Costa Rica is interested in receiving foreign capital that will directly and favorably impact the economy, such as creating jobs or new businesses. It is for this reason that the General Immigration and Foreigners Act currently in force allows a foreigner to stay on a temporary basis at first. Once they have met the basic requirements, and can demonstrate considerable investment in Costa Rica, they may then qualify for permanent residency status. This is referring to the “investor class residency”.
To qualify for residency under this category, as well as for other residency options, the foreigner must produce a series of documents that will be required by the Immigration authorities to begin the application process. These general requirements include:
- birth certificate
- marriage license (if dependent spouse)
- valid passport
- criminal record (demonstrating the absence of a criminal record)
- all issued in the country of origin
- duly notarized and translated into Spanish.
But to be eligible for this special investor category, they must also demonstrate the contribution of equity either in registerable assets, shares, securities, or companies. In terms of registerable assets in particular, enter investments in real estate. Common examples of these types of investments could be:
- purchasing land which is then developed into real estate property,
- agricultural or agroforestry projects,
- investing in a hotel or bed & breakfast unit,
- acquisition of one or more premises to lease and receive rents,
- purchasing a lot, a house, or a condominium apartment.
This investment must be valued at a minimum of $200,000.00 US. Both the property and the value of the property must be verifiable with official documents such as:
- registration certificates,
- contracts,
- public deeds of sale,
- tax returns, etc.
The interesting thing is that this investor residency category allows foreign families who opt for relocation to Costa Rica to remain in the country through an investment in real estate. Even more attractive when you consider that purchasing the home, and obtaining legal residency status can all be done for a fairly reasonable investment of only $200,000.
Contact Us for more information on real estate options to consider to obtain your legal residency.