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Why Folks Are Selecting to Live and Retire in Costa Rica

Costa Rica is a place of stunning scenery, sunshine and smiles with spring-like climate all year spherical, no earnings taxes on foreign earned income, no capital good points taxes, glorious world-class medical facilities, affordable medical plans and populated by the ‘Ticos’ who’re an amiable and really attractive people.

Who Is Moving to Costa Rica? There are estimated to be 77 million ‘baby boomers’ in the USA who began retiring in 2008 and it seems there’s fairly just a few thinking a couple of Costa Rica retirement. So too are Canadians and quite a few Europeans who are looking for that excellent local weather 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 of their own countries.

While you concern for the lives of your own children because they may be kidnapped in Mexico, Guatemala or Honduras or, you’ve just witnessed the worth of your house slashed in half as a few of our Venezuelan friends have not too long ago, your future can look downright terrifying.

Politically Stable Country: In contrast to 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 military, and its citizens get pleasure from 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’ seem like paradise on earth to many people.

Business Opportunities: It’s not just individuals in search of retirement which might be visiting Costa Rica. We’re seeing younger entrepreneurs coming to Costa Rica with dreams of establishing their business here.

This is an admirable aim nonetheless; we must always do not forget that having a working data of Spanish will only take you half way. We should keep in mind that we’re company in their country, doing business here may be difficult because inefficient bureaucracies, redundancies and duplications are part of on a regular basis business.

Affordable Costa Rica Real Estate: In comparison with Europe and many metropolitan areas in the USA, real estate in Costa Rica is very affordable. Foreigners can simply purchase their own houses and some individuals have determined to build their own homes.

In response to the Global Property Guide, the cheapest metropolis in Europe is Bucharest the place you would pay US$3,085 per sq. meter for a 120M2 house (1,291.2 sq. ft). So most Costa Rica real estate is 40-50% less than the most affordable city in Europe.

You’ll be able to actually find luxury condos in Costa Rica for $2,200 per square meter but it’s also possible to easily purchase a contemporary, model new, very comfortable house 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 have bought a few homes here.

As an example, in 2007 I bought a new, story 300M2 (three,228 square toes) luxury home (350M lot – three,766 sq. toes) in a secure gated rental group in an awesome location in Santa Ana, built by the most effective builders we have come throughout priced at US$1,033 per square meter.

Property Taxes: When buying a house in Costa Rica, property taxes should be considered however fortunately there is little to worry about because primary property taxes are only 0.25% and even if your home is ultra-luxurious and the posh property tax additionally applies, all of it adds as much as very little..

According to the Miami Dade County website, on a US$275K property in Miami, you’d pay about US$6,875 per 12 months in property taxes. With a luxurious residence in , the property taxes for a home of the identical value would 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. feet luxury home in Costa Rica? I paid about $230 per 30 days for both monthly upkeep (swimming pool, landscaping, safety and many others) as well as property taxes.

Building Your Own Home:

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

Building your own home is not for the faint of coronary heart wherever on the earth but if you are comfortable with the idea then you definately’ll be delighted to know that your labor prices in are low.

Affordable Value of Living: Only 1% of US households headed by of us aged 62-seventy two have $1 million or more in assets apart from their home. Now which may sound like a lot of money however $1M at present lasts less than 20 years assuming a rate of return of seven%, inflation of 3% and inflation-adjusted annual withdrawals of $75K. Folks understand that their money will final quite a bit longer with a Costa Rica retirement.

Having said that, demographically talking, forty-six % of the baby boomers are still in their 40s so there are many baby-boomers that haven’t really started to think about their retirement. The more negative the political and economic environment becomes in the USA, the more receptive they will be to the thought of residing and retiring abroad.

How A lot Is The Food? To provide you a real thought about food prices, in one of Jo Stuart’s recent newspaper columns, she compared the exact cost of a basket of fruits and vegetables bought here in to the precise gadgets bought in a California farmer’s market. She spent US$8.seventy five right here and the identical gadgets in California value US$29.47

The bottom line is in case you eat a healthy diet full of contemporary fruit, recent vegetables, slightly fish, chicken or beef, you and your family will likely be healthier and you’ll get pleasure from significant financial savings on meals living in Costa Rica.

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