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Moving to Costa Rica
Even with the recent real estate boom, Costa Rica still remains an inexpensive lace to live. You can find great properties starting at $100,000, which makes Costa Rica real estate accessible to more people. There is a wide variety of types of real estate available here, including luxury homes, vacation rentals, beach property and country farms. Renting a villa or home is a great way to experience an area of Costa Rica that you are considering living or investing in.
After you have studied your options for a place to live, you will certainly find the type of property for sale that you are looking for. Foreigners have the same right to own property as Costa Ricans, so you will find your goal of buying or building a home here very attainable.
Becoming a Costa Rican resident
1.) Income requirements for Costa Rican residency
Costa Rica's residency requirements are not as strict as in other countries.
Either a guaranteed investment income of $1,200 per month or $600 per month from Social Security or other type of pension is required. The source of the funds must be approved during the application process.
Another way to attain residency is to invest $50,000 to $200,000 in an approved business sector.
After two years, you can apply for Costa Rican residency status. The cost of obtaining residency can vary greatly, but generally it will cost $700 for an individual and between $1000 and $1500 for your family.
Renewals are required every two years. In order to qualify for renewals, you may be asked to prove that you have spent at least 4 months per year in the country and that your income has not changed since your residency was granted.
2.) Tourist visas
When you enter Costa Rica from North American, you automatically have a 3-month tourist visa. After that time, you must leave the country for at least 72 hours. After re-entering the country, you are granted a new 90-day tourist visa. Tourists are allowed to earn self-employment income, own businesses and own a car or property.
3.) Taxes
Costa Rica's personal income tax rates are lower than those in North America. Income earned from outside of Costa Rica is not taxable for residents.
Sales and hotel tax is 13%. An exit fee of $17 is required for tourists; residents pay slightly more. License plate fees depend on the value of the vehicle and are due annually. You will find property taxes very low in comparison to the states.
4.) Import duty
There is duty owed on cars, boats and other vehicles. Other personal property, including artwork, is not taxed on entry. The value of appliances and electronics will be assessed and a duty fee will be assigned them.
5.) Health care
Both citizens and legal residents have access to free medical care, including prescription drugs and hospitalization. Dental care is also provided for Costa Rica citizens. Employers fund this system by a 22% contribution for wages paid. The employee also contributes 9% of their wages. The state-owned insurance company offers an inexpensive plan that covers up to 80% of medical costs. Private hospitals and doctors are available and you will pay for services at the time they are rendered. This is a great option for people without medical insurance. You will find every type of medical specialist in Costa Rica as well as ambulance service and dental care. There are no vaccinations required for entering the country.
6.) Protected rights
Foreign residents enjoy most of the rights of Costa Rican citizens, which are protected by the Costa Rican constitution. The Costa Rican government has historically upheld these rights for everyone. Foreigners do not have a right to vote, work for wages (unless they receive a special work permit), or own land in close proximity to national borders.
7.) Educational system
Students have access to a free education through high school. The literacy rate in Costa Rica is around 93%. Technical schools and universities are located throughout the country. The primary language spoken in schools is Spanish, but English is generally taught. Many outstanding bilingual schools can found, as well as schools whose principal language is French or German.
8.) Domestic staff
Currently, the wages for domestic staff is $2.00 per hour. If additional language ability or special skills are required, this wage will be higher. Often room and board are included for domestic staff as part of their wage package.
Costa Rica holds elections for their president and congress and prides itself on being a democratic republic. The president's term is 4 years and only one term is allowed. The military was disbanded in 1948 and is constitutionally banned. This is not likely to change in the near future!
Finding your ideal Costa Rica property is just the start of your life here. Costa Rica's laid-back lifestyle and low cost of living are just some of the many advantages of living the good life in Central America.
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