Another reason to live in Costa Rica? This article appeared in www.amcostarica.com last week. It points that some American citizens are moving to Costa Rica and once there they continue to work by “telecommuting.” In many cases, telecommuting allows that individual to take advantage of IRS tax rules and they do not pay taxes on foreign earned income of up to $101,000. Tax savings could be substantial. We strongly recommend you consult with a tax professional familiar with the Foreign Earned Income rules, and how those rules apply to your own circumstances.
The Costa Rica Star just published this story about three new types of accounts being offered with $1,000, $2,000 and $10,000 USD deposit limits. This is good news for expats and those considering applying for residency in Costa Rica!
“This week, the state-owned Banco Nacional de Costa Rica (BNCR) announced a new series of bank accounts that require fewer requisites to open.
The three different types of accounts make banking in Costa Rica accessible for the first time to foreigners, youth, elderly, and others who may previously have found it difficult or impossible to supply the paperwork required to open an account.”
Read the whole story by Wendy Anders.
Tico Times reports that the new tax collection system goes into effect December 3. This will help streamline the check-in process at Juan Santamaría International Airport by including the tax in the price of the airline ticket. If you already have a ticket you’ll be able to pay the tax at airport ticket counters for at least the next 90 days.