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INS Expects to Collect over $352 Million With the New Costa Rica Marchamo Fees

Costa Rica News – For all you car owners in Costa Rica get ready to pay a mandatory increase in order for you to keep driving your vehicle in Costa Rica.  So if you want to buy a car in Costa Rica expect to pay about 60% more for your vehicle down here and then add this on.  

The National Insurance Institute (INS) hopes to raise $352 million from those paying marchamo in 2013 from 1.13 million Costa Rican vehicles. This will then increase taxi fares and the cost of living in Costa Rica.

This amount exceeds the amount $94  million estimated for 2012, of which there are still people who owe $7 million, mainly motorcycles, heavy trucks and buses.

The majority if the increase corresponds to the property tax and sales tax of vehicles.

The next most important category is the compulsory motor insurance (SOA), which is equivalent to 16% of the cost of the marchamo.

The rates of this policy were published last Thursday, with increases of between 9% (private cars) and 24% (motorcycles). The INS argues that these increases are justified by incorporating the methodology of payments to the Social Security Fund, which imposed the new traffic law (No. 9078). To read more about this scam click here.

This allowed the INS regulations included in the calculation of the policy rate to 6% of profits for the insurer.

“The rate last year was not enough to cover all needs and had to draw on reserves, “said Guillermo Constenla, president of INS.

Little by little the cost of living is getting a little out of control in Costa Rica. If you start taking into effect rent, utilities, food, car insurance, gas, etc… You are going to be paying about the same as you would be in the USA with higher salaries.  You need about $2000 or more a month to live comfortably.  These costs will start going down when people refuse to pay them and pack up and leave which seems to be the ultimate goal for the Costa Rican government.

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