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As I mentioned in another topic, we are considering retiring to Costa Rica. We have many questions, which we are slowly having answered, however, we have one that we have yet to find a definitive answer to.
Will each of us need to prove an income of $1,000.00? While we have a combined income of well over $2,000.00, Peg’s income is strictly social security, and just barely $1,000.00. If Social Security raises any of the deductions, it could be less that $1,000.00.
Now, technically, my retirement is in both our names, but the “check” is in my name only. When one of us dies, the survivor would continue to receive 50%, which would still be well over $1,000.00. So, if anyone has any insight, we would certainly appreciate your help.
Ken & Peggy Gasbarri
My husband and I have been in CR for 5 years and have our residency. Our income is over 2000 combined. Mine,his wife, is under 1000. They go by the combined income. If something happens to him my income would also meet the requirements provided they dont change. Hope that helps
Only use one income. The cost of the CAJA that you have to pay once you receive your temporary residency is based on the income that you report in your application. One person has to have an income of at least $1000. They will not use combined income to make the $1000. You will not benefit in any way to use both of your incomes over $1000 to qualify both of you for pensionado residency.
[quote=”barbara ann”]My husband and I have been in CR for 5 years and have our residency. Our income is over 2000 combined. Mine,his wife, is under 1000. They go by the combined income. If something happens to him my income would also meet the requirements provided they dont change. Hope that helps[/quote]
DraginRat –
Please disregard barbara ann’s comment. It is incorrect!
They do not use combined income – only one of you has to have (and demonstrate) a “lifetime income” in excess of $1000/month. If you submit your “income” along with hers, then your Caja payment will be based on either the higher income or the combined income, and either way your monthy Caja costs will be higher – and Caja payments are becoming quite punitive.To add to and clarify Rosiemaji’s correct info, only one of you must meet the $1000/month threshold and you want to use the lowest amount possible!
[b]Costaricabill[/b]’s advice is right on the (pension) money…8)
In fact, you [u]cannot[/u] combine the income from two individuals when applying for residency.[quote=”costaricafinca”][b]Costaricabill[/b]’s advice is right on the (pension) money…8)
In fact, you [u]cannot[/u] combine the income from two individuals when applying for residency.[/quote]But you never know what Caja may choose to do. When you apply for Caja now they now look at your “Resolution” from immigration, and that document states the amount of income you will be receiving from your pension. So to get 2 Caja accounts they will look at both resolutions. You never know what they will do,but they may add the 2 amounts together to determine your monthly Caja payment(s).
[quote=”costaricabill”][quote=”costaricafinca”][b]Costaricabill[/b]’s advice is right on the (pension) money…8)
In fact, you [u]cannot[/u] combine the income from two individuals when applying for residency.[/quote]But you never know what Caja may choose to do. When you apply for Caja now they now look at your “Resolution” from immigration, and that document states the amount of income you will be receiving from your pension. So to get 2 Caja accounts they will look at both resolutions. You never know what they will do,but they may add the 2 amounts together to determine your monthly Caja payment(s).[/quote]
You never know! If things get bad enough CAJA may require FULL income disclosure when they set/adjust your monthly CAJA payments. Never say never… Who would have thought 3 years ago that Uncle Sam would be entering into financial disclosure agreements with foreign governments requiring the AUTOMATIC exchange of bank account balance and transaction information!
[quote=”Imxploring”][quote=”costaricabill”][quote=”costaricafinca”][b]Costaricabill[/b]’s advice is right on the (pension) money…8)
In fact, you [u]cannot[/u] combine the income from two individuals when applying for residency.[/quote]But you never know what Caja may choose to do. When you apply for Caja now they now look at your “Resolution” from immigration, and that document states the amount of income you will be receiving from your pension. So to get 2 Caja accounts they will look at both resolutions. You never know what they will do,but they may add the 2 amounts together to determine your monthly Caja payment(s).[/quote]
You never know! If things get bad enough CAJA may require FULL income disclosure when they set/adjust your monthly CAJA payments. Never say never… Who would have thought 3 years ago that Uncle Sam would be entering into financial disclosure agreements with foreign governments requiring the AUTOMATIC exchange of bank account balance and transaction information![/quote]
That would be me.If your pension income is $850 while you’re Social Security benefit is $2,700 (1 person) then if I understand correctly I’m screwed since I would be forced to use the $2,700 s income. Is that accurate?
[quote=”bogino”]If your pension income is $850 while you’re Social Security benefit is $2,700 (1 person) then if I understand correctly I’m screwed since I would be forced to use the $2,700 s income. Is that accurate?[/quote]
Yes, you could be “escrewed”; however a friend of mine going through the pensionado residency process has a non-social security pension of almost $2,000/month and he submitted verification of that pension to migracion.
He just received his resolution document from migracion, and it says that is pension “exceeds $1,000 per month” (translated). This statement may save him $100’s of dollars per month on Caja.
My resolution document stated EXACTLY what my SSA pension was, so I can’t tell you for sure what will happen – but good luck.
Is it just me or does it seem as though in recent years the CR government has been moving in a direction to “[b]disincentivize[/b]” potential retirees from considering CR as an option?
I wonder how Panama is beginning to look in comparison.
[quote=”bogino”]Is it just me or does it seem as though in recent years the CR government has been moving in a direction to “[b]disincentivize[/b]” potential retirees from considering CR as an option?
I wonder how Panama is beginning to look in comparison.[/quote]
Like all governments the good folks in CR are desperately seeking money anywhere they can get it. Count on it only getting worse!
I was under the impression that CAJA wishes to see the [u]exact[/u] amount that you used to apply for [i]Pensionado[/i] residency, which means at least $1000, and this is what your premium is based on. A new/up-to-date copy of this exact payment, that you get from the US Embassy, is required when you renew you [i]cedula[/i]…so unfortunately the $2,700 amount will be the basis of your premium.
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