Residence Programs in Costa Rica

Shorex logoResidence programs in Costa Rica was the topic of a panel discussion at the recent Shorex conference on „UK Non-Doms: Restructuring and Relocation“ held in London on March 17, 2016.

Henning Schwarzkopf joined the panel with José Tiago Rodriguez Correia, Partner, Alves da Silva & Rodriguez Correia, Portugal, Urs Stirnimann, Managing Partner, Swiss ILC Services DMCC, Dubai, Pierre Gerbier, Managing Partner, Mandarin Private Office, Switzerland,  and Inna Iranyi, Founding Partner, Shorex Capital, UK.

The discussions dealt with „Relocation, Pros & Cons of Various Jurisdictions: Cyprus, Portugal, Switzerland, Dubai, Costa Rica“.

While Costa Rica is considered the „Switzerland of Central America“ because of its political and economic stability, Henning pointed out that it still quite different from its namesake in Europe.

Specifically, it features 2 attractive residence options for foreign citizens: the program for retirees receiving a minimum of USD 1,000 from a pension plan and the one for „legal residents“ who are able to show that they have a minimum monthly income of  USD 2,500.

In these 2 options the foreigners will be able to obtain a temporary residence visa for 3 years which will be converted to a permanent resident status after that. Holders of such visas will have to spend only 1 day of the year in Costa Rica, but still benefit from the favorable tax treatment of its residents: Zero taxation in Costa Rica for income generated or received from source abroad.

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