August 20. Costa Rica’s President Carlos Alvarado recently approved new legislation that’s aimed at attracting digital nomads. The law will enable qualifying foreign nationals to obtain a year-long visa, which is also extendable for one additional year.
According to ‘The Lonely Plant’ the Costa Rican Tourism Board believes the new digital nomad visa will help revive the tourism industry and related sectors.
It’s estimated that international remote workers, who are on an annual work visa, contribute around US$24,000 per-year to the local economy. The economic impact of 10,000 year-long nomads is expected to have a profound effect on the economy.
Digital nomad visa holders will receive enticing benefits, such as exemption from local income taxes; ability to open bank accounts; permission to drive using their home country driver’s licenses.
Currently, digital nomads are classified as tourists, and must exit the country within 90 days.
Some details have yet to be ironed out and it may take some time before the project is fully authorized for implementation, but it seems likely that digital nomad visa applications will become available within a matter of weeks.
Source: Travel Pulse