If you visit Costa Rica often, chances are you have fallen in love with the land. What’s the next step? Well, you could try applying for residency. This is a major step, and it indicates your commitment to staying in the country for a long time. Before you hire a lawyer to look after the residency process on your behalf, you need to have a clear idea about the types of residency available. This blog will discuss the most important residency types that people consider in Costa Rica.
Pensionado
This type of residency is applicable only when you are the recipient of a certain amount of retirement money or pension every month.
Inversionista
You can opt for this type of Costa Rican residency when you have invested a specific amount of money in the country. This could be either through the opening of a business, purchasing a piece of real estate, or any other form of a sizeable investment.
Rentista
Rentista is a residency category that you are applicable for only when you have put in a specific amount of money in a bank in Costa Rica for renting and living long-term.
Permanent Residency vs. Temporary Residency
The above mentioned three residency types, when granted, necessitate that you be a temporary resident of Costa Rica for a period of three years. Only then will you be allowed to file for permanent residency.
Compared to temporary residency, permanent residency has several other benefits to offer. For starters, permanent residency provides you with all the rights of a citizen, minus the voting rights. You are also allowed to legally work as an employee in Costa Rica. On the other hand, temporary residents are capable of running or owning a business in the country, but they need to hire employees for labor. It is important for both permanent and temporary residents to pay into the country’s healthcare system, known as the Caja.
Alternative Method for Permanent Residency
It is possible to achieve the permanent resident status without first having temporary residency. This is known as Residencia Permanente PorVinculo. It requires you to have a first-degree blood relative like a child, a sibling, or a parent, who is Costa Rican.
Becoming a permanent Costa Rican resident is a wonderful idea. Do you know what the next best thing is? Making Costa Rica your second home. Consider living in one of our luxury villas to experience five-star comfort during your stay. Contact Arenal Hills today by calling 1-844-MY-HILLS and we will love to have you as our neighbor.