Costa Rica is a spot of stunning scenery, sunshine and smiles with spring-like climate all yr round, no earnings taxes on international earned income, no capital positive factors 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’ 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 numerous Europeans who’re looking for that excellent climate and a more affordable place to live.
Wealthier folks from all over Central and Latin America are additionally visiting Costa Rica because of political and monetary instability in their own countries.
When you fear for the lives of your own children because they could be kidnapped in Mexico, Guatemala or Honduras or, you have just witnessed the value of your property slashed in half as some of our Venezuelan associates have lately, 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 because 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 residing standards than their war-torn neighbors.
Costa Rica’s perfect climate, laid back lifestyle, financial and political stability makes this ‘rich coast’ appear to be paradise on earth to many people.
Enterprise Opportunities: It isn’t just people searching for retirement which can be visiting Costa Rica. We are seeing young entrepreneurs coming to Costa Rica with dreams of establishing their business here.
This is an admirable purpose nonetheless; we must always remember that having a working knowledge of Spanish will only take you half way. We should remember that we’re company of their country, doing enterprise here can be challenging because inefficient bureaucracies, redundancies and duplications are part of on a regular basis business.
Affordable Costa Rica Real Estate: In comparison with Europe and lots of metropolitan areas in the USA, real estate in Costa Rica is very affordable. Foreigners can simply buy their own homes and a few people have decided to build their own homes.
In accordance with the Global Property Guide, the most cost effective city in Europe is Bucharest the place you would pay US$three,085 per sq. meter for a 120M2 house (1,291.2 sq. feet). So most Costa Rica real estate is 40-50% less than the cheapest metropolis in Europe.
You possibly can definitely find luxurious condos in Costa Rica for $2,200 per sq. meter but you may also easily purchase a modern, model new, very comfortable residence wherever near the enterprise, cultural and entertainment centre of San Jose, the capital of Costa Rica for US$1,500 – $1,750 per sq. meter. I know this because I have purchased a number of properties here.
As an example, in 2007 I purchased a new, story 300M2 (three,228 sq. ft) luxurious residence (350M lot – three,766 square feet) in a safe gated rental neighborhood in an amazing location in Santa Ana, built by probably the greatest builders now we have come across priced at US$1,033 per sq. meter.
Property Taxes: When shopping for a home in Costa Rica, property taxes have to be considered however fortunately there’s little to fret about because fundamental property taxes are only 0.25% and even if your home is ultra-luxurious and the luxury property tax additionally applies, all of it adds up to very little..
In line with 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 luxury condo in , the property taxes for a home of the same value can be less than $1,000 per 12 months so you would save about US $490 monthly just in property taxes.
And for my 3,228 sq. toes luxurious house in Costa Rica? I paid about $230 per 30 days for each month-to-month maintenance (swimming pool, landscaping, safety and so forth) as well as property taxes.
Building Your Own Home:
In late July 2009 we finished building our 1,797 square feet retirement dwelling (plus 462.68 square ft for the garage space, pila and bodega) on 5,000M2 of land and absolutely furnished it for less than US$one hundred forty,000
Building your own home just isn’t for the faint of coronary heart anywhere on this planet but in case you are comfortable with the idea then you definately’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-seventy two have $1 million or more in property other than their home. Now that might sound like a lot of money however $1M right now 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 cash will final lots longer with a Costa Rica retirement.
Having said that, demographically talking, forty-six p.c of the baby boomers are nonetheless 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 becomes in the USA, the more receptive they will be to the concept of living and retiring abroad.
How A lot Is The Food? To offer you a real idea about food prices, in considered one of Jo Stuart’s current newspaper columns, she compared the precise cost of a basket of fruits and vegetables bought right here in to the exact items bought in a California farmer’s market. She spent US$8.seventy five right here and the same objects in California cost US$29.forty seven
The underside line is in case you eat a healthy weight loss program full of recent fruit, fresh vegetables, a little bit fish, chicken or beef, you and your family shall be healthier and you’ll enjoy significant savings on meals dwelling in Costa Rica.
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