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Those planning on relocating to Costa Rica have a couple of
options to choose from for their residency status. Homeowners and new condo
owners will be happy to know that foreigners are allowed to own property in
Costa Rica as well as, drive, own a vehicle, make investments and even earn a
little income from self-employment. However the maximum amount of time a
foreigner is allowed to stay in the country is a period of 3 months, so real
estate owners should be prepared to leave the country for at least 72 hours each
quarter before being allowed to come back and begin a new ‘visiting’ quarter.
If a visitor overstays their 3 months period then many
travel agencies in Costa Rica will be able to arrange for them to pay the fine
and fill out the documentation required for the visitor to leave the country for
the 72 hours and return again.
There is a small community of expatriates
living in Costa
Rica. Recently the country has experienced a real estate boom and foreigners
from countries such as; the United States, Canada, Germany, Netherlands,
Britain, and other places have come in to pick up new homes, new condos and even
buy preconstruction condos in Costa Rica.
New legislation is under discussion in Costa Rica,
restricting the ‘perpetual tourist’ from taking advantage of the relaxed
residency laws. So those who are thinking about buying property in Costa Rica
should consider becoming legal residents. It takes about 4 months to complete
the process. There are several kinds of residency that can be applied for to
become a legal resident but the most common are:
- Pensionados-persons with a lifetime pension
- Rentistas-retired individuals without a pension, but
with other investments
- Inversionistas-investors who want to start business in
Costa Rica, such as real estate investment
Retired property owners who have obtained legal residency
in Costa Rica shouldn’t expect to be able to get a job in the country.
Pensionados and Rentistas aren’t allowed to work for others. However, they can
own a business, make investments or be self-employed.
When relocating to Costa Rica its best if those looking to
purchase real estate in the country spend a little time there first. This will
allow the visitor to explore Costa Rica, the culture and the economy and decide
if relocating is really the best choice for them. Cars in particular in Costa
Rica are expensive, so when relocating homeowners should consider bringing their
vehicles with them. The price of exporting a vehicle can be high, but it may be
lower than purchasing a similar car on the Costa Rican market.
Those looking to relocate to Costa Rica will find that
their money goes further in daily living. The average homeowner can live very
well for about $1500 a month, placing them comfortably in upper middle class
status. Currently, the real estate in Costa Rica is expensive, but
real estate
investments are becoming very popular in Costa Rica and property owners can
expect a good return on their new condos.
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