Rentist (passive income) Residency

If you, or your spouse, receive an income of at least $2,500 USD per month you could qualify for temporary residency as a person with fixed income, or rentista, in Costa Rica.

We would like to clarify a key point regarding the Rentista residency category under Costa Rican law, specifically as regulated under Article 82 of the Immigration Law (Ley General de Migración y Extranjería, Ley N.º 8764). The law explicitly allows the residency to be granted to foreigners who can demonstrate a guaranteed monthly income of USD $2,500 for at least two years, regardless of the source, as long as it is guaranteed and passive in nature.

The method we use—which consists of depositing $60,000 in a Costa Rican bank and structuring it as a fixed monthly disbursement of $2,500—has been accepted repeatedly by the Immigration Authority (DGME), provided the bank issues a properly worded certificate (like the one i previously sent). That is precisely why the language of the bank letter is crucial, and I have attached an example with the exact phrasing immigration requires (see the final three lines in particular).

Here is the official link to the current immigration regulation, for your reference:
 http://www.pgrweb.go.cr/scij/Busqueda/Normativa/Normas/nrm_texto_completo.aspx?nValor1=1&nValor2=66139

It is common for some applications to be rejected when firms fail to structure the income properly or misunderstand what constitutes "passive income." Importantly, rental income is often not accepted unless it is both proven and guaranteed, as leases can be terminated and income is not always consistent. Similarly, dividends may not always meet the "guaranteed" requirement. Structuring the income via a fixed deposit that pays out $2,500 per month is not only compliant with the law—it is the most straightforward and robust route.

Under this category, the principal applicant is allowed to obtain residency for a spouse and children as dependents.

Our approach is SIMPLE, we take care of everything ,coordinating with all professionals involved and getting all the appointments required. Do not stress, do not worry, we take care of all the process.

rentist-residency-costa-rica-immigration-lawyer

  • In addition to the right to legally reside in Costa Rica, for a limited period of 5 years (starting in the year 2021) you obtain the following rights or benefits:

    • Right to import, free of all import taxes, up to 2 vehicles of any type: yacht, cars or planes.

    • Right to import, free of all import taxes, tax payment to import household items regardless of whether they are new or used goods.

    • Right to import, free of all import taxes, professional work team.

    • A 20% discount on the real estate transfer tax.

  • There is an easy, yet burocratic way to do it. The steps to follow are:

    1. Opening a bank account in Costa Rica

    2. Depositing USD$60K

    3. Structure that deposit as an investment.

    4. Getting a letter from the bank stating you will receive USD$2500 per month for at least 2 years (the residency is valid for 2 years, and can be renewed for additional 2 years. The renewal is unlimited)

    5. Get an accountant to certify the letter.

    There is another way to do it, using your bank in your home country, but the letters have to be issued with an apostille. It can be more complicated that it sounds. The first option is preferable.

  • In addition to the main document, it should be included the following:

    • Birth certificate with apostille.

    • Criminal records with apostille (Federal records for the USA and Canada)

    • Registration before Costarican police

    • Selfie

    • Power of attorney

    • Informed consent

    • Payment of the application fees (USD$250 plus transfers)

    Any document that is not in spanish must be translated with an official translator

    • Temporary residency under the Pensionado Category is valid for two years.

    • It can be renewed for additional two-year periods.

    • After three years of holding temporary residency, you will become eligible for permanent residency.

  • The application process for temporary residency usually takes anytime between 6 and 15 months, depending on the processing time of the Dirección General de Migración y Extranjeria (DGME), which takes approximately 9 months to analyze the application.

    This times can vary depending if we apply online, instead of the traditional application.