New corporate tax will be charged as of September31/05/17
Source : El Financiero
The first of September will begin the collection of the new corporate tax. For the current year, the payment will be partial.
|Corporation||Sept-Dec 2017|| 2018||Base|
|Inactive Corporation|| ¢21.308|| ¢63.930|| 15% base salary|
|Active Corporation - Income lower than ¢51.144.000|| ¢35.513|| ¢106.550|| 25% base salary|
|Active Corporation - iIncome between ¢51 and ¢119 millones|| ¢42.616|| ¢127.860|| 30% base salary|
|Active Corporation - Income exceeding ¢119 millones|| ¢71.026|| ¢213.100|| 50% base salary|
During 2017, only the proportion of the tax that was in force this year, between September and December, must be canceled, while for 2018 the tax will apply in full and must be canceled during the month of January.
Companies that are in arrears with the previous law, are not exempt from the payment of the tax, but if within the first three months of this law they close to cancel their debt, they will not have to pay fines or interest.
Failure to make payments on the dates established by the Tax Authorities would impose a fine and interest that will be calculated per day, and which annually represent 11.73% of the total tax.
Purchase of a business? Take care!01/17/17
In Costa Rica, it is not uncommon to see ads for the purchase of a business or professional activity, this is called "derecho de llave".
While in Europe and in most western countries this type of sale is well regulated, this is not really the case in Costa Rica.
It is therefore all the more important to exercise extreme caution in this type of transaction. We strongly recommend that you do not go alone in this adventure and have you accompanied by a lawyer specializing in this matter.
Dissolution of corparation9-12-2016
Fixed corporation taxes were declared unconstitutional but remain due until 2015 inclusive. All companies that have not paid taxes for 3 years or more see the risk of being automatically dissolved.
In order to avoid any unpleasant surprise, if you want to keep the company active, contact your lawyer to ask him to make the necessary checks.
The "cuenta client" will be history9-12-2016
The development of banks in Costa Rica has been specific to the country. Thus, bank accounts have an internal number and a number allowing to make transfers between Costa Rican banks, the famous "cuenta client" of 17 digits.
This "cuenta client" will disappear at the end of this year to be replaced by the IBAN, which is well know in Europe and North America.
The Central Bank of Costa Rica has issued guidelines for the new device to be fully operational by the end of 2018.
The IBAN will become the only number used both for transactions within the same bank as between the banks of Costa Rica and of course for the international movements.
Simplified Bank Account10-01-2016
In the past few year, it has become increasingly difficult to open a new banking account in Costa Rica.
Banks were requiring permanent residents, temporary foreigners, and visiting tourists to produce a cedula, and you can only receive one of these after a very long and costly residency application process. But now Banco Nacional (BN), Banco de Costa Rica (BCR) Grupo Mutual, and Bancredito are allowing foreigners to open their new accounts without needing to produce a cedula number.
Earlier this year, a Simplified Account (Cuenta de Expedients Simplificado) was approved.
This simplified process requires only a passport as proof of ID.
This new system will provide a banking card to use the ATM’s both in the country and internationally and access to the online banking functions.
But this Simplified Account has a few limitations – a monthly deposit limit of a maximum $1,000 US or the equivalent in Colones, there can only be two accounts issued per client and you can't transfer money from one bank to another bank directly from your account.
Therefore, if you want to start your own business in Costa Rica, we still recommend opening a normal account. There are two ways to do that, applying for the residence or open a corporation.
Texas Tech University chooses Costa Rica to install its first campus in Latin America2016, August 20th
Texas Tech University, prestigious university in the United States, announced it will open in Costa Rica, its first satellite campus in Latin America. The decision process of the university leader in technological carriers was supported by CINDE. Also, the President, Luis Guillermo Solis, met with the highest authorities of the University during the visit to the US the previous year, as part of the promotional tour organized by CINDE and COMEX.
"We are delighted that the prestigious Texas Tech University will select Costa Rica as host open a branch for students from the region. This represents a recognition of the political and economic stability of the country and its strong reputation in the field of education, with prestigious academic centers with national and international recognition.
