Great video updating the tax incentives for those wanting to relocation to Costa Rica taking advantage of residency. Pablo is a stand up guy (having met him at the relocation retreat) that really knows his stuff and is passionate in educating and servicing his clients. Love this guy 😊 Thanks Michael for another informative video!
Excellent video! We are at the very beginning of our moving process and are already speaking with attorneys about beginning the residency process. Thank you very much.
The most important part of the new regulations are the rules for the vehicles *after* they’ve been imported... Such as not being able to sell or transfer that vehicle for 10 years. 🤯
The rules are so ridiculous. It's like they had to enact it, but they made it so cumbersome and costly that for most people it's not worth it. For instance you have to stay in CR for 10 years, or you pay it all, and if you sell it even after the 10 years, you still have to pay 30% of the original value. It's just silly.
Needed to hear this! Thankfully we are already working with Pablo’s team and our residency. Our car is still in customs and we were waiting to hear how this would be implemented. Unfortunately, for us, it’s sounding like it’s going to be easier (and faster) to just pay the import taxes. We will be take advantage of this with the 2nd vehicle we ship.
What are the taxes for the car based on? On the prize paid for the new car or the current value? Say the car was bought new 8 years ago for 30.000 USD. Current value is like 15.000 USD. Do they calculate the tax on 30.000 or 15.000?
@@tjl.5102 they base the value on their own parameters which are independent of the Bluebook value we’re most familiar with. Those parameters include the make/model of your car, age, and amenities (leather seats, sun roof). Unfortunately there is no way to know what the exact amount will be beforehand.
thanks for the video! So, im not sure what id do with all my stuff id like to have shipped, while the residency process starts. Wed have to sell our home in the US, in order to buy a house in CR. i have about 50K worth of woodworking machines, that i want to bring with me, but they couldnt stay here after the house sells.
Great video, Michael, it’s unbelievable the way the government works in this country. Pura Vida. It sounds like a scary ride for people bringing the furniture here.
Great video, as always . I have a question, how about costarricans that live abroad and are reaching retirement age are going back to Costa Rica? It will be great if those people can bring back their resources to help improve the economy by starting new businesses and generating wealth. Even if they only bring back their vehicles and households items, their Social Security, pension and any income that will be invested in the local economy. Any thoughts?
Thankyou for the info. Does this apply to expats who are residents by family relation to a CR citizen ? Or Only to rentistas/pensionadlo/inversionistas ? ? Thanks for the help
Honestly I think people need to just travel light for the first year or two. Don't spend all your time and money bringing your world to CR. You don't even know if you will like it. If it doesn't work out you have to keep moving your things, and ultimately move them back. The majority of people leave within the first couple of years. So travel light, rent a furnished place, or two or three as you travel around. Only after the honeymoon phase is over and you are sure you are going to stay should you start investing in residency, properties, etc.
I don’t know why people keep saying this. I read the same thing on all the FB pages. If someone knows they want to live somewhere, let them live. I moved to Jaco and bought a house. Been here for a year and love it. If you cannot adjust and adapt to your environment then don’t travel or move to another country. It’s that simple. Costa Rica isn’t different from any other place. If I want to move somewhere in the US I just move there. Moving to Costa Rica shouldn’t be any different.
@@whitebunz If you stick around long enough, you will understand. You will see the conveyor belt in action, and hear all the horror stories. And nobody is saying don't move. Just be smart about it when it comes to the odds. I can't even count how many people I know in my almost decade here who came, bought, brought all their stuff and then were gone within a few years. And some of them still haven't sold their homes years later. Especially if they unknowingly overpaid, which is common. The last couple of hears the market here has been hot, but normally its turtle paced. Yes, some find a place and it all works out, but usually once the honeymoon phase is over (which you are in now) and the bloom is off the rose, that is when people decide if they will stick it out or not. And many don't. So why set yourself up to go through all of that when you don't need to. Also, and most importantly, if people come and rent for awhile, they learn a lot more about what to look for, how much to pay, etc, and they are far more likely to get a good deal on a good property, than someone who jumps in with both feet.
