The Costa Rican President, Rodrigo Chaves, along with the Minister of Finance, Nogui Acosta Jaén and the Vice Minister of Government and Police, Marlen Luna, together signed yesterday, February 15, the regulation to Law N°9996 for the promotion of investors, residents and pensioners, which determines the simplification of the procedures for foreigners who enter to the country and desire to invest and develop different businesses in Costa Rica, under mentioned migratory categories.
The new regulation determines the requirements for foreigners denominated as rentiers, pensioners and investors, with investments not less than $150,000, such investments may be in real estate, shares, securities, productive projects, projects of national interest, those who invest in private equity funds or in projects of sustainable tourism infrastructures.
The regulations include several incentives that have been approved for the above mentioned migratory classes, such as:
– One-time exemption from all import taxes, for the importation of household goods.
– Exemption of all import taxes, customs duties and value added taxes, for the importation of up to two vehicles for personal or family use.
– Income Tax exemption for the amounts declared by them as income.
– Exoneration of 20% of the total transfer tax, for all real estate acquired during the validity of the law, as long as the beneficiary is the registered owner of the property.
– Exemption of import taxes for instruments or materials that are necessary for the professional or scientific practice they perform.
Any foreigner requesting to receive these benefits of this law shall apply for them within the first five years of effectiveness of the law, and the person to whom these benefits are granted must enjoy them for a term of ten years, starting from the date on which they were granted.
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María José Solera
CENTRAL LAW in Costa Rica