SOUTH FLORIDA REAL ESTATE

If you want to move to Central America 
We've got good deals & information to get you started plus links to websites and resources for anyone thinking of moving to:

Costa Rica and Panama.

Costa Rica  has been an expat destination longer than most other countries in the region.

Costa Rica and Panama 
have excellent climatic regions, a lovely environment, great beaches, lower prices than the USA, Canada & Europe, and an interesting culture.

After two years, pensionados, rentistas, and inversionistas can apply for permanent residency, which gives you all the rights a Costa Rican citizen enjoys, save voting. Other ways of obtaining permanent residency include being a citizen of another Central American country or of Spain and having lived in Costa Rica for five years; marrying a Costa Rican citizen; or having a child in Costa Rica.
Costa Rican–born child automatically conferred permanent residency upon both (foreign-born) parents.

Applicants for permanent residency must demonstrate that they will make a positive contribution to the country. Benefits of permanent residency include being able to work (rather than just own a business, as is allowed under temporary residencies), reduced fares on air travel within Costa Rica, and much-reduced admission to national parks and reserves. Permanent residency also offers up the same sort of safeguards extended to citizens, such as protection against extradition (except in high-profile cases, like when drug lords or big-time financial scamsters try to hide out in the wilds of Costa Rica). As a permanent resident, you don’t need to worry about remaining in the country for four months (to maintain pensionado or rentista status) or six months (to maintain inversionista status) out of each year. Your only obligation as a permanent resident is to visit Costa Rica at least once a year.

Most retired people opt for this category, which requires you to prove at least US$600 a month in pension income. The income can come from a public source, like the U.S. ou Canadian government, or a private source, like the brokerage house that administers your IRA account or a Private Co. You must document that you will be receiving at least US$7,200 a year, and arrange to have the checks deposited to a Costa Rican account in colones, not dollars. For a married couple, the spouse with less (or no) retirement income is considered a dependent, and a dependent need show no proof of income—they ride free on their partner’s US$600. Children under 18 (or a child between 18 and 25 enrolled in university) can also be claimed as dependents, and receive the same immigration status as their parents.

The downside is that two people’s incomes cannot be combined to make up the required US$600 a month, though the combined income sources of one person will do the trick. If the pensioner is a little short of the US$600 a month, the balance can be made up by depositing five years’ worth of the difference in a Costa Rican bank. So if your pension is US$545/month, you could make up the extra US$55 a month (for five years) by depositing US$3,300 in the bank.

Pensionados need to spend at least four months in the country a year, though the time need not be contiguous—you could spend January, February, October, and November here, for instance. You can’t work as an employee, but you can own and receive income from a business.

When the Costa Rican government created the pensionado and rentista immigration categories in 1971, the idea was to attract foreign capital, and certain tax breaks were given to holders of these temporary residency visas. Pensionados and rentistas were allowed to bring in all their household goods, appliances, and one car duty-free, which with Costa Rica’s high import duties was a very nice perk. But in 1992, in need of greater tax revenue, the government abolished the tax benefits associated with pensionado and rentista status.

For those who have not yet reached retirement age but have managed to make investments that bring in regular income, the rentista option is an attractive one. You’ll need to prove a monthly income of US$1,000 (usually a CD or annuity), guaranteed by a banking institution. Another option is to deposit US$60,000 (US$1,000 a month for five years) in a Costa Rican bank, which will authorize you to withdraw US$1,000 of your money each month. If, after two years of rentista status, you apply for and receive permanent residency, you can withdraw all the money out of the account.

Other details of the rentista visa are similar to those of a pensionado: You can own a business but not work as an employee; you need to be in the country for at least four noncontiguous months each year, and dependents, whether spouse or child, enjoy the same immigration status as is awarded to the applicant.

Although you can legally own and operate any sort of business in Costa Rica even if you only have a tourist visa, an investment of at least US$50,000 in a sector the government deems a priority will get you inversionista temporary resident status. Costa Rican officials have declared as priority businesses related to tourism, forestry, and low-income housing. Non-priority reforestation projects will require US$100,000 in order to qualify you for inversionista status, and any other business ventures will call for US$200,000 or more. Inversionistas must stay in Costa Rica six months out of every year, though as with other categories of temporary residency, the time need not be contiguous.

For any investment, please exercise extreme caution—many people who come to Costa Rica seem to leave their common sense at home. Perhaps lulled by the tropical climate and the friendliness of the people, they trust too easily and don’t do their due diligence—checking out every facet of the project before putting any money down. While living in the tropics is relatively easy, making a business profitable here is perhaps even more challenging than it would be at home.