For over 25 years, the Costa Rica economy has been one of the major development success stories in Latin America. This steady economic expansion has directly benefited expats and investors looking to find a tropical escape with a strong potential for return on money invested.
In addition to the ongoing effort by the government to encourage foreign investment, Costa Rica continues to offer the benefits of a strong expat presence, a well-developed infrastructure, and a wide variety of residential options that has made it a magnet for retirees and developers from the U.S., Canada and Europe. The cost of living in Costa Rica still compares favorably with other countries in the region and, certainly, with its North American neighbors.
The Angelov
The Strength in the Costa Rica Economy Is Its Stability
Having a history of stability, both in the governmental and financial sectors for over 20 years is one of the primary reasons Costa Rica continues to attract direct foreign investment. Developers and investors looking for a secure destination, that promotes growth and welcomes business, have found both in this Central American location.
This level of financial security translates into greater potential for expats; both those looking for vacation properties and those looking for a place to retire. Even with the worldwide decline of 2008, property values have begun a resurgence, increasing the desirability of owning real estate in the country.
Janeboles
Why Costa Rica Stands Out
The economic expansion of the last two plus decades is no accident. By focusing on liberalizing trade agreements, supporting a strategy of export-led growth, and actively seeking foreign investments, the Costa Rica economy grew at an average of 5% per annum during the 1990s.
Even with the recent uncertainties of the global economy, Costa Rica’s growth is anticipated to be between 4.1% and 4.3% for the next few years. This rate outpaces the growth rate of economies of other nations in the region.
Eco-Tourism and Biodiversity Are Also Major Contributors
Costa Rica’s commitment to the environment has long been a drawing card for many expats looking for a healthier, purer lifestyle. With many areas dedicated to maintaining the unique biodiversity found throughout the country, tourism continues to be a major source of revenue and foreign exchange.
In a recent article, CNN listed Playas de Nosara, in the Nicoya Peninsula as one of the eleven places to go in 2014. Recently awarded the Blue Flag by the non-government, non-profit organization, the Foundation for Environmental Education, for its quality and commitment to the environment, Nosara is a prime example of Costa Rica’s dedication to maintaining its eco-friendly reputation.
More Travel Options Translate Into More Economic Growth
Costa Rica is one of the most accessible countries in Latin America. With two international airports, Juan Santamaria Airport in Alajuela (just outside San Jose) and Daniel Oduber Airport in Liberia, travel to and from the U.S., Canada and European destinations is an easy proposition. As more airlines add schedules to Costa Rica (Southwest is beginning to add service from Baltimore to San Jose in March 2015), the number of tourist and business travelers will also increase.
The improved road system and infrastructural support has also opened the Central and Southern Pacific zones to both commercial and tourist interests. With more money being spent in those areas, demand for residential options will also increase and will be reflected in rising property values.
Costa Rica Beauty
Owning Property Is a Secure Proposition
One of the biggest areas of foreign investment in Costa Rica is the purchase of property by expats. Foreigners have the same rights (and obligations) as Costa Rican citizens. The existence of a Central Land Registry also adds an element of security that your title is clear; something that is often much harder to discover in other Latin American countries.
Property taxes are one of the major pluses of land ownership in Costa Rica. The tax rate is 0.25% of the registered property value as determined by the local governments or municipalities. Since Costa Rica’s economy is not as dependent on tax remittances as many other Central and South American countries, it is reasonable to expect that this rate will stay low for quite some time.
Hollywood Smile310
What the Future May Hold for the Costa Rica Economy
There are a number of potential areas for growth that make the outlook for Costa Rica’s economic future a bright one. With the approval of CAFTA (US-Central America Free Trade Agreement) in 2009, Costa Rica has seen a significant increase in direct investments by foreign companies in such areas as telecommunications and the insurance industry.
A major impact of these increased investments, is a wider variety of companies providing internet, cable, and cell phone services throughout a larger portion of the country. This is a major draw for expats who want to stay “connected” even while they are enjoying their retirement paradise.
Major financial projects are also underway on a variety of fronts. Perhaps the most exciting is a project, supported by the World Bank, to revitalize, restore, and enhance the port city of Limon.
The project is focused on improving the infrastructure, developing and helping to sustain Limon’s cultural history and heritage, as well as enhancing employment opportunities. The long-term impact could lead to more development on Costa Rica’s Caribbean coast and provide new potential for economic growth.
