After actively working for years in your country, you might decide to spend your retirement years in a new environment or country. There are many reasons why you can decide to travel to another country for retirement. Depending on your reasons, you need to have certain travelling documents like your passport and, more especially, your visa. Costa Rica is one country where retirees spend their retirement years for different reasons: good and entertaining culture, beautiful environment, eye-catching nature – wildlife and beaches, and the rest. If you are among those who want to spend your retirement life in Costa Rica, this article is for you.
In this article, you will know how you can get a Costa Rica retirement visa, Costa Rica retirement visa benefits and Costa Rica retirement visa requirements.
How do you get a retirement visa for Costa Rica is probably the most important question you have for reading this article. A retirement visa for Costa Rica can come in different ways.
They include:
1. Pensionado scheme
One of the commonest ways of relocating to Costa Rica for retirees is through a scheme known as Pensionado scheme. Although being popular, the benefits have reduced over time. Individuals who wish to retire in Costa Rica due to the many Costa Rica retirement visa benefits should submit their application under this scheme - the Pensionado Scheme.
Through this scheme, an individual is granted an initial 2 years stay in the country. The pensionado scheme also allows retirees to obtain a permanent residence once the applying retirees meet the conditions for the scheme. Retirees will now qualify for citizenship after legal residence of seven years. Citizenship that is obtained through naturalization gives you the retiree the right to get a Costa Rican passport. You must know how to speak and write in the Spanish language to become a Costa Rica citizen. You will also need to pass a Costa Rica history and value test. Finally, you need two witnesses that will testify of your good livelihood and conduct. With this visa, you can establish a business. However, you can’t work as an employee.
Under this method of getting a Costa Rica retirement visa, a retiree can get extra residency for their spouse, children, and other dependents.
There are different requirements to meet for you to be eligible for this route. They include:
You can consult www.pickvisa.com if you need assistance in applying for a retirement visa in Costa Rica using this route. It is important as knowing the Costa Rica retirement visa income required is not enough. You need a professional guide to make the application process for this pensionado scheme easier and faster.
2. Inversionista Program
The immigration department of Costa Rica has it that retirees who show they can contribute immensely to the creation of employment for citizens of Costa Rica and can offer a financial benefit to the country through direct or indirect form of investment are favored more when it comes to getting a retirement visa in Costa Rica than those who can’t show it. This means of getting a retirement visa for Costa Rica is also known as large investor residency.
A direct investment comes into an entrepreneurial activity or company in Costa Rica as a financial security investment. On the other hand, retirement funds are considered indirect investments when converted to the local currency – colones and spent in the economy of Costa Rica. The country prefers retirees with disposable income for their retirement visas.
3. The Rentista residency
It is another way of getting a retirement visa for Costa Rica. It is also known as an income-based residency—this route of getting a Costa Rica retirement visa grants foreigners a temporary residence visa. However, for you to be eligible, you must have a constant and guaranteed monthly income. You will need to provide bank statements to show you have received a monthly income of 2500 dollars and above for the past two years. Another way is to show you have more than $60,000 in your bank. You will be required to move your funds, that is, the monthly $2,000 or entire $60,000, to a local bank in Costa Rica. Later on, you can have your money converted to local currency.
If you are one of those asking how much do I need to retire in Costa Rica, this article would have given you a clue by now. There is no particular amount to have. The best time to start preparing or saving up is now. You only need to know that apart from the monthly financial statements proof to provide to the Costa Rica immigration department at the embassy, there may be other little charges as you apply.
"Does Costa Rica offer retirement benefits?" is a common question when the subject of a Costa Rica retirement visa is discussed. Through a social insurance fund, the country offers retirement benefits. Nevertheless, it is based on compulsory employee investments and contributions. The workers in the country, according to their jobs, must contribute to the fund for a minimum of 25 years.