Irish Drifter wrote:
I do not think the new Immigration requirements can be considered draconian. The only changes were in the income requirements and they were raised to a level that still is not unreasonable. Requiring someone to have a pension of $1000.00 per month for life or an income of $2500.00 per month for the next 5 years reflects more closely the realities of the cost of living in Costa Rica. I do not believe any one considered the old requirement of 600 or 1000 per month really were adequate amounts for someone to live in CR without putting some strain on the resources of the country.
The new law does not apply to those who have either established residency or have had their application accepted, by Immigration, for processing. There are still pensionados who only have to prove an income of $300.00 per month which was the requirement when they were granted residency.
ID,
Perhaps "draconian" was overstating the case. It WOULD have been draconian IF they had passed the sorts of increased requirements that they were originally trying to push through. However, I'll grant you that the old requirements were probably too low and the actual rates that were just passed are not TOTALLY out of line (at least not the $1000 Pensionado amount). OTOH, the "grandfathering" in of low rates doesn't help guys like Bob who got screwed over by Tico incompetency. Besides that, there are many many Tico's who somehow manage to live on just $600/mo (not that I'd care to live that lifestyle). And there are probably even some gringos who manage to live on just $1000/mo or perhaps a little more (again, still very tight but as you said not unreasonable). However, I don't think you can convince me that the $2500/mo amount is necessary for a gringo to be able to afford to live in a country where the typical local earns 1/4th that amount.
Plus that $1000/mo FOR LIFE may be easy enough to achieve for older TRUE Pensionados who qualify for SS benefits that are based on a 10-15 year further life expectancy, but that leaves out a lot of younger would-be gringo ex-pats who don't yet qualify for SS. Some may still have enough savings or investment income from other sources to provide them with more than $1000/mo, just not for the much longer expected remaining lifespan. For those types of would-be expats, they should be able to turn to the temporary Rentista residency program that covers them only so long as they have sufficient provable monthly income (for a period of 5 years). But CR has bumped up the requirements for that program to 2.5 times the amount required of pensioners. If a pensioner can support himself for $1000/mo for the entire rest of his life, shouldn't a rentista be able to support himself for the same amount for just the next 5 years (or even less because he won't need to earn more 5-15 years into the future due to inflation unless he reapplies to extend his residency)?
Just for comparison's sake. Panama ALSO requires a proven lifetime pension of $1000/mo for its "Jubilado" pensioner's permanent residency. So that part of CR's program is pretty comparable. But Panama also has a "Private Income Retiree Visa" which grants temporary residency that has to be renewed every 5 years.
But that program which is roughly Panama's equivalent to CR's Rentista program only requires a guaranteed income of $750/mo, which is considerably less than CR's $2500/mo.