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Our attorney who is specialized in Residency issues has called me a few days ago and told me that in the near future people who buy property/house for over 200,000 $ are allowed to apply for Inversionista status.
I asked him for the source (law) but he never sent me any.
Can anybody confirm that and send a link ?I do NOT think this is correct at all but will try and find an attorney to respond…
Scott Oliver – Founder
WeLoveCostaRica.comScott
Our attorney told me yesterday the same thing. If one was to invest a mininmum of $ 200,000 in the purchase of property we “would” now qualify for residency I am not sure of which catergory or status, since i didn’t ask,but I did asked about building ( new construction) and he indicated that was also acceptable. His family has been atty’s here for 3 generations and he has been extremely helpful in this ardous process of moving permenently to CR. He also has worked with a lot of Gringos and came highly recommended. In fact we were directed to him though one of your recommended realtors.
note: this the 1st time I have responded to a post and hope i have done it rightThis is Costa Rica & Canadian Attorney Rick Philps response:
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“I have not heard of any changes for the requirements of this Category of Residency. The amount of the investment to qualify is $200,000.00 U.S. My understanding is that it is not merely buying a property for personal use for that amount that qualifies an Applicant, but that it must be an investment in something that would be deemed by the Immigration Department as being for the “social good” of Costa Rica, creating jobs for Costa Ricans, etc.
An Application in this Category has always required a significant amount of support documentation to be submitted, in the form of accounting and business plans. At the end of the day, the granting of this Category is discretionary in nature, on the part of the Immigration Department and has always been, in my opinion, an expensive and risky Application to make.
There may be some Regulations to the new Immigration Act that have not been made public as yet, but I’m certainly not aware of them at this moment. I will say this, if the posts on the Forum regarding this Residency Category are correct, it will be a marked departure from the philosophy which applied to an Application under this Category of Residency previously.”
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Scott Oliver
WeLoveCostaRica.comAttorney Rick Philps emailed this morning regarding a ‘Memorandum from the Immigration Department’ which does discuss this … I believe the Tico Times has something in today’s newspaper and am hoping to have more details soon ….
Scott Oliver – Founder
WeLoveCostaRica.comHi Scott –
I have appended below an email response that I received from the young lady that wrote the article for the TT regarding “Temporary Residency”. She now states that she has been advised that it is an “administrative change”, and she has attached a pdf of a “CIRCULAR-UPI-239-2009-LAS” dated 28-August 2009 from the Direccion General de Migracion y Extrajeria. The circular seems to deal with a MODIFICACION ARTICULO 27, INCISO 4 Y ARTICULO 36 DE LA CIRCULAR SDG-461-2007.
She also provides information as to who her consultant is.
I am having difficulty attaching the pdf to this response, so I will send to you via separate email in the hope that you and your fellow attorneys can read it compare it to the current and proposed laws, and make an accurate determination of whether or not this does in fact modify the existing requirements for residency or create a new methodology for achieving “temporary residency”. I’ll leave it up to you whether or not you want to provide a link to her pdf attachment – it may be that some of the other members may want to review it as well.
Regards, and I look forward (hopefully) to the results of your inquiries.
costaricabillMs. Long’s email follows:
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Dear Bill Knight,
My information comes from the attached memorandum and from Fragomen consultants.What wasn’t clear to me was whether this would be included in the new law. I did write that it was part of the law, but was advised later that this is an administrative change.
I’d be interested in hearing your thoughts after you read this memo.
Cheers, Chrissie
============Please see Own A Home Of $200K+ And Get Residency In Costa Rica? We think it’s unlikely.
At [ https://www.welovecostarica.com/members/2165.cfm ]
Scott Oliver – Founder
WeLoveCostaRica.comHi Scott – thanks for your continuing efforts to get clarification on this issue. As you say, it is still clear as mud, but I hope there is some way to keep digging (as long as the mud is soft). If true I think there would be significant benefits to both the property owner (an easier, more efficient method to achieve residency) and the government (property owners who desire residency may opt to be a bit more “realistic” about disclosing the real value of their property, even though it will result in more annual property tax becoming due and payable).
I would surmise that the increase taxes would be far less than the fees charged by most attorneys for the residency approval process, with several years of the increased tax payments necessary to equal those legal fees. Plus, the recovery formula would necessarily have to include the costs of the obligatory 90 day “escape” trips currently required (exit tax, travel & hotel costs, etc.).
All in all, although it is a “double edged machete”, I think the benefits far outweigh the potential of increased property taxes. In addition, I think we can all rest assured that the government will find additional ways to collect increased taxes in the future.
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