Costa Rica Immigration to Raise Monthly Proof of Income

Some foreigners are very upset over a proposal to raise the required minimum income foreigners must prove to obtain residency.

The proposal, part of a larger immigration reform now moving through the Legislative Assembly, would require retirees in Costa Rica to show monthly income of $2,000 a month, up from $600 under current law.

Expats seeking residency under the category rentista would have to show they earn $5,000 a month outside Costa Rica, up from $1,000 a month under current law.

Rentista, translated from Spanish means “earner,” is one of 10 categories under which Costa Rica foreigners would be able to apply for temporary residency. The other categories include journalist, scientist, intern, businessperson, athlete, investor and other professionals.

The bill could pass out of the Government and Administration Committee as early as Tuesday, said Natalia Cordoba, a legislative aid for committee president Olga Marta Corrales of the National Liberation Party (PLN). The bill would then face debate on the legislature's floor.

Immigration Director Mario Zamora, the bill's principal author, said the requirements would help ensure that foreigners spend money in Costa Rica, contributing to Costa Rica's economy. Still, he said, he will soon meet with legislative aides and opponents of the bill to discuss the figures.

Ryan Piercy, director of the Association of Residents of Costa Rica, said the new requirements would hurt Costa Rica's economy.

“It affects the amount of investment. It affects the amount of tourism. It affects all sorts of areas beyond whether Joe Blow can't move here because his pension isn't high enough,” said Piercy, who plans to lobby against the bill.