Digital Nomad Residency: What You Need to Know
Welcome to this week's edition of the Amo Monteverde Real Estate newsletter! We're thrilled to share some groundbreaking news that will make Costa Rica even more attractive to digital nomads. The Digital Nomad Bill has passed both debates and is soon to be signed into law. This new residency category offers incredible opportunities for remote workers looking to enjoy the beauty and tranquility of Costa
Rica.
Costa Rica’s new Digital Nomad residency category will officially welcome digital nomads from around the world. Whether you're a freelancer, consultant, or a permanent employee who works remotely, you are now eligible to apply for this new residency status. Here are the key
details:
1-Year Estancia
Digital nomads will be granted a one-year estancia (short-term right to reside) instead of full-fledged residency. To maintain this status, digital nomads must reside in Costa Rica for at least 180 days per year. The estancia can be renewed for an additional
year.
Income Outside Costa Rica
Applicants must earn their income from sources outside of Costa Rica. Providing services to Costa Rican companies is not allowed under this category, as that would require a work permit.
Monthly Income Requirement
To qualify for a Digital Nomad Estancia, applicants must demonstrate a stable income of $3,000+ per month (single applicants) or $4,000+ per month (applicants with dependents) over the previous 12 months. This income must not be location-dependent, ensuring that it will continue regardless of your place of
residence.
Other Requirements
Digital nomads must also have medical insurance that covers them in Costa Rica. Additionally, they will need to pay a one-time fee for their non-resident visa. Specific amounts for these requirements are yet to be determined.
Eligible for Permanent Residency
Digital nomads may change their residency status if they meet certain requirements, such as having a child in Costa Rica or marrying a Costa Rican citizen.
Digital Nomad
Benefits
In addition to gaining legal status in Costa Rica, digital nomads will enjoy several benefits:
- Online Applications: Applications for the Digital Nomad Estancia can be filed online for expedited processing.
- Income Tax Exemption: No income tax or utility tax on income earned abroad.
- Professional Materials Tax Exemption: Exemption from import tax on professional materials, such as laptops and office setups. (Note: Taxes must be paid if these items are sold in Costa Rica.)
- Foreign License
Waiver: Holders of valid foreign driver’s licenses can drive in Costa Rica.
- Costa Rican Banking: Digital nomads can open accounts at Costa Rican banks.
Let us know if you are interested in more info!
Warm regards,
I Love Monteverde Team
Kelly, Susu & Carmen
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