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Costa Rica approves New Law to attract Investors, Retirees and Rentistas

Costa Rican congress approved a new law to attract investors, people with fixed income (rentistas) and retirees; the purpose of this law is to offer temporary benefits for people who wish to come live in the country and apply for the residency under any of the categories mentioned.
Although it was already possible to apply for residency under those categories now there are additional benefits offered. Some of these incentives include:
Investors: for a period of 5 years there is a new investment amount established at no less than $150 thousand dollars (before $200 thousand dollars) that can include: assets or property, stocks, investment bills, productive projects, or projects of national interest. 
The new law also expands to include investments related to science or investment funds as well as projects related to sustainable tourism and venture capital funds.
The amounts declared as income to become a creditor to the benefits of this law will be exempt from income tax. However, the rent obtained in Costa Rica because of the investments made will be subject to income tax.
For all categories: During an established term and as a one time benefit, applicants can request a tax exemption on the import of household goods for the main applicant and their immediate family as well as tax exemption on the import of up to 2 vehicles for personal or family use.
Exoneration of 20% of the total transfer tax for real estate transactions that are carried out within the time range established by this law, as long as the beneficiary is the registered owner of the property. In case the owner then decides to sell or transfer the property to someone else before the term established by law the taxes will be applied.
This law also hopes to simplify the process to opt for residency under these categories.

June.30.2021

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Panasonic will invest $ 10 million to expand its plant in Costa Rica

Panasonic Centroamericana, dedicated to the production of car batteries and batteries, will invest $ 10 million in the expansion of its manufacturing plant located in San Rafael, Alajuela.
The expansion works will begin this March and are expected to be completed in 2022, to begin operations in 2023 and thereby serve new markets that are added to the current ones in the Central American and Caribbean region, Mexico, the United States, Canada and South America.
The investment includes the construction and equipping of a new 2,400-square-meter (m²) warehouse and the improvement of 1,200m² of existing facilities and warehouses.
The new operation will focus on the complete manufacture of Triple A batteries and the expansion of a production line for Double A batteries.
With this injection of capital, it is estimated that the company will increase its manufacturing capacity for Double A batteries by 200% and produce 55 million Triple A batteries per year once the project starts operating.
"The investment of the parent company in Costa Rica responds to the transfer of one of the company's operations in Asia whose main market was the United States," explained Ronald León, General Manager of Panasonic Centroamericana.
Of the total production, 80% of the product is exported to Central America, Mexico, Panama, the United States, the Caribbean and South America; being the main markets Mexico, the United States and Peru, but serving a total of 15 countries. The remaining 20% is distributed locally. This high percentage is due to the positioning of the brand in the country.
The assembly process of the production lines will be carried out in a joint effort between engineers from Japan and Costa Rica. In addition to the assembly, the correct operation of the equipment must be tested and validated, since, being automated, high voltage and high speed, it must work optimally.
This would take around 15 months, to begin operation in early 2023.
The project will generate a total of 25 new direct jobs in the plant and around 40 indirect jobs in its construction phase.

March.02.2021

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Costa Rica is, once again, the best country in the world to retire in 2021

According to the specialized publication International Living, Costa Rica is number 1 out of the "top 10" of the best countries for retirees from the first world to seek their golden retirement.
The index is based on hundreds of opinions and real-life experiences (information) compiled by trusted sources in the best retirement destinations around the world and Costa Rica which has had a perennial presence in the Index, has again got to the top place.
North Americans have been flocking to Costa Rica for more than 30 years, drawn by the tropical climate, low cost of living, first-rate affordable healthcare, bargain real estate and natural beauty.
It is no wonder that Costa Rica has long remained a top pick, worth considering as a comfortable and good-value place to live.
In an increasingly uncertain world, Costa Rica stands out today as a beacon of reliability. It is not promising, or it is a novelty or something new. It has been discreetly growing to become a model of a country, a prominent in the region. It has an ever-growing economy, dozens of multinationals like Amazon and Microsoft have major operations there. The low crime rate means you can feel safe almost anywhere in the country, day or night. And there is a focus on the preservation of the environment, with 25% of the country's territory protected.
Besides Costa Rica taking the first place, the ranking of the best places in the world to retire in 2021 also include in the following order: Panama, Mexico, Colombia, Portugal, Ecuador, Malaysia, France, Malta and Vietnam as place number ten.
Jan.02.2021

