If we had to think of an ideal place for this stage of life, we would surely want it to perfectly combine tropical beaches, spring-like weather, natural charm, tax advantages, and an affordable cost of living. Far from remaining a mere desire for fulfillment and tranquility, Costa Rica turns it into a reality.
It is well known that finding the right place to enjoy retirement years is the dream of many people. Costa Rica has the perfect equation: tropical climate, natural beauty with its abundance of flora and fauna, friendliness and generosity of locals, affordable quality healthcare, numerous real estate options, benefits for foreigners, and proximity to North America.
As if the mentioned attributes were not enough, the ranking published in the Global Retirement Index 2024 by the International Living website recognized Costa Rica as the first country in Central America and one of the happiest destinations in the world with its “Pura vida” lifestyle, a definition that reflects the joy for life felt by Costa Ricans.
Reasons to choose Costa Rica
What makes it a charming destination for seniors? Without a doubt, it is impossible to cover all the reasons to choose it. Some of the main ones are:
- The blessings of nature with its diversity of ecosystems and paradisiacal beaches, along with its commitment to environmental protection and sustainability (such as the development of renewable energy sources).
- The offering of different activities to adopt a relaxed and healthy lifestyle, in line with the desires and tastes of each person.
- Affordable cost of living: a good quality-to-price ratio.
- Interest in improvements in education and healthcare levels, allocating a significant portion of public funds to both areas.
- Access to the healthcare system: public through the Costa Rican Social Security Fund, one of the highest-rated in Latin America, and private through insurance policies.
- The abolition of the army.
- Proximity to the United States.
Costa Rica and benefits for foreigners
If retirement plans include the possibility of entering the world of investment, primarily in real estate, Costa Rica, with its economic stability, is also the right place. In fact, the country has Law 9996 that aims to attract foreign investors, lessors, and pensioners, providing temporary residence to those who invest minimally in real estate, registrable assets, shares, securities, and productive or national interest projects.
This regulation provides various tax benefits, including: a one-time tariff and import tax exemption for the importation of household goods; a 20% exemption from the total property transfer tax on real estate acquired during the validity of the law; and import tax exemption for instruments or materials for professional or scientific use.
Retiring in another country is no longer an exception. More and more people decide to emigrate in search of tranquility and enjoyment. If this is a reality you seek to experience, contact us. At ERP, we guarantee personalized legal advice so that you can fully enjoy Costa Rica.