@@sherylwagner2993 If I lived my life according to odds I wouldn’t be fully retired at 45. Im sure the people you are talking about are mentally incapable of living anywhere. Costa Rica isn’t different from any other place. Have an open mind, be realistic, don’t the typical American asshole and have a plan. Let people make their on decisions and support them and help them succeed. My whole life is a “honeymoon phase”. I’ve taken a lot of risks. Some worked and some haven’t. That’s life. Life is meant to be lived. Let others live. Mistakes and all.
@@markdeville5844 Numbers don’t tell the whole story. If I lived based on numbers and odds I wouldn’t be fully retired and healthy at 45. I believe things can work out for everyone. It’s mostly mental. We can handle alot more than we think is possible.
I wonder how or if this would work for me? I'm a US Citizen, have lived in the USA for 33 yrs, but I was born in Costa Rica am a CR National and have a cedula etc.
I have a 2023 Chevrolet Bolt EUV, with about 4,000 miles on it I know there is a new law when they aren’t taxing electric vehicles but I can’t get a quote from anyone. Do you know about how much that would cost?
So, After the law was signed and published , I moved a container to CR and am STILL waiting for my residency as an investor... Since July '21. No card in sight. I bought a property and moved in. My stuff took 3 or 4 months. If I had waited for my residency before my things got shipped, what was I supposed to do? Does this mean that I get no rebate from the customs?!!
Hi Mike, I saw your video with Pablo. My husband and I have our temporary resendcy. We want to get a 20’ reefer insulated trailer for our household goods from U.S. to here. How do we go about contacting Pablo? This is Kim(nurse). Hope to see you soon. 😊
I still think you may need to update this further. Lay 9996 is the law which this applies. I as an inversionita (investor) of a property purchased for $150k (US), or more am qualified for the tax incentives. This is per my CR lawyer and CR real estate agent. I don't believe we need to apply for residency to get the tax break.
@@TravelCostaRicaNOW I'll ask them again next week. Maybe they are thinking we will be getting permanent residency. If I find out more, I will post an update.
No differently. You can apply for residency through marriage, but that won’t qualify you for any import benefits. Those only apply to those who gained residency through the three stated categories.
Wait til you find out how much tax (marchamo) you have to pay yearly on your vehicles. 3% of the value. Ain’t worth it! Valued my Jeep at $100k and would have to pay $3k a year. Nope. Just gonna buy something here.
You are still going to have to pay the Marchamo on whatever vehicle you buy which will be twice the cost of that car in the US. So sale your expensive vehicle in the US and buy something nice, but maybe used and worth $30K or less. You've still saved lots of money on the cost of the car and the import taxesxwill be exempted.
Like many of the processes in Costa Rica not for type A personality people with high blood pressure or a hart condition.Half of the people who think this is a good idea and move foward will leave before they will get to eat the fruits of these labor.....Costa RICA NEEDS TO THINK K.I.S.S.LOL
Thanks guys!! I am getting closer to starting the process, like 9 to 12 months from now. I was planning on selling my cars but hoping that this would happen in time for my move. Excellent news!! Maybe within the next year it will be as simple as filling out a 4 minute form? Probably not. Not until Michael Allen is President... I do have a serious question for both of you. Some of my household stuff is a small gun collection. I read that the laws are similar to the US. That they don't want people to have fully automatic military weapons, but everything else is ok. Am I correct about this? I'm not talking about anything extreme. Basic rifles, shotguns and pistols. I imagine that CR wants to know what I have and that I am a responsible and competent person? Is there anything I should know about this?
