Costa Rica is in the eyes of those who have chosen a new lifestyle that combines work and tourism. These are the so-called Digital Nomads who are looking for new destinations from which they can work remotely and at the same time get to know new places, cultures, and even gastronomic options.
This new concept was born as a variation of teleworking, but much more flexible. It basically implies the possibility to work remotely from any other part of the world, while maintaining a work relationship with their foreign employer or working on their own for clients abroad.
Without doubt, Costa Rica offers multiple tourism advantages and incentives to ensure that a model such as this one will be attractive for these individuals. Hence, the Government of the Republic approved and published a new Law to attract Digital Nomads, offering a series of benefits during their stay in the national territory. Among these benefits, we can highlight the following:
- Legal visa for a year, extendable for another year, for the digital nomad and his/her immediate family (spouse and underage children)
- Possibility of opening bank accounts within the local banking system.
- Validity of their driver’s license in the country.
- Total exemption from the Tax on profits (income).
- Exemption from taxes to import their basic personal work equipment.
Therefore, digital nomads are welcome in Costa Rica, and they are urged to consider our country as their temporary or definitive destination.
Additionally, those foreigners that wish to legally reside in Costa Rica are also welcome in our country. Recently, the Government of Costa Rica approved and published a new Law to attract those foreigners that qualify under any of the following immigration categories: investor, person of independent means, and/or pensioner. The new Law contemplates a series of incentives and tax benefits to make their residency in the country even more attractive. Among these benefits, we can highlight the following:
- Temporary residency for a 2-year term, renewable, for the resident and his/her immediate family (spouse and underage children).
- One-time exemption from import and nationalization taxes for their home furnishings.
- Exemption from import and nationalization taxes for two land, air, and/or marine vehicles for personal and/or family use.
- 20% exemption on transfer taxes for real estate properties acquired while the law is in force.
- Decrease in the minimum investment capital amount necessary to qualify as an investing resident to US$150,000 dollars; this investment can be made in properties, securities, productive projects, and/or projects of a national interest.
Costa Rica is a magical destination that captivates all those who have the chance to get to know our beaches, oceans, mountains, volcanoes, rivers, savannahs, forests, cities, and most of all our people. At Oller Abogados we are at your disposal to help you become a digital nomad and/or legal resident in Costa Rica.
Jose Andrés Prado, Associate, Oller Abogados
T: (506) 2257-1290