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My wife and I have been thinking of taking early retirement and moving to Costa Rica. We understood that as Rentista’s for two years, we could put $12,000 x 5 or $60,000 in a Costa Rican bank until our Social Security kicks in at 62 years old, two years away. Now I understand that it’s $12,000 per person x 5 years or $120,000 in the bank. Kind of cuts into the “buy the land / build the dream house” budget. Anyone know of any other way to do this without bouncing in and out the country every three months?
You need to talk to a knowledgeable attorney. There may be a way for you to invest in an annuity that would stand as equal to Social Security in the eyes of Immigration.
You also need to know that “bouncing in and out of the country” may qualify you for “perpetual tourist” status in Immigration’s eyes. If they decide to crack down, as they say they are going to, you may be denied re-entry. That’ll put a kink in your dream house plan, all right.
Good advice from David – thank you
There are some things that you really need to hire a professional for rather than try to base your decisions on the information you get in any Discussion Forum.
We will always try to help you as best as we can (thank you David) but immigration is NOT the simplest of things and you would be best consulting with a qualified Costa Rican attorney who is involved with this on a daily basis.
I had a very long meeting with a lady attorney and her assistant last week who has focused on this for many years and after doing a little more checking, we hope to recommend her soon.
The problem we have on the site is after we recommend someone they normally get so much new business that after a short while they’re too busy to help anybody else and we have to stop recommending them and find someone new… This has happened more times than I can remember.
Scott Oliver – Founder
WeLoveCostaRica.comFirst apply for rentista, takes 6-12 months, lots of paperwork and fees for your lawyer. Then -one year later- apply for pensionado ? All the paperwork, including from you homecountry, fees for your lawyer etc. etc. again ? Once the paperwork of Rentista is finished, you can start with Pensionado. Better take the first plane to Costa Rica, rent a house, discover this land and enjoy it. Go “on holiday” every 3 months. O dios mio, Migracion…… solo una vez por favor……!!
If you take the advice immediately above and “. . go on holiday every three months . . .” you should take everything of value with you. You may be in for a disappointment when you attempt to return.
Don’t say nobody told you.
I plan on applying for Pensionista status when I retire there at age 62 (5 more years). Is there anything I can do in the meantime to get ahead of the game? Can one only begin the process AFTER one has moved there?
I am glad to hear that you enjoy CR,
Why not try this in reverse! Come to CR for a couple of months a year make sure this is the country that you want to retire. Then after five years you can apply for pensionista status and come to live for good.That way you are not a purpetural tourist and you will be safe from losing what you have invested in CR.
My wife was talking to her cousin last week and her cousin works for the department of immegration of CR. Her cousin was stating that the crack down on perpetural tourism is going to become a realtiy more and more as the funding issues are fixed.
I also have to say that last August she said the same and if you look at the news last December there was a few more gringos that were not let into the country due to over staying their tourist visas!
I am planning to move to Costa Rica in August. I’m too young to retire, so I plan to run my business from there, including hiring some white collar Ticos to help run my business. Reality requires that I return to the USA every 2 to 3 months for 2 to 3 weeks at a time. Will that be often/long enough to avoid the threat of being labeled a ‘perpetual tourist?’ I realize you aren’t attorneys, but your experienced input will be greatly appreciated.
Great idea and I woudl come to Costa Rica in a heartbeat but I am still not ready financially for the move.
I am married to a Puerto Rican woman and we are very familar with the latin life style in the mountains. I have no doubts whatsoevr after three visits to the Costa Rica that I will adapt beautifully there. As fluent spanish speakers, we will fit in quite well, I think. We have property there and I have made some good contacts in the community. I am just biting at the bit to get things moving but 5 years is a good piece of time. I can always ask my Costa Rican lawyer for some advice on this matter.
This is a great forum and I always look forward to Scotts posts and thoughts.Sprite, the only thing you can do at this point is meet a good attorney and establish a relationship. When the time comes, you’ll have to jump through the then-current bureaucratic hoops. I wouldn’t try to anticipate what they will be.
A new immigration law was passed under the former administratin and was to take effect last August. The Arias administration wasn’t prepared to handle it and tried to go back to the former law but the courts wouldn’t permit them to do so. They’ve gone back and forth about whether you can commence the process from Costa Rica or whether you must begin in your country of origin. Whatever’s true today, it’ll probably change three more times in the next five years.
Likewise, the documentation requirements may change, and your documents will have to be current. And the income requirements could change, too.
Don’t try to jump the gun.
Scott I appreciate the effort you put into making sure people you recommend are worth our time and money! I have three years until I plan to move which is about the middle of 2009. When would you recommend that I make contact with a lawyer concerning immigration issues? My trip in May was just to look around since I haven’t been in Costa Rica since 1988. By the way, your map was well worth the price. Thanks for the speed with which I received it!
Tom
Portland, OregonPensionista? It’s Pensionado or Rentista. You have to start the process BEFORE you move to Costa Rica as all new applications for must be started in your home country, but if you are not yet eligible for your pension you can’t do anything until you are. And who knows what the rules will be in 5 years.
“who knows what the rules will be in 5 years.”
This is what gives me a little anxiety. I could deposit the required $120k in my Costa Rican bank account and apply for rentista status now. I could always make periodic withdrawals from the CR account on line but I don;t have enough free time each year to spend in country. I still have a job here in Miami.
I know several foreign nationals who live AND work in Costa Rica. They take these Nicaraguan holidays every three months to perpetuate their status in the country. I am a strong believer in doing things by the book, but there are so many things that are “on the books” down there yet people seem to do just what they want to anyway. In five years time, so much can change that it is hardly worth spending too much time thinking about.Thanks Tom… I do hope that you are not disappointed Tom – Costa Rica today is not even recognizable compared to 1988.
You might want to read the new article by attorney Nidia Maria Cordero at Costa Rica Retirement – A summary of the kind of residencies available.
I am guessing that the immigration department will need to see proof of your SS income so that may mean that you would have to wait a little while before applying but if you contact Nidia’a assistant using the contact form, they should be able to answer your questions.
Scott Oliver – Founder
WeLoveCostaRica.com
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