No. You are not correct. In fact you cannot even own a firearm here until after you have received permanent residency, which takes about 5 years. You have to have temp residency first for 3 years. And then once you have permanent residency, you can apply to own a firearm after going through the hoops. I think people are limited to one or two firearms now, and they must be registered. People who try to bring their own weapons down say it's so cumbersome and difficult that it's easier to just buy new here, even though it's more expensive. Definitely do some more research, because one of the big issues here now is the increasing crime, and the criminals know that newbies don't have self defense firearms.
Great video updating the tax incentives for those wanting to relocation to Costa Rica taking advantage of residency. Pablo is a stand up guy (having met him at the relocation retreat) that really knows his stuff and is passionate in educating and servicing his clients. Love this guy 😊
Thanks Michael for another informative video!
How do I find Pablo? Can I have a phone number please ?
Preferably via WhatsApp
Always a pleasure, always
Informative, I love your videos! Love you and Pablo as well 🌺
Excellent video! We are at the very beginning of our moving process and are already speaking with attorneys about beginning the residency process. Thank you very much.
The most important part of the new regulations are the rules for the vehicles *after* they’ve been imported... Such as not being able to sell or transfer that vehicle for 10 years. 🤯
The rules are so ridiculous. It's like they had to enact it, but they made it so cumbersome and costly that for most people it's not worth it. For instance you have to stay in CR for 10 years, or you pay it all, and if you sell it even after the 10 years, you still have to pay 30% of the original value. It's just silly.
Another great informative video. Glad to hear that the government acted on this. Saludos from Tejas
Thanks for the info, seems a very simple process, just like a logarithmic equation.
Lol. Thus why you need Pablo and his team to navigate you through the merky waters of Costa Rican uber-beurocracy!
Another great video full of information Mike.
Thank you 🙏🏻 for all the great infos 🤓
Needed to hear this! Thankfully we are already working with Pablo’s team and our residency. Our car is still in customs and we were waiting to hear how this would be implemented. Unfortunately, for us, it’s sounding like it’s going to be easier (and faster) to just pay the import taxes. We will be take advantage of this with the 2nd vehicle we ship.
What are the taxes for the car based on? On the prize paid for the new car or the current value? Say the car was bought new 8 years ago for 30.000 USD. Current value is like 15.000 USD. Do they calculate the tax on 30.000 or 15.000?
@@tjl.5102 they base the value on their own parameters which are independent of the Bluebook value we’re most familiar with. Those parameters include the make/model of your car, age, and amenities (leather seats, sun roof). Unfortunately there is no way to know what the exact amount will be beforehand.
So informative!
Thanx Jeannie... nice of you to say. very appreciated.
Morning guys great information. I am totally interested in moving my business and myself down there with my entire family.
Thank you. Good too know it is finally advancing.
Finally! This is great news!
Thanks so much i am planing to move to costa rica in july
thanks for the video! So, im not sure what id do with all my stuff id like to have shipped, while the residency process starts. Wed have to sell our home in the US, in order to buy a house in CR. i have about 50K worth of woodworking machines, that i want to bring with me, but they couldnt stay here after the house sells.
Great video, Michael, it’s unbelievable the way the government works in this country. Pura Vida. It sounds like a scary ride for people bringing the furniture here.
part 2 with those concerns comes out Monday😉
@@TravelCostaRicaNOW I just watched that video now. Thanks
My wife will be excited about this she's a tica
Great video, as always . I have a question, how about costarricans that live abroad and are reaching retirement age are going back to Costa Rica? It will be great if those people can bring back their resources to help improve the economy by starting new businesses and generating wealth. Even if they only bring back their vehicles and households items, their Social Security, pension and any income that will be invested in the local economy. Any thoughts?
Thankyou for the info. Does this apply to expats who are residents by family relation to a CR citizen ? Or Only to rentistas/pensionadlo/inversionistas ? ? Thanks for the help
Honestly I think people need to just travel light for the first year or two. Don't spend all your time and money bringing your world to CR. You don't even know if you will like it. If it doesn't work out you have to keep moving your things, and ultimately move them back. The majority of people leave within the first couple of years. So travel light, rent a furnished place, or two or three as you travel around. Only after the honeymoon phase is over and you are sure you are going to stay should you start investing in residency, properties, etc.
