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Revised Immigration Law Brings Good Tidings to Rentistas

Good news aspiring immigrants! Amendments made to the Costa Rican residency laws have significantly lowered the requirements to qualify for rentista status.The status is given to foreigners who have a guaranteed income of $2,500 or its equivalent and deposits the same amount to a Costa Rican bank monthly.

Prior to the amendment of the law, this deposit should be monthly for 5 years, but the revised law shortened this period to just 2 years. This effectively reduces the money required off rentistas from $150,000 to $60,000. Once this is period passes, the rentista is then qualified to apply for permanent residency. Once you become a permanent resident, the monetary obligations are then waived.

The modified law does not affect pensionados, who still need to present proof that they receive an income equivalent to $1,000 per month. Perpetual tourists are not affected by the new regulations.

Other notable detail in the revised regulations includes rules regarding tourists who visit the country for medical purposes to San Jose, Costa Rica and other hubs for medical tourism. These Medical tourists are required to get an authorization if their treatment would necessitate them to stay in the country. Foreigners who marry a local are granted a 1-year temporary residency.

The revised guidelines have been released last Thursday, May 17, 2012.

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