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Bill seeks to eliminate the requirement for resident investors, annuitants, and pensioners to register with the Costa Rican Social Security Fund.
[/vc_column_text][us_separator][vc_column_text] On December 1, 2022, the bill called “Reform to articles 7, paragraph 7) and 80 of the General Migration Law, Law No. 8764, of August 19, 2009 and its amendments, was presented to the Economic and Treasury Commission of the Legislative Assembly of Costa Rica, toPromote the inclusion of investors, rentiers, and pensioners in Costa Rican territory”. The objective of this bill is to reform the aforementioned articles of the General Law on Migration and Foreigners with the intention of promoting the inclusion of these migratory subcategories in Costa Rican territory and thus boosting the Costa Rican economy by attracting economic resources from other countries. It is important to highlight that this bill is a continuation of the “Law to Attract Investors, Rentiers, and Pensioners” (Law No. 9996) of July 5, 2021, with the aim of continuing to encourage the attraction of the healthiest segments that can be distinguished in terms of migration, and thereby simplifying foreign investment in the country. Within the global context of investment attraction, Costa Rica ranks as the second best destination for attracting foreign direct investment (FDI) in tourism, as it offers a valuable offering for investors and for those seeking an ideal place to retire. At the same time, Costa Rica has taken advantage of the aspects that traditionally set it apart from other countries, such as its political and social stability, favorable climate, diverse geography, and 6.5% of the world's biodiversity. Despite its striking characteristics, one of the major challenges facing Costa Rican immigration legislation—and the reason why many foreigners have lost interest and, in turn, decided to abandon their residency in the country—is the obligation imposed on them to register with the Costa Rican Social Security Fund (CCSS). This is due to the high monthly percentages that often exceed reasonableness and proportionality. Furthermore, the majority of investors, rentiers, and retirees are interested in not using the medical services of the Costa Rican Social Security Fund. Therefore, it is unwise to impose disproportionate burdens on them that encourage them to give up their desire to reside in the country, having to face high fees in relation to the income or investments they demonstrate in their immigration records. In accordance with the aforementioned, the aforementioned bill seeks to reform these articles so that investors, annuitants, and pensioners are exempt from mandatory insurance and social security contributions. This does not limit them to registering if they so choose. Finally, it should be noted that this is merely a bill; there is still a legislative process ahead, which will determine its approval or rejection. Our team of legal advisors at Lexincorp Costa Rica will be pleased to keep you informed of the progress of such an important project. For any questions, please write to us atmigracioncr@lexincorp.com[/vc_column_text][us_separator][vc_column_text] Escrito por: Jimena Muñoz [/vc_column_text][/vc_column][/vc_row]