I don’t know why people keep saying this. I read the same thing on all the FB pages. If someone knows they want to live somewhere, let them live. I moved to Jaco and bought a house. Been here for a year and love it. If you cannot adjust and adapt to your environment then don’t travel or move to another country. It’s that simple. Costa Rica isn’t different from any other place. If I want to move somewhere in the US I just move there. Moving to Costa Rica shouldn’t be any different.
Because it worked for you right away doesn’t mean it will for them, numbers don’t lie.
I’m glad it worked as you say it has for you. @@whitebunz
@@whitebunz If you stick around long enough, you will understand. You will see the conveyor belt in action, and hear all the horror stories. And nobody is saying don't move. Just be smart about it when it comes to the odds. I can't even count how many people I know in my almost decade here who came, bought, brought all their stuff and then were gone within a few years. And some of them still haven't sold their homes years later. Especially if they unknowingly overpaid, which is common. The last couple of hears the market here has been hot, but normally its turtle paced. Yes, some find a place and it all works out, but usually once the honeymoon phase is over (which you are in now) and the bloom is off the rose, that is when people decide if they will stick it out or not. And many don't. So why set yourself up to go through all of that when you don't need to. Also, and most importantly, if people come and rent for awhile, they learn a lot more about what to look for, how much to pay, etc, and they are far more likely to get a good deal on a good property, than someone who jumps in with both feet.
@@sherylwagner2993 If I lived my life according to odds I wouldn’t be fully retired at 45. Im sure the people you are talking about are mentally incapable of living anywhere. Costa Rica isn’t different from any other place. Have an open mind, be realistic, don’t the typical American asshole and have a plan. Let people make their on decisions and support them and help them succeed. My whole life is a “honeymoon phase”. I’ve taken a lot of risks. Some worked and some haven’t. That’s life. Life is meant to be lived. Let others live. Mistakes and all.
@@markdeville5844 Numbers don’t tell the whole story. If I lived based on numbers and odds I wouldn’t be fully retired and healthy at 45. I believe things can work out for everyone. It’s mostly mental. We can handle alot more than we think is possible.
I wonder how or if this would work for me?
I'm a US Citizen, have lived in the USA for 33 yrs, but I was born in Costa Rica am a CR National and have a cedula etc.
The problem now with residency is CAHA is 20% of you retirement.
How much is it in the US? I have no idea. Is 20% good or bad?
I have a 2023 Chevrolet Bolt EUV, with about 4,000 miles on it I know there is a new law when they aren’t taxing electric vehicles but I can’t get a quote from anyone. Do you know about how much that would cost?
Is the electric vehicle for hybrids? Or only all electric vehicles?
So, After the law was signed and published , I moved a container to CR and am STILL waiting for my residency as an investor... Since July '21. No card in sight. I bought a property and moved in. My stuff took 3 or 4 months. If I had waited for my residency before my things got shipped, what was I supposed to do? Does this mean that I get no rebate from the customs?!!
It has not passed as of yet, June 2023. I am living it rt. Now
My goods are on the way and I still have to pay taxes.
Hi Mike, I saw your video with Pablo. My husband and I have our temporary resendcy. We want to get a 20’ reefer insulated trailer for our household goods from U.S. to here. How do we go about contacting Pablo? This is Kim(nurse). Hope to see you soon. 😊
So It doesn't apply to residency based on marraige?
What if I’m Tica and moving back. So I can apply for the import tax right away???
I am thinking no.... maybe Pablo will chime in.
Any update? Thank you
I still think you may need to update this further. Lay 9996 is the law which this applies. I as an inversionita (investor) of a property purchased for $150k (US), or more am qualified for the tax incentives. This is per my CR lawyer and CR real estate agent. I don't believe we need to apply for residency to get the tax break.
