Establishment of Income

seoulguy Contributor

143POSTS

11 years ago

I took SS early; hence, the principal amount is consistently low, particularly since COLs have dwindled over the last three years. However, if the Medicare premium is not deducted, the amount is currently $947.00. However, I also have guaranteed income from a bank Trust account in the sum of $350.00. My business (which I realize cannot be used to pursue rentista/pensionado status) is around $600.00. These three pillars of income just barely satisfy monthly outgo.

So, to the question, would CR migracion accept SS + Trust money to satisfy the minimum income or not, simple as that.

Thanks.

D. Herron

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kohlerias ViP

1572POSTS

11 years ago

Yes, they will accept both sources of income as long as both your SS and the trust are in your name and are both 'guaranteed for life' to provide you with $1000 per month for Pensionado status.
I would gather that your 'business' is online, as you understand that you can't 'physically work here' until a Permanent resident which could take a year or more.
If you can, I suggest you keep Medicare, in case things don't work out for you here, or you need specific medical treatment that CAJA can not provide for you, in a timely manner.

This amount you have mentioned, while it is enough to gain residency at this time, it may not be enough to live on, comfortably, depending on where you decide to live and if you want to have a vehicle.
Costa Rica is no longer a cheap place to live...

kohlerias ViP

1572POSTS

11 years ago

I have just noticed that I wrote " ...can't 'physically work here' until a Permanent resident which could take a year or more" and this should be ' approx 5 years after your initial application!!'
It could take 1 year or more, to gain Temporary residency and at that time you must become affiliated and hence be covered by CAJA, the public healthcare system.

Sorry, for the misinformation.

Paul Baker Active member

41POSTS

11 years ago

That is very trick Costa Rica is great for sticking exactly to the laws. I to came down six years ago thinking my pension of 725 would get me in for then the requirement was 650 after filling my papers to the Costa RIcan embassy in|W.D.C. I thought I was on my way to residency well six months of living here I called ARCR to see my status apparently the embassy lost my documents . Two months latter I the law changed it went to 1000 requirement for residency . I felt sunk till I read you can have two incomes to make up for the 1000 my social at the time at 725 and I have live income in oil company. I got a lawyer and I will say to all stay away from the law firm GLC in San Jose they took my money and have done very little I now will return to the states . But the law states they both have to be guaranteed for live if the second source is from a private source or business you must have a letter stating the income is guaranteed for live. That is where i had trouble my major oil company could not state that best they would do is monthly that was not good enough. So in nutshell if the second income will state the income is guaranteed for live and meets the 1000 requirement you are good but make sure you have a good lawyer and he understands this