Living abroad has become an increasingly popular option for retirees looking for a change of scenery, a unique cultural experience, access to affordable healthcare, lower cost of living, and great weather.

Costa Rica has become one of Latin Americas top retirement destinations. Those that retire in Costa Rica enjoy a world class service industry, an affordable tropical lifestyle, and eco living at its finest. Costa Rica’s exceptional work in conservation, eco-tourism, and renewable energy has made it the world’s poster-country for first class eco adventure experiences and sustainable living.

If you are looking at retiring in Costa Rica, it’s well advised to plan a recon trip for at least three months. Use this time to investigate the primary area or regions Costa Rica offers. While there are many hidden paradises to discover in Costa Rica, the three primary areas retirees gravitate too; Guanacaste, Central Pacific and the Central Valley.

Costa Rica’s Central Pacific still remains the #1 retirement destination and it’s easy to see why! Tropical forests meet Pacific Ocean along with amazing sunsets creates one of the most spectacular, cascading coastlines in all Central America.

The Central Pacific’s primary business, vacation and retirement hub is Jaco Beach (Playa Jaco). With its own unique flavor and vibe, Jaco Beach continues to be a popular destination for retirees, Baby Boomers as well as a growing wave Gen Xers, and now even Millennials are landing here and calling this bustling beach town home.

Expats started to flock to Jaco Beach in the mid 90’s and the trend continues today as more and more baby boomers come to Costa Rica to explore the possibilities of settling here. Retiring in Jaco Beach offer expats the best of Costa Rica, great weather, lots of exciting eco adventure, surfing, top notch restaurants for the foodies, sizzling night life, and that famous Pura Vida lifestyle Costa Rica is known for.

There are a number of other retirement destinations on Costa Rica Central Pacific coast which runs from Puntarenas in the Nicoya down to Manuel Antonio and Dominical. In between there are some amazing beach towns and resorts such as, Los Suenos at Hurradura, Esterillos, Bejuco, Palo Seco and many others.

Proximity is an important factor in the Central Pacific’s development over the past 10 years. With building of the new Caldera Highway that connects San Jose, the Capital of Costa Rica and the main international airport – Juan Santamaria International Airport (SJO), to the Central Pacific coast in a little over an hour, has further stimulated the areas growth. Jaco Beach is the closest major beach town to Central Valley and so draws large numbers of people from the Central Valley down to the coastal lowlands for some fun-in-the-sun every weekend – which is great for business in the region.

If you are thinking of escaping the rat race, reinventing yourself, or retiring and living abroad, then plan a visit to Costa Rica’s Central Pacific and discover for yourself why this coastal paradise is the destination of choice for so many retirees.

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A few years ago that changed with law revisions that allowed foreigners to apply for loans from both national and private banks and other lending institutions. These come with caveats such as foreigners needing to have residency papers and/or employment to get a loan or mortgage.

Unbeknown to many potential foreigner buyers is that it is possible to use pre-tax IRAs from the United States to purchase Costa Rica real estate. There is another little known option where by foreign real estate buyers can take out a line of credit on the equity of their home in the USA.

Interest rates for mortgages are variable depending on the market and the money lender making the loan.

Here are some options on financing Costa Rica Real estate:
A cash purchase is the most hassle-free way to pay for your home in Costa Rica. Of course when we say ”cash deal”, unless the owner is financing every deal is a cash deal done through bank wire or transfer. Click Here if you looking for a real estate agent to give you some advice on properties investments in the country https://www.malpaisproperties.com/real-estate-agent-costa-rica Call a realtor in mal pais at 506 2640 0472

Owner financing: More and more homeowners are willing to finance a loan on their home. This affords certain benefits such as lower closing costs, a faster sale, and negotiable points. Be sure to be full cognoscente of current market interest rates, also be aware of the legal and improper paperwork – secure a real estate lawyer for this.

