Costa Rica Residency

[Ajijic]

This helps to put the INM rules into perspective. Here are Costa Rica's requirements.

http://www.costaricalaw.com/Immigration-and-Residency/residency-general-information-and-summary.html

PS not trying to start a debate but I found it interesting starting with 90 days for what is a tourist visa.

[gringal]

This helps to put the INM rules into perspective. Here are Costa Rica's requirements.

http://www.costaricalaw.com/Immigration-and-Residency/residency-general-information-and-summary.html

The hoops are awesome, but the "good news" is that the Pensioners have a lower income requirement.

[Travis]

Thanks, Ajijic. Interesting. A little perspective can go a long way (or possibly nowhere at all). I loved this bit:

"In both cases, Pensionado and Rentista the beneficiaries must comply with the following:

Prove that the funds were deposited in Costa Rica. This issue generally comes up when you are going to renew your residency category. When you renew your status you will be asked to provide proof that the funds have been sent to Costa Rica."

Can you imagine the sqwaking that would go on here if retirees were "forced" to deposit their monthly income/pension into a Mexican financial institution? Gads.

[murka]

Thailand requires that you deposit the equivalent of US$25,000 into a Thai bank every year and to keep it at that balance for three months before the renewal of your retirement visa (at no interest). OR prove that you receive at least US$2200 a month in pension from your home government with a letter from your embassy.

To top it off, you must report to Immigration every 90 days. You are fined if you are late.

Also, there is a duty of 200% on the value of your car if you wish to import one in. A new Captiva will set you back almost US$50,000 while the same car here in Mexico is a little bit more than half of that.

Also, at one point, Immigration wanted a map indicating where we lived.

It's all relative.

[Joco]

I run at least $1000 USD a month through Banamex so I don't know why that would be a difficult standard.

http://www.costaricaresidence.com/Pensionado.html

Retiree ("Pensionado")

This program applies to any person who is already retired from his/her usual Occupation and who is already receiving pension benefits.

Income Requirement: Must show proof of monthly income from a qualified pension plan Of at least US$1,000 per month.

A Pension plan can include amongst others: local, state/provincial and Federal government pensions from most countries, Canadian Old Age Pension System, U.S. Social Security Administration benefits, private pension plans, 401K plans, school district pension, etc. To be a qualified plan, the pension must be payable to the resident applicant “for life.” Many annuities can also qualify as a pension.

If receiving U.S. Social Security or Canadian Government Pensions (including Old Age), the appropriate pension income letter can be easily obtained from the U.S. or Canadian embassies.

Currency Exchange Requirement: Once approved, the resident agrees to exchange the US$1,000 per month (or $12,000 per year) into Costa Rican currency, “colones,” at the official dollar-colon exchange rate in effect at the time of the exchange.

Please note that a married couple needs to show proof of only one (1) monthly pension of at least US$1,000 for both husband and wife to apply for residency. The pension recipient can be either spouse.

Additionally, please note that Costa Rica does not recognize same gender marriages or unions even when legally married in the country of origin. Same gender couples must apply for residency independently from the partner and each partner must meet the income and other requirements on his/her own.

In-Country Requirement: Once approved, the resident agrees to live in Costa Rica for at least 121 days (4 months) per year. The days lived in Costa Rica do not have to be consecutive.

Type of residency: Temporary. The resident can apply for permanent residency after being a temporary resident for three (3) years.

[Joco]

Some other Central and South American countries. I know of a few people who lived here who have moved to Ecuador.

http://money.usnews.com/money/blogs/On-Retirement/2012/10/22/new-easy-retirement-residency-in-panama

Panama. Panama has picked up where Costa Rica left off. Its pensioner program offers some of the deepest retiree discounts available anywhere. Seniors (that is women age 55 and older and men age 60 and older) get up to half off on nearly everything, including movies, motels, doctors’ visits, plane tickets, professional services, and electric bills. Furthermore, these discounts are easily realized. It’s not a big deal to have your pensionado status recognized. As one American retired to Panama with pensionado status puts it: “The only thing I haven’t been able to get a discount on so far are my gin and tonics at the bar down the street from my apartment, and I’m working on that.”

