Traveler's Test

Here’s Why You Might Want to Retire to Costa Rica

Here’s Why You Might Want to Retire to Costa Rica

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Planning for your retirement is a valid concern, especially if you’re longing for a well-deserved break from the stressful lifestyle that comes from constantly worrying about work performance. Now that you’re researching the best options for enjoying your golden ages in peace, some people look outside the country to retire in the Caribbean or Central America. What’s more interesting, Costa Rica is an attractive option popping in retiree’s horizons due to its warm climate, affordable lifestyle, and beautiful scenery. If any of these features has piqued your attention, here’s why you might want to retire to Costa Rica when the time comes.

The Country Offers a Special Visa for Retirees

When researching your options for retirement, some people are discouraged from seeking refuge in other countries from the long and complicated bureaucratic processes to establish themselves overseas. However, doing proper research on the subject brings you right to Costa Rica. Their government understands the appealing nature of its land and people, and they offer different resident options tailored specifically for retirees. You can either opt for the Pensionado Program, in which you need to show proof of receiving at least $1,000 per month from your retirement funds, or go with the Rentista program if you have at least $60,000 in your bank when applying, or you’re earning $2,500 per month for at least 2 years. Every two years you’ll need to renovate your participation in the program with a $100 fee, and once you’ve successfully gone through three cycles, you are entitled to apply for permanent residency. You can either continue with the program or go with the option of settling permanently in Costa Rica, depending on what’s more convenient for your situation.

Excellent Real Estate Investment Opportunities

People interested in retiring to Costa Rica have another way to ensure their ticket to paradise. The government offers a program for investors where they can invest a minimum of $200,000 into a business or property in the country. However, these need to be previously authorized to be eligible for the program, which you can check beforehand through an allied website or the consulate to know about the investment’s requirements. This option is great for couples since one spouse can prove their purchasing power and the other can apply as a dependent for the process. Even if you decide to return to your country after living in Costa Rica, the rising demand for properties in the country for other retirees and tourists looking to rent can become an attractive opportunity for any real estate investor.

Affordable and Relaxed Lifestyle

The idea behind packing your things and moving to another country can sound expensive, but the reality is completely the opposite if you know how to budget. On one hand, you get to enjoy the breathtaking nature the country has to offer, with exciting outdoor activities and great care for their environment. With pleasant temperatures all year-round, there’s almost no reason to worry about the cold. Most importantly, many people have gone through the process and lived comfortably with their saved funds without worrying excessively about their expenses, since the cost of living in Costa Rica is much more affordable than in the U.S. or Canada. A single person needs on average $18,000 per year, and a couple can easily adjust their spending to $30,000 annually if they don’t mind cutting down some expenses. As you can see, the cost of entry is fairly low in contrast to the scene back home, and in addition to this, you get access to a universal healthcare system with a monthly fee based on your current income. If you’re willing to give up some exported goods, avoid going out to restaurants often, and looking to live in areas away from the most populated cities, you can easily afford a good lifestyle in Costa Rica.

Living in another country during your golden years can be an attractive option for many retirees, especially considering the low cost of entry required to apply and live in Costa Rica. The biggest advantage here is that you can choose to rent for the first few years to travel around the country before settling down or go straight with a property or business investment if your financial situation allows it. The country offers a once-in-a-lifetime opportunity to experience a new lifestyle and enjoy your retirement in a blissful, paradisaical place surrounded by people in a similar situation as you. If you start planning now, there’s nothing stopping you from practice pura vida and be happy in Costa Rica!