While eco-tourism and agricultural exports continued to be two of the main economic engines in Costa Rica, other areas are starting to make an impact. Medical tourism has been a steadily increasing growth industry in recent years.
The combination of state-of-the-art facilities, U.S.-trained and board certified specialists, and much lower prices than can be found in the U.S., have all contributed to the expansion of, what was once, just a “niche” sector to a significant financial contributor.
Patrick Turek
The Possibilities Are There
Having stability, both economic and political, combined with a strong trend of financial growth are important factors for any investor. For retirees whose budget may not be as flexible, knowing that money spent on your tropical getaway is a good investment with a potential for increase valuation can make those “golden years” truly golden.
Looking realistically at your situation, level setting both your near and long-term goals, and doing your research is the best way to explore those possibilities that Costa Rica holds. Above all, visit this special country and see if it calls to you; if your heart hears that song, you’ve already taken that first big step.
Although you may have thought that retirement was still a long way off, the time to retire to Belize is now. The Belizean government has a program in place that could let you move to this quirky, Central American location as early as age 45.
With Belize being poised to be a major retirement mecca for expats from the U.S. and the UK looking for tropical ambiance with English being the official language, this program – the QRP – may be changed or limited in the future. Taking advantage of the chance to retire to Belize now is an opportunity that shouldn’t be missed.
Being located close to the US makes it easy for retirees to transition from a life in the states to a less hectic lifestyle in Belize. Living in Belize is more than just a change of residence; between the cultural richness, natural beauty, and friendly citizens, Belize can provide much more than one might expect.
jo3design
The QRP – The Gateway to Retirement in Belize
As an enticement for foreigners to relocate and invest in Belize, the government established the QRP (Qualified Retired Persons) program. Under this program, there are minimal requirements that have to be met and, as discussed above, real financial benefits that can be obtained.
The basic requirements are that a) the applicant is over 45 years of age; b) the applicant can prove a monthly income (from any source) of at least $2000 USD; or c) the applicant arranges to deposit in a Belizean bank the sum of $24,000 on or before April 1st of each year for their own care and maintenance.
One of the most unique features about the QRP is that it does not bear any relationship to how many days you spend outside the U.S. or inside Belize. This can be a great advantage for those who are “perpetual tourists”; travelling to many places or only staying a limited number of days in Belize itself.
A second unique feature is that the age limit is only 45. Clearly, you don’t have to be of retirement age to qualify for QRP status.
While this law has been in effect for over a decade, there has been some talk in Belizean government circles about limiting the number of applications per year, raising the dollar limit required, or other changes. As a result, now is the best time to take advantage of this program before any changes are enacted.
Why the Choice to Retire to Belize Makes Sense
With all of the potential options that an expat retiree could choose, why does the choice to retire to Belize make so much sense? There are a number of reasons that support the “Belize option.” The major ones are listed below:
Money Does Matter
While Belize is not the most inexpensive choice for retirement, the value you receive for the money you spend is well worth it. For example, the average for utilities (electric, water, heat, and garbage) is around $88 per month. The prices in the metropolitan areas such as Belize City and the capital city, Belmopan, may be slightly higher.
Rental units can also be reasonable. The country average can range between $200-$700 per month; again higher rates will be found in the larger, more popular areas. It is important to note, however, that the number of rental units is small and, as a result, desirable properties may be at a premium – both in terms of location and price.
Belize has a well-developed infrastructure with the kind of modern amenities you would expect in the U.S. Cable television, high speed internet service, and cellular phones are all readily available and much more moderately priced than their North American counterparts.
Taxes Aren’t “Taxing”
One concern for retirees is having to pay taxes, both on their imported personal goods, as well as on passive income from pensions. As an incentive to bring expats to Belize, the government has put in place the QRP – the Qualified Retired Persons – program. (More on that below.)
This program permits those qualifying as a QRP to import, absolutely tax and duty-free, their personal belongings as well as a single “approved means of transport” (motor vehicles, boats, and light aircraft) for their personal use. This is markedly different from other Central American countries, where import duties and taxes can run in the thousands of dollars.