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Costa Rica receives its first coronavirus vaccines tonight

The first doses of the Pfizer/BioNTech coronavirus vaccine will arrive in Costa Rica today Wednesday December 23, 2020 in the night and Costa Ricans will begin receiving the vaccine on Thursday.
Costa Rica is the first Central America Country and one of the first countries in Latin America to get it. “It is huge news,” said Health Minister Daniel Salas. “It’s a light in a year that has been so full of darkness. Though it is not that we have beaten the pandemic. We are at the beginning of a long process, to build a house of immunity that will be constructed little by little.”
The National Commission of Vaccination and Epidemiology, part of the Health Ministry, has indicated the priority for vaccination will be as follows:
• Staff and residents at retirement or nursing homes.
• First responders, including health personnel.
• Costa Rica’s older population defined here as those ages 58 and up.
• People with risk factors, including hypertension, diabetes, heart disease, respiratory illness, kidney disease and obesity, among others.
• Teachers and other staff within the Education Ministry (MEP).
• Imprisoned people and judicial staff.
• Workers for the 911 service.
• Health science students and related technicians in clinical fields.
• People ages 40-57 without any of the aforementioned risk factors but whose work puts them in contact with others. This includes laborers in agriculture, construction, service industries, etc.
President Alvarado and other high-ranking government authorities will receive the vaccine in accordance with where they fall in the above prioritization list.
The vaccine will not be obligatory.
Costa Rica and Pfizer-BioNTech have an agreement for 3 million doses of the vaccine, enough for 1.5 million people. The country also has a deal with AstraZeneca and is a member of the COVAX facility.
Costa Rica hopes to vaccinate 3 million people by the end of 2021. This would cover 80% of the country’s adult population, including everyone with known risk factors.
Dec.23.2020

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Astra Zeneca inaugurated a new branch in Costa Rica

The multinational company, Astra Zeneca announced its expansion in the country through its new branch located in Roble Corporate Center in Escazú with an investment of 8 million USdollars
The biopharmaceutical company, is looking to fill 60 jobs in its new headquarters in Escazú which will add to the 260 presently working people for the company to get to a total of 360 workers in 2021.. Workers are being sought for the operations of the Financial Services and Purchasing Centers for the American continent.
Rafael Mendoza, president of AstraZeneca for the Central American and Caribbean region, pointed out that they have confidence in the country and human talent, which is demonstrated by their permanence for 20 years in the Costa Rica.

Dec.2.2020

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Evonik Costa Rica is expanding its operation in Costa Rica

Evonik Costa Rica, a German transnational specialized chemical products company, will expand the services it provides from its Shared Services Center in the country by incorporating Technical Support services for the American continent in 3 different language (English, Spanish and Portuguese).
This diversification in its operations will imply the generation of new jobs in the technology area.
“Since 2016, when Evonik opened its first shared finance services center in Costa Rica, it has had the vision to grow and diversify its operations in the country. Thanks to the capabilities that Costa Rica offers for business diversification and the generation of greater added value for the company, today we open 16 new jobs and we hope to continue growing and generating more job opportunities in the coming months ”, assured Gabriela Ortiz, general manager of Evonik Costa Rica.
In addition to these new positions, Evonik is constantly searching for financial profiles for the services it provides in this area.
Duayner Salas, Vice Minister of Foreign Trade in office commented: “Evonik has grown steadily since 2016 in Costa Rica, this shows us the strong commitment and confidence that multinational companies have in our country. Our location provides quality human talent and the necessary conditions for service and high technology companies to continue choosing us as their home, I celebrate this new expansion of Evonik that will translate into new jobs”.
Ortiz, ensures that the growth and consolidation of operations is validated by a solid cluster of established companies that provide high-level services, highly qualified talent, as well as political stability that allows business continuity and the possibility of continuing to see Costa Rica as a destination for investment.