Home equity loans: You may take a home-equity loan out on your primary residence. This gives you option to into the Costa Rica real estate market as a cash buyer.

Bank financing: Costa Rican banks now offer financing to non-residents and residents alike. Some requirements they expect are a current account with the bank, proof of income and or pension, an international credit check, and an official bank arranged/approved property appraisal. Local mortgage terms can very as well as interest rates, amount of down payment required and loan periods. The bank loan process will take approximately two to three months

Mortgage broker: A relative new trend is international mortgage brokers which allow buyers to acquire financing through international lender institutions. They have their standard requirements such as U.S. tax information, income reports, credit check, etc.

If you are looking a purchasing Costa Rica real estate, make sure secure a good, reputable real estate agent as well as a legal advisor before entering into negotiations and contracts.

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Costa Rica has built a sexy brand as well as a great retirement brand that has drawn many foreigners here looking for an affordable and lifestyle. Jaco beach Costa Rica, many will say is expensive now, but we have to keep that in perspective. Yes it is more expensive than 10 years ago, significantly, but…

Average Jaco Beach real estate sales hover around the $200,000 USD mark. Compare that to average home values in Canada where average prices have been over the $400,000 mark for years. In terms of rent the numbers are even better – in Jaco beach long term rentals are going for between $600 for smaller condos up to $1,500 USD, are a good average mark, and in North America the average three bedroom house rental is $1,200 USD/CDN. Food is still about 30% to 40% cheaper in Costa Rica than the USA and Canada, so all things considered Jaco Beach is an affordable destination for baby boomers escaping ever inflating debt, ballooning taxes and the stress of wondering if you are going to outlive your nest egg.

The central Pacific region is the #1 destination for North American baby boomers looking to retire in Costa Rica. Foreigners are attracted to the cascading coastlines, world class beaches, great infrastructure and first class service industry. Jaco Beach Costa Rica is the primary business, tourist and retirement center for the central Pacific, with fast and easy access to San Jose and the airport, and sporting a vast array of gated communities and residential resorts to choose from.

Jaco Beach also has a great selection of beach front condominiums to choose from. These condo buildings and building complexes offer a luxurious lifestyle with, restaurants, bars, discos, shopping, casinos, pools and spas and of course spectacular ocean and Bay views. For retiring baby boomer looking for a turn-key luxury lifestyle, these Jaco Beach front condos are a great choice.

If you are a retiring baby boomer and hunting for that perfect retirement spot, drop us a line at JacoBeach.cr, or come see us at our downtown Jaco Beach office (info below), we’d be happy to help you out.

Pura Vida!!

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Costa Rica has been a major retirement destination for North Americans for over 25 years now. The majority of expats who have found happiness in their Costa Rica retirement dream have had to learn how to adjust and adapt to Costa Rica’s “Pura Vida” lifestyle.

Those that have found happiness retiring in Costa Rica take advantage of everything the country has to offer – fantastic weather, incredible outdoor and eco adventures, excellent health services, low cost of living, cheap and organic fruits, vegetables, as well as a vibrant culture.

Not all expats have a successful retirement in Costa Rica, recently there were statistics published on the web that 50% to 60% of expats return to their home country to live within two years of moving to Costa Rica. Unquoted sources make this stat questionable, but with that said there is a large number of expats that leave Costa Rica within a couple years of arriving.

Retiring abroad in any “developing” country has its challenges and although Costa Rica is considered one of the most developed in terms of infrastructure, service industry and growing middle class, it too has its challenges.

Here are some pointers to help soon-to-be expats adapt better
1. Learn the Spanish language as best you can.
2. Get involved in some way with the locals.
3. Realize time is a different animal down here.
4. Make sure you understand labor laws with business and domestic help.
5. Enjoy local customs and the local culture.
6. Develop patience, you’ll need it.
7. Stay busy and participate in activities, both in the expat community and local.
8. Always seek legal representation in investment and business matters.