We are sure that will be the beginning of a relationship of mutual convenience, in which the students will benefit, "said Luis Guillermo Solís, President of the Republic.
Texas Tech University says his arrival in Costa Rica is based on the strategic location of the country, that will serve as a bridge to the rest of Latin America. Having a strong democracy in the region, cultural affinity with the United States, stability and more than 250 high-tech multinational companies operating locally, as well as the educational system, positively weighed in the decision.
Source : www.revistasumma.com
Orotina International Airport5/11/2015
The company will also advise on the necessary infrastructure.
The report will be finalized in early 2017 and the works will start very quickly after that. The proposed goal is to have a first track, to accommodate large aircraft like Airbus A380 and Boeing 777, available for 2025.
In the immediate surrounding of the airport there will be a hospital, hotels and many facilities that will also attract in the region other companies that require these facilities for their own development.
We must therefore expect a boom in real estate for the entire Central Pacific region. Prices are now at the lowest and our knowledge of the country leads us to think that prices should not move much until the works begin. We expect to have a price increases probably after mid 2017.
If you are considering a real estate investment in the region, this is the time to do so.
Do not hesitate to contact us with any questions.
Source : La Nacion
British Airway with Direct fly London-San Jose5 August 2015
The company confirmed the start of operations on May 4, 2016 and will fly twice a week (Wednesday and Saturday) during the summer season in the UK and three times (Tuesday, Thursday and Saturday) in winter season. To do this, the compagny will use a Boeing 777, which seats 275 passengers.
The arrival of this company has positive effects. Firstly, a transfer estimate to 30,000 passengers per year. Then the company opened connections to 130 destinations and allow improvement in foreign trade, given the cargo aircraft capacity.
Europe is the second largest tourist market for the country and last year 300,000 European visitors have entered our country by air, 50 thousand more than in 2013.
Source : www.elfinancierocr.com
Costa Rica powered with 100% renewable energy for 75 straight daysMarch 21, 2015
"The year 2015 has been one of electricity totally friendly to the environment for Costa Rica,” the state-owned power supplier Costa Rican Electricity Institute (ICE) said in a press release.
The ICE says the country's zero-emission milestone was enabled thanks to heavy rainfalls at four hydroelectric power facilities in the first quarter of 2015. These downpours have meant that, for the months of January, February and so far March, there has been no need to burn fossil fuels to generate electricity.
Instead, Costa Rica has been powered primarily by hydro power - both pumped storage and run-of-the-river plants - and a mixture of geothermal, wind, biomass and solar energy.
Source : http://www.sciencealert.com/
The new international airport will boost economic development and real estate14 januray 2015
The beginning of the construction of the new international airport near Cascajal Orotina, Alajuela, originally scheduled for 2020, has been advanced for 2018. Government officials have admitted in a press release to the newspaper La Nacion that the need is a reality and that the completion date initially planned for 2030 was advanced for 2025.
While the original plan for the new mega airport in Costa Rica was to begin construction at conclusion of the contract of the current Juan Santamaria International Airport, a recent surge in tourism in Costa Rica has given the country a pressing need for a larger facility that can accommodate larger aircraft and more gates.
Costa Rica green country?21 novenber 2014
We always talk of Costa Rica as a green country that takes care of its natural resources and has an ongoing concern for its impact on the environment. Is this reality?
Dual Citizen, a private consulting firm based in the United States realizes since 2010 a study of 32 indicators to measure the effort of the countries to master their impacted on the environment.
Costa Rica was included for the first time in the study and it ranks third, ranking among the most powerful countries in the field of green economy.
Source : dualcitizeninc.com
You want to live happy? Live in Costa Rica14 october 2014
A new study by UC Berkeley's Greater Good Science Center conducted among 40,000 students in 53 countries, gives again Costa Rica the first place of the countries where it is good to live.
Students had to answer simple questions about the subjective feeling of happiness.
For most questions, \"You consider yourself a happy person? \", \"Generally I consider living a life close to my ideal of life \", \"I consider living a meaningful life \" the Costa Rica comes first.
