Now that I have decided to rent my house out and move into my garage apartment I've gotten busy! I had the outside of my house painted this week, including the stairs to the garage apartment, and it has my house looking like new! Next week my wood fence will be stained.
I've been collecting boxes at work. I am going to start packing things that I rarely use. I've also started listing things for sale on Ebay!
I know now I will not be able to finish the house and move everything into storage until the end of December or the beginning of January. It is so hard to be patient. I want to do everything at one time, but finances are just not there for that. It will also be nice to spend one more Christmas in my house. I can tell you I will not be sad to move into the apartment even though it is only 469 Sq. Ft. Just knowing what I will be able to save and knowing how much faster it will move me towards my goal of getting to Costa Rica will make every day a joy!
I am reading an E-book about a man who moved from California to Costa Rica about 10 years ago. From his experiences and from what my friends who are already there is teaching me is that patience is not just a virtue it is necessary to save your sanity!!!! It's funny that patience has always been a problem for me and one of the things I have fought the hardest with is going to be the thing I will need the most for the rest of my life! God has such a crazy since of humor!
Pura Vida
Showing posts with label retiring in costa rica. Show all posts
Showing posts with label retiring in costa rica. Show all posts
Saturday, August 11, 2012
Friday, June 15, 2012
Residency Types and Income Requirements
In 2010 the residency requirements changed in Costa Rica. The three types are Pensioner, Renter, and Resident Investor.
Pensioner Resident is required to show a verifiable minimum monthly pension of $1,000 US. The pension must be guaranteed for life. Only Social Security pensions, or similar, are permitted. No other kind of income will satisfy this requirement as it has to be a life time beneficiary to secure not less than $1,000, and petitioner should have to demonstrate that the issuance company has the ability to secure this monthly income for life. You can do this by certified copies of the financial status of the company. Expires every 2 years.
Renter Resident is required to have a verifiable monthly income for at least 5 years for no less than $2,500 US per family. You can qualify with this requisite if you have a deposit in the bank for no less than 5 years that generates no less than $2,500 a month, or you must make a deposit in a Costa Rican bank that generates this sum of money being $150,000.00 US. Expires every 2 years.
No matter if you apply for a Pensioner or Renter the money you bring into the country to meet the requirements of the status must be converted into colones. Once you converted these monies into colones the Costa Rican government does not require you show them what you do with it. Once the money is into colones, you can use this money to pay for your living expenses etc. If you do not want to use colones you can reconvert them back to dollars.
The third type of residency if called Resident Investor. To qualify for this you must make a one-time minimum investment of at least $200,000.00 US. You must demonstrate that your investments are duly listed for a minimum amount of $200,000 US with the correspondent office and that you pay taxes on it. If you sell or loose your investment you will no longer be able to renew your residency document.
Your fourth option, being a US Citizen, is to stay in the allowed 90 day period, exit the country, have your passport stamped and re-enter the country for another 90 days. A day trip to Panama is a great way to meet your requirement and spend a fun day.
These laws can change at any time. You would need to check the requirements coming from the country you are in at the time you choose to leave.
Pura Vida...
Pensioner Resident is required to show a verifiable minimum monthly pension of $1,000 US. The pension must be guaranteed for life. Only Social Security pensions, or similar, are permitted. No other kind of income will satisfy this requirement as it has to be a life time beneficiary to secure not less than $1,000, and petitioner should have to demonstrate that the issuance company has the ability to secure this monthly income for life. You can do this by certified copies of the financial status of the company. Expires every 2 years.
Renter Resident is required to have a verifiable monthly income for at least 5 years for no less than $2,500 US per family. You can qualify with this requisite if you have a deposit in the bank for no less than 5 years that generates no less than $2,500 a month, or you must make a deposit in a Costa Rican bank that generates this sum of money being $150,000.00 US. Expires every 2 years.
No matter if you apply for a Pensioner or Renter the money you bring into the country to meet the requirements of the status must be converted into colones. Once you converted these monies into colones the Costa Rican government does not require you show them what you do with it. Once the money is into colones, you can use this money to pay for your living expenses etc. If you do not want to use colones you can reconvert them back to dollars.
The third type of residency if called Resident Investor. To qualify for this you must make a one-time minimum investment of at least $200,000.00 US. You must demonstrate that your investments are duly listed for a minimum amount of $200,000 US with the correspondent office and that you pay taxes on it. If you sell or loose your investment you will no longer be able to renew your residency document.
Your fourth option, being a US Citizen, is to stay in the allowed 90 day period, exit the country, have your passport stamped and re-enter the country for another 90 days. A day trip to Panama is a great way to meet your requirement and spend a fun day.
These laws can change at any time. You would need to check the requirements coming from the country you are in at the time you choose to leave.
Pura Vida...
Saturday, June 2, 2012
My Trip
My daughter and I are back from our vacation and fact finding mission to Costa Rica. It was everything I hoped it would be.
