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Examiner.com reports that under a new immigration law, applicants for residency in Costa Rica will need to demonstrate greater financial security. Those in the “pensionado” (retiree) category must prove they have a monthly government or private pension of at least $1,000 per month, up from $600 per month. The minimum income requirement for “rentista” (small investor) applicants has more than doubled, from $1,000 per month to $2,500. The law, which the Costa Rican Congress unanimously approved, is expected to take effect in early 2010.
The overhaul will particularly impact U.S. citizens, for whom Costa Rica has become the most popular Central American destination for a second home or a permanent relocation.