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Hi everyone, I read somewhere that one could obtain residency in CR as an investor by purchasing a property of 200,000 US dollars or more as their primary residence. Is there any truth to this and if so, can the home be financed or does it have to be paid in full?
I know people who have succeeded with this BUT, there’s no attorney I know that is confident enough to give me the details in writing because we are supposedly waiting for clarification from the immigration department on the requirements.
I have been waiting for this “clarification” for at least six months.
Scott
Copied from [url=http://www.costaricalaw.com/residency-general-information-and-summary.html]Costa Rica Law[/url]
“There is currently misinformation floating around regarding the inversionista category. Part of it came about when the Director of Immigration mentioned in a press interview that the inversionista category would apply to those that purchased their homes or property in Costa Rica. A circular was later issued to substantiate that position so long as the property purchased was registered with the Costa Rican tax department to establish that the value was over $200,000. Since a new Director of immigration took owe are awaiting for more guidance on that issue. Since the law is silent as to the requirements of this category it will be up to the Department of Immigration either by way of Regulations to the law or by way of another Circular to clarify in writing what their position is as to this category under the new law. As soon as we have a verified source indicating the parameters of this category we will post them to the site”.
The only person that I know who tried this route was told no, as of yet, it was not yet acceptable. I would [i]think[/i][b][/b] that the home would have been paid for, in cash with no mortgage as it is more difficult for a non-resident to get a loan here.
From a real estate professional I have heard the following: to qualify the $200,000 must be invested in a tourist or other qualifying business.
[b]rf2cr[/b] this is a different category…. and difficult to get. And unfortunately, you must own the ‘business first’ before you can apply, then it’s keep your fingers crossed that you can gain residency this way or start again.
Please see our new article (as of 2 minutes ago)
‘Costa Rica Investor Residency Category is Clarified with New Immigration Regulations’ by Attorney Roger Petersen at:
Scott
[quote=”Scott”]Please see our new article (as of 2 minutes ago)
‘Costa Rica Investor Residency Category is Clarified with New Immigration Regulations’ by Attorney Roger Petersen at:
Scott[/quote]
Scott –
can you please get clarification(s) from Mr. Peterson in regard to:
1. as written, does this apply to existing ownership (prior investment in property or building a home) or is it applicable to future transactions only?
2. as written, can the investment be done through a corporation (as long as the indiviual making application is the sole or majority shareholder) or does the law stipulate that the investment be made by the applicant as an individual?
Thank you.From Roger…
1. as written, does this apply to existing ownership (prior investment in property or building a home) or is it applicable to future transactions only?
1. The regulations as written are exactly as described in the article. It does not specifically address existing ownership and generally Costa Rican laws and regulations are not applied retroactively. However, I am sure that creative ways will evolve to address that issue. For example if a property is in a corporation can we purchase the shares for $200 k and then apply – If it is in one corporation can we sell it to another corporation and then apply – These options will begin to be flushed out when the regulations come in place and new applications work themselves into the system and rulings on those applications are made – A process I expect to take some time to evolve while new applications are received and then ruled upon by the Immigration Council –
2. as written, can the investment be done through a corporation (as long as the individual making application is the sole or majority shareholder) or does the law stipulate that the investment be made by the applicant as an individual?
My interpretation of the regulations is that it can be done through a corporation since the regulations specifically indicate that the investment can be made in “shares” which I interpret to mean shares of a corporation including one that owns property.
Most important to note this paragraph:
[b]”Keep in mind that this category is a discretionary category which means that the Department of Immigration has discretion whether to approve or reject the application. As such, those interested in this category should ensure that they prepare a well documented application to have the highest probability of approval”.[/b]
This is similar to what must also be considered when applying under Investor status, is that it is [b][i]not a done deal[/i][/b]
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