Costa Rica is a place of gorgeous scenery, sunshine and smiles with spring-like climate all 12 months round, no revenue taxes on international earned earnings, no capital gains taxes, glorious world-class medical amenities, affordable medical plans and populated by the ‘Ticos’ who’re 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 appears there’s quite a number of thinking a couple of Costa Rica retirement. So too are Canadians and quite a few Europeans who are on the lookout for that perfect local weather and a more affordable place to live.
Wealthier folks from throughout Central and Latin America are additionally visiting Costa Rica because of political and monetary instability of their own countries.
While you worry for the lives of your own children because they could be kidnapped in Mexico, Guatemala or Honduras or, you might have just witnessed the value of your property slashed in half as some of our Venezuelan mates have just lately, your future can look downright terrifying.
Politically Stable Country: Not like most nations in Central and Latin America, Costa Rica has been a stable and democratic country because it’s independence in 1948. It has no military, and its citizens take pleasure in one of many highest life expectancy levels in the Western hemisphere and higher residing standards than their war-torn neighbors.
Costa Rica’s excellent local weather, laid back life-style, financial and political stability makes this ‘rich coast’ seem like paradise on earth to many people.
Business Alternatives: It isn’t just people seeking retirement that are visiting Costa Rica. We are seeing young entrepreneurs coming to Costa Rica with dreams of establishing their enterprise here.
This is an admirable objective nevertheless; we should keep in mind that having a working knowledge of Spanish will only take you half way. We should keep in mind that we’re guests of their country, doing business here can be challenging because inefficient bureaucracies, redundancies and duplications are a part of on a regular basis business.
Affordable Costa Rica Real Estate: In comparison with Europe and plenty of metropolitan areas in the USA, real estate in Costa Rica may be 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 most affordable city in Europe is Bucharest the place you’ll pay US$3,085 per square meter for a 120M2 residence (1,291.2 sq. ft). So most Costa Rica real estate is 40-50% less than the most affordable metropolis in Europe.
You’ll be able to actually discover luxurious condos in Costa Rica for $2,200 per square meter but you can also easily purchase a contemporary, model new, very comfortable residence anyplace near the enterprise, cultural and entertainment centre of San Jose, the capital of Costa Rica for US$1,500 – $1,750 per square meter. I do know this because I have bought a few houses here.
For example, in 2007 I bought a new, story 300M2 (3,228 square ft) luxury house (350M lot – three,766 square feet) in a secure gated condominium group in an excellent location in Santa Ana, constructed by among the best builders we’ve come across priced at US$1,033 per sq. meter.
Property Taxes: When buying a house in Costa Rica, property taxes have to be considered however thankfully there’s little to fret about because basic property taxes are only 0.25% and even when your private home is ultra-luxurious and the luxurious property tax additionally applies, it all adds up to very little..
In response to 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 luxury house in , the property taxes for a house of the identical worth could be less than $1,000 per 12 months so you would save about US $490 per month just in property taxes.
And for my three,228 square feet luxury dwelling in Costa Rica? I paid about $230 per 30 days for each monthly upkeep (swimming pool, landscaping, safety and so on) as well as property taxes.
Building Your Own Home:
In late July 2009 we completed building our 1,797 square toes retirement residence (plus 462.68 square ft for the garage space, pila and bodega) on 5,000M2 of land and totally furnished it for less than US$one hundred forty,000
Building your own residence is just not for the faint of heart wherever on the earth however in case you are comfortable with the thought then you definitely’ll be delighted to know that your labor costs in are low.
Affordable Cost of Living: Only 1% of US households headed by of us aged 62-seventy two have $1 million or more in assets other than their home. Now that may sound like some huge cash but $1M in the present day lasts less than 20 years assuming a rate of return of 7%, inflation of three% and inflation-adjusted annual withdrawals of $75K. Individuals understand that their money will final lots longer with a Costa Rica retirement.
Having said that, demographically speaking, 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 surroundings turns into in the USA, the more receptive they will be to the idea of residing and retiring abroad.
How Much Is The Meals? To offer you a real concept about food costs, in one in every of Jo Stuart’s recent newspaper columns, she compared the precise value of a basket of fruits and vegetables bought right here in to the precise objects bought in a California farmer’s market. She spent US$8.seventy five here and the identical objects in California value US$29.forty seven
The bottom line is if you eat a healthy eating regimen stuffed with contemporary fruit, recent vegetables, just a little fish, chicken or beef, you and your loved ones will probably be healthier and you may get pleasure from significant savings on food residing in Costa Rica.
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