Where do digital nomads.deposit the USD $60,000 required for the Rentista Residency? Do those banks provide the required letter?
In a discussion on the Costa Rica forum about the $60k deposit for the Rentista Residency, one member in Costa Rica asked, "We are in the process of applying for our Rentista Residency for Costa Rica. We are working with an attorney in San Jose, CR. The attorney tells us that we need to deposit $60K into a Bank Account either in CR or the US and the bank must provide a letter to CR immigration with the exact required wording. The problem is that NO US bank will sign the letter required due to US laws that don't allow US banks to act as guarantors of the $60K. So our attorney tells us that we can set up a trust with them and they can provide the letter or we can go to a bank in CR to get the exact letter that immigration requires. We do not want to set up a trust with the attorney and many people on this site have advised against doing so. So the question is which banks in CR will provide the required letter with the exact wording necessary for immigration where it will be safe to open a bank account and deposit our US $60K required for Rentista Residency? We are not yet residents of CR, but are in the process of applying for Rentistas Residency. Any guidance or advice from those who have successfully achieved residency through the Rentista category would be greatly appreciated."
One member replied, "You have to set up a trust with the attorney. There is risk in everything I suppose, but we had to do that for our Rentista application. We used Outlier Legal, who many on this blog trust. Outlier Legal is now working on a complete investment arm for these types of accounts since there are so many, which would allow for some actual returns on our 'investment.'" Another member added, "Please be aware that a second US$60,000 will be needed to be deposited, 2 years later for Rentista residency."
One member offered this helpful list. He said: So the steps are:
- 1. Get a bank letter from your home country, yes, it must be with that exact wording
- 2. Open a bank account in CR
- 3. Get your first cedula
- 4. Transfer 60k in 2.5k monthly transfers
- 5. Renew your temporary cedula
- 6. Apply for permanent cedula
Connect
RelocateNow Costa Rica's clients who run through the RelocateNow Program get quick results in formulating and successfully executing our laid out plan for moving to Costa Rica! Expert consulting for future expats in Costa Rica who wish to fast track the process of their move by receiving the specialized information they need, trustworthy connections within the country, and high level 1:1 support through the entire process.
Click connect to have our partner contact you via e-mail and/or phone.
RelocateNow Costa Rica's clients who run through the RelocateNow Program get quick results in formulating and successfully executing our laid out plan for moving to Costa Rica! Expert consulting for future expats in Costa Rica who wish to fast track the process of their move by receiving the specialized information they need, trustworthy connections within the country, and high level 1:1 support through the entire process.
Connect
Click connect to have our partner contact you via e-mail and/or phone.
About the Author
Betsy Burlingame is one of the founders of Digital Nomad Exchange and the Founder and President of Expat Exchange. She launched Expat Exchange in 1997 as her Master's thesis project at NYU. Prior to Expat Exchange and Digital Nomad Exchange, Betsy worked at AT&T in International and Mass Market Marketing. She graduated from Ohio Wesleyan University with a BA in International Business and German.
Some of Betsy's articles include 12 Best Places to Live in Portugal, 7 Best Places to Live in Panama and 12 Things to Know Before Moving to the Dominican Republic. Betsy loves to travel and spend time with her family. Connect with Betsy on LinkedIn.
We've partnered with RelocateNow Costa Rica to help you with your move.
Learn More
We've partnered with RelocateNow Costa Rica to help you with your move.
Learn More
Digital Nomad Visa for Costa Rica
Learn about the Digital Nomad Visa for Costa Rica and what is involved in obtaining one. This is one of the most important aspects of moving to Costa Rica as a digital nomad.
Costa Rica Forum
Talk with other digital nomads and expats in Costa Rica on our Costa Rica forum - meet people, get advice and help others.
Contribute
Help others in Costa Rica by answering questions about the challenges and adventures of living in Costa Rica.
Digital Nomads in Costa Rica offer advice about healthcare, hospital visits, emergency rooms visits, finding a doctor and buying health insurance in Costa Rica.
Advice for people renting and buying real estate in Costa Rica.