Costa Rica Seeks to Attract Investors and Pensioners for Reactivating the Economy

• The Costa Rican President, Carlos Alvarado, during a virtual act signed a law to attract investors, rentiers and pensioners that provides benefits such as incentives for import taxes and exemption of 20% of the transfer tax, among others. 
• With the legislation, whoever wishes to opt for a temporary residence as an investor must demonstrate to the Directorate of Migration and Foreigners a minimum investment of $150,000, down up from $200,000 in real estate, registrable assets, shares, securities and productive projects or projects of national interest. 
• The benefits include a duty free and all import taxes present only once, for the importation of household goods, while the amounts declared as income to become a creditor will be exempt from income tax. Beneficiaries may also import up to two land, air or sea transportation vehicles, for personal or family use, free of all import, tariff and value-added taxes. 
• According to the Minister of Tourism, Gustavo Segura, it is intended to produce a necessary revitalization of the economy and a recovery of the levels of foreign investment, which now represents 3.5% of GDP, down from 7.8% a decade ago.

(Source: The Costa Rica News)