I just received the costs from Outlier Legal for my condo in San Jose Escazu:
You will need to submit monthly tax returns on the corporation:
1. Taxpayers have until the 15th of the next month to comply, therefore, the first declaration must be filed before August 15, 2019.
In addition, I understand that you rent. If that is the case, the following will also apply in regards to the VAT:
1. Housing rentals are exempted (each) to pay the 13% VAT as long as the amount declared does not exceed the 1.5 of a base salary, which it will be around $1,100.00 USD / ? 640,000.00 CRC per house rented. Should this amount be exceeded, even for ?1 CRC (one Colón), a 13% will be applied to the total amount of the rent of the house that exceeded the exempted amount.
If any of your rents exceed the aforementioned amount, one of the following scenarios will apply:
2. From the total income a 15% on expenses can be reduced with no voucher required. A 15% tax will be applicable to the remaining 85%.
3. Keeping at least one (1) employee with the corresponding social security requirements. Selecting for this option will require a deeper analysis as you could end up paying more on salary, bonuses, benefits and social security rather than staying with option 2). Also, note this model must be informed to Hacienda and can only be switched to option 2) after 5 years.
Monthly service: we touch base with you on a monthly basis to obtain your written approval to proceed with the monthly declaration. $50 USD per month
- Yearly bundle: you provide us with a written authorization for us to manage the monthly declarations for a complete year. $360 USD a year
Just a FYI and solution/cost for any who have to deal with this new cost of living in CR.
You will need to submit monthly tax returns on the corporation:
1. Taxpayers have until the 15th of the next month to comply, therefore, the first declaration must be filed before August 15, 2019.
In addition, I understand that you rent. If that is the case, the following will also apply in regards to the VAT:
1. Housing rentals are exempted (each) to pay the 13% VAT as long as the amount declared does not exceed the 1.5 of a base salary, which it will be around $1,100.00 USD / ? 640,000.00 CRC per house rented. Should this amount be exceeded, even for ?1 CRC (one Colón), a 13% will be applied to the total amount of the rent of the house that exceeded the exempted amount.
If any of your rents exceed the aforementioned amount, one of the following scenarios will apply:
2. From the total income a 15% on expenses can be reduced with no voucher required. A 15% tax will be applicable to the remaining 85%.
3. Keeping at least one (1) employee with the corresponding social security requirements. Selecting for this option will require a deeper analysis as you could end up paying more on salary, bonuses, benefits and social security rather than staying with option 2). Also, note this model must be informed to Hacienda and can only be switched to option 2) after 5 years.
Monthly service: we touch base with you on a monthly basis to obtain your written approval to proceed with the monthly declaration. $50 USD per month
- Yearly bundle: you provide us with a written authorization for us to manage the monthly declarations for a complete year. $360 USD a year
Just a FYI and solution/cost for any who have to deal with this new cost of living in CR.
