Costa Rica Real Estate Magazine

ARTICLE | REAL ESTATE

President Alvarado pointed out that “This project will help the economic reactivation of our country, since for more than four decades our country has granted certain benefits to attracting investors, rentiers and pensioners; Due to what our country is currently living under COVID and what is hap- pening worldwide, this proj- ect was presented to be able to give benefits, to be able to contribute, to be able to attract new capital to the Costa Rican economy”.

the immigration categories of Inves - tors, Retired Residents or Rentista Residents. President Alvarado pointed out that “This project will help the eco- nomic reactivation of our country, since for more than four decades our country has granted certain benefits to attract - ing investors, rentiers and pensioners; Due to what our country is currently liv - ing under COVID and what is happen - ing worldwide, this project was present - ed to be able to give benefits, to be able to contribute, to be able to attract new capital to the Costa Rican economy”.

The persons who Will Benefit under this proposed law would receive the follow- ing: • Duty free of all import taxes for one time only, for the importation of house - hold items. • Importation of a motor vehicle for per - sonal or family use, free of all import, tariff, sales and economic stabilization taxes, which may be sold or transferred to third parties, exempt from said taxes after three years have elapsed from the date of entry of the vehicle into the country. A total loss would allow a re -

placement vehicle to receive the same benefits. • The amounts declared as income to qualify for the benefits of this law will also be exempt from Income Tax. • Exoneration of 20% of the total prop - erty transfer tax for real estate acquired within the term of this law, provided that the beneficiary is the registered owner of the asset. • Tax exemption for the internment of in - struments or materials for professional or scientific practice. Penalties: In the event that the ben - eficiary person renounces his / her sta - tus as a “Pensioner Resident” or as a “Rentista Resident” within the term of this law, he / she must pay the taxes from which they were exempt. The text also states that: “To maintain the benefits that a person acquires in com - pliance with the provisions of this law, the demonstration of permanence of a minimum of days in the country is not mandatory”.

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40 COSTA RICA REAL ESTATE MAGAZINE