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F.A.Q's
Can a foreigner own a Costa Rican corporation?
Sure, there is no problem in owning a Costa Rican corporation.
It can be started by a citizen, resident or even a tourist.
You can obtain a corporation, known as “sociedad
anónima”, that means the owner’s name
is not identified in any record and whoever owns the stocks
is the real owner.
First you need you need your lawyer to draw up the Constitutive Charter (with the description of the activities, organization, administration of the corporation and the respective signatures of shareholders, board of directors, etc.)
Next, your lawyer has to make known the constitution of
the corporation in the official newspaper “La Gaceta”.
Please take into account that names of corporations with
meaning in foreign languages are not accepted. Then your
lawyer will register your corporation in the Public Record
Office which takes from one to three months. Once this
office gives a positive response to your corporation inclusion
you need to present the accounting and legal books, in
which all transactions, deals and resolutions
within the company will be registered, to the Ministerio de Hacienda for their
validation.
Two things to remember:
- Owning a corporation makes it easier to transfer goods and
properties, so keep in mind that forming a corporation if you
plan to buy and sell real estate, goods and assets.
- Remember that corporations have to pay income taxes according
to their earnings, and every year a report has to be filed
even if your company didn’t have any income.
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How can a foreigner become legal?
To become a legal resident in Costa Rica you have three options:
Being pensionado, rentista, and inversionista. Your choice
depends on what you need and your financial status; and
it won’t affect your original citizenship.
Pensionado (pensioner) is for those who receive a pension
from an approved source. You need to exchange al least $7200
a year into colones. With this status you can have and run
your own company but not have a job.
Rentista (rentier) is for those without a pension, but you
need to have an income of $12000 a year coming from an investment
in a foreign country. You need to prove that you changed
$12000 into colones and prove that you were for at least
four months (not necessarily consecutive) inside the country.
Again, with this status you can have and run your own company
but not have a job.
Inversionista (investor) is for people who want to invest
in the country. You need to invest no less than $50000 in
projects like tourism, $100000 in reforestation or $200000
in other business. Again, you need to prove you were in the
country for at least six months (not necessarily consecutive).
In case you opt to the Costa Rican residency there are several
ways to get it.
- Investor resident, after two years ofbeing investor you are
qualified to become a permanent resident.
- First degree relative, foreigners can apply for residency
if they have relatives like, a child, spouse or parent who
is a citizen, besides they have to demonstrate that can support
themselves during the time living in the country.
- Marriage, this is a fast way to acquire a residency. As
with other types of residency, you need to present several
documents such as birth certificate, marital status documentation,
police report, and papers that verify your relationship to
your Costa Rican relatives.
- Costa Rican Corporation, for those who own a Costa Rican
corporation, offer employment to a certain number of workers,
and present their financial records; this is another option
to get the Costa Rican residency.
- Residency under special circumstances, this only applies
to special cases where the other options are not available.
- Temporary residency, this is for those who want to be in
the country for some time, but without acquiring the permanent
residency. This applies to students, employees of foreign
companies, etc. You can stay in the country for three months
to a year, and it can be renewed every year.
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Can a foreigner study in Costa Rica?
Certainly, there is no problem to study in the country. In
case you look for superior education, there are four public
universities, Universidad de Costa Rica (UCR), Universidad
Nacional (UNA), Instituto Technológico de Costa
Rica (ITCR), and Universidad Estatal a Distancia (UNED).
Besides, there are around fifty private universities.
There is no legal impediment to study in Costa Rica, but
you have to ask for a student permit in the immigration office.
Tuition for foreigners is more expensive than for Ticos,
but not as expensive as in the U.S.
In case that is not you but your children the ones that need
education, there is a vast variety of options, from private
to public, and classes can be taught in English, bilingual
or in Spanish. And if you are looking where to learn and
practice your Spanish there are plenty of institutions too.
Although education can be a little different from the U.S.
and Canada, it still is quality instruction, and Costa Ricans
are evidence of that.
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Do Costa Ricans speak English?
