The Republic of Costa Rica is a Central American country known for its stable democratic order and highly educated citizenry. Its progress can be gauged from its consistently better performances on the Human Development Index every year. In terms of other indices such as the Press Freedom Index or World Happiness Report, Costa Rica surely is among the most thriving countries. To keep its economy running, it maintains Free Trade Zones, takes advantage of its scenic location and touristy giveaways, and maintains an environment-friendly temperament.
With so many things to offer, Costa Rica is an eye-catching opportunity for investors. Even the country acknowledges its immense potential and aims to attract foreign investments as much as possible. Despite all the positives, Costa Rica’s administrative machinery is said to be slow and complicated, which is a major turn-off for investors. To counter that, it has introduced its own Golden Visa Program. What does this program entail? Well, read along to know about it.
A Short Introduction to the scheme
Golden Visa programs are an opportunity to gain quick access to a country via investment. Starting in the 1980s, they have become quite popular around the world. Under the Costa Rican program, a similar opportunity is offered with lenient entry requirements. The successful applicant is granted a temporary residence; however, he is not required to make an upfront investment of a certain sum. So long as the investor is able to show a certain level of monthly income from legal sources for 2 years. One thing to note, however, is that you can either start a business or be self-employed in Costa Rica. You do not have the option to work as an employee in the country.
What You Need To Do So Far As Investment is Concerned
There is a reason why Costa Rica’s residence by investment program is relaxed. In most such programs, a certain sum of investment in select ways is stipulated as essential for applying. This is not the case with Costa Rica. Under its Golden Visa scheme, the investor is only asked to show that he can maintain a monthly income of at least USD2,500 from legal sources for a period of 2 years. Usually, investors are asked to make a simultaneous bank deposit of USD60,000 in the country. The minimum monthly income requirement may increase in case you add dependents in your application.
Documents You Will Be Needing
A slew of documents will have to be submitted as part of the application process. These documents include passport size photos, original police clearance certificate, proof of consular registration, the original and certified copy of the birth certificate, certificate of marriage (if applicable, proof of fingerprints record, and original and certified copy of passport. In case family members are coming along, then you will have to furnish additional documents as per needs.
From Temporary Residence to Citizenship
Once you satisfy the basic requirements under the scheme, you will be granted a temporary resident visa for 2 years. The said visa can be renewed provided you continue to satisfy the basic requirements plus maintain a proven record that your income was received in the country. Also, you must show that you stayed in the country for a period of 4 months; the period of stay doesn’t need to be continuous. Only after having resided for 3 or more years you will be eligible for permanent residency. Once permanent residency is granted, you can renew it every 5 years. If you stay for 7 years or more in Costa Rica, you can then apply for citizenship by naturalization.
Benefits under the scheme
I have already mentioned that Costa Rica is a well-developed, stable country with a robust economy. If you sign up for this scheme, you will be able to access a low tax jurisdiction, enjoy political stability, gain residency without having to spend too much, access top-notch healthcare facilities, have visa-free or visa-on-arrival access to 134 countries, and become a citizen without too many hassles. Costa Rica recognizes dual citizenship so you can hold multiple passports and keep exploring investment opportunities across the globe.
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