Costa Rica has become one of the most desirable retirement destinations in the world, not only because of its ideal climate and breathtaking beauty, and a country of great heart and soul, making it always endearing and generally unique among its neighbors.
The psyche of the people is most certainly, and quite fortunately, reflected in the more than 150-year history and tradition of free and honest elections. Costa Rica boasts the oldest democracy in Latin America, which is why it is richly known for its political, social and economic stability.
NO ARMY BENEFIT:
This stability (even among less stable neighbors) has been achieved and upheld WITHOUT a standing army, which was abolished in 1948. Instead of investing money into a military, resources were instead allocated to highways, education, medical care and the cultural arts.
AFFORDABLE COST OF LIVING:
This theme of democracy and devotion to the enrichment of the lives of the population has resulted in a highly educated, productive, yet affordable workforce for companies and individuals, alike.
In turn, Costa Rica in general, has a very affordable cost of living which is particularly appreciated by visitors or those who relocate from the United States, Canada and Europe. A couple can live comfortably on less than $1500 per month. Housing, construction, food, utilities, property taxes, insurance premiums and labor (7) domestic help are where you will find the greatest and most dramatic savings.
If your current tastes already trend higher, then you will pay more for it here, as you would in your own country of origin. But more is still less.
PROPERTY VALUES:
As for property ….The type, size and location of the property will dictate how much you pay. A simple but pleasant home can be purchased for $45- $90 per square foot. The range in price will depend on your personal preferences. Check out some retirement properties and communities, and inexpensive living housing here.
COMMUNICATION:
So now that you have arrived…please know, that at least in most locations in the country, you can enjoy consistent and realiable access to modern communication. Internet, cell, fax, land phones, and, actually, an efficient surface mail system. Let it be known, however, that the Spanish word for address is “direccion.” Unless you have a Post Office Box, more often than not, your address is, literally, a sequence of “directions” unless and sometimes even if, you live in a more metropolitan area.
Two top-notch English newspapers, cable DirectTV access with US and British Channels, along with availability of English language books and movies help appease the potential for “homesickness.”
There is also a wide variety of options for Spanish language study in both private and public venues.
MEDICAL GENERAL:
So what if I get sick? By the way…yes, you CAN drink the water! However if you DO require medical treatment, Costa Rica is considered to have among the best, low-cost medical systems in the world. This system focuses on both preventive and curative care, is accessible, affordable and comprehensive. You can be treated in or by, private or public hospitals/doctors or clinics. AND based on your residency status, you will have different advantages within the country’s system. Many doctors here are also board certified in the U.S. and have practiced or studied in the U.S. or Europe. You should look to your own health insurance provider and their reimbursement rules when visiting or living outside your home country. Claims reimbursement will vary depending upon your insurance provider.
MEDICAL COST:
In general, the cost of an office visit will likely be comparable to your co-pay in the U.S. or at the minimum ½ to 1/3. You can also be confident you will be well cared for by staff and doctor.
MEDICAL – COSMETIC SURGERY/COST:
Looking for some rejuvenation?….want a little nip, tuck, enhancement or reduction? Costa Rica is rapidly building a reputation as the Beverly Hills of the south in regard to cosmetic surgery. Cosmetic surgeons here are highly qualified, academically correct, speak perfect English, have fine facilities and post-op care, and thery are able to offer their services at a fraction of the cost of the United States. Typically, 30-50% more affordable than the same procedure in the U.S.
DENTAL CARE:
The quality of dentists and the more reasonable cost of routine and cosmetic dental procedures follows the same integrity and savings that can be observed for medical procedures.
BUSINESS CLIMATE FOR INVESTMENT:
Now that we’ve covered a lot of the “emotional” WHYS of Costa Rica, perhaps we should get down to business.
Costa Rica, is well recognized for its friendly business climate, infrastructure of international business standards, and a positive attitude toward foreign investment, making it one of the safest and most attractive countries in Latin America for investors from anywhere in the world.
A recent World Bank Study ranked Costa Rica at a very high 83 percentile, Meaning 83% of countries worldwide have LESS political stability than Costa Rica, and accordingly, we have the most desirable rating in all of Latin America.
BUSINESS SENSE MAKES CENTS:
Depending on the type of business, there are generous incentives, tax breaks and in some cases, waivers on import duties. The Maximum Costa Rican tax rate is 30% with no city or state taxes and low property taxes. Formation of an offshore corporation to shelter earnings and reduce taxes is an option for many. Also, U.S. citizens can recognize sizable tax exemptions, currently $80,000 applies to individual overseas-earned gross income. Please, however, always seek advisement from a professional financial advisor, so that you can make the best and most informed decisions.
Entrepreneurial opportunities are feasible and most certainly exist for those inclined. Keep in mind, however, there is always risk, anywhere, when starting a new commercial endeavor.
HOME AWAY FROM HOME:
With so many Americans, Canadians, Europeans and others relocating to Costa Rica on a full or part-time basis there is ample opportunity to “find your own crowd” and interact on your own level, whatever that might be. A large selection of clubs, organizations, churches and volunteer activities will enhance your ability to make friends, with either locals or transplants, who share similar interests, regardless of race, color, creed or national origin.
You can also still play tennis or golf in the local country club or in your own gated community. And…when you yearn for US restaurant franchise food, familiar clothing labels and product brands they are always available and accessible.
