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In Costa Rica’s case, the country used tax incentives to attract many expats over the past two decades. However the country ran into difficult fiscal straits. Costa Rica is a very socialist country with too much government, welfare and too little income. As debt increased, Moody’s Investors Service changed their outlook on Costa Rica’s Baa3 bond rating to negative from stable. The country needed ways to increase revenues and looked for them in the 2013 tax law change that included:
Tax on foreign income. Costa Rican residents who earn on commercial activity outside Costa Rica will now have to pay taxes on that income.
Capital Gains. Capital gains tax will no be levied on the sale of real estate.
Presumptive Revenues. The tax law creates an assumption of income on corporations that own property and do not prove that are not used for commercial purposes.
Value Added Tax. Sales tax (now called valued added) has been added including:
6% on accounting, legal, translating, architectural and other professional services.
6% on excess of rents above $400.
6% on private medical attention.
13% tax on all private hospital services.
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