February 24, 2023
Costa Rica implements Law for Attracting Foreign Investors, Rentiers and Pensioners
Effective February 23, the regulations to the Law for the Attraction of Investors, Rentiers and Pensioners (i.e., “Law 9996”) went into effect in Costa Rica. On July 14, 2021, the Costa Rican authorities published Law 9996, which aims to revitalize the domestic economy following the outbreak of the COVID-19 pandemic. Law 9996 introduced enhanced benefits for foreign investors (i.e., individuals who seek to invest in Costa Rican businesses), rentiers (i.e., individuals who receive a stable monthly income of at least USD 2500 from any legal source) and pensioners (i.e., individuals who receive a monthly pension that equals or exceeds USD 1000). The implementation of Law 9996 is expected to boost the Costa Rican economy by attracting foreign investment.
A Tax Alert prepared by EY's People Advisory Services group, and attached below, provides additional details.
Full text of Tax Alert