How does Costa Rica evaluate a mixed investment (real estate + business + assets) for Investor Residency?

Many people assume that Costa Rica’s Investor Residency requires a single $150,000 purchase—usually real estate. But Costa Rica also allows mixed investments, meaning you can combine:

• Real estate
• Business ownership
• Equipment
• Agricultural or forestry assets
• Capital improvements

…as long as the total reaches $150,000.

The challenge? DGME does not evaluate mixed investments as a “package deal.” Instead, they review each component separately, apply strict valuation standards, and only count items that meet the legal criteria.

This article explains how DGME analyzes mixed investment structures, which assets qualify, how to combine values, and the documentation you must submit to avoid delays.

What Is a Mixed Investment in Costa Rica?

A mixed investment is any combination of assets such as:

• Real estate (land or buildings)
• Business shares
• Equipment, machinery, or vehicles
• Agricultural or forestry improvements
• Renovation or construction investments
• Tourism infrastructure
• Corporate capital contributions

This flexibility helps applicants who:

• Buy a smaller property and invest in a business
• Acquire land plus equipment for a farm
• Renovate an existing property and form a corporation
• Invest in a startup while owning real estate

Costa Rica’s law allows mixed investments because what matters is the total verified value, not the category.

How DGME Actually Evaluates Mixed Investments (3-Step System)

DGME uses a systematic process:

Step 1 — Evaluate Each Component Separately

DGME reviews each investment individually to determine:

• Is this a qualifying investment category?
• Is this asset legally owned by the applicant or their Costa Rican entity?
• Does the appraisal meet Costa Rican standards?

Each component must be:

✔ Appraised
✔ Documented
✔ Legally registered
✔ Traceable

If one component is invalid, DGME may still accept the others.

Step 2 — Confirm the Total Combined Value ≥ $150,000

DGME adds the appraised values of each qualifying asset.

Example:

• Real estate: $110,000
• Business shares: $25,000
• Restaurant equipment: $22,000
  Total investment: $157,000 → Approved

Only appraised, documented, and owned components count.

Step 3 — Verify Legal Ownership and Registration

DGME confirms that:

• Real estate is registered with the National Registry
• Business shares appear in the corporate books
• Assets are invoiced and tied to the corporation or applicant
• Machinery/equipment is supported by receipts or import records
• Capital contributions are reflected in CPA-certified financial statements

If ownership is unclear, DGME will not count the asset.

Which Investment Types DGME Commonly Accepts as Part of a Mixed Portfolio

1. Real Estate (primary or secondary component)

DGME accepts land, houses, condos, farms, or commercial buildings.

Requires:

• Certified Costa Rican appraisal
• National Registry title report
• Notarial documentation

2. Business Shares (ownership in a Costa Rican corporation)

This is one of the most overlooked categories.

DGME accepts:

• Startup equity
• Shares in an SRL or SA
• Tourism-related businesses
• Hospitality, restaurants, retail, or service companies

Requires:

• Shareholder certification
• Corporate books
• CPA valuation (mandatory if used toward $150,000)
• Personería jurídica

3. Capital Improvements to Property

Renovations count as investment value if documented and invoiced.

Examples:

• Construction
• Remodeling
• Electrical or plumbing upgrades
• Landscaping
• Pool or deck installation
• Agricultural improvements

Requires:

• Invoices
• Construction permits (if structural)
• CPA-certified investment summary

4. Machinery, Equipment, Vehicles, Tools

DGME accepts business-related equipment such as:

• Farm machinery
• Restaurant equipment
• Tourism gear
• Construction machinery
• Vehicles used for business operations

Requires:

• Invoices
• Import documents (if applicable)
• Depreciation sheets (if owned by corporation)

5. Agricultural or Forestry Projects

Includes:

• Coffee farms
• Livestock operations
• Reforestation parcels
• Fruit or cocoa farms

Requires:

• Agricultural registration
• Forestry engineer appraisal (if forestry)
• Receipts for improvements

What DGME Will NOT Count Toward a Mixed Investment

🚫 Value assigned by the buyer (“I think it’s worth $150,000”)
🚫 Foreign appraisals
🚫 Property not registered in applicant’s name
🚫 Promissory notes
🚫 Verbal business agreements
🚫 Projected business value (“future earnings”)
🚫 Sweat equity or labor contributions
🚫 Uninvoiced renovations
🚫 Vehicles not tied to a business

DGME must be able to prove value—not rely on assumptions.

How Mixed Investments Are Documented for DGME

You must submit four types of documents:

1. Appraisals

• Real estate: licensed Costa Rican topographer or appraiser
• Businesses: CPA valuation
• Forestry: certified forestry engineer
• Equipment: invoices and depreciation accounting

2. Proof of Ownership

Depending on the asset:

• Property deed
• Corporate books
• Shareholders registry
• Vehicle registration
• Import records

3. Proof of Value

DGME requires official valuation documents:

• Appraisal reports
• CPA-certified financial statements
• Itemized invoices
• Investment summaries

4. Registration and Compliance Documents

Examples:

• Personería jurídica
• Municipal business license
• Construction permits
• Environmental or agricultural permits

Real Mixed-Investment Scenarios (How DGME Actually Decides)

Scenario A — Real Estate + Business Shares

• $105,000 condo
• $60,000 investment in a Costa Rican coffee shop
  Total = $165,000
  ✔ Approved

Scenario B — Farm + Equipment

• $80,000 agricultural land
• $40,000 machinery
• $35,000 irrigation improvements
  Total = $155,000
  ✔ Approved

Scenario C — Startup + Personal Property

• $140,000 investment in a tech startup
• $20,000 car for personal use
  DGME counts only the startup.
  Personal vehicles do not qualify.
  ❌ Not approved

Scenario D — Property + Renovations (Uninvoiced)

• Property: $120,000
• Renovations: $40,000 (no invoices)
  DGME counts only the $120,000
  ❌ Not approved

Costs, Timelines, and Practical Tips

Costs

• Real estate appraisal: $250–$600
• CPA business valuation: $300–$900
• Forestry appraisal: $300–$600
• Legal services: variable
• Corporate updates: $50–$200

Timelines

• Appraisals: 7–14 days
• Corporate book updates: 1–10 days
• DGME review: 90–180 days

Checklist

✔ Total value ≥ $150,000
✔ Each component fully documented
✔ Invoices for all improvements
✔ Corporate books updated
✔ Appraisals from licensed professionals
✔ All foreign documents apostilled

When You Should Seek Professional Help

You definitely need assistance if:

• Your investment includes multiple assets or business components
• You purchased land requiring special appraisals
• You invested in a startup or existing business
• You performed renovations without knowing DGME’s requirements
• Your investment is spread across multiple corporations
• Your appraisal came in slightly below $150,000

Mixed investments are powerful but technical, and undocumented value is the #1 reason DGME issues rejections.

FAQ

Can I combine real estate and business shares?

Yes—this is common and fully allowed.

Can I count renovations toward the $150,000?

Yes, but only if properly invoiced and documented.

Can I include assets owned by my corporation?

Yes—if you own the corporation and its share value includes those assets.

Can I combine multiple properties?

Yes, as long as all are registered under your name or your Costa Rican entity.

Does DGME accept used machinery or equipment?

Yes, but value must be proven through CPA documentation.

Soft CTA

If your residency plan involves a combination of real estate, business ownership, forestry assets, or other investments, we can evaluate your mixed portfolio, prepare the required appraisals, and ensure DGME counts every qualifying component toward your $150,000 investment requirement.