According to the recent statistics, Costa Rica is one of the best countries to live in. It ranks on top positions when it comes to the happiest and greenest places. The tropical paradise combines magnificent nature and sustainable development, while its economy shows considerable expansion.
If you are one of those lucky people that have the chance to live and work there, you should be aware of certain tax legislation that can affect your income status. Here are some tips that will help you go smoothly through the process.
1. Mark Your Calendar
You should remember that you have to file for tax return every year U.S. and Costa Rica. The major differences between the two countries are their tax years. In U.S. the period covers the months from January to December, while the returns for US expats are due June 15. You can ask for 4 month extension. On the other hand, in Costa Rica the tax year starts in October and ends in September.