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$60,000 deposit for Rentista Visa

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dckinder
3/25/2015 11:57 EST

Apparently if I deposit $60,000 in a Costa Rican bank ( and otherwise qualify ), I can get a rentista residence.

This $60,000 is equal to the sum total of $2,500 / month minimum income for two years, which I otherwise would have to demonstrate.

Let us suppose I deposit the $60,000 and obtain rentista residence. Can I thereupon withdraw the $60,000?

In particular, my reasons for considering moving to Costa Rica are that I am on the ACA because of pre-existing medical conditions. Should the Supreme Court gut the ACA, then I would need otherwise to have access to medical care.

One apparent option would be to move to Costa Rica for a few years until I qualify for Medicare. Yes, I know about Costa Rica's socialized program.

But a nice little $60,000 war chest to meet unexpected serious conditions for private care would fit in nicely in this overall arrangement.

Also, does Costa Rica have something like FDIC?

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Kohl
3/25/2015 12:35 EST

You are actually required to make two $60K two years apart, then when entering the fourth year, you may apply for Permanent residency.
These funds will be purchase a ladder-CD in a National bank, which will automatically transfer for $2500 each month, to be deposited into your 'living expense' account.
You cannot withdraw any more funds from this account.
As a Rentista you may expect a monthly CAJA premium of approx. of $250 of over the age of 55 and if under 55, $450

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UltraFJ40
3/25/2015 18:33 EST

I stilll don't understand why CR is making it so difficult for foreigners to make the transition to residency. In my opinion they're losing out to other places like Panama, Ecuador, the Philippines and Malaysia.

I am really disappointed by the direction of the government with regards to this over the past 20 years. :(

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shermanwc
3/25/2015 19:27 EST

dckinder, you will receive the $2500 per month from the $60k account, and you can choose to use that for living expenses or you can put it into savings to use again after 2 years. You will need to renew your Rentista Residency after 2 years, so then you will need to deposit $60k again, and will again receive $2500 per month.

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Physio1
3/26/2015 13:13 EST

I was under the impression that a $20k deposit yearly for 3 years was required for a Rentista Visa rather than $60k upfront. I also was under the impression that a Rentista Visa holder could apply for permanent residency after 3 years. Clarification would be appreciated. Thanks!

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Kohl
3/26/2015 13:27 EST

No, US$60K is required, and then another US$60K, 2 years later. You can apply for Permanant resident status, at the beginning of the fourth year according to the date on your cedula, whether you have Pensionado, Rentista or Investor status.

http://www.costaricalaw.com/Immigration-and-Residency/residency-general-information-and-summary.html

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shermanwc
3/26/2015 13:33 EST

Physio1, you are correct that a Rentista resident can apply for Permanent Residency after the third year - but they still need to renew their residency for 2 additional years after the first 2 years.

I've never heard of anyone depositing money yearly (and it would need to be $30,000 per year to cover the $2500 per month requirement). I was only given the option to deposit the full $60,000.

But I have another question for others that have obtained Permanent Residency: once you have Permanent Residency, can you close your CD account or do you need to maintain it until the end of the two years?

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Kohl
3/26/2015 15:26 EST

Since you can't apply for PR until the beginning of the fourth year, and it usually takes a year, the CD will probably be near expiry, and if it takes longer, and it is time for your TR to be renewed, you must do that....even if there are no funds left to transfer into your account. At least that is what we had to do.

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Physio1
3/26/2015 21:24 EST

Thanks Kohl for the CR law link & clarification.

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