Costa Rica has become a hotspot for retirement in recent years. A quick scan of the Internet and you’ll find literally dozens of guides on the subject. Our co-host Michael Gordon Bennett visited Costa Rica five years ago and fell in love with the country—so much so, he’s planning his own retirement there…Don’t worry it’s still a few years off, but nothing like the present to start planning.

Here’s what he discovered while in Costa Rica.

• Almost everyone in Costa Rica is fluent in English. While Michael is currently immersed in Spanish language studies, its more to broaden his horizons and satisfy his desire to become bilingual.
• The cost of living is oh, so cheap. In fact, it’s one of the cheapest places to live in the world. At the time of this post, early February 2021, $1 US is equal to $613.41 CRC. Simple math tells us you can stretch your US dollar 600 times further.
• Lots of American expats. Michael visited the Tamarindo region of Costa Rica, in the northwest region on the Pacific Ocean. He has since discovered that area is especially popular for the expat community. Many of the residents spent the morning surfing, walking the beaches or enjoying Costa Rican coffee out doors.
• The Costa Rican tax system is arguably among the best in the world. For example, if you get a pension from someplace outside of Costa Rica, you pay no taxes. In fact, Costa Rica has a bunch of NO’s — no capital duty tax, no capital gains tax, no wealth tax, no inheritance tax, and no capital acquisitions tax. Real property tax is just .25%.
• Lastly, you can get a retirement visa without too much trouble. Get a temporary visa and stay long enough until you qualify for citizenship.

If all of that is not enough to consider retiring in Costa Rica, the beauty of the country, recent changes to the law and improving infrastructure just might get you there. For example, in San Jose, the capital a modern train system is being put in place to get around the city.

In December, a remote workers law was passed for you digital nomads. You get a one-year residency visa and a total income tax exemption. The residency is fairly easy to extend for an additional 6 months.

Michael spoke to numerous expats living in the lap of luxury for $2,000 a month. For those drawing Social Security and a pension, you could easily live off just your Social Security or just the pension, like a few expats Michael spoke to.

Oh, and did we forget to mention an outstanding health care system. There are two systems both of which are accessible too expats. Here’e a link from the website International Living for a more detailed explanation of Costa Rica’s healthcare.

Check out our podcast Costa Rica – Pura Vida. This episode takes a closer look at the Afro Caribbean side of Costa Rica.

It’s time you consider ‘Pura Vida’ — the Pure Life.

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