Moving, Relocating, Retiring and Living in Costa Rica
The Costa Rica real estate market is currently undergoing a boom; prices increased by about 300% in the last few years.
Foreign interest in Costa Rica properties on the Pacific coast and resorts locations like Jaco, Quepos, Puntarenas and
Guanacaste states are particularly responsible for driving up demand and prices. Buying property in Costa Rica should
only be undertaken with good professional advice. It is essential to use a reputable real estate agent.
If you and your family are considering moving to Costa Rica and want to find out more about the country, one of the best ways
to do so is, of course, to see for yourself. Ideally, you should travel here extensively and at different times of the year,
to get as broad a view of the country as possible. The longer you can stay in Costa Rica the better.
You should note that, although English may be fairly widely spoken in some areas (especially the resorts which cater to foreign tourists) this is not the case all over the country. If you plan to live
here permanently, you are strongly advised to make an effort to learn at least the basics of the language.
For general background information you should be able to find reference books on Costa Rica in most good bookshops.
Generally speaking you can remain in Costa Rica with a tourist visa for up to
three months. To drive legally in Costa Rica you need your driver's license from
your home country and your passport.
You should bear in mind that owning property in Costa Rica does not give you the automatic right to live in this country
on any sort of permanent or semi-permanent basis (even if you have a Costa Rican spouse). If this is your aim you should contact
the Costa Rica Embassy in Washington DC for information on how to obtain the appropriate documents.
You should check local customs regulations if you plan to ship your household goods here, as you may be liable to pay duty on
importation of goods over a certain value.
Further assistance with this aspect of relocation can be obtained from large international
removal companies. Please note that regulations on the import (and export) of cash, in any currency, and of motor vehicles are
strict and should be thoroughly researched before you travel.
If you intend to bring pets with you, you will also need to check the regulations concerning the import of animals.
If you are considering relocating/retiring to Costa Rica, you are strongly advised to do some research in advance on local
circumstances and living conditions. Some public facilities (for example the health service, roads and infrastructure and utilities)
are not yet of the standard you might expect in the Us or Canada and you will need to take out some kind of comprehensive insurance
in this regard, if you are planning to stay on a permanent basis. Once you are resident here should be possible to arrange for funds
from your counry, including your pension, to be transferred into a Costa Rican bank account so that you are able to access them here.
What is it like to live here? Only you can answer that,
it is different for every person, but if you love the outdoors and nature with
its abundance of flora, fauna and breathtaking landscape this is a place that
you will love.
Property taxes are generally lower in Costa Rica than in North America and
many other countries. As a foreign resident, you will not pay income taxes on
foreign pensions or income generated outside of Costa Rica, but you may have to
pay taxes on income generated in Costa Rica. Businesses income, after expenses,
is taxed, and there is a 13% sales tax on goods and services, including
restaurants, hotels, entertainment, and so on. Bank interest is non-taxable to
the client, therefore if you are told you will receive 6%, this is net.
Retirees and Rentist considering retiring in Costa Rica are allowed to own and operate a
business but are not permitted to work for wages for a company or individuals.
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