Income, either earned or passive, received from sources outside Belize, by QRP individuals, is totally exempt from all taxes and levies. For those retirees receiving income from 401(k)s, or other pension instruments, this can be a tremendous savings.
Real estate taxes are very straightforward. For residential property, the tax rate will be between 1% and 1.5% of the value as set by Department of Natural Resources. Additionally, there is a 25% discount on property taxes for Senior Citizens (over 65) which certainly is a great incentive for expat retirees.
Amelia TWU
Real Bargains in Real Estate
The Belizean real estate market suffered from the same pressures as the rest of the globe in 2008. Although the market has rebounded, prices for residential properties (both stand alone and condominium) are still quite reasonable. Looking at a selection of what is available can give you a good perspective on how much your home in paradise may cost.
There are no restrictions on non-residents buying or owning property in Belize. Since the Belizean legal system is based on English Common Law (like the U.S.), as compared to the Napoleonic Code which forms the basis of other Latin American legal systems, the rights and obligations involved in property ownership are easy to understand. It also helps that the laws are written in English.
Healthier and Less Stressful Living
Perhaps one of the greatest benefits you will receive when you retire to Belize is having a more relaxed lifestyle. This more casual approach to daily living, while requiring some adjustment when appointment times tend to be more like approximations than confirmations, ultimately lead to a less stressful way of looking at the world. Less stress does equal better health.
With so many outdoor activities, you will find yourself far less sedentary than you might imagine. The readily available supply of fresh fruits, meats, and vegetables, all locally grown, are a welcome improvement from the over-processed food that make up far too much of American diets.
Xiaozhuli
Victoria Reay
Learning More About Retiring in Belize
There are some facets about retiring to Belize that should be given consideration. It is important to remember that Belize is coming to the “expat retirement table” somewhat late in the game, as compared to other countries such as Costa Rica, Mexico, and Panama.
As a result, the laws governing residency and retirement may change. Keeping abreast of these changes can be an important part of your relocation process.
While the developed areas of Belize have modern amenities and infrastructures, the more rural areas may not have the same level of services. If a more rustic lifestyle is not to your liking, your search should be limited to those more popular areas.
There is no substitute for actually going to Belize and enjoying its wonders for yourself. Plan a trip, not just as a vacation, but as a scouting mission to learn about the place that you’ll want to retire in.
For baby boomers and others looking for new options for retirement destinations, Ecuador is attracting a lot of interest. There are many reasons to retire in Ecuador that merit serious consideration.
Although often overshadowed by other Latin American hotspots in recent years, Ecuador’s rapid rise in expat interest is the result of a number of factors. Improvements in infrastructure, as well as increased governmental and financial stability, make the idea of living in Ecuador a viable option for retirees and investors.
Crayons121
The Number One Reason to Retire in Ecuador Is Value
Retirees that have a fixed income, or limited budget, are looking to maximize what they can get for their dollars. Ecuador has become a prime location where those retirement funds can go a long way.
In addition to having one of the lowest costs of living in the region, Ecuador also has a number of other financial benefits that make it the preference of many seniors and retirees. As a senior, there are a number of discounts for such things as flights, meals, and other types of entertainment.
For a small fee, you can qualify for the public health system. For those seeking health insurance to use at private facilities, the premiums are far less than those in the U.S.
Knowing exactly how much something will cost is much easier in Ecuador than other Latin American countries. The U.S. dollar is the currency of Ecuador, making it much easier to actually make and keep a monthly budget.
Property prices are still less expensive than in other retirement locations such as Panama or Costa Rica. As the volume of expats continues to grow, however, it can be anticipated that prices for sale or rental of residences will also increase.
Ecuador also has the potential for those who want to use their retirement as a time to work in a different field, or fulfill a dream. Work visa regulations are far more relaxed than many other countries and there is a strong interest in obtaining experienced workers in many fields.
I. Conoplasty
Many Options for Permanent Residency
If you are thinking about taking the step to retire in Ecuador, it is important to decide what type of residency you want. Ecuador has six different types of permanent residency, making it easy to “customize” how you envision this next phase of your life to be. Finding an experienced immigration lawyer can make this process much less complicated than it might seem at first.
Pensioner Visa 9-I
This is the most common type of resident/immigrant visa that retirees will apply for. The major requirement is that you can show that you receive at least $800 a month from a pension (plus an additional $100 per dependent).