Nov.25.2020

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The Best Free Zone in Latin America is in Costa Rica

Coyol Free Zone, a 100% Costa Rican company and leader in exports of medical devices, was named as the best Free Zone in Latin America by the prestigious magazine The European, in a publication belonging to Thomson Reuters.
In the same way, The European recognized Coyol Free Zone as the most Innovative Free Zone of the year and as the best Business Center for Life Sciences and Advanced Manufacturing in the Latin American region.
The Free Trade Zone also reaches # 7 in the world Top 10 as confirmed by fDi Intelligence, a monitoring tool from the specialized investment publication fDi Magazine.
fDi Magazine also awarded Coyol Free Zone in 5 categories: Sustainability, Academic Collaboration, Medical Device Specialty, Recruitment Assistance, and Large Clients.
“The recognition of Coyol Free Zone as the best Free Zone in Latin America and being in the 7th place of the Top 10 worldwide, reflects the vision of its partners, the quality of the work of its collaborators and the value proposal it has managed to develop over time ”, expressed Carlos Wong, its CEO.
Coyol Free Zone (CFZ) is the leading park in exports of medical devices in Costa Rica with $ 2,071,760 million in 2019. That is, it covers 58% of exports within the Manufacturing segment of the Free Zone Regime, which shows the dynamism that conveyed to the national economy.
This Free Trade Zone stands out for attracting investment and reinvestment, exports with high added value, the generation of more than 16,000 quality jobs, and productive chains that positively impact hundreds of small and medium-sized companies in Costa Rica.
These conditions have allowed Coyol Free Zone to group 32% of the companies in the Life Sciences sector located in the country.
Of the 29 companies that located in this park, 7 are part of the Top 30 of Life Sciences worldwide: Medtronic, Philips, Cardinal Health, Abbott Medical, Smith & Nephew, Microvention-Terumo and Hologic. They produce high value-added items and technology such as heart valves, catheters, gastric tubes, surgical instruments, feeding devices, knee implants, among others.
The world awards also highlighted the training of human talent carried out by the free zone with the development of educational agreements with universities and technical education centers such as Tecnológico de Costa Rica, the National Institute of Learning and other academic institutions that allow it to ensure the continuous education of collaborators inside the park facilities.
This training is achieved through master's, baccalaureate and bachelor's degree courses, technical programs, online executive seminars and free courses oriented to the manufacturing and medical device industry. In addition, the company implements the Join Coyol program with which it supports the recruitment and hiring processes designed to attract a trained, competitive and committed workforce.
It also holds virtual job fairs and supports companies in hiring administrative and operating positions to guarantee the human capital that allows the continuity of the operation and growth of the companies.
International publications also recognized the sustainability efforts made by Coyol Free Zone such as the implementation of renewable energy systems with solar panels in buildings, solar lamps in parking lots and LEED certified buildings in both their Gold and Platinum categories.
The Free Trade Zone has also proposed to preserve 13% of its 107 hectares for the conservation of the biological corridor where it is located and develops a series of initiatives for the planting and reforestation of species consistent with its environmental and social vision.
"Coyol Free Zone is a fundamental pillar for Costa Rica to compete globally for the interest of companies in the Life Sciences sector to come and invest in our country," said Wong.

Oct.15.2020

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Another Good One: More Gyms and More Jobs for Costa Rica

It is the largest gym chain in Latin America. It's called Smart Fit. The chain of Brazilian origin will arrive in Costa Rica at the end of this month.
The gym has a presence in 12 countries on the continent with more than 900 operational locations and is positioned as number 1 in LATAM and number 3 in the world. "The smart gym", as its slogan indicates, will invest significant sums of money that will help push the country's reactivation. In terms of work, it will generate a valuable number of jobs in the sector, such as: receptionists, physical trainers, cleaning staff, administrative staff, managers, etc; This without counting that each construction of its branches will impact many people and multiple supplier companies.
Smart Fit, with facilities of more than 1500 m2 of the latest technology at “low cost” prices, make it an irresistible option for those who want to start moving and enjoy the benefits of a healthy lifestyle. In this sense, the COVID-19 virus, highlighted the importance of maintaining good habits in terms of food and physical exercise. Since both help strengthen our immune system.
In addition, for the safety and peace of mind of users, Smart Fit has adapted its operation to include all the security measures required by the government: signs to avoid crowds, mandatory use of a mask, gel alcohol dispensers, disinfection of footwear, digital thermometers, among others. Additionally, each area of the gym will be closed 2 to 3 times a day and for at least 30 minutes, to disinfect the surfaces and, once a week, all areas will be thoroughly cleaned with a nebulizer device that guarantees efficiency in the process and a long duration.
Smart Fit already has its first work team in Costa Rica to start the project, but as it opens its branches in the country, it will offer more jobs and new vacancies.
Oct.05.2020

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SmileDirectClub

The multinational company SmileDirectClub announced that it will hire a total of 200 people in the coming weeks, many of them with the option to work remotely from outside the Greater Metropolitan Area (GAM), as well as the implementation of higher value-added processes for your operation.