Relocating and settling permanently in a foreign country is a complicated decision and there will be challenges in the transition but keep in mind Costa Rica consistently ranks high on many surveys and reviews for and by expats. Costa Rica is safe, friendly and clean, with a healthy and well-educated population with a rich and vibrant culture. Costa Rica’s cost of living is low and healthcare is inexpensive (compared to the USA) and also scores high on many global indices.

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Most people seeking a Costa Rica retirement settle somewhere on the Pacific coast or in the Central Valley or the more rural areas surrounding the Valley; these are two lifestyles and the main weather conditions in Costa Rica. The Valley is perpetual spring-like weather with an urban or mountain rural lifestyles, and the coast is a lifestyle of beachcombing, Sun, ocean and hot, humid weather.

Of the main Costa Rica retirement areas that attract retiring expats, the Central Pacific has become the most popular because of its spectacular beaches, fun-in-the-sun lifestyle, warm tropical weather and accessibility to the Central Valley.

While the Central Pacific region of Costa Rica has dozens of small towns and hidden beach communities, below we discuss the most popular Costa Rica retirement communities.

Jaco Beach

Located in the heart of the Central Pacific coastal region of Costa Rica, Jaco (pronounced: ha-ko) has long been a favorite of expats and vacationers alike.

This bustling beach town of Jaco features a number large resorts with many options for longer-term residents, such as beach condos, gated communities, and homes. Jaco Beach has a wide range of housing options in all the price ranges, and every amenity and comfort of home, making retirement in Jaco Costa Rica a great lifestyle choice.
Los Sueños
Los Sueños Resort in Costa Rica is a perfect place to retire, just minutes north of Jaco Beach. The biggest decision you’ll have to make living at the Los Sueños Resort is whether to go to the marina, the beach or hit the professional 18-hole championship golf course. Costa Rica Retirement on the central Pacific coast of Costa Rica may be one of the best decisions you’ll ever make.

Playa Hermosa

Playa Hermosa is only 5 minutes south of Jaco beach, but has it has own distinct, small village, secluded beach town feel. There are number of option for the Costa Rica retiree including Hermosa Beach Bungalows, a beach front community where you can still find fully titled beach front property.

Playa Bejuco & Esterillos Costa Rica

Playa Bejuco and Esterillos is about 15 minutes south of Jaco Beach right off the Central Pacific costal highway, in Costa Rica. Esterillos and Playa Bejuco are a two of the most popular beach vacation and surf destinations in Costa Rica. The area also hosts many other activities such as horseback riding, fishing, ocean kayaking and scuba diving. Esterillos and Playa Bejuco also boast a large expat population attacked by the beautiful beaches and great selection of gated communities and property types. If you are looking to for a place to retire in Costa Rica, Esterillos and Playa Bejuco are fantastic options.

Parrita and Playa Seco

The little town of Parrita is on the way to the famous Manuel Antonio while sitting in the middle of an palm oil platation. Parrita and its surrounding areas are an excellent place to visit for any traveler looking to partake in ecotourism. The area has started to see an increase in expats attracted to the areas rich tropical landscape and as great beaches like Playa Seco. Parrita delivers a slow, quiet tropical lifestyle and is only about 20 minutes from Jaco and Manuel Antonio. Parrita and Playa Seco are great Costa Rica retirement destinations.

Manuel Antonio

Manuel Antonio Costa Rica has become one of the most visited areas in all Costa Rica. Tourists and expats from the world over enjoy the vast array of recreational activities and the world class beaches that can be found in Manuel Antonio. Just two hours from the capital San Jose on a well-maintained modern highway it is very accessible. The spectacular natural beauty of this region has attracted a large expat community. In Manual Antonio you find some of Costa Rica’s most expensive and luxurious real estate but there are still plenty of homes and condos available for around $150,000 USD, making living in Manuel Antonio Costa Rica very affordable.