Sorry Joe, they either don't understand the law or are flat out deceiving you. Costa Rica is not going to give tax breaks to a perpetual tourist.
@@TravelCostaRicaNOW I'll ask them again next week. Maybe they are thinking we will be getting permanent residency. If I find out more, I will post an update.
Hey Joe any update on your end? Do we have to wait on the approved residency?
Working on it. You need to find a good bilingual immigration attorney first.@@melnyaate
sounds like a messed up process
they all are here..lol
Maybe I missed this but how much $ for shipping? From Canada
So, store your car, furniture.... for 1.5 years and ship it. Pay for storage fees for your shipping container in CR for months... sounds great.
When you finally get it there, you probably gotta keep it behind bars.
So how does this work if I am married with a Tica living in US but getting ready to retire to CR? Please send to Pablo thanks
No differently. You can apply for residency through marriage, but that won’t qualify you for any import benefits. Those only apply to those who gained residency through the three stated categories.
@@southernvibe5852 so wait I'm confused my wife can't bring home goods and cars into her country without going through all the residency paper work?
@Jack Dempsey yes only if you get residence thru rentista, inversionista and retired.
@@analemus4305 yes we will be retired
@@jackdempsey2241 then after you retired and you apply and receive the residence card then you can apply for shipping
Wait til you find out how much tax (marchamo) you have to pay yearly on your vehicles. 3% of the value. Ain’t worth it! Valued my Jeep at $100k and would have to pay $3k a year. Nope. Just gonna buy something here.
yup. very true.
You are still going to have to pay the Marchamo on whatever vehicle you buy which will be twice the cost of that car in the US. So sale your expensive vehicle in the US and buy something nice, but maybe used and worth $30K or less. You've still saved lots of money on the cost of the car and the import taxesxwill be exempted.
@jtr2895831 yes, that's how I would do it
Do you need to have your permanent residency (3yrs) or temporary which rapido?
You need to be an “inversionista”, aka Investor. You can buy a property for 150K, or more to become one.
What happens if I bring my car to CR and a few years later I decide to sell my car. Do I need to pay those taxes after it sells?
you have to pay full taxes, other way is business not a benefit
The ex-president's name is not Juan Carlos...
Like many of the processes in Costa Rica not for type A personality people with high blood pressure or a hart condition.Half of the people who think this is a good idea and move foward will leave before they will get to eat the fruits of these labor.....Costa RICA NEEDS TO THINK K.I.S.S.LOL
Thanks guys!! I am getting closer to starting the process, like 9 to 12 months from now. I was planning on selling my cars but hoping that this would happen in time for my move. Excellent news!! Maybe within the next year it will be as simple as filling out a 4 minute form? Probably not. Not until Michael Allen is President...
I do have a serious question for both of you. Some of my household stuff is a small gun collection. I read that the laws are similar to the US. That they don't want people to have fully automatic military weapons, but everything else is ok. Am I correct about this? I'm not talking about anything extreme. Basic rifles, shotguns and pistols. I imagine that CR wants to know what I have and that I am a responsible and competent person? Is there anything I should know about this?
No. You are not correct. In fact you cannot even own a firearm here until after you have received permanent residency, which takes about 5 years. You have to have temp residency first for 3 years. And then once you have permanent residency, you can apply to own a firearm after going through the hoops. I think people are limited to one or two firearms now, and they must be registered. People who try to bring their own weapons down say it's so cumbersome and difficult that it's easier to just buy new here, even though it's more expensive. Definitely do some more research, because one of the big issues here now is the increasing crime, and the criminals know that newbies don't have self defense firearms.
@@sherylwagner2993 Thank you for clarifying this. It would have been a disaster to have them confiscated. I'm glad I asked.
Could you share Pablo’s email? Interested in import 2 cars for family use. I am currently a property owner in CR. Love CR.
Great Video , can you send me Pablo's contact info? thanks love your Channel !!