No menu items!

COSTA RICA'S LEADING ENGLISH LANGUAGE NEWSPAPER

HomeArchiveMyths and Facts about Residency

Myths and Facts about Residency

COSTA Ricahas a long traditionof immigrationfrom otherLatin Americancountries; over thepast several yearsit has also becomea popular relocationdestinationfor North Americansand Europeansseeking to obtainlegal residencyin the country.The currentadministration has made efforts to controland regulate the flow of temporary andpermanent residents. A major element thathas come into play in this regard is thediscretionary power of the GeneralImmigration Administration in evaluatingand approving residency applications.Residency under categories such asinversionista (investor), contrato de trabajo(contractor) and empresario/apoderadode empresa (business owner) havebeen increasingly difficult to obtain in thepast couple of years.These categories have several inconveniences,one being that applicationsmust be filed at a Costa Rican Consulateabroad. This often represents valuabletime lost, as the application needs to findits way from the Consulate to the appropriatehands at the Costa Rican immigrationoffices. It sounds simple, but in practiceit has caused major problems forapplicants who have seen their filesdelayed because of this system.IT is extremely advisable to have anexperienced and knowledgeable legal professionalhandle your residency application.To increase the chances of successfor an immigration filing, the documents,translations and certificates containedtherein should be prepared by immigrationspecialists.In all cases, fingerprinting must bedone in person, in the country. Failure tocomply with this step will constitute animpediment to application processing.Another problematic issue commonto many residency categories is theGeneral Immigration Administration’sample discretionary powers in approvingor denying most types of applications.Temporary work permits are being subjectto restrictive policies as well. Thishas led applicants who have been expectingresolutions for a year or more to besorely disappointed by the results of theprocess, after a vast investment of timeand effort.BUT it’s not all bad news. The residenterentista (annuitant resident) and residentepensionado (pensioner resident)categories are still open and available.Governed by a separate law than regularimmigration categories, these special residenciesare processed by a separatedepartment within Immigration.The changes in immigration proceduresthat took place in 2003 did notaffect these categories, meaning thatapplications under these headings canstill be filed directly in Costa Rica(although authentication of foreign documentsby a Costa Rican consul is required),and are approved for anyoneclearly meeting the legal requirements.The processing time is considerablyshorter – with an estimated average offour months – and application approval isnon-discretionary.The main requirement for residency asa rentista is a bank letter stating that thebank will give the applicant $1,000 amonth for five years, in a stable, permanentand irrevocable manner. The lettermay be obtained from a local or a foreignbank, but the chosen bank must be listedin Thomson’s Bank Directory.To issue the letter, Costa Rican banksusually require a guarantee of $60,000 inthe form of a certificate of deposit (CD) –which will bear interest according to marketrates – from which to deduct themonthly $1,000. However, contrary topopular belief, the deposit itself is not anactual requirement; the bank letter is.Pensionado residency requires an officialdocument demonstrating a monthlypension payment of at least $600.Pensions from government agencies areusually preferred, and make the applicationprocess much simpler.AFTER applicants have obtained residency,they must live in the country forat least four months out of the year (notnecessarily continuous), show theexchange of their annual income($12,000 or $7,200, as applicable) intocolones, and renew their residency cardsevery two years.It should be noted that Congress isconsidering an initiative that proposeseliminating these types of residencies ormaking them more difficult to obtain.Future changes will not affect applicationsalready in progress; once an application isfiled, Immigration may not apply newrules to the applicant.For more legal advice, contact Lang& Asociados at 204-7871 or visitwww.langcr.com.

Trending Now

Costa Rica’s La Negrita Basilica Hit by Gunfire as Worshippers Attended Mass

Costa Rica's most important Catholic pilgrimage site was struck by gunfire during Saturday morning Mass, with two bullets shattering windows on the south side...

Costa Rica Airport Partners With U.S. Embassy on Travel Safety

Guanacaste Airport in Liberia has become the first airport in Costa Rica to partner with the U.S. Embassy to promote the Smart Traveler Enrollment...

Costa Rica Court Keeps Papagayo Hotel Development Restrictions in Place

Costa Rica’s Constitutional Chamber has confirmed that the moratorium on tree-felling permits in the Gulf of Papagayo Tourism Pole remains fully in force, keeping...

Costa Rican Wins Santiago Wild With One-Minute Bat Film

Costa Rican graphic designer and wildlife photographer Felipe Vega has become the first Costa Rican to win at Santiago Wild, one of Latin America’s...

Fonseca Rallies, Sierra Stuns as Latin America Roars at Roland-Garros

Brazilian teenager João Fonseca staged a stunning comeback from two sets down to reach the third round of Roland-Garros on Wednesday, setting up a...

Costa Rica Debate Grows Over Moving Annexation Holiday

Nicoya authorities are pushing back against a proposal in Costa Rica’s Legislative Assembly that would move the July 25 holiday commemorating the Annexation of...

Costa Rica Wildlife Crossings Bill Faces Risk of Being Shelved

A bill that would require wildlife crossings to be included in Costa Rica road projects is at risk of being shelved, prompting warnings from...

Fonseca Shines, Etcheverry Falls as Latin Americans Split French Open Opener

The second Grand Slam of the tennis season opened Sunday at Stade Roland-Garros with a mixed scorecard for the Latin American contingent, as 19-year-old...

Panama Scraps Tax on Casino and Betting Winnings to Attract Tourists

Panamanian authorities have announced the scrapping of a 5.5% tax on winnings from table games and betting. The measure aims to attract foreign players...
Avatar
🌴 The Weekly Pura Vida

Costa Rica, Once a Week

The week's top stories, weather & insider tips — delivered every Sunday. One email, zero clutter.

🔒 Free. No spam. Unsubscribe anytime.

Loading…

Latest News from Costa Rica

Costa Rica Coffee Maker Chorreador

Live prediction market odds via Kalshi. Updates every 60 seconds.
Kalshi is available to US residents 18+. The Tico Times may earn a commission from new signups.

Costa Rica Car Rentals
Costa Rica Travel Insurance
Costa Rica Travel