I am convinced it is the place I want to live. The year round temperature, the views, the Ticos, the fresh foods, the slower pace of life, much better cost of living, and the wonderful Expats that are there.
I found that I prefer living at the 3,000-3,500 feet above sea level. The temperature stays right around 70 degrees year round. I visited San Jose, Sarchi, Alajuela, San Ramon, Grecia, Escazu, Santiago De Puriscal, and Atenas. We also went to the beach in Puntarenas on the Gulf of Nacoya and down the Sarapiqui River in the Rain Forest. I was in about every level and atmosphere. I can tell you 2,800 and under was too hot and humid for me.
I can absolutely recommend Margarita's Bed and Breakfast in Alajuela just on the outskirts of San Jose. The property was beautiful, the rooms darling and very clean and up to date, and Margarita was the perfect hostess! You will pay for a cab to go back into San Jose for any tours or sight seeing, but it is worth it to stay in such a magical location. You can even see the Paos Volcano from her property.
George's tour could not have been better in any way. When you are finished you have a world of information to help you make your decision as to where, when, or if you want to live in Costa Rica. He took us to a furniture factory to show us what you can get for your money there instead of paying to ship your own. We attended 2 parties where Expats came and talked to us about why they had chosen to move to CR and their experiences. He took us to a hospital to teach us about the medical system in CR and about medical insurance. We sat down with an attorney who taught us all about becoming a legal in CR and how to purchase property there. He included all the pros and cons so we can make a very informed decision. George took us to many different kinds of properties to get a base line on living in different towns, and purchasing as compared to renting. It was invaluable and I cannot recommend his tour enough to everyone who is wanting to get information on CR.
In the end not only am I convinced it is the place for me, but my 28 year old daughter fell in love with it. I think we may both be living there!
We met a wonderful American couple, Paul and Gloria Yeatman, that live just outside of San Ramon. They are very active with a group of Americans that are giving back to the citizens of Costa Rica. Sign up and follow their great blog. http://retireforlessincostarica.com/2012/06/newsletter-may-june-2012/
In my next blog I will include some of the legal information shared with us by the attorney we met with. I will also be giving you information on some of the side tours we went on.
Pura Vida is now my new sign off on all my letters and blog. Everyone in CR says Pura Vida (pure life) instead of hello or good bye, and just as a passing greeting. They are the happiest people on the earth!
Pura Vida.....
I am convinced it is the place I want to live. The year round temperature, the views, the Ticos, the fresh foods, the slower pace of life, much better cost of living, and the wonderful Expats that are there.
I found that I prefer living at the 3,000-3,500 feet above sea level. The temperature stays right around 70 degrees year round. I visited San Jose, Sarchi, Alajuela, San Ramon, Grecia, Escazu, Santiago De Puriscal, and Atenas. We also went to the beach in Puntarenas on the Gulf of Nacoya and down the Sarapiqui River in the Rain Forest. I was in about every level and atmosphere. I can tell you 2,800 and under was too hot and humid for me.
I can absolutely recommend Margarita's Bed and Breakfast in Alajuela just on the outskirts of San Jose. The property was beautiful, the rooms darling and very clean and up to date, and Margarita was the perfect hostess! You will pay for a cab to go back into San Jose for any tours or sight seeing, but it is worth it to stay in such a magical location. You can even see the Paos Volcano from her property.
George's tour could not have been better in any way. When you are finished you have a world of information to help you make your decision as to where, when, or if you want to live in Costa Rica. He took us to a furniture factory to show us what you can get for your money there instead of paying to ship your own. We attended 2 parties where Expats came and talked to us about why they had chosen to move to CR and their experiences. He took us to a hospital to teach us about the medical system in CR and about medical insurance. We sat down with an attorney who taught us all about becoming a legal in CR and how to purchase property there. He included all the pros and cons so we can make a very informed decision. George took us to many different kinds of properties to get a base line on living in different towns, and purchasing as compared to renting. It was invaluable and I cannot recommend his tour enough to everyone who is wanting to get information on CR.
In the end not only am I convinced it is the place for me, but my 28 year old daughter fell in love with it. I think we may both be living there!
We met a wonderful American couple, Paul and Gloria Yeatman, that live just outside of San Ramon. They are very active with a group of Americans that are giving back to the citizens of Costa Rica. Sign up and follow their great blog. http://retireforlessincostarica.com/2012/06/newsletter-may-june-2012/
In my next blog I will include some of the legal information shared with us by the attorney we met with. I will also be giving you information on some of the side tours we went on.
Pura Vida is now my new sign off on all my letters and blog. Everyone in CR says Pura Vida (pure life) instead of hello or good bye, and just as a passing greeting. They are the happiest people on the earth!
Pura Vida.....
Subscribe to:
Posts (Atom)