Costa Rican Lawmakers Give Nod To New Immigration Rules

by Mike Godfrey, Tax-News.com, Washington

09 June 2005

A new immigration bill which seeks to increase the minimum income and saving levels required to gain 'rentista' status in Costa Rica was approved by lawmakers during its first reading on Tuesday night.

Under the new legislation, rentista applicants with a spouse will be required to demonstrate a fixed income of at least US$2,000. In addition, the measure requires that applicants must add an additional US$500 per month for every dependent child.

Current Costa Rican immigration rules require rentista applicants to demonstrate a permanent fixed income of at least US$1,000 per month.

It is also thought that the new provisions contain a clause requiring a married couple to show that they have a minimum of $120,000 posted in a bank account, up from the current requirement of $60,000.

However, the rules for 'pensionados,' or foreign retirees, will remain unchanged. At the moment, pensionados must demonstrate a permanent fixed income from a pension or similar retirement income of at least US$600 per month.

If approved, the new laws will also tighten the residency rules for foreign individuals who marry a Costa Rican citizen, under which the married couple would have to spend at least one year living together abroad before gaining residence in Costa Rica.

Other measures seek to crack down on people-smuggling by imposing jail terms of up to six years on those found guilty of the offence.

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