9/26/2009
The big question in residency is yes or no. To be or not to be? If you are moving to Costa Rica, make sure you understand your options and obligations, the risks involved, the time and money it will take to become a resident. You don't have to be a resident to own property or to even live here… although that gets tricky.
RESIDENCY You want to know about and completely understand residency: your options, the advantages, the disadvantages and the requirements. Residency laws are completely different as of 8/12/06. Prior to 8/12, the Arias administration said it would not pass the new immigration law, then it did. It now says that law will be repealed. We'll see.
If you are going to become a resident, you need to know how often you can visit your Costa Rica property, how often you must visit your property and for how long, and what it will take in terms of money and time to become a resident. We used the Association of Residents of Costa Rica and are very satisfied with their services. They are the experts. Not that there aren’t other experts, but ARCR has done the job for us. So far, so good.
If you want to own property here and live here, but don’t want to or can’t afford to become a resident, there are risks. You’ll want to know these inside out.
You also need to know the rules can change. Before you buy property, get some expert advice. There is a wealth of info here: www.crexpertise.com. And here: www.therealcostarica.com.