Digital Nomads & Costa Rica
If you dont already know what exactly a digital nomad is well lets just get it out of the way. Digital nomads are remote workers who travel to different locations on a regular basis. They use modern technology to work from coffee shops, hotels, co-working spaces, all over the world. They aren’t new, however with so many employers now pivoting to allow more of their employees to work remotely, the population is quickly growing and Costa Rica is one of many countries hoping to capitalize on that crowd.
Costa Rican legislators are working to pass a new one-year temporary residency status, geared toward digital nomads. While details may change before the project becomes law, the requirements would include proof of an average monthly income of $3,000 made from sources outside of Costa Rica, and health insurance, to cover any medical needs while in country. Acording to the bill, this new visa will be processed online and would allow nomads to bring a spouse and children, as well as apply for a six-month extension during their stay. Nomads under this immigration status will also enjoy tax-free status, meaning that they can also bring in equipment necessary for their work duty free.
So while the government is quickly looking to make their changes on their end. The travel and real estate industry is all over it, quickly adjusting their offerings to cater that market. These adjustments mean focusing on long term and monthly rentals at more affordable prices (most digital nomads seem to seek $1000-1500 per month rentals). Real estate developers and investors are following suit, aiming to develop, build and market for affordable housing.
The Jaco market is one area in Costa Rica that is well positioned to handle this new digital nomad market. Infrastructure, specifically solid and fast internet is critical. Jaco and the Central Pacific fortunately has this, along with a lot of the amenities and services that this younger demographic often see seeks. Not to mention we have the rental properties to support and handle affordable monthly rentals.