In summary, as mentioned previously there are many more villages and towns on the Central Pacific and well as over 40 beaches. If you are dreaming of a Costa Rica retirement then the Central Pacific region of Costa Rica must be on you ‘explore’ list.

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Like so many others, if you are getting ready for retirement you should consider Retiring in Costa Rica. More and more North Americans are seeing Costa Rica as a good option for their golden years, and for very good reasons.

Costa Rica is a small country of 4.6 million people located between Nicaragua to the north, Panama to the south. Costa Rica has the Pacific Ocean to the west, and the Caribbean Sea to the east – you can drive from one side to the other in about six hours.

Costa Rica has a climate for everyone, from hot tropical weather to fresh cool mountain climates. As well, Costa Rica has a lifestyle for everyone’s taste with modern cities, Pacific and Caribbean coastlines, rain forests, lush valleys, and rural mountainous regions.

Costa Rica has one of the highest standards of living in Central America, with a growing, stable economy, excellent health care and modern telecommunications. In addition to its stunning natural beauty, friendly culture, and close proximity to North America, Costa Rica has been attracting many foreign retirees because of its comparatively lower cost of living and relaxed pace of life.

Many retirees choose to live on Costa Rica’s Central Pacific coast, which is only a little more than hour from the capital city of San Jose and its international airport. The most popular area on the Central pacific is from Jaco to Quepos, because of its stunning beaches and many expat communities, and fully developed infrastructures.

For those planning a retirement in Costa Rica, you should consider applying for a pensioner residency status. Those seeking a pensionado visa must demonstrate a permanent fixed income from a pension or similar retirement income of at least US$1,000 per month from a qualified pension or retirement account or from Social Security.  ( For more information visit http://www.costaricalaw.com/Immigration-and-Residency/residency-general-information-and-summary.html)

Fear is a Factor in Driving Rising Expat Numbers

Apart from Costa Rica’s growth potential which has been attracting investors, expats and retirees, fear has become also a motivating factor – and a BIG one! Consider that roughly 10,000 Baby Boomers will turn 65 today and further, an American is turning 50 every 7 seconds—that’s more than 12,500 people every day (U.S. Census). What is the fear all about? As these new retirees start collecting their retirement benefits, the US economic system is further burdened. Add this to the USA’s massive national debt problem, $17.7 Trillion+, as of September 2014, and a daily addition of $2.36 Billion, the so called ‘fear factor’ is certainly very real, especially after the last near economic meltdown, which caused home values in the USA to drastically devalue.

The ‘fear factor’ is also evident in the significant increase in investment dollars going into regions throughout Latin America. Investors see more security investing in emerging economies and currencies, and so do retirees.

How much does it Cost to Retire in Costa Rica?

While Costa Rica is the most expensive country in Central America, Costa Rica does have a high standard of living while the cost of living is still far below that of U.S., Canada, and Europe. Of course the costs do depend on your lifestyle, but on the lower end in many of the rural communities for example, $1,600 a month provides you with a comfortable lifestyle.

Rents can range from $500 to $1,500 per month for a large house with a large yard, depending on location, and of course you can find places for much higher. Rural areas are cheaper, and ocean and Central Valley properties, around San Jose are generally more.

You will find meat products are about the same as the U.S. and Canada, but vegetables and fruits are far less expensive. If you are on the coast where humidity and temperatures are much higher you will pay for it in electricity, but mountainous regions you can expect to pay from $50 to $80 a month on the electric bill. Internet packages that include cable TV, internet and VOIP phone cost around $80 a month.

Going out for dinner, again depending on where you go, you can get a nice steak dinner for two, with wine and dessert for under $50. Beer in the bars average about $2 and liquor drinks around $4.

What about the Costa Rica Health Care System?

This is a common question of people looking at retiring in Costa Rica. The short answer is; good.

By almost any international standard, Costa Rica is ranked as the best health care in all Latin America. Costa Rica is constantly upgrading its technology, hospitals, equipment, and staff training in both the public and private health systems.

