Costa Rica is a place of gorgeous scenery, sunshine and smiles with spring-like weather all yr round, no revenue taxes on international earned income, no capital gains taxes, wonderful world-class medical services, 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 77 million ‘baby boomers’ in the USA who started retiring in 2008 and it seems there’s quite a couple of thinking about a Costa Rica retirement. So too are Canadians and numerous Europeans who’re searching for that perfect climate and a more affordable place to live.
Wealthier people from all over Central and Latin America are additionally visiting Costa Rica because of political and financial instability in their own countries.
While you fear for the lives of your own children because they may be kidnapped in Mexico, Guatemala or Honduras or, you’ve gotten just witnessed the value of your own home slashed in half as some of our Venezuelan buddies have 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 since 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 living standards than their war-torn neighbors.
Costa Rica’s perfect climate, laid back way of life, financial and political stability makes this ‘rich coast’ appear to be paradise on earth to many people.
Enterprise Opportunities: It’s not just individuals seeking retirement that are visiting Costa Rica. We are seeing young entrepreneurs coming to Costa Rica with goals of establishing their business here.
This is an admirable goal however; we must always remember that having a working data of Spanish will only take you half way. We must keep in mind that we are company in their country, doing business right here may be challenging because inefficient bureaucracies, redundancies and duplications are a part of everyday business.
Affordable Costa Rica Real Estate: As compared with Europe and many metropolitan areas within the USA, real estate in Costa Rica may be very affordable. Foreigners can simply buy their own houses and a few people have decided to build their own homes.
In line with the Global Property Guide, the most affordable city in Europe is Bucharest where you would pay US$three,085 per square meter for a 120M2 house (1,291.2 square ft). So most Costa Rica real estate is forty-50% less than the cheapest city in Europe.
You may actually discover luxurious condos in Costa Rica for $2,200 per square meter but you too can easily purchase a contemporary, brand new, very comfortable house anyplace close to the business, cultural and entertainment centre of San Jose, the capital of Costa Rica for US$1,500 – $1,750 per square meter. I know this because I have purchased a few houses here.
For instance, in 2007 I bought a new, story 300M2 (three,228 sq. toes) luxurious dwelling (350M lot – three,766 square feet) in a secure gated condo neighborhood in an important location in Santa Ana, built by among the finest builders we have now come throughout 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 may be little to fret about because primary property taxes are only 0.25% and even when your property is ultra-luxurious and the luxurious property tax also applies, all of it adds up to very little..
According to the Miami Dade County website, on a US$275K property in Miami, you would pay about US$6,875 per yr in property taxes. With a luxurious apartment in , the property taxes for a home of the identical value can be less than $1,000 per year so you’d save about US $490 monthly just in property taxes.
And for my three,228 sq. ft luxury dwelling in Costa Rica? I paid about $230 per 30 days for each month-to-month maintenance (swimming pool, landscaping, safety etc) as well as property taxes.
Building Your Own Home:
In late July 2009 we completed building our 1,797 sq. ft retirement home (plus 462.sixty eight sq. ft for the garage area, pila and bodega) on 5,000M2 of land and absolutely furnished it for less than US$a hundred and forty,000
Building your own dwelling is just not for the faint of heart anyplace on the earth however in case you are comfortable with the concept you then’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 sixty two-72 have $1 million or more in property aside from their home. Now that might sound like a lot of money however $1M immediately 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 money will last a lot longer with a Costa Rica retirement.
Having said that, demographically talking, forty-six percent of the baby boomers are still of their 40s so there are many 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 concept of residing and retiring abroad.
How A lot Is The Food? To give you a real idea about food costs, in one among Jo Stuart’s latest newspaper columns, she compared the exact value of a basket of fruits and vegetables purchased here in to the exact objects purchased in a California farmer’s market. She spent US$8.seventy five here and the same gadgets in California value US$29.forty seven
The bottom line is if you eat a healthy food regimen full of contemporary fruit, recent vegetables, a bit of fish, chicken or beef, you and your family will be healthier and you will enjoy significant financial savings on meals residing in Costa Rica.
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