The immigration bill currently going through Costa Rica's legislative assembly contains a crucial flaw which may mean that the proposals tightening up residency rules for foreign applicants have to be changed.
According to a local expert, the measures, which received the Asamblea Legislativa's approval in their first reading last week, have been mistakenly applied to 'rentista' applicants when they were intended for 'inversionistas,' a residence category for immigrants who make substantial investment in Costa Rica.
"According to our sources this is an error in that the second part was meant to apply to inversionistas, and this will need to be corrected in due course," Ryan Piercy, general manager of the Association of Residents of Costa Rica, an organization that obtains residency rights for foreigners, told local newspaper A.M. Costa Rica.
"Of course we hope this is true, and that they don't forget, so we will be verifying this," Mr Piercy went on to add.
Under the proposals as they stand, rentista applicants with a spouse will be required to demonstrate a fixed monthly income of at least US$2,000, up from US$1,000. In addition, the measure requires that applicants must add an additional US$500 per month for every dependent child and post bank deposits of US$120,000, up from US$60,000.
According to Mr Piercy, the bill is due to be sent to the Sala IV constitutional court for review, a process which could take more than a month.
A comprehensive report in our Intelligence Report series giving background tax and residence information on many of the key offshore jurisdictions is available in the Lowtax Library at http://www.lowtaxlibrary.com/asp/subs_reports.asp and a description of the report can be seen at http://www.lowtaxlibrary.com/asp/description_report4.asp
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