Costa Rica seeks to attract investors and retirees

Costa Rica look for attract investors, tenants and retirees as a way to increase the country’s economic and tourist revival after the COVID-19 health crisis, an official source reported this week.

Costa Rican President Carlos Alvarado in a virtual act signed a law to attract investors, annuitants and retirees that offers benefits such as incentives for import taxes and a 20% exemption transfer tax, among others.

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A step towards the recovery of the country

“What this law allows is to create the conditions so that these annuitants can come to the country, make their investments and create jobs. This is one more step towards recovery, which we must all continue to push forward in the country, ”said Alvarado.

With the legislation, anyone wishing to opt for a temporary residence as an investor must demonstrate to the Management of Migration and foreigners a minimum investment of $ 150,000 in real estate, recordable assets, stocks, securities, and productive or national interest projects. It used to be $ 200,000.

“This law will create a 25% decrease in investment so that a foreign person is granted the category of resident as an investor, including his dependents. In this way, it is intended to produce a necessary revitalization of the economy and a resumption of the levels of foreign investment of a decade ago, close to 7.8% of GDP and which today represent only 3 , 5% ”, explained the Minister of Tourism, Gustavo Segura.

A lot of advantages

The benefits include duty free and all import taxes present only once, for the import of household goods, while amounts declared as income to become a creditor will be exempt from income tax. Beneficiaries can also import up to two vehicles for land, air or sea transport, for personal or family use, free of all import, tariff and value-added taxes.

Another incentive is the exemption of 20% of the total transfer taxes on immovable property acquired during the period, and the exemption from import taxes for instruments or materials intended for professional or scientific practice.

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