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Why People Are Choosing to Live and Retire in Costa Rica

Costa Rica is a spot of stunning surroundings, sunshine and smiles with spring-like weather all year round, no income taxes on overseas earned earnings, no capital beneficial properties taxes, excellent world-class medical facilities, affordable medical plans and populated by the ‘Ticos’ who are an amiable and really attractive people.

Who Is Moving to Costa Rica? There are estimated to be seventy seven million ‘baby boomers’ in the USA who started retiring in 2008 and it seems there’s fairly a few thinking a few Costa Rica retirement. So too are Canadians and quite a few Europeans who’re on the lookout for that excellent local weather and a more affordable place to live.

Wealthier people from all over Central and Latin America are also visiting Costa Rica because of political and monetary instability of their own countries.

If you fear for the lives of your own children because they may be kidnapped in Mexico, Guatemala or Honduras or, you may have just witnessed the worth of your property slashed in half as a few of our Venezuelan associates 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 army, and its citizens get pleasure from one of many highest life expectancy levels in the Western hemisphere and higher living standards than their war-torn neighbors.

Costa Rica’s excellent climate, laid back way of life, monetary and political stability makes this ‘rich coast’ look like paradise on earth to many people.

Enterprise Opportunities: It is not just individuals seeking retirement which are visiting Costa Rica. We are seeing younger entrepreneurs coming to Costa Rica with desires of establishing their business here.

This is an admirable goal however; we should always remember that having a working knowledge of Spanish will only take you half way. We must remember that we’re visitors of 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: Compared with Europe and lots of metropolitan areas in the USA, real estate in Costa Rica is very affordable. Foreigners can easily purchase their own homes and some people have decided to build their own homes.

In line with the Global Property Guide, the most cost effective city in Europe is Bucharest where you’d pay US$three,085 per sq. meter for a 120M2 condominium (1,291.2 sq. ft). So most Costa Rica real estate is 40-50% less than the most cost effective city in Europe.

You possibly can actually find luxury condos in Costa Rica for $2,200 per square meter but you may also easily purchase a contemporary, brand new, very comfortable house wherever close to the enterprise, cultural and entertainment centre of San Jose, the capital of Costa Rica for US$1,500 – $1,750 per sq. meter. I do know this because I have bought a couple of properties here.

As an example, in 2007 I bought a new, two story 300M2 (3,228 square ft) luxury home (350M lot – 3,766 sq. toes) in a safe gated apartment neighborhood in an excellent location in Santa Ana, built by among the best builders we have now come across priced at US$1,033 per square meter.

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

According to the Miami Dade County website, on a US$275K property in Miami, you would pay about US$6,875 per year in property taxes. With a luxury condominium in , the property taxes for a home of the identical value could be less than $1,000 per yr so you’d save about US $490 per month just in property taxes.

And for my 3,228 sq. ft luxurious house in Costa Rica? I paid about $230 per 30 days 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. feet retirement home (plus 462.sixty eight sq. ft for the garage space, pila and bodega) on 5,000M2 of land and absolutely furnished it for less than US$a hundred and forty,000

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

Affordable Cost of Living: Only 1% of US households headed by people aged sixty two-72 have $1 million or more in assets aside from their home. Now that may sound like a lot of money but $1M in the present day lasts less than 20 years assuming a rate of return of seven%, inflation of three% and inflation-adjusted annual withdrawals of $75K. People understand that their cash will final rather a lot longer with a Costa Rica retirement.

Having said that, demographically talking, forty-six % of the baby boomers are nonetheless of their 40s so there are plenty of baby-boomers that haven’t really began to think about their retirement. The more negative the political and economic surroundings becomes within the USA, the more receptive they are going to be to the idea of residing and retiring abroad.

How A lot Is The Meals? To give you a real thought about meals costs, in one in all Jo Stuart’s latest newspaper columns, she compared the precise cost of a basket of fruits and vegetables purchased here in to the exact gadgets bought in a California farmer’s market. She spent US$8.75 right here and the same objects in California price US$29.forty seven

The underside line is if you eat a healthy food regimen full of 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 financial savings on food dwelling in Costa Rica.

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