Despite the advancements, costs are low in comparison to those in the U.S. and even some European countries. Health care costs are about a third to a fifth of what you’d pay in the U.S., depending on the treatment  Doctors, for instance, rarely charge more than $60 a visit, even for house calls. Many doctors, especially in private practice, speak English and have received training in Europe, Canada, or the U.S. Drugs are also much less expensive.

Costa Rica’s Government-Run Health Care System

The government sponsored health care network has more than 30 hospitals and over 250 clinics throughout the country, the Caja Costarricense de Seguro Social (CCSS) is the governing body responsibility for providing low-cost health care services to the peoples of Costa Rica. The public health care system has been operating for over 65 years. The largest drawback to this system is that it is frequently overburdened.

The CCSS public health care system provides affordable medical services to both Costa Ricansand to any foreign resident or visitor. Foreigners living in Costa Rica can join the CCSS by paying a small monthly and/or they can also purchase health insurance from the Instituto de Seguro Nacional (INS), which is affiliated with over 200 doctors, hospitals, labs, and pharmacies in the private health care sector.

Costa Rica’s Private Health Care System

Private health care is also affordable and high standard and quality. There are three main large, private hospitals that most foreigners use;  Clinica Biblica in San Jose, CIMA hospital in Escazu, and Hospital La Católica in San Jose-Guadalupe.

As mentioned in the intro to this section these private health care institution are of international standards, with the latest technologies and highly qualified doctors and staff. Let’s take a look at cost comparisons to the USA on the most common medical and dental procedures.

Note: All costs comparisons are approximated.

<H2>What about Costa Rica Real Estate?

This is another important question for those that are considering retiring in Costa Rica. In terms purchasing a home or lot, Costa Rica Real Estate prices are much lower than comparative places in North America without sacrificing standards. Consider that on Costa Rica’s Central Pacific you can find Titled beachfront bungalows for under$180,000 USD, you would be hard pressed to find something comparable in the U.S.A. You can find 15,000 sq. ft. lots in residential community developments for under $50,000 with ocean access only a few minute away.

Further, these properties are well positioned not only in a grown region, but in a country that has a growing economy. The potential room for growth is much higher in emerging economies like Costa Rica, compared to North America. Recently in July 2014, CBC reported that in Canada, the National average price for residential property is $413,215 CDN, so one has to ask, how much room for growth is left in that economy?

Apart from real estate growth potential emerging economies like Costa Rica offer, retirees also see more security for their investment in growing economies compared to the volatility of North American housing markets and stock markets. In light of the economic downturn brought on in large by the house bubble collapse in 2008, many emerging countries like Costa Rica took steps to further buffer themselves in the future by creating stronger trade and economic ties to other foreign countries like Mexico, growing countries in South America and China, in other words countries like Costa Rica diversified their portfolio’s as a further protective measure.

<H2>Are there many retirement communities in Costa Rica?

There are large numbers of retirement communities throughout Costa Rica but they tend to congregate in the four primary regions; Guanacaste coast, Central Pacific coast South Pacific coast and Central Valley.

The Central Pacific was the first region to develop as an expat and retirement region because of the close proximity to San Jose International Airport (Juan Santamaria), its climate, natural beauty and rich bio-diversity.

Some of the excellent communities on the Central Pacific are: Los Suenos, Hermosa Palms, Hermosa Bungalows, Opera Salvaje Hermosa, and Punta Leona. These centers all offer unique features and environments as well as prices points on the real estate options to suite different budgets.

Retirement communities provide full service, safe and secure environments and so are a very popular with retirees and baby boomers. Many communities offer vacation rental management as a way for owners to make residual income for those that are part time residence. These communities can offer many other perks and benefits such as pools, club house, private bio reserves, marinas, schools, golf courses, horse stables, golf carts available for in-community transportation, and small convenience stores to name a few.

How or where do I start if I want to retire abroad in Costa Rica?

