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LatinNews Daily - 06 July 2021

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In brief: Costa Rica signs law to attract investment, pensioners

* Costa Rica’s President Carlos Alvarado has signed a law aimed at attracting investment, foreign pensioners, and generating employment. The law reduces the minimum amount that a foreign annuitant or pensioner must invest to obtain a temporary ten-year residency by 25% to US$150,000 whether in real estate, registrable assets, shares, securities, and “productive projects or projects of national interest”. Interior minister Michael Soto, who along with finance and tourism ministers, Elian Villegas and Gustavo Segura, were present at the ceremony, said that the new law, which also includes various tax exemptions, seeks to dynamise Costa Rica's economy, which shrank by 4.1% in 2020 as a result of the coronavirus (Covid-19) pandemic. Soto said it also seeks to restore foreign investment levels, which are currently around 3.5% of GDP, to those of a decade ago (when they were around 7.8% of GDP).