Owning a beautiful Costa Developers home or home site will soon bring you another valuable opportunity. On top of enjoying the view, the home or earning income with it in our vacation rental program, you can now use it to help gain your Costa Rican residency!

According to this week’s online Tico Times, a new law that will take effect on March 1, 2010, includes a clause that gives non-residents who own more than $200,000 in property in Costa Rica*, the right to apply for temporary residency as an investor, allowing them to take full advantage of the country's public health care system along with other services not available to them as tourists. Whether you own a home or home site(s) worth $200,000 or more, you can still be eligible!

The Tico Times reports: “When Costa Rica's immigration reforms were approved in August, there was one change that seemed to escape the headlines of local newspapers and media reports. Nevertheless, it could be the most significant reform for foreigners.
“Under the new law, non-residents who own more than $200,000 in property can apply for temporary residency as an investor. The clause is expected to take effect March 1, 2010. Temporary residency lasts one year and is renewable. After five years, residency can be renewed every two years.”

According to the communications office of the Immigration Administration, the opportunity to become a temporary resident through owning a home or other real estate doesn't just apply to new buyers, existing property owners can also take advantage of the new opportunities.

*Temporary residence for investors is applicable to those who can prove:
Investments equal to or above U.S. $200,000, according to the official exchange rate determined by the Central Bank of Costa Rica, whether in real estate, shares, stocks or in projects of national interest. For renewal of immigration status, a person needs to prove that the investment is properly registered and taxed.

Source: Memorandum from the Immigration Administration
For more information visit:
http://www.ticotimes.net