To qualify for pensionado status, you must have a regular pension (from Social Security, any government entity, the armed forces, or a private company) of at least $1,000 per month.

In addition, pensionado status entitles you to a one-time tax exemption on the importation of household goods (up to $10,000) and a tax exemption every two years on the importation or the in-country purchase of a new car. Plus, you’ll never have to wait in line at the bank. Every bank and most government offices have a special express line for retirees.

Belize

Another country that rolls out the welcome mat for foreign retirees is Belize. About a dozen years ago, the government of this country enacted legislation to allow Qualified Retired Persons (QRPs) to obtain permanent residency in this country. In many ways, this program is the most efficient route to foreign residency anywhere in the Americas. And while the QRP visa allows you full-time residency, you can enjoy the benefits of being a QRP even if you spend as little as four weeks a year in Belize.

http://whereinternational.com/news/visa--residency-information-for-honduras.html

Residency in Honduras falls into four basic categories. Permits that may be acquired are:

- Retired: You must be receiving a minimum of $1500 a month, for the rest of your life, from either

a private or government establishment.

- Relative: You must be related to a citizen of Honduras.

- Rentist: You must be receiving an income of at least $2500 a month from a source outside of

Honduras. For example, bonds, rents, deposits, etc.

- Investor: You must be able to prove that your project is being, or will be, denoted by a venture of

no less then $50,000

Nicaragua

http://internationalliving.com/countries/nicaragua/nicaragua-visa-and-residency-information/

Law of Resident Pensioners and Retirees (Decree 628):

To qualify, you’ll need to prove to the Nicaraguan government that you’re actually a citizen of the country where you claim your nationality, that you’re in good physical and mental health, that you’re in good standing with the local police, and that you have an income equivalent to at least $600 a month from Social Security or a pension. Add an additional $100 for each dependent family member living with you in Nicaragua. The minimum age for eligibility is 45, but this can be waived if the applicant proves a stable income.

Ecuador

http://internationalliving.com/countries/ecuador/visa/

Varieties of Resident Visas

9-I: Pensioner Visa

· Retirement documents showing a stable income of at least $800 monthly, certified to be correct by the party responsible for the source of the funds, and authenticated by the Ecuadorian Consul in your country of origin

· Certification by Ecuadorian Consul that the funds are no less than $800 monthly for the applicant, plus an additional $100 for each dependent.

[Joco]

The hoops are awesome, but the "good news" is that the Pensioners have a lower income requirement.

I missed reading any hoops. Can you tell me what they are? Proof of income, background check, etc. aren't much different than here.

[snowyco]

Ajijic,

Your link really does put things into perspective about the claims that Mexico's requirements are "ridiculous". These requirements are for Temporary Residency:

"To apply for residency under the Rentista portion the applicant must demonstrate a at least US$2,500 per month in a permanent and stable manner for at least 2 years.

Pensionado and Rentista the beneficiaries must comply with the following: Prove that the funds were deposited in Costa Rica.

The easiest way to comply with this requirement is to ask your bank to issue a letter stating that you have an account with them and indicating that during the year you have exchanged the amount required by the immigration law i.e. $12,000 per year for Pensionado or $ 30,000 per year for Rentista.

(Foreign Residents must) contribute to the Social Security System of Costa Rica. The Immigration Law (Law # 8764) requires that all residency holder contribute towards the Costa Rican Social Security and Medical System (C.C.S.S.) "

[Joco]

Ajijic,

Your link really does put things into perspective about the claims that Mexico's requirements are "ridiculous". These requirements are for Temporary Residency:

"To apply for residency under the Rentista portion the applicant must demonstrate a at least US$2,500 per month in a permanent and stable manner for at least 2 years.

Pensionado and Rentista the beneficiaries must comply with the following: Prove that the funds were deposited in Costa Rica.

The easiest way to comply with this requirement is to ask your bank to issue a letter stating that you have an account with them and indicating that during the year you have exchanged the amount required by the immigration law i.e. $12,000 per year for Pensionado or $ 30,000 per year for Rentista.

