Costa Rica Real Estate Magazine June-September 2020

36 COSTA RICA REAL ESTATE MAGAZINE If you are concerned about falling into the ‘retirement boredom trap’ there are lots of volunteer opportunities through schools, churches, animal rescue centers, beach clean-ups and many others in various expat communities all over the country. There is also golf, horseback riding and yoga opportunities, local markets, mov- ARTICLE | REAL ESTATE Investment here will be even more at- tractive after this crisis has passed sim- ply because foreigners will always want to get away to somewhere exotic, either to their vacation properties or for their retirement. When retirement calls, you want to be ready to answer. Yes, you will need to do your due diligence, and yes healthcare and political stability will fac- tor into these decisions, but people will always want beautiful homes in beautiful and safe locales. Real estate here is, and always will be, in high demand. With our beautiful beaches, jungles, mountains and wildlife, we offer many types of experiences for expats looking to relocate and live over- seas. Unlike some other countries, foreigners and locals have exactly the same rights and follow the same laws when it comes to purchasing real estate in Costa Rica. In fact, property ownership is protected by the Costa Rican constitution. You don’t even need to live or be a legal resident in Costa Rica to own property or buy a business. Expats can own property outright in their own name or in the name of a corpora- tion, and you do not need a local partner, except in cases of beachfront conces- sion properties, where there are special rules. Deciding where you want to settle may take time because of all the options. Cos- ta Rica is typically divided into five main regions, Central Valley, Gold Coast in the north, Arenal, the Southern Zone and Limon, and according to the Huffington Post, the most popular areas that expats gravitate to are Jacó, Tamarindo, Domini- cal, Uvita, Ojochal, Escazú, Atenas, Gre- cia and Puerto Viejo. Your preferred climate will also play a part. The beach areas can get pretty hot but living even a little way up into the mountains along the coast will offer cool- er temperatures as well as spectacular vistas. Central Valley has the culture and history, and the jungles and mountains have their own seductive lure.

handled the crisis. Yes, the tourism sector has taken a big hit the same as in many other beautiful countries, but many people have just postponed their trips - not cancelled them. Medical tourism will continue to be huge because our prices are a fraction of the US and the quality is every bit as good. We are still very much on the tour- ism radar! When the financial crisis of 2008 hit, Cos- ta Rica quickly recovered and its rapid growth in investment and popularity has not waned. Construction and the sale of luxury homes and developments are continuing to increase, faster than ever. Smart investors saw opportunities back then and acted. A Spanish saying sums it up, “Pescadores inteligentes saben como pescar en aguas turbulentas” - smart fishermen know how to catch fish in troubled waters. Sadly, it is a fact that out of every catas- trophe comes opportunity, and if you are looking for where to invest, check out the prestigious International Living retirement rankings. Costa Rica was ranked #2 last year in International Living’s Global Retirement Index*. Panama came out at #1, how- ever their environment does not enjoy anywhere near the same level of stew- ardship that Costa Rica’s does. I admit that I am a little biased, living here for the last 13 years has given me a deeper appreciation of just how special Costa Rica is. It is not paradise; nothing is, but when this pandemic hit I would not have wanted to be anywhere else. We have an expres- sion you may already know, “Pura Vida”! That just about sums it up.

ies, and cultural festivals. San José is the capital and the largest city in Costa Rica. It is brimming with cultural diversity and has great restaurants and beautiful historic neighborhoods waiting to be explored. From ballet to classical concerts, Big-Name entertainment and museums that are filled with hundreds of years of history, San José has it all. Even if you decide to live in one of the coastal areas, the city is just a few hours away by car, so it is close enough for weekend getaways. Costa Rica is also just a short flight for visits to family and friends back home, and for them to visit you! As well as the quality of healthcare, cost of living and quality of life, evaluate the tax environment of any country you are considering. Costa Rica is not consid- ered a pure tax haven, but it is recog- nized as tax-friendly enough to have been referred to as the Switzerland of Central America! Property taxes are very low, and your retirement income is not taxed here: only income that comes from a profitable business incurs tax. Residency in Costa Rica is an easy pro- cess, and because foreigners can pur- chase businesses as well as homes, they can use those investments to gain their legal residency. Some of the benefits with having your residency include quali- fying for a national driving license, easier banking processes and ease of travelling in and out of the country, without those 90-day visa restrictions. When all of this is over and we step back and review the new world that emerges, that will be when we can evaluate the performance of any country. I believe Costa Rica will stand out well for how it

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