This has to be certified by the issuing authority (in most cases a letter from Social Security) and authenticated by the local Ecuadorian Consul in your home country. This amount is less than the requirement of other Latin American countries, making it easier for expats to meet the dollar minimum.
Investor in Real Estate/Securities Visa 9-II
A second type of permanent residency can be obtained by investing at least $25,000 in real estate or securities. If you are considering buying property in Ecuador, this type of visa may a good option for you.
The prerequisites are that you are able to present a document showing clear title, without any liens or encumbrances. The title has to remain in this state for as long as you need the property to establish residency. A similar requirement involving clear ownership applies to securities and the money invested in them.
Industrial Investors Visa 9-III
As might be expected, this visa has a higher dollar limit required; $30,000 or the equivalent in capital. The appropriate business licenses, registration documents, etc. all have to be obtained and presented as part of the visa application.
Legal Representative, Work/Religious Visa 9-IV
This type of residency is not as common for retirees but, in some instances, may still be appropriate. If you are acting as a registered agent for an Ecuadorian entity, a technical expert or other professional working under an indefinite work contract for an Ecuadorian employer, you would qualify for this type of visa.
Again, the proper documentation, certified by the Labor Ministry is required. In the case of religious workers, documentation as to their duties would have to be supplied by their organization. The organization itself would also have to be approved by the Ministerio de Gobierno.
Professional Visa 9-V
For those seniors who wish to continue to work in some capacity as a professional, this type of visa would be the choice. Certified proof of a university, or other higher education degree, along with the ability to meet Ecuadorian standards for that profession are the requirements that have to be met.
Economic Dependence Visa 9-VI
For those expats who have spouses or other Ecuadoran relatives economically dependent on them, Ecuador has provided this type of residency. The paperwork showing both the relationship (i.e. marriage certificate, birth certificate, etc.) and the financial dependence is the essential element to gain approval for this visa.
J. Degenhardt
The Intangible and Compelling Aspects of Ecuadorian Retirement
The sheer beauty and diversity of locations in Ecuador is a major selling point for making it your retirement choice. Whether you desire the cosmopolitan and historical centers of Quito and Guayaquil, the tranquil atmosphere of Cuenca in the Andean Highlands, or the beaches of San Clemente and Bahia, there are lots of options for your Ecuadorian retreat.
The entire lifestyle is much more laid-back than that of the U.S. or Europe. Moving at a pace that allows you to appreciate the time you have to enjoy this new world is both intangible and priceless at the same time.
Medical and dental care, always a major concern, is of the same high quality found in North America but at a fraction of the price. Having peace of mind concerning any potential health problems (and their possible impact on a fixed income) is another compelling reason that Ecuador should be high on your retirement list.
Diane
What Should I Consider?
First, you need to ask yourself if the idea of retiring in a foreign country is something you’d enjoy. Obviously, if you aren’t comfortable in an environment where English is not spoken as widely as Spanish, and where you are the one trying to fit in to the culture, such a move may not be for you.
Second, if you’ve never visited Ecuador, you need to go – several times if possible – before deciding. Learn the country, what spots appeal to you, how much it would cost to move and live there, etc. This will go a long way toward making this retirement choice the right one.
Lastly, remember that this is the start of a whole new phase. Keep your mind open, do the research, and, above all, enjoy the discovery of Ecuador and all that it holds.
For many expats, the idea of a Costa Rica retirement seems like a dream. However, making that dream a reality is actually easier than ever before.
With beautiful beaches, well established communities of expats, and one of the most modernized infrastructures in the region, Costa Rica maintains its standing as one of the best places to live and retire in the world.
Martina Rathgens
Answers to Your Costa Rica Retirement Questions
For many retirees, soon-to-be retirees, and those not quite ready to retire but looking for new horizons, the idea of moving to Costa Rica often leads to a number of questions. Here are the answers to some of the most important matters about life in this Central American paradise.
Can I Afford to Live There?
There is no bigger concern for retirees on a fixed income than how much it will cost to live on a monthly or yearly basis. There have been a lot of stories about how inexpensive a Costa Rica retirement can be. It is important to remember that there are a lot of individual factors that can determine whether the move is affordable.
