Costa Rica is a place of stunning surroundings, sunshine and smiles with spring-like weather all yr spherical, no income taxes on foreign earned revenue, no capital beneficial properties taxes, excellent world-class medical services, 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 77 million ‘baby boomers’ within the USA who started retiring in 2008 and it seems there’s quite a number of thinking about a Costa Rica retirement. So too are Canadians and quite a few Europeans who’re searching for that excellent local weather and a more affordable place to live.
Wealthier folks from all over Central and Latin America are also visiting Costa Rica because of political and monetary instability in 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 will have just witnessed the worth of your private home slashed in half as some of our Venezuelan buddies have recently, your future can look downright terrifying.
Politically Stable Country: Unlike 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 ranges within the Western hemisphere and higher living standards than their war-torn neighbors.
Costa Rica’s good climate, laid back lifestyle, financial and political stability makes this ‘rich coast’ seem like paradise on earth to many people.
Enterprise Opportunities: It’s not just folks looking for 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 goal nonetheless; we should always remember that having a working knowledge of Spanish will only take you half way. We must do not forget that we’re company of their country, doing enterprise right here might be difficult because inefficient bureaucracies, redundancies and duplications are a part of everyday business.
Affordable Costa Rica Real Estate: In comparison with Europe and many metropolitan areas within the USA, real estate in Costa Rica may be very affordable. Foreigners can easily buy their own properties and some individuals have decided to build their own homes.
Based on the Global Property Guide, the most affordable metropolis in Europe is Bucharest where you would pay US$three,085 per sq. meter for a 120M2 apartment (1,291.2 square toes). So most Costa Rica real estate is 40-50% less than the cheapest metropolis in Europe.
You may actually find luxury condos in Costa Rica for $2,200 per sq. meter however you can too easily buy a modern, brand new, very comfortable dwelling anyplace close to 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 just a few houses here.
For instance, in 2007 I purchased a new, two story 300M2 (three,228 square feet) luxurious dwelling (350M lot – three,766 sq. feet) in a secure gated rental group in an excellent location in Santa Ana, constructed by probably the greatest builders we’ve got come across priced at US$1,033 per sq. meter.
Property Taxes: When buying a home in Costa Rica, property taxes have to be considered however fortunately there’s little to fret about because basic property taxes are only 0.25% and even when your private home is extremely-luxurious and the luxury property tax also applies, all of it adds as much as very little..
In accordance with the Miami Dade County website, on a US$275K property in Miami, you’ll pay about US$6,875 per 12 months in property taxes. With a luxurious condo in , the property taxes for a house of the same 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 square feet luxurious residence in Costa Rica? I paid about $230 per 30 days for both monthly upkeep (swimming pool, landscaping, safety and so forth) as well as property taxes.
Building Your Own Home:
In late July 2009 we finished building our 1,797 sq. toes retirement house (plus 462.sixty eight square 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 house just isn’t for the faint of heart wherever on the earth however in case you are comfortable with the idea you then’ll be delighted to know that your labor costs in are low.
Affordable Price of Living: Only 1% of US households headed by of us aged sixty two-72 have $1 million or more in property other than their home. Now that might sound like a lot of money but $1M today lasts less than 20 years assuming a rate of return of seven%, 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 nonetheless of their 40s so there are plenty of baby-boomers that have not really started to think about their retirement. The more negative the political and financial atmosphere turns into within the USA, the more receptive they will be to the thought of living and retiring abroad.
How Much Is The Meals? To provide you a real idea about meals prices, in one of Jo Stuart’s latest newspaper columns, she compared the exact cost of a basket of fruits and vegetables purchased here in to the precise items bought in a California farmer’s market. She spent US$8.seventy five right here and the identical items in California price US$29.47
The bottom line is for those who eat a healthy food plan full of contemporary fruit, recent vegetables, somewhat fish, chicken or beef, you and your loved ones will be healthier and you may enjoy significant savings on food dwelling in Costa Rica.