31 Jan 2022
Happiest Country on the Planet
If the last two years have taught us anything, it’s that we should live life to the fullest. We never know what will be waiting for us around the next corner, so finding people and places that make us happy are key. For many people that happy place is Costa Rica and for good reason.
Costa Rica has always been an amazing place to travel as well as a strong choice for investment and relocation opportunities. Consistently rated as one of the happiest countries on earth, there is much to fall in love with in this beautiful country. Whether it be the tropical climate, the friendly locals, the affordable healthcare, or vast opportunities for real estate investment, there is something for everyone!
Moving Away from the City Life
With all the changes experienced across the world over the last two years the push to move away from the stresses of urban living and into a tropical paradise is becoming greater all the time. The government of Costa Rica has recognized this and has created several initiatives over the last year to incentivize foreign investors and visitors alike.
Investment Barriers Lowered
In August, the Costa Rican government passed a law to significantly reduce the threshold for real estate investment. By cutting taxes and making it easier for investors to gain residency, the market has seen a rush of new activity.
With this new law, Costa Rica has lowered the minimum investment required to gain residency by 25% from $200,000 to $150,000 while also offering investors Costa Rican residency for up to ten years.
In addition, now foreign investors can also enjoy major tax cuts and other benefits, including:
Elimination of income tax on funds entering the country
20% reduction on the tax applied to property transfers
Dependents and other family members of those granted residency under this law can also take advantage of these benefits, including VAT-free importation of vehicles for personal use.
Remote Workers Welcome
Another move made by the government was to introduce new legislation to encourage remote workers to extend their stay or even move to the country. This became known as Costa Rica's “Digital Nomads Law”.
Even before the legislation initiative, Costa Rica saw a large influx of remote workers from all around the world, electing to create themselves a virtual office next to their favorite beach or rainforest.
Now, with this new law, digital nomads applicants can receive:
A one-year visa, extendable for up to one additional year (as long as the holder has spent half of the first year inside Costa Rica).
Income tax exemption for the duration of the visa,
Import tax exemptions on equipment needed to undertake the holder’s job ~and~
Tax exemptions for vehicle importation.
With remote working exploding during the pandemic combined with the minimal entry requirements, make Costa Rica the perfect place to invest!
Investing in Costa Rican Real Estate has Never Looked so good!
These initiatives along with others including The Green Protocol have investors flocking to the Costa Rica to find their perfect slice of paradise in this beautiful country and what better place than Los Sueños Resort and Marina.
Contact our expert staff today and come experience the Pura Vida life!