Amendment To Immigration Law 9996

• Published date: 14 July 2021
• Subject Matter: Immigration, General Immigration
• Law Firm: Envoy Global, Inc.
• Author: Envoy Global, Inc.

Key Points

Specific benefits from this amendment include:

• Reduction in the minimum investment requirements:
  • The minimum investment amount is now $150,000 (USD). This may include shares, property, venture capital, tourism infrastructure or other productive shares or projects.
• Tax benefits:
  • A wide array of tax benefits will be available to foreign nationals holding Temporary Residence under these categories reduced rates on importing vehicles, household goods, property transfer taxes and more.
• Streamlined process
  • There will be a separate adjudication division for these Temporary Residence applications. This specialized division will process applications more quickly than other Temporary Residence applications.

Overview

On July 5, 2021 President Carlos Alvarado Quesada signed an amendment to Immigration Law 9996. The amendment relaxes minimum requirements for capital investment and retirees living in Costa Rica. The amendment also offers tax benefits for foreign national investors, renters and retirees holding Temporary Residence status in Costa Rica.

The amendment expedites processing time for Temporary Residence applications under these categories and is intended to increase foreign...