Costa Rican Congress has just approved a law changing the country's immigration policy and the new law is expected to take effect in early 2010.
Costa Rica is by far the most popular Central American country for Americans to buy a second home or to make the move and live there full time. Many in the latter group chose to become permanent legal residents of the country. The process for doing so is relatively simple although red tape often causes delays.
Already, 1% of the population of Costa Rica are North American retirees and expatriates and with the impending retirement of up to 100 million "baby boomers" over the coming years, that number looks sure to rise.
The new law increases the monthly income aspiring residents must prove to be given residency status.
Pensionado (pensioner/retiree) category: previously you had to prove just $600 a month in pension income, from either the U.S. government or a private source. When the new law comes into effect, you'll need to prove $1000/month in retirement income.
Rentista (small investor) category: previously it was necessary to prove a monthly income of $1000, guaranteed by a banking institution. When the new law comes into effect, the proven monthly income increase to $2,500.
Costa Rica is by far the most popular Central American country for Americans to buy a second home or to make the move and live there full time. Many in the latter group chose to become permanent legal residents of the country. The process for doing so is relatively simple although red tape often causes delays.
Already, 1% of the population of Costa Rica are North American retirees and expatriates and with the impending retirement of up to 100 million "baby boomers" over the coming years, that number looks sure to rise.
The new law increases the monthly income aspiring residents must prove to be given residency status.
Pensionado (pensioner/retiree) category: previously you had to prove just $600 a month in pension income, from either the U.S. government or a private source. When the new law comes into effect, you'll need to prove $1000/month in retirement income.
Rentista (small investor) category: previously it was necessary to prove a monthly income of $1000, guaranteed by a banking institution. When the new law comes into effect, the proven monthly income increase to $2,500.
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