(Foreign Residents must) contribute to the Social Security System of Costa Rica. The Immigration Law (Law # 8764) requires that all residency holder contribute towards the Costa Rican Social Security and Medical System (C.C.S.S.) "

Most of us are retired, Pensionados and not Rentistas. We need to show $1000 a month which is also $1000 a month for a married couple, with a letter from SS or the pension program showing proof of the income. We had to do that to get an FM3 in Mexico also.

Income Requirement: Must show proof of monthly income from a qualified pension plan Of at least US$1,000 per month.

A Pension plan can include amongst others: local, state/provincial and Federal government pensions from most countries, Canadian Old Age Pension System, U.S. Social Security Administration benefits, private pension plans, 401K plans, school district pension, etc. To be a qualified plan, the pension must be payable to the resident applicant “for life.” Many annuities can also qualify as a pension.

If receiving U.S. Social Security or Canadian Government Pensions (including Old Age), the appropriate pension income letter can be easily obtained from the U.S. or Canadian embassies.

[Kevin K]

On the other hand, Guatemala grants a retirement visa with $1000 a month in income for the first person and $200 more for each dependent. México is competing for retirees with all of the countries named in the posts above, but realistically in terms of infrastructure, existing expat communities, etc. I would think Costa Rica, Panama, Ecuador and Guatemala are the most attractive options.

A person who has the assets and/or income to meet Mexico's new Permanente requirements, let alone those of Costa Rica (which unlike México is a functioning democracy with actual rule of law, environmental protections, etc.) can certainly afford to retire well at home in the U.S. or live many other places. Really the only thing I think México is doing right here in order to make itself more competitive is to keep offering 180 days rather than 90 for tourist visas. They are providing incentive to just come down on a series of tourist visas and forget the now very considerable costs and hassle of dealing with INMM, or, for those serious about full-time expat life who are living on modest pensions, to look seriously at countries with much lower income requirements such as Panama, Ecuador or Guatemala.

[lakeside7]

Mexico will always have the benefit of being a contiguous neighbor to the USA, which for many folks is important

[Kevin K]

Mexico will always have the benefit of being a contiguous neighbor to the USA, which for many folks is important

Exactly, and hey, there's only two choices there: Mexico or Canada and we all know where we'd rather be in the winter . But leveraging that advantage isn't all that easy. The security situation anywhere within 200 miles of the border makes driving anything but a picnic anymore, and the new rules regarding no foreign-plated vehicles for permanent residents are another major negative.

Unlike any of the other countries mentioned many NOB have visited Mexico for vacations and have had great experiences, so that's another advantage. On the downside, Mexico's close proximity to the U.S. and interwined economy means there will always be plenty of sensational coverage of crime here (while even more dangerous countries in Central and South America get little press), which certainly makes many prospective expat retirees cross the country of their list. Silly income requirements and onerous rules are another nail in the coffin, IMHO.

[Joco]

http://www.ticotimes.net/Region/Nicaragua/Why-are-so-many-baby-boomers-retiring-in-Central-America-_Friday-February-25-2011

In a recent U.S. News and World Report article on the “World’s Top Retirement Havens for 2011,” Nicaragua is now ranked the No. 1 foreign destination in the world in the “super affordable category,” while Panama is ranked No. 1 in the “moderately priced” category.

Ryan Piercy, head of the Association of Residents of Costa Rica (ARCR), says Central America is sitting pretty when it comes to attracting the baby boomers, whose retirement wave officially started in 2011.

“Central America and Latin America are going to receive at least 250,000 American retirees over the next 15 years. And of all the options in the region, the majority, in my opinion, will go to Panama, Costa Rica and Nicaragua,” Piercy told The Nica Times in an interview in his office in downtown San José, Costa Rica.

Piercy says that Mexico, once considered the preferred Latin American retirement destination for North Americans, has become too dangerous with all the drug violence – a similar plague afflicting Guatemala and, more recently, Honduras.

