Costa Rica is known internationally as having the ‘Pura Vida’ lifestyle and a low level of corruption. Tourists will, unfortunately, notice that all supermarkets have very high prices. Many of the expats will be familiar with the hilariously priced $8 tiny jars of Skippy peanut butter. The fact of the matter is that Costa Rica heavily relies on food imports and the government heavily taxes everything. The local agriculture cannot sustain the rapidly growing population but Costa Rican protectionist laws are stuck in the past. It is not just tasty luxury goods that are taxed, but basic staples are heavily taxed.
Situation Escalates At Panamanian Border. 300+ Venezuelans Left Stranded. All Foreigners Being Denied Renewals Of Tourist Visas.
In a recent article, a group of 89 Venezuelans were denied entry with the suspicion that they are working illegally. The toll has now reached 300+ Venezuelans. The Panamanian government has made it official that they will not let anybody from any nationality renew their visas at the Costa Rican land border. It is still uncertain whether perpetual tourists can obtain reentry through the airports. Official Tweet by Panamanian Authorities
It has also been confirmed that perpetual tourists from Canada, United States and Europe are being denied entry into the country.
Due to the economic crisis, many Venezuelans are seeking refuge in the economically stable country of Panama. A bus load of 89+ Venezuelans were denied access to the country due to the suspicion that they are working illegally. Venezuelans, as well as other Latin Americans, will live in the country as perpetual tourists and renew their tourist visa every 6 months at the Costa Rica border. Many cannot afford to apply for residence visas due to the high costs of obligatory lawyers and the Panamanian government’s bureaucracy. With growing fears of increased violence and unemployment, Panamanians are becoming leery of allowing people to stay in the country on extended tourist visas.
The original intention of FATCA was to prevent overseas money laundering and tax evasion by the ultra wealthy. Unfortunately, the regulations have mostly impacted the finances of middle class Americans and banking institutions of developing countries. Banks that fail to comply with FATCA regulations may be hit with a 30% on US based transactions. Many banks around the world have decided to turn their backs on American customers due to the bureaucratic headache. The financial institutions of Caribbean nations cannot simply ignore FATCA since their economies are heavily invested in international finances.