I have to say that since getting involved in Costa Rica real estate, I have been surprised by the number of people who have contacted me who are interested in moving to Costa Rica permanently. I’m not surprised that people want to move there, because it is a fantastic country, but I’m just surprised at the number of them ready to make such a bold move.
So, a common question that I do get from those looking to move to Costa Rica - either full time or part time - is what do are the residency rules.
Short Term Stays Are Easiest
Well, lets start with part timers. For anyone staying less than 6 months, you need nothing more than your passport. That’s it! No paperwork, no visa, none of that. In fact, anyone with a passport can stay in Costa Rica for up to 3 months. If you want to stay longer than 3 months, the easy way to do that is to just leave the country for 72 hours, and re-enter. You are now able to stay another 3 months! Of course, doing this once or twice is okay, but more than that and it is frowned upon. So if you plan on staying for longer than 6 months at a time, you may want to consider applying for residency.
Seniors Have an Advantage
In Costa Rica, there are different residency options. To start, seniors can obtain pensionado residency. This is a great draw for seniors, as pensionado residency rules are more lenient than other types of residency. In a nutshell, seniors can obtain residency simply by proving that they have an annual income of $7,200, and that income will be deposited into a Costa Rican bank account in colones (Costa Rican currency). The best part is that any dependants (spouse or children under 18) can obtain residency automatically.
Costa Rica Loves Investors
Just more proof that Costa Rica is foreign investment friendly. Special residency opportunities are given to investors - small or large. For small investors with investments that bring in a regular income, they need to prove a monthly income of $1000, guaranteed by a banking institution. An alternative to that is to deposit $60,000 into a Costa Rican bank account, where you can withdraw $1000 of your money each month.
Investors who have invested at least $50,000 in a sector that the government deems a priority - such as tourism, forestry, and low-income housing - will get you inversionista resident status. Larger investments up to $200,000 in other sectors will also get you inversionista resident status.
Applying for Costa Rica Residency
There are many other types of residency statuses, but the ones I’ve listed are the most common. If you are considering applying for one of these residency statuses, don’t wait until you are in Costa Rica. In fact, Costa Rica’s Department of Immigraion (Direccion General de Migracion y Extranjeria) says that foreigners should apply for residency from their country of origin. This appears to be more convenient for many, as applying for residency while in Costa Rica would subject the applicant to long, confusing lines and wait times.
If you have any questions about applying for residency in Costa Rica, contact the Costa Rican consulate (Canada | US) in your country of origin.