Baby Boomers Consider Retiring in Costa Rica - General Information
March 9th, 2017
If you are a Baby Boomer looking for a place where we can retire in peace as well as enjoy the goodness of nature and life, then Costa Rica might be the right one for us.
Baby Boomers Consider Retiring in Costa Rica - General Information
Baby Boomers deserve the best in life because we have earned it.
No wonder they say life actually starts after 50!
So if you are looking for a place where we can retire in peace as well as enjoy the goodness of nature and life, then Costa Rica might be just the right one for you.
A beautiful country with plenty of natural resources and undeniable temptations, Costa Rica is an upcoming Real Estate hub.
Surrounded by palm fringed beaches, a rich variety of flora and fauna, dense undergrowth of rainforests, magnificent mountains and numerous species of wild animals, Costa Rica is a paradise on earth. This is the real Costa Rica and it attracts thousands of tourists every year. But now it has started to attract a different group of people – retiring Baby Boomers.
Basic Information Costa Rica has a landmass spread over 19,730 square miles, which is little over the combined land mass area of Delaware, Vermont, Connecticut and Rhode Island. It is a Central American country, which is bordered by the Caribbean in the East and the Pacific Ocean in the West. Its immediate neighbors are Nicaragua and Panama. It is divided into different zones and they are the Central Highlands, The Caribbean Coast, The Northern Zone, Guanacaste and the Northwest, Nicoya Peninsula, Central Pacific and Golfo Dulce and the Peninsula De Osa.
Geography Costa Rica is located right at the center of the isthmus of Central America. It is surrounded by the Caribbean, the Pacific Ocean, Nicaragua and Panama. The topography and geography of Costa Rica is varied and this makes it an interesting place to retire especially with its rivers, mountains, volcanoes, beaches and tropical forests. It’s natural paradise boasts of 7 different climate zones, thousands of habitats, various species of flora and fauna, great people, shimmering sandy beaches and a glorious sunset.
Climate and Weather Costa Rica has seven microclimates and it is a tropical country with two seasons: the rainy season or winters also called the invierno, and the summers or dry season called the verano. The summers start in December and ends in April, while the rainy season is from May to November. The overall climate is pleasant with sunshine in the day and light winds in the evening.
Population and Language The population of Costa Rica is approximately 3 million and the native language is Spanish. Due to the low Costa Rica cost of living, more and more foreigners are purchasing real estate here.
Costa Rica Economy One of the primary factors for the surge in Costa Rica real estate is due to its stable economy. Costa Rica's economy depends mostly on tourism, agriculture and export of microchips. It is an extremely safe place for tourists with low crime rates. There are still 20-25% people living below the poverty line.
Education & Health Care Costa Rica has a high rate of literacy, almost 95%, which is also the highest in Latin America. It also has a good health care system that offers both public and private care. Citizens of Costa Rica can access the public health care system with ease. The employees and employers in the country make monthly or annual health-care contributions.
Political Stability Costa Rica has one of the oldest democracies in South & Central America and boasts of its peaceful history. It is one of the few countries in the world that does not have a military. Instead the government of Costa Rica has invested most of the resources previously committed to defense in education, health and conservation.
Public Services Everyone wants to have a home in a place where there is electricity, water and all other amenities. Costa Rica has them all and what more; you can’t find a more pure form of water than anywhere else. It’s right from the mountains!
Transportation The infrastructure of Costa Rica is sound and has got strengthened over the years. It has a good network of roads and a sophisticated public transport system. From taxis to buses, you can find different modes of transport. There are ferry services also available for crossing the Tempiscque River. Costa Rica is connected to the rest of the world by air and has two domestic air services Travel Air and Sansa.
Cost of Living The cost of living in Costa Rica is quite low as compared to living in USA, Europe or may be Canada. The initial buying cost of property in Costa Rica may appear high but actually it is not. If you compare the prices of Real Estates in Costa Rica to locations such as Florida, California or Hawaii that have beautiful locations, you will find that Costa Rica has the least prices.
Income Taxes in Costa Rica If you earn anything outside Costa Rica then you are not liable to pay any taxes on it. If you are operating your business out of the country then you will be liable to pay a low personal income tax with benefits like personal expenses as deductible. The corporate tax applicable in Costa Rica is also quite low. Sales tax is 13% and there is a 10% tax on table service at various bars and restaurants across Costa Rica.
Immigration Requirements You need to have a valid passport and a continuing ticket. If you are a citizen of the United States, Canada, Spain, Germany, Italy, etc., then you can stay in Costa Rica for 90-days without a Visa. There are many non-residents who are staying in Costa Rica and at the end of the 90 day period, travel to nearby countries like Panama, Nicaragua, Mexico etc and spend 72 hours outside the country and return back. Due to the low Costa Rica cost of living, it has become a haven for travelers and foreign investors who keep pouring in.
Permanent Residency Costa Rica retirement options include applying for permanent residency. If you are able to show a proof of permanent income through pension, retirement funds, retirement benefits or investments, then you can easily apply for the permanent residency status. You will need to contact your local Costa Rican embassy or you can contact us regarding the terms and requirements for filing an application.
Real Estate Investment Costa Rica real estate is open to everyone and anyone including the citizens as well as foreign investors and has become a true haven for Real Estate investment especially for American, Canadian and the European investors. More importantly, there has been no property depreciation in over 20 years and is considered one of the safest Real Estate investments in the world.
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