“If we get 100,000 new retirees in a small country like this, it would be huge,” Piercy said, noting that Costa Rica, despite its advanced “gringoification,” only has somewhere between 25,000 to 50,000 North American residents at the moment.

http://www.terraxatitlan.com/retirement_retire_guatemala.htm

Highland Guatemala is blessed with one of the world's best climates. At Lake Atitlan which is about 1,600 (almost 5000 feet) meters above sea level, the air is almost always fresh and the nights refreshingly cool. Days are warm and sunny and humidity is not a problem.

[lakeside7]

No place is as it is presented by those glossy magazines..they all have pros and cons. ...if we took all the reports on Mexico, half the folks coming, would met half the folks leaving, love it or hate it the devil you know is better than the devil you don't

[gringal]

No place is as it is presented by those glossy magazines..they all have pros and cons. ...if we took all the reports on Mexico, half the folks coming, would met half the folks leaving, love it or hate it the devil you know is better than the devil you don't

Now, that makes sense to me. I remember well when sometime around 2003, the AARP magazine went on and on about the joys of living in Mexico, especially in places like Sayulita or San Miguel de Allende.......and lo, many believed every word and moved here. Did the reality live up to the glossies? There are probably many answers from those who came.

All the countries mentioned above have things going on that are not mentioned in the glossies. Bugs, bad guys, more bugs, heat, really gross tropical diseases, etc., etc. Nothing that can't be worked around or overcome, but a large amount of happiness, anywhere, is about attitude.

Every place I've ever lived....and some of them look mighty fine in the glossies.......had it's own warts. You just pick the shade of wart you can live with. This place will do, for me.

[Jistme]

According to the magazine "International Living" Ecuador is the No.1 retirement country for the 5th year running. The incentives sound very attractive, but as I've never met

anyone who actually lives there, I'd visit first before taking the word of a magazine.

[cbviajero]

According to the magazine "International Living" Ecuador is the No.1 retirement country for the 5th year running. The incentives sound very attractive, but as I've never met

anyone who actually lives there, I'd visit first before taking the word of a magazine.

Especially that particular magazine.

[gringal]

You might ask on the International Expat Forum for words from someone who's living there or has, in the recent past.

[RVGRINGO]

My son-in-law is from Quito, Ecuador and is a Professor of Spanish Language and Cultures. He lives and teaches in Charleston, SC, USA.

[Ajijic]

Two very active web boards.

http://groups.yahoo.com/neo/groups/CostaRicaLiving/conversations/messages

http://groups.yahoo.com/neo/groups/ecuador_expats/conversations/messages

[Joco]

Linda Rose is a member of the Ecuador Yahoo Group. Previously she lived in El Chante before moving to Ecuador. There are other former Lake Chapala residents living in Ecuador but I don't know their names.

Some Guatemala forums:

http://www.expat-blog.com/forum/viewforum.php?id=238

http://www.expatexchange.com/expat/index.cfm?frmid=217&tpcid=3325613

[Travis]

*deleted*

[Ajijic]

Linda Rose is a member of the Ecuador Yahoo Group. Previously she lived in El Chante before moving to Ecuador. There are other former Lake Chapala residents living in Ecuador but I don't know their names.

If the LR we know who lived in El Chante she is in SMA./

Fairly common especially for single women to move from lakeside to SMA. Safety is one factor and broader range of ages of expats.

[Joco]

If the LR we know who lived in El Chante she is in SMA.

Well, that was fast. I don't think she was in Ecuador a year.

[Canamex]

Mexico's location in relation to Canada and the US are certainly in its favour, as are its many mostly pleasant climates, good beaches etc. Maybe more important is the economic relationship in place for so many years, plus it's a large country by comparison with much of Latin America (excuding Brazil). Panama may be stable (thanks to a strong US military and CIA presence) but I know a couple of people who are less than happy there, and have more problematic landlords than in Mexico.

What always strikes me as odd though is how short people's political memory is. Some of those countries are, well, not so long off the creepy chart. And has anyone read what a mess Guatemala is in lately?