Top 10 Reasons Baby Boomers Invest in Costa Rica Real Estate [VIDEO]
September 19th, 2008
Baby Boomers say that Real Estate in Costa Rica could very well be a smart way for us to hedge our investments while preparing for retirement in a true paradise.
The real estate market in Costa Rica is said to be one of the most stable in the world and is expected to continue for many years to come.
As Baby Boomers are experiencing uncertain retirement plans with the failing Real Estate market and an insufficient Medicare system, we are seriously considering moving towards an independent retirement in the sun - outside of the US.
For many Baby Boomers, Costa Rica Real Estate could very well be a smart way for us to hedge our investments while preparing for retirement in a true paradise.
Costa Rica President Oscar Arias says ‘there is far more potential for growth.’ Scotia Bank, G.E. Capital, HSBC and Citibank have all recently purchased stakes in various Costa Rican banks. High-Tech Companies such as Intel, Boston Scientific, Hewlett Packard, Hospira, and Procter & Gamble have established offices and factories in Costa Rica.
1. Strategic Location. As little as 2 1/2 hour from the U.S., Costa Rica is located at the center of the Americas, with 2 major airports excellent airlift as well as 2 ports providing easy interna-tional access from either coast.
2. Political Stability/Safe Investment. Costa Rica has a long democratic and worldrenowned tradition, which has more than 115 years of history. Such respect for political and peace processes was evidenced by the abolition of the military in 1948 and acknowledged internationally in 1987 when then-President of the Republic, Oscar Arias Sanchez, was awarded the Nobel Peace Prize.The last World Bank survey for Global Governance Indicators showed Costa Rica as 1st within Latin America for political stability and lack of violence.
3. Low Construction Costs. It’s relatively easy to develop in Costa Rica. A good work force comes at a fairly low cost compared to that of the U.S. A home costing $150 per square foot to build in Costa Rica would cost $500 per square foot to construction in L.A. or Miami. DUBAI?!!
4. Land Ownership by Foreigners. Unlike in Mexico and other countries, the Costa Rican Government allows foreign investors to hold fee simple title land.
5. Favorable Investment Incentives. President Oscar Arias Sanchez and his government offer several incentives, tax and otherwise, for foreign investment.
6. Low Taxes. Under Costa Rican tax law, you must declare the value of your home to the Costa Rican Municipal Government every 5 years. An annual flat rate of 0.25% is charged, calculated on the declared land and structure value combined.
7. Good Trade Access to Markets. Costa Rica has easy access to markets worldwide through several free trade agreements. Most recently, the Central America Free Trade Agreement (CAFTA) between Costa Rica, the United States, El Salvador, Guatemala, Nicaragua, Honduras and the Dominican Republic is rati-fied after a majority of Costa Ricans voted in favor of the measure on October 7, 2007. Costa Rica is also working to become a full member of the Asia-Pacific Economic Cooperation Forum (APEC) after being an observer since to 2004.
8. Advanced Infrastructure. Costa Rica has 2 major ports, 157 airstrips, and 2 international airports. The main airport (Juan San-tamaria) is 15 km from San Jose and the second (Daniel Oduber is located in the northern part of the country in Liberia, Guanacaste. Both airports have been approved Class 1 by the Federal Aviation Administration of the USA. Also, Costa Rica has favorable infrastructure for development with 97.04% national electricity coverage, 99% urban potable water coverage (92% rural), 34.3 fixed telephone line per 100 inhabitants, and 933.63 Internet users per 10,000 inhabitants.
9. Educated Workforce. Universal public education provides highly qualified, bilingual human resource availability with a range of skills in architecture, engineering, environmental consultants specialized in hotel development, hotel management, culinary skills, among many others.
10. Excellent Quality of Life. According to InternationalLiving.com’s 2008 Quality of Life Index, Costa Rica ranks 26th overall out of 193 countries, ahead of even Sweden and the UK. Costa Rica has achieved the highest education and health levels in Latin America and has reduced poverty from 40% to 20% over the last 20 years.
CNBC: Costa Rica has the Hotest Real Estate in the World
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