fact (just one fact) that you can point to, or is it pure speculation on your part?
Do you know of anyone (just one person) in a position of authority (the President or anyone aspiring to the position, any member of Congress, any cabinet Secretary or anyone else) who has proposed anything that you speculate? Or is this simply some doomsday scenario that you’ve dreamed up or adopted as your own from some other equally questionable source?
Where do these “effective” dates come from? Why do you pick June 1 dates? You know, do you not, that the federal fiscal year runs October 1 through September 30. How do you know? Or did you just pull these dates out of some dark place?
Where do the percentage reductions come from? How do you know that these imagined reductions will be 75%, 50% and 25%? Why not 66%, 33% and zero? How about 1%, 1.5% and 2%? How do you know?
Absent one supporting datum, what is it you accomplish by posting this stuff?
(Later . . .)
Or are you taking a creative writing class? If yes, here’s a link to something that makes some real sense:
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