Many seniors with a sense of adventure and an updated passport, the ideal retirement destination lies outside the U.S. Attracted by a lower cost of living, high-quality health care and an exotic locale, retirees are putting down roots across the border and around the globe. Overseas Americans refers to the population of United States citizens who relocate, temporarily or permanently, to foreign countries. There are no reliable figures on how many Americans live abroad, but a State Department estimate indicate that the number may be between 3 million and 6 million

If you’re convinced the expat lifestyle in Costa Rica is for you, consult the experts before you venture outside the U.S. Another option is to become a part-time expat. A popular first step apart from rental living for a trial period alternative is popular with retirees who aren’t comfortable living year-round in a foreign country but want to take advantage of better weather and a lower cost of living for at least part of the year. If you can easily save money living in a country like Costa Rica full-time, you can also save money living abroad part-time as well.

Recommendations

Speak with an expert! First, find an expat that has livered for many years, if this person has experience in the different regions all the better, and further if this person has experience in the real estate market that is even better.

Jeff Fisher is a 22 year Costa Rica resident with over 15 years selling real estate. Jeff lives in the small beach village of Playa Hermosa, just 5 minutes south of Jaco Beach. If you looking for advise on relocating and retiring to Costa Rica or if you need experienced help finding you perfect piece of Costa Rica real estate, you can talk directly Mr. Fisher though the contact information below.

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The Jaco Beach real estate market as reported in our Jaco Real Estate Report 2015, prices have remained stable and inventories are excellent right now and ripe for those investors hunting for the best bottom-of-the-barrel prices and distressed property opportunities.
Let take a look at some of the factors that are still attracting investors to the Jaco Beach region after over almost two decades of growth and development.

Advanced Infrastructure and Travel Tour Service Industry

Jaco beach was ‘discovered’ by foreign travels in the mid 1990’s and has gone from a small coastal fishing village to the Central Pacific primary business hub. Over the past 20 years or so Jaco has grown to a population of approximately 10,000 residents and has the highest number of bilingual locals per capita in the country. Jaco continued growth and development continues to attract over 60% of the country’s 2+ million annual foreign visitors.

Media promoting new developments in and around Jaco Beach such as the new Croc’s Casino Resort and the new beach boardwalk continues to expose Jaco Beach as a destination of choice for retiring North Americans and this steady growth and development attracts savvy investors.

International access and Proximity

International property investors are not only looking for regions with steady growth and development but look for location, location, location as well. The ever growing number of baby boomers searching a life abroad is attracted to Costa Rica because they get great value for their dollar and Costa Rica is only five hours flight time from most of the USA’s major hubs.
With baby boomers retiring at record rates (over 10,000 a day till 2020), and large number of them looking for affordable property and retirement opportunities abroad, paradise locations like Costa Rica that are in close proximity and easily accessible hot targets for investors looking to capitalize on growth trends.

Jaco Beach Real Estate: Best Investments

Below are three top property choices for investors of Jaco Beach real estate.

Investors, especially wholesale investors in Jaco Beach oceanfront condos have done very well, and this type of property investment is still very attractive as more and more ocean front resort complexes come on line in Jaco.

Just 5 minutes north of Jaco Beach is the famous Los Suenos Marriott Ocean & Golf Resort. Properties in this residential ocean side resort have a strong track record of growth and are certainly considered a high value investment.

Five minutes south of Jaco beach is the small beach village of Playa Hermosa which is one the few places left in Costa Rica where you still buy fully “Titled” beachfront property. Approximately 90% of the beach front property in Costa Rica is concession property which can pose serious problems for investors and property owners. Titled beachfront property on the other hand is a rare commodity in Costa Rica and these properties have a good proven to bring good returns for the investor and buyers.

For more information on Jaco Beach real estate and any other opportunities discussed in this article, such as Jaco condos, Los Suenos real estate or “Titled” beach font properties in Playa Hermosa, contact us and one of our agents, we will be happy to help you out.

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