More Good News For Retirement In Costa Rica

"The President of Costa Rica, Oscar Arias is expected to sign an Executive Decree which will make


the attraction of foreign retirees to Costa Rica a National Priority.



By implementing this policy the government can then provide incentives to the baby boomers that

want to retire in Costa Rica. The government will also be able to provide incentives and

streamline the permitting process for companies that build retirement communities for the Baby

Boomers.



In 1971 Costa Rica was at the forefront in legislation attracting foreign retirees. In that year

Costa Rica passed the Pensionado-Rentista program which at the time was administered by the Costa

Rican Tourism Board. The program was very successful and instrumental in attracting retirees and

investors to Costa Rica for many years.



The program provided several tax incentives to retirees that would settle in Costa Rica including

duty free importation of an automobile and tax exemption on household furnishings brought into

the country by the retiree.



Decisions of previous governmental administrations eliminated all the tax exemptions making the

program just another immigration category with no incentives at all.



The personalized treatment previously offered to applicants by the Costa Rican Tourism Board was

eliminated and the processing was turned over to the general processing window at the Department

of Immigration.



While Costa Rica minimized the Retiree program other countries in Latin America such as Panama,

Nicaragua, Ecuador, Uruguay, Belize and Mexico implemented and strengthened retiree programs of

their own. By signing this decree it now appears that Costa Rica wants to once again take the

lead in attracting retirees. After all it is estimated that in the United States alone there are

more than 70 million "baby boomers".



For Baby Boomers interested in Costa Rica this means that you will be offered tax breaks and

incentives for settling in Costa Rica. Another benefit which is surely welcome is that Retirees

will have a special processing window at the Department of Immigration to handle their

immigration applications.



We won't know the extent of those incentives until the Executive Decree is signed and published."

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