In the Costa Rican News - July 07

Immigration and Residency laws to be changed!

It is well documented that Costa Rica has a problem with immigration. Nearly 20% of the nations piopulation are made up of foreigners, both illegal and legal.

If a bill i passed next week by the legislative assembly, foreigners will not have to apply for residency before they arrive in Costa Rica, but can instead apply once they are here. The new process has been designed to be less time consuming, and also less costly for the applicant.

The system is also likely to reduce the amount of work per application for the governent, however work loads are likely to increase as more people will apply for residecy. The government however are using this to their advantage and plan to charge everyone an annual fee of $25 to be used for social security.

The new system will also see current residency owners able to renew their documents at Banco de Costa Rica branches in the increasing attempt to out source by the government HQ. This will reduce work loads and free up more time for other things and reduce waiting times as there will be many more branches the procedure can be carried out.

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Geo-Thermal Energy to be finance by Bank

By the year 2011 another of Costa Rica's volcanos could be powering the homes and businesses of North Western Costa Rica, the Guanacaste Province.

The project is now looking much more likely due to the Comptroller General's Office giving the go ahead for the Central American Bank for Economic Integration(CABEI) to finance the construction of the new power plant. The construction will be located on the outskirts of Rincon de la Vieja Volcano, according to a statement recently released by the Costa Rican Electricity Institute.

CABEI plan to build the plant over the next 4 years, with estimated costs of $160 million. The plant will then be rent to the Costa Rica Electircal Institure over 12 year period, during which they will have an option to purchase it.

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July Exchange Rates

The Exchange rates below are not accurate on a daily basis but just an approximation for your benefit. For more up to date exchanges rates please visit your local bank or online with a currency seller.

Costa Rican Colon

1024.65 692.329

516.59

US Dollar

2.011 1.362 1.00

 

Usually in Costa Rica US Dollars or Costa Rica Colones can be used. in popular areas and in larger shops US dollars will be more widely accepted. However in small towns and locally run stores only Colones will be accepted.

This news was written by Paul Smith a specialist Consultant for Holidays in Costa Rica.

If you want to reproduce this article please make sure you provide a back link to Holidays in Costa Rica

  
Phone: (in Costa Rica) + 506-296-7715 Fax: +506 296-7203 UK Number: 0207 193 3930 US Number: 1-800-606-1860