Costa Rica is a place of gorgeous surroundings, sunshine and smiles with spring-like climate all yr spherical, no revenue taxes on foreign earned income, no capital positive factors taxes, wonderful 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 77 million ‘baby boomers’ within the USA who started retiring in 2008 and it appears there’s fairly a few thinking a few Costa Rica retirement. So too are Canadians and quite a few Europeans who’re searching for that perfect local weather 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 monetary instability of 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 worth of your own home slashed in half as a few of our Venezuelan pals have not too long ago, 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 many highest life expectancy levels within the Western hemisphere and higher living standards than their war-torn neighbors.
Costa Rica’s excellent climate, laid back life-style, monetary and political stability makes this ‘rich coast’ appear to be paradise on earth to many people.
Business Opportunities: It is not just individuals seeking retirement which might be visiting Costa Rica. We are seeing young entrepreneurs coming to Costa Rica with dreams of establishing their business here.
This is an admirable aim however; we should do not forget that having a working data of Spanish will only take you half way. We should keep in mind that we are visitors in their country, doing enterprise right here will be difficult because inefficient bureaucracies, redundancies and duplications are part of everyday 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 easily buy their own houses and a few individuals have determined to build their own homes.
In keeping with the Global Property Guide, the most affordable metropolis in Europe is Bucharest the place you would pay US$3,085 per square meter for a 120M2 residence (1,291.2 sq. toes). So most Costa Rica real estate is 40-50% less than the most affordable city in Europe.
You’ll be able to certainly discover luxury condos in Costa Rica for $2,200 per square meter but you may as well simply purchase a modern, brand new, very comfortable home anywhere 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 know this because I’ve bought a few houses here.
As an example, in 2007 I bought a new, two story 300M2 (3,228 square toes) luxury house (350M lot – three,766 sq. toes) in a safe gated condominium neighborhood in a fantastic location in Santa Ana, constructed by top-of-the-line builders we have now come throughout priced at US$1,033 per sq. meter.
Property Taxes: When shopping for a home in Costa Rica, property taxes have to be considered but thankfully there’s little to fret about because fundamental property taxes are only 0.25% and even when your private home is extremely-luxurious and the luxurious property tax also applies, all of it adds up to very little..
In accordance with 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 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 30 days just in property taxes.
And for my 3,228 sq. feet luxury residence in Costa Rica? I paid about $230 per 30 days for both month-to-month maintenance (swimming pool, landscaping, security etc) 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.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 home will not be for the faint of coronary heart anyplace on this planet however if you’re comfortable with the idea then you definately’ll be delighted to know that your labor prices in are low.
Affordable Price of Living: Only 1% of US households headed by people aged sixty two-seventy two have $1 million or more in assets aside from their home. Now that may sound like some huge cash but $1M right now lasts less than 20 years assuming a rate of return of 7%, inflation of 3% and inflation-adjusted annual withdrawals of $75K. Folks understand that their cash will final so much longer with a Costa Rica retirement.
Having said that, demographically speaking, forty-six p.c of the baby boomers are nonetheless of their 40s so there are plenty of baby-boomers that haven’t really started to think about their retirement. The more negative the political and economic surroundings becomes within the USA, the more receptive they will be to the concept of residing and retiring abroad.
How A lot Is The Meals? To present you a real concept about food prices, in certainly one of Jo Stuart’s recent newspaper columns, she compared the precise price of a basket of fruits and vegetables purchased right here in to the precise objects bought in a California farmer’s market. She spent US$8.75 here and the same gadgets in California value US$29.forty seven
The bottom line is for those who eat a healthy weight loss program filled with recent fruit, fresh vegetables, a little fish, chicken or beef, you and your family might be healthier and you may get pleasure from significant financial savings on food dwelling in Costa Rica.
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