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Why Folks Are Choosing to Live and Retire in Costa Rica

Costa Rica is a place of stunning surroundings, sunshine and smiles with spring-like weather all yr round, no income taxes on foreign earned income, no capital gains taxes, glorious world-class medical services, affordable medical plans and populated by the ‘Ticos’ who are an amiable and very attractive people.

Who Is Moving to Costa Rica? There are estimated to be seventy seven million ‘baby boomers’ within the USA who started retiring in 2008 and it seems there’s fairly a couple of thinking about a Costa Rica retirement. So too are Canadians and numerous Europeans who are in search of that good climate and a more affordable place to live.

Wealthier folks from throughout Central and Latin America are also visiting Costa Rica because of political and financial instability in their own countries.

When you fear for the lives of your own children because they could be kidnapped in Mexico, Guatemala or Honduras or, you will have just witnessed the value of your own home slashed in half as a few of our Venezuelan associates have recently, your future can look downproper terrifying.

Politically Stable Country: Not like most nations in Central and Latin America, Costa Rica has been a stable and democratic country since it’s independence in 1948. It has no army, and its citizens enjoy one of the highest life expectancy levels in the Western hemisphere and higher living standards than their war-torn neighbors.

Costa Rica’s perfect local weather, laid back life-style, monetary and political stability makes this ‘rich coast’ appear like paradise on earth to many people.

Enterprise Alternatives: It is not just individuals in search of retirement which are visiting Costa Rica. We are seeing younger entrepreneurs coming to Costa Rica with goals of establishing their enterprise here.

This is an admirable aim however; we should always remember that having a working information of Spanish will only take you half way. We should do not forget that we’re friends in their country, doing enterprise right here may be challenging because inefficient bureaucracies, redundancies and duplications are a part of everyday business.

Affordable Costa Rica Real Estate: In comparison with Europe and lots of metropolitan areas within the USA, real estate in Costa Rica could be very affordable. Foreigners can simply purchase their own properties and some individuals have determined to build their own homes.

Based on the Global Property Guide, the most cost effective city in Europe is Bucharest where you would pay US$3,085 per sq. meter for a 120M2 house (1,291.2 sq. feet). So most Costa Rica real estate is 40-50% less than the cheapest city in Europe.

You can definitely discover luxurious condos in Costa Rica for $2,200 per square meter but it’s also possible to simply purchase a modern, model new, very comfortable home anyplace close to the enterprise, cultural and leisure centre of San Jose, the capital of Costa Rica for US$1,500 – $1,750 per square meter. I know this because I’ve purchased a number of houses here.

For example, in 2007 I bought a new, two story 300M2 (three,228 sq. toes) luxurious home (350M lot – 3,766 sq. toes) in a secure gated condo community in an excellent location in Santa Ana, constructed by top-of-the-line builders we now have come across priced at US$1,033 per sq. meter.

Property Taxes: When buying a home in Costa Rica, property taxes should be considered however fortunately there’s little to fret about because fundamental property taxes are only 0.25% and even if your home is ultra-luxurious and the posh property tax also applies, all of it adds up to very little..

In keeping with the Miami Dade County website, on a US$275K property in Miami, you would pay about US$6,875 per 12 months in property taxes. With a luxurious apartment in , the property taxes for a house of the same value can be less than $1,000 per yr so you would save about US $490 per month just in property taxes.

And for my 3,228 sq. ft luxury residence in Costa Rica? I paid about $230 monthly for each monthly upkeep (swimming pool, landscaping, security and many others) as well as property taxes.

Building Your Own Home:

In late July 2009 we finished building our 1,797 sq. toes retirement home (plus 462.sixty eight sq. feet for the garage area, pila and bodega) on 5,000M2 of land and absolutely furnished it for less than US$140,000

Building your own residence is just not for the faint of heart anywhere on this planet but if you’re comfortable with the concept you then’ll be delighted to know that your labor prices in are low.

Affordable Price of Living: Only 1% of US households headed by people aged 62-72 have $1 million or more in assets aside from their home. Now that might sound like some huge cash however $1M at this time lasts less than 20 years assuming a rate of return of 7%, inflation of three% and inflation-adjusted annual withdrawals of $75K. Folks understand that their cash will final a lot longer with a Costa Rica retirement.

Having said that, demographically speaking, forty-six percent of the baby boomers are nonetheless in their 40s so there are plenty of baby-boomers that have not really began to think about their retirement. The more negative the political and financial setting turns into within the USA, the more receptive they will be to the thought of residing and retiring abroad.

How Much Is The Food? To present you a real concept about food costs, in one of Jo Stuart’s current newspaper columns, she compared the exact value of a basket of fruits and vegetables bought here in to the exact items bought in a California farmer’s market. She spent US$8.75 right here and the identical gadgets in California price US$29.forty seven

The bottom line is in the event you eat a healthy food regimen stuffed with fresh fruit, fresh vegetables, a bit fish, chicken or beef, you and your loved ones shall be healthier and you may take pleasure in significant savings on meals living in Costa Rica.


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