When it comes to assessing its sense of happiness, the general climate in the country and social cohesion are more important factors than income.
Costa Rica is not part of the rich countries in the world but is the happiest place in the world.
Some interesting numbers12 october 2014
Since the last census of 2000, the population increased by 491,533 people, or an average increase of 1.1% per year. This represents a slowdown in the increase. Indeed, for the previous period (1984-2000) growth was 2.8% per year.
8.97% of the population are immigrants (ie 385 899 inhabitants), Nicaragua is the country bringing more immigrants (74.57%) followed by Colombia and the United States.
Since the 2000 census the immigration rate only slightly increased, it was 7.78% of the population.
An important note, these figures only include immigrants who obtained residency in Costa Rica. There is an unofficial immigration from neighboring countries, mainly Nicaragua, but also from North America (USA - Canada).
Note that 25% of the population is under 15 years and only 7.3% over 65 years. This gives a dependency ratio, very low, of 47. For 100 people in productive age (15 to 65) there are 47 non-productive people (under 15 and over 65 years).
Finally, the canton of Garabito, Jaco as Canton capital, has the highest population growth rates in Costa Rica and for the past 10 years with an average of 4.8% per year!
One can only conclude that the canton of Garabito, Jaco and the surroundings are, in fact, the place, the more reassuring in terms of property investment in Costa Rica with its consistent and sustained growth.
The neighbor cantons Orotina (north) and Parrita (south) also have a positive rate (2.4 and 2.6% respectively annual).
Source : Recensement national 2011
Significant investment of Bekaert23 august 2014
The Belgian multinational Bekaert yesterday inaugurated its new facilities to Orotina. With a planned investment of $ 20 million in 2 years and create 200 emploies, this is the significant development for the region.
The company is going to produce its brand Dramix® steel fiber for reinforcing concrete. The new site capacity will be 20,000 tons per year.
In a press release the company states: "The establishment of Bekaert in Costa Rica is part of a desire for expansion in the region, through which the company seeks to provide a better service to its customers. It offers products for the construction markets, mining, oil and gaz exploitation but also agriculture and industry. "
Source : La Nacion
Costa Rica, the tourism industry in a few figures15 july 2014
Costa Rica has an enviable economic situation in Central America, where it is a pole of stability. It has a high-level social protection system and managed to significantly reduce poverty (GDP per capita is the second in the region in order of importance after Panama: nearly $ 9,600 per year). The general level of education and qualification of the Costa Rican labor are the main comparative advantage of the country in the region.
The economy of Costa Rica recorded a GDP of 3.4% in 2013, compared to 5.1% in 2012. While current projections forecast a GDP growth of between 4.3% and 4.1% in the next years, driven by private consumption and domestic investment.
Free zones, hosting telecoms, IT, call centers, laboratories, pharmaceutical industries, have encouraged foreign direct investment flows, making Costa Rica (along with Panama), the main receiver of FDI in Central America.
Minimum salaries for 2014 range from $ 520 per month for a non-qualifed worker to $ 1,050 for an employee with a university level. At this gross salary employers must ad a load of 38%.
Costa Rica is also the first tourist destination of the isthmus (2.5 million visitors, 25% of the region), political stability which allowed it to build quality tourist infrastructure. This country has been able to enhance its ecological resources: it contains 6% of the planet's biodiversity and 25% of its territory is classified as protected area.
With a tourism industry that generates $ 1.92 billion per year, Costa Rica stands out as the most visited country in the region of Central America, with 2.42 million foreign visitors in 2013, reaching a rate of foreign tourists per capita of 0.51, one of the highest in the Caribbean Basin and above other popular destinations such as Mexico (0.21), Dominican Republic (0.38) and Brazil (0.03).
Ecotourism is extremely popular with many tourists visiting the major national parks and protected areas around the country. Costa Rica has been a pioneer in this type of tourism and the country is recognized as one of the few with real ecotourism. Other important market segments are the adventure, and the sun and beaches. Most tourists come from the USA and Canada (46%), and the European Union (16%), which translates into a relatively high expenditure per tourist of $ 1,000 per trip.