The “Law to Attract Investors, Renters, and Retirees” was put on the floor on August 19th, by three CR Congress representatives. The bill is under file number 22.156.
Its objective is to incentivize, in various ways, foreigners to come to Costa Rica. The country wants to compete with other countries as an expat destination. Foreign investment will help the current economic environment in Costa Rica. Foreigners can generate employment in Costa Rica.
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Costa Rica will be a more attractive destination for foreigners in many ways if this law passes. One of the main features of the bill is that there will be a 100% tax exemption for imported vehicles for personal or family use.
The text puts forth that those who qualify can import “up to two land, air or sea transportation vehicles, for personal or family use, free of all import, customs and value added taxes.”