Yes. Of course, There is and important number of Costa Ricans
who speak English. You don’t have to worry so much
about this situation; many Costa Ricans speak a regular
and standard English, enough to give you a hand. People
speak English in airports, hotels, restaurants and many
tourist centers; some police officers speak English too.
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How is Costa Rica as far as technology?
As compared with other Latin American countries, Costa Rica
is a step ahead in technology. One of the main exports
in precisely technology, with the Intel Plant located near
the International Airport. Costa Rican technological companies
compete internationally with companies from different parts
of the world, including US companies.
Regarding communications, the country offers an acceptable
network of telecommunications. There is a good telephone
service, national and international; there is Internet, you
can find Internet service in many hotels and Internet Cafés
in lots of cities; TV is good enough, besides the national
television you can have access to cable and satellite TV.
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Can a foreigner drive in Costa Rica?
Sure, your driver’s license is good for three months
if you are a tourist. Once you finish your 90 days, you must
get a Costa Rican driver’s license. This process is
not difficult, you just have to present your original license,
a medical certificate from a doctor’s office, pay around
$15 dollars US in the bank and have some patience; for doing
this, you can go to any of the MOPT (Ministry of Public Works)
offices around the country. While driving, it is recommended
to carry your passport whit you. If you don’t have
a driver’s license you will have to take a written
exam and a driver’s test. One more thing, remember
that speed and distances are in kilometers not in miles.
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Can a foreigner purchase a property in Costa Rica?
There is no legal impediment for a foreigner to buy a property;
on the contrary there are certain advantages as compared
with other countries. You don’t need to be a resident
to own a property, but you have the same rights as citizens
to purchase it. Costa Rican laws guarantee that your properties
are secured and safe. But some times the procedures can
be a real headache, so it is convenient to have the advice
of the right people for helping you to do the best investment
and in the fastest way.
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Why San José for business?
The capital city, known as “Chepe” is the best
place for you to make business, most of the banks have their
headquarters in San José, all government offices and
embassies are here too; and lawyers and real estate offices
are available around the corner. Besides San José offers
the best environment in case of holding a meeting; everything
is close enough to take a taxi visit a hotel, restaurant
or a friend’s house to make business. San José is
the center of every economical and industrial activity in
Costa Rica, the city is located in the central valley and
that makes it good in case of traveling to the different
regions of the country.
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Is it a good time to invest in Costa Rica?
There is always a good time to invest in Costa Rica since
the land is always increasing its price. What you buy today
in the near future will cost double, so it is a good business
to invest in properties, you don’t have the chance
to lose. Real estate is becoming a boom and people are
taking advantage of that; besides Costa Rica is well known
as a paradise, so why not to purchase in the tropics and
live in beautiful piece of land, with a wonderful weather
a surrounded by nice people.
Other types of investments are welcome since Costa Rica opens
the door to international investments that could bring new
job opportunities to Costa Ricans. The government offers
many advantages for this kind of proposals and the quality
of manpower is superior to in other countries in the region.
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How is the crime rate in Costa Rica?
Crime is present in every country, some places with more
some others with less. Costa Rica is not an exception,
crime is present and it depends on your smart moves to
avoid it. Theft is the most common bad experience for foreigners,
so our recommendation is to always watch you things. Another
suggestion would be to avoid the dangerous areas in the
city and never walk alone at night. In the case of security
for your house, we recommend an alarm system and live of
course in a nice neighborhood. In case of an emergency
call 911.
Fraud or scam can be another problem so we recommend not
being so trusting, seeking advice from friends or professionals
that can help you in case of a doubt.
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What part of Costa Rica is the most Americanized?
In San José the west part of the city, places near
Sabana Park, the neighborhood of Rohrmoser and some areas
in Pavas are attractive to foreigners. Another place would
be Escazú more to the west. All these areas are characterized
by having good supermarkets, nice restaurants, and great
facilities, just like the American style. Some other areas
in the Central Valley would be Curridabat to the East and
Ciudad Cariari on the way to the Juan Santamaría Airport.
Other special places where Americans prefer to live are some
beaches in Guanacaste and others prefer the peaceful mountains
of Monteverde.
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