Interested in retiring in beautiful Costa Rica? If so, then you should familiarize yourself with the laws on how to acquire residency in the country.
First off, there are different classifications of residents in this Central American paradise. There are pensionados, rentistas, investors, and permanent residents. The following is a brief description of the first classification and a concise explanation on how to become a permanent resident of Costa Rica.
Pensionados – retirees should present proof that they receive a guaranteed income either from a State pension fund, like the United States Social Security, or an annuity of no less than $1,000 a month. If married, the status also covers your spouse and there is no increase in the monetary requirement. It is also required to live in Costa Rica for a minimum of 4 months per year. Another requirement is that the pensionados convert $1,000 monthly to the local currency, the colones.
Expats who meet these qualifications have certain rights and restrictions as well. Pensionados are allowed to put up a business, but not be under the employment of a permanent resident. A working permit is not granted to pensionados until they become permanent residents.
How can you become a permanent resident?
There are several ways to become a permanent resident. First degree relatives of Costa Rican citizen are eligible for permanent residency. Getting married to a Costa Rican is another. Legal residents can apply to make the arrangement permanent as well after living in Costa Rica for no less than 3 years.
Permanent residents have all the rights of citizens except the right to vote.