Commonly Asked Questions
Commonly Asked Questions
Traveling to Costa Rica and enjoying the splendor of this tropical country is an experience in itself. If you are retired or retiring soon then you can visit Costa Rica and get to know the country where most Americans are looking at for real estate investment opportunities. Costa Rica real estate is affordable, and getting residency is not as difficult as you might think.
But before you can get involved in Costa Rica investing of real estate, you will have many questions regarding the country and its infrastructure. We at Costa Rica Retirement are here to guide you through the maze of questions and show you the goldmine of opportunities that lies in this small country with some of spectacular landscapes, no military and a booming economy.
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.
Costa Rica real estate is open to everyone and anyone including the citizens as well as foreign investors. Costa Rica investing in real estate has opened up the market with influx of foreigners. There are specific areas in Costa Rica, where you can not own a land especially the border area and beaches. Any other Costa Rica real estate is available as titled.
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.
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.
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.
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.
Climate or Weather
Costa Rica has seven micro climates 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.
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.
Costa Rica Cost of LivingEducation & Medical 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.