The Republic of Costa Rica is a Central American country known for its stable democratic system and highly educated citizens. His progress is reflected in his consistently better performance in the Human Development Index each year. In relation to other indices such as the Press Freedom Index or the World Happiness Report, Costa Rica is certainly one of the most successful countries. To keep its economy thriving, it maintains free trade zones, takes advantage of its scenic location and tourist freebies, and maintains an eco-friendly temperament.
With so many offerings, Costa Rica is a striking opportunity for investors. The country also recognizes its immense potential and strives to attract foreign investment as much as possible. Despite all the positive aspects, Costa Rica’s administrative machinery is considered slow and complicated, which strongly discourages investors. To counteract this, it has launched its own Golden Visa program. What does this program include? Well, read along to learn more about it.
A brief introduction to the scheme
Golden Visa programs are an opportunity to gain quick entry into a country through investment. From the 1980s, they have become very popular around the world. A similar opportunity with lenient entry requirements is offered under the Costa Rican program. The successful applicant will be granted temporary residence; However, he does not have to make an upfront investment of a certain amount. Provided the investor can prove a certain monthly income from legal sources for 2 years. Note, however, that you can either start a business in Costa Rica or start your own business. They have no opportunity to work in the country as an employee.
What you need to do in relation to investments
There’s a reason Costa Rica’s residency through investment program is relaxed. In most of these programs, a certain amount of investment in selected ways is required as a prerequisite for the application. This is not the case with Costa Rica. Under the Golden Visa program, the investor is only required to demonstrate that they can sustain a minimum monthly income of $2,500 from legal sources for a period of 2 years. Usually, investors are asked to make a bank deposit of $60,000 in the country at the same time. The minimum monthly income may increase if you add dependents to your application.
documents you need
A number of documents must be submitted as part of the application process. These documents include passport photos, an original police clearance certificate, proof of consular registration, the original and a certified copy of the birth certificate, a marriage certificate (if applicable, proof of fingerprints and an original and a certified copy of the passport. In the case of the Family members are coming, then you will need to provide additional documents as required.
From residence permit to citizenship
Once you meet the basic requirements of the program, you will be granted a 2-year temporary residency visa. Said visa can be extended as long as you continue to meet the basic requirements and provide evidence that your income has been earned in the country. You must also prove that you have been in the country for a period of 4 months; the length of stay does not have to be consecutive. Only after a stay of at least 3 years are you entitled to a permanent residence permit. Once a permanent residence permit has been granted, you can renew it every 5 years. If you stay in Costa Rica for 7 years or more, you can apply for citizenship through naturalization.
Benefits under the System
I mentioned earlier that Costa Rica is a well-developed, stable country with a robust economy. By enrolling in this program, you’ll have access to a low-tax jurisdiction, enjoy political stability, obtain residency without overspending, access world-class healthcare facilities, have visa-free or visa-free access to 134 countries, and become a resident without too many hassles a citizen. Costa Rica recognizes dual citizenship, allowing you to hold multiple passports and explore investment opportunities around the world.
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