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Welcome to this week's edition of the Amo Monteverde Real Estate newsletter! We're thrilled to share some exciting news that makes living in Costa Rica even more attractive for expats, especially those from the United States seeking a tranquil,
nature-filled lifestyle. Costa Ricaās new residency laws have made the process of acquiring residency easier and significantly less taxed. Let's dive into these new developments and explore the fantastic opportunities awaiting you.
Exciting Changes in Costa Ricaās Residency Laws
Two new residency laws have recently passed debate in Costa Rica, both of which enhance your options for residency in beneficial ways. The first law lowers the investment requirements and introduces substantial tax exemptions for various residency types, while the second law introduces a new residency option for digital nomads.
Lowered Investment
Requirement for Investor Residency (Inversionista)
The investment threshold for obtaining investor residency has been reduced from $200,000 to $150,000. This means your real estate purchase now qualifies as a valid investment. Letās explore what a $150,000-$200,000 investment can buy you in Monteverde and nearby areas:
- Permaculture paradise: 6070m Organic Garden Lot in Monteverde. - U$ 180,000 INFO
- Prime 1377mĀ² lot nestled in Monteverde's vibrant
heart. - U$ 130,000 INFO
- Delightful 85m2 home Nestled in the quaint neighborhood of San Luis. - U$ 36,000 INFO
- Renovated Home: Dual Rentals & Prime Location - U$ 165,000 INFO
- 1462m2 Mountain View Lot PERFECT for your family home & Garden - U$ 58,000 INFO
Want to explore more? Peruse our current Costa Rica real estate listings or get in touch with us to start the conversation.
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Navigating the residency process in Costa Rica can be complex, which is why having specialized advisory services is crucial. Working with experienced professionals will help you manage the bureaucratic steps and ensure that you meet all legal requirements smoothly. From obtaining the correct visa to finding suitable housing, having the right support can make a significant difference.
Duty-Free Household Imports
Temporary residency holders ā investors (inversionistas), renters (rentistas), and pensioners (pensionados) ā will now enjoy an exemption on import taxes for household items, including whole containers, on their first import. This exemption represents a significant monetary saving as import taxes can range up to
nearly 50% per item. For full-container imports, this new law could save you thousands of dollars in import duties.
Duty-Free Vehicle Importation
Temporary residency holders can now import up to two vehicles for personal use without paying taxes. This is a valuable change, as vehicle import taxes in
Costa Rica range from about 52% to 80%, depending on the age of the vehicle. The older the vehicle, the higher the tax. This exemption can result in substantial savings, as Costa Ricaās āblack book valueā for vehicles is often much higher than the Kelly Blue Book value or even the vehicleās purchase price. Note, however, that if you sell these vehicles, the associated import tax must be paid.
Other Tax Exemptions
Under the New Residency Laws
In addition to duty-free household goods and vehicles, Costa Ricaās new residency laws also provide other significant tax benefits:
- Transfer Tax Exemption: New residents receive a 20% tax exemption on property
transfer taxes.
- Income Tax Exemption: Residents are exempt from income tax for any income declared to qualify for investor residency. However, any Costa Rican income will be subject to standard income tax rates.
- Professional-Use Instruments and
Materials: If you plan to work in Costa Rica, your professional setup, including your mobile office, is now tax-exempt.
The new laws also promise an expedited immigration process and faster residency resolution times.
