[vc_row][vc_column][vc_column_text]
LAW TO ATTRACT INVESTORS, RENTERS AND PENSIONERS
[/vc_column_text][us_separator][vc_column_text]On June 22, Costa Rica approved the "Law to Attract Investors, Renters, and Retirees." This law aims to attract foreigners under these migratory conditions, granting them a series of benefits that make their residency more attractive. In summary, the law creates the regulatory framework to encourage the attraction of investors, rentiers, and retirees. This incentive is achieved through a series of tax exemptions and benefits that these migratory conditions would grant to foreigners. The main incentives include:
- Granting of a tariff exemption and exemption from all current import taxes, only once, for the import of household goods (covering dependents and immigration).
** If the beneficiary transfers these assets to third parties during the term of the benefits granted, he/she must pay the taxes from which he/she was exempt.
- Importation of up to two land, air, and/or sea transportation vehicles for personal or family use, free of all import, tariff, and value-added taxes.
** If the beneficiary transfers these assets during the term of the benefits granted, he or she must pay the taxes from which he or she was exempt.
- Amounts declared as income (for the purposes of applying for residency) will be exempt from income tax.
** Income obtained in the national territory, resulting from investments made in the country, will be taxed by income tax.
- Exemption of twenty percent (20%) of the total transfer tax, on those real estate properties acquired within the term of validity of the law, provided that the beneficiary is the registered owner of the property.
** If the beneficiary transfers these assets during the term of the benefits granted, they must pay the taxes from which they were exempt.
- Exemption from import taxes for instruments or materials for professional or scientific practice (you must demonstrate to the Ministry of Finance that the imported goods correspond to your activity)
- Foreign individuals (investors, retired residents, or annuitant residents) will not be automatically considered tax residents.
It is important to note that if the beneficiary of immigration status renounces their status or their immigration status is canceled, they must pay the taxes from which they were exempted. The law also establishes new conditions for qualifying for resident investor immigration status, establishing a new investment range, with a capital of no less than one hundred and fifty thousand US dollars (US$150,000), whether in real estate, registrable assets, stocks, securities, and productive projects or projects of national interest. Additionally, those who invest in venture capital funds or sustainable tourism infrastructure projects may be considered investors.
Falsification of documents
Anyone who alters or falsifies documents in order to obtain any of the benefits provided for in this law will be sanctioned with a fine equivalent to ten percent (10%) of the taxes that were exonerated (immediate payment of the full amount of the taxes that were exonerated). Foreigners who opt for the benefits granted by the law may do so only during the firstFIVEyears from its entry into force. Foreigners who opted for these benefits during the first five years of the law's validity will maintain them for a period ofTENyears from the date they were granted. The regulations for the law are pending, but due to its relevance, it is expected that the regulations will be published soon.
For questions or inquiries, you can contact us at migracioncr@lexincorp.com
[/vc_column_text][/vc_column][/vc_row]
