If it’s been your dream to live as a digital nomad in Costa Rica, it may be about to come true.
A modification to the Immigration law would allow long-term visitation to the country. The country has realized how Covid has impacted the workforce all over the world, and with lots of companies now allowing workers to be fully remote, are taking the initiative to start welcoming those remote workers in.
Of course, Costa Rica isn’t considering this proposal simply as a favor to digital nomads around the world. Covid has impacted the country hard and with their prediction of the recovery of tourism in the country taking up to 3 years post-pandemic, they are looking for ways to boost the economy, encouraging the spending habits of remote workers within their country.
So how long would you be able to live in Costa Rica as a digital nomad if this all goes ahead? A full year, with the option to extend once for an additional year on top. So, you could spend 24 months sipping coconuts and signing into your laptop from a hammock. Sound like heaven? Here are the benefits that remote workers would receive if this gets approved:
- Immigration status: The immigration benefit will be granted for one year, extendable for a single period of an additional year.
- Income tax: Total exemption from income tax, as defined in Title I of the Income Tax Law, No. 7092 of April 21, 1988, and its amendments. In no case will the beneficiaries be considered as habitual residents of the country for tax purposes, nor will the income they received from abroad be considered from a Costa Rican source.
- Import of equipment: Exempt from the payment of all taxes on the import of basic computer, telecommunications or similar personal equipment, necessary to carry out their job duties or the provision of their services, as long as they comply with the proportionality regulations that will be dictated by the National Customs Directorate of the Ministry of Finance.
- Driving licenses: The driver’s license granted in the country of origin of the beneficiary will be valid for the purposes of driving in Costa Rica.
- Opening of bank accounts: The beneficiaries will be able to open bank accounts in the banks of the national banking system, complying with the current legal framework against money laundering.
Sounds great, right? Well here’s what you’ll need to prove in order to qualify for this:
- Proof of a stable monthly income of at least $3,000 USD or equivalent (whether that’s fixed income or average monthly income over the past year).
- A health insurance policy that will cover you for the entire duration of your stay.
- One single payment to be granted a non-resident visa.
- Any other requirements included in the General Law on Immigration.
This law is just awaiting a final vote, but hopefully, it won’t be too long till you can be hopping on a plane and enjoying that Pura Vida lifestyle.