SmileDirectClub is an industry pioneer and first medical technology platform for consumer direct dental alignment.
From Costa Rica, dental aligners are designed for clients in the United States, Canada, Australia, New Zealand, Hong Kong, Ireland, Germany, Austria, Singapore and the United Kingdom. In addition, from the country, services support activities are developed for the administration of the company at a global level.

Duayner Salas, Acting Minister of Foreign Trade commented: “Costa Rica is a stable and predictable location for multinational companies. In our country, investors find the right partner to achieve productivity and drive investments with a purpose. That is why we celebrate the expansion of SmileDirectClub that will generate more quality jobs linked to international markets”.

Our growth in the countries where we serve our clients and the success we have had in Costa Rica, made expansion in the country viable. SmileDirectClub has found in Costa Rica the ideal conditions to continue growing. Costa Rican talent possesses the necessary technical skills to continually improve our product, and also has the soft skills that provide our team with the ability and effectiveness to continue developing the Smile culture ”, stated Cristina Jiménez, General Manager of Smile Direct Club Costa Rica.

In these unprecedented times, SmileDirectClub continues to rely on the capacity of national talent, now with the formation of a Global Business Service Center in the areas of Finance, Technology and Procurement. Our team members have the possibility to work from home and in areas outside the GAM.

Statistics show that 82% of the new jobs generated by the companies of the Free Trade Zone Regime (RZF) correspond to companies already established in the country, demonstrating their roots and commitment to Costa Rica.

Sept.29.2020

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Requirements 

Cotinuation of the "All for You" Article 

1

Complete online the epidemiological form called Health Pass, generated by the Ministry of Health. The form is available at the following link: https://salud.go.cr

2

Have travel insurance that covers at least accommodation and medical expenses generated by the COVID-19 disease, offered by any of the insurers authorized by the General Super intendency of Insurance in Costa Rica and duly endorsed by said authority. Failing that, you can present the documentation provided by an international insurer that allows you to verify that you have insurance that covers what is indicated. The insurance documentation must be uploaded to the Health Pass.

3

3- Provide the result of a PCR-RT test for the detection of SARS-CoV-2, made from a sample taken less than 72 hours before starting the trip to Costa Rica. The test result must be uploaded to the Health Pass.

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Independance Day

Being the tallest building in the world, with 828 meters (2,716.5 feet), the Burj Khalifa in Dubai, United Arab Emirates, celebrated Costa Rica’s Independence Day by illuminating itself in the colors of the country’s flag.

Many spectators from Costa Rica where thrilled to see the color of the their flag shinning across the skyline in Dubai at night time and started to share the image in all Social Networks. At the same time UAE leaders congratulated Costa Rican President on Independence Day.

According to the Ministry of Foreign Affairs and Worship, the United Arab Emirates paid tribute to Costa Rica on its 199th anniversary of Independence.

“Our friend country, United Arab Emirates, pays tribute, as a gesture of goodwill, to Costa Rica on its 199th anniversary of independence,” the Foreign Ministry of Costa Rica said.

15-Sep-2020 

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Tourism News

Costa Rica got the “Safe Travels” certification granted by WTTC (World Travel & Tourism Council) which recognizes the countries that have applied sanitary protocols safe for travelling under the frame of Covid-19. These measures guarantee the tourists visiting the country that there are guidelines that promote social distancing, the use of masks, the establishment of social bubbles and hand washing against the pandemic.

“We are very proud of all the work done by the people who designed the protocols to guarantee safety to both the tourism labor force and the visitors in this process of adapting to a new normalcy”, said Mr. Gustavo Segura, Min. of Tourism.

Besides the protocols, Costa Rica, due to the kind of tourism it offers, lots of open spaces, no crowded beaches and activity centers, mostly small hotels where, apart of the protocols, they are hardly ever over-crowded, definitely becomes a safe choice to take your vacations.

July 2020 

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