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Costa Rica residency application and CR estate planning

Costa Rica Residency Application:
(by GM Attorneys )

To apply for residency in Costa Rica, the Costa Rican government requires applicants, besides the general requirements, (birth certificate, police records and marriage certificate, if apply, duly apostilled) must provide proof of financial stability in one of three ways:

  • As a retiree with pension: Certification that applicant receives a lifetime pension of at least US$1,000 per month.
  • As an investor: Must demonstrate a real estate investment in Costa Rica with a value of at least US$ 200,000.00 dollars
  • As the holder of a fixed Annuity: Certification that applicant receives a guaranteed annuity of $2500 per month for at least 2 years.

CR Estate Planning:

Executing a testamentary disposition or a will, in Costa Rica called “testamento”, can be one of the most reliable alternatives in estate planning.
The “testamento” is the legal instrument, executed in accordance to formalities established by CR Law, that allows a person, testator, to determine how his or her assets will be managed and distributed at the time of death as well as to appoint the executor of his estate.
The “testamento” can be limited to disposition of assets within Costa Rica only and has no legal effects until the person’s death. Before that moment, the “testamento” can also be revoked or modified by the testor.

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