Living in the larger, more developed areas, such as San Jose, Santa Ana, or Escazu is naturally going to cost more. The larger residences, modern homes, and condominiums in these areas will have a higher price tag than those in smaller towns.
Rents vary along the same lines. It is possible to find a modest “tico-style” house for a few hundred dollars a month. The trade-offs are that some of the appliances that are commonplace in U.S. homes (ovens, dishwashers, etc.) may be lacking.
Similarly, shopping for groceries and other items can have an impact on your budget as well. Going to the local farmers’ markets or local “mercados” will certainly cost less than visiting more expat-oriented stores like the Walmart in Escazu or some of the upscale Auto Mercados in the major metropolitan areas.
The bottom line about your “bottom line” is to examine your own priorities, the “have to haves,” and go from there. Balancing those items against your monetary resources can help you decide if Costa Rica will work for you.
Reckert20
Where Are the Best Expat Communities?
One of the major selling points of retiring in Costa Rica is the large number of expats who have already settled in the country. There are many established expat communities throughout the Central Valley; Grecia, Atenas. and Lake Arenal are good examples.
Escazu, Alajuela, and San Jose are metropolitan centers with a large number of expat neighborhoods, as well as stores and shopping centers that cater to the U.S. clientele. Beach communities along Costa Rica’s “Gold Coast,” including Playa Flamingo, Tamarindo, and Playa del Coco have long been favorites for retirees looking to find that tropical escape by the sea.
The Central Pacific Zone is also another location where a growing number of foreigners have decided to move to and thrive in. Jaco, Los Suenos, and Playa Hermosa (not to be confused with the Playa Hermosa near Tamarindo), have seen their numbers of expats dramatically increase in recent years.
While these areas are some of the best known, it is not difficult to find groups of happy retirees from the U.S. in many Costa Rican locations. Using social media and online resources is a good way to begin to check out the places that best suit your needs and wants.
What Kind of Housing Can I Expect?
The housing in Costa Rica can range from a simple “tico house” with minimal appliances and space, to multi-million dollar estates and resort properties. Looking at real estate listings can be an invaluable tool to learning what your retirement money can actually bring you in terms of a place to live.
The quality of construction, modern amenities, and neighborhood “extras,” such as 24-hour security, pools, etc., will depend on the type of property and location. In this sense, Costa Rica really isn’t any different than most U.S. cities; doing your due diligence is the best way to determine these elements of your retirement “mecca.”
costa rica retirement
Is the Infrastructure Like the U.S.?
Much of Costa Rica has access to cable television, cellular phones, and high speed internet. The public transportation system, in the form of buses, taxis, and shuttles make getting around easier than you might expect.
The constant improvements of the roads throughout the country have dramatically reduced drive times – particularly in the southern part of the country. Completed in 2010, the four-lane highway from San Jose to Caldera has made getting to the Pacific Coast and towns such as Jaco, Manuel Antonio, and Dominical a much easier proposition.
Do I Need to Speak Spanish?
With a large number of English speakers in Costa Rica, being able to speak Spanish is not a prerequisite for retirement life there. Even in smaller towns, finding someone who can understand you usually is not difficult. In more rural locations, having some Spanish is strongly recommended. Obviously, your comfort level with living someplace where English is not the primary language can be a significant factor in retiring here.
What About Health Care?
Costa Rica’s health care system is one of the best in Latin America. With world-class facilities like CIMA In San Jose (affiliated with Baylor Medical Center) and Clinica Biblica (also in San Jose), you can receive access to the same level of care and diagnostic expertise of any modern U.S. facility. Dental care and dental tourism has become prominent in the last few years, providing dental services at a fraction of the cost found in the States.
Dennis Tang
It All Sounds Good – So How Do I Begin?
If you’ve never been to Costa Rica, make certain that you visit and explore (more than once!!!) various parts of the country before deciding to make your move. Read about areas you’re interested in and talk to foreigners who live in those areas.
Take a long, hard look at your budget (realistically) and see what you can and can’t afford. Retirement should be less stressful and having reasonable economic expectations is an important part of this process.
Last, but not least, ask yourself if you are ready to live in a new country with a new lifestyle. If your answer is “yes,” a Costa Rica retirement certainly can be part of your future.
Viva Tropical Radio
Maya scholar Dave Schaefer drops by to discuss the Mayan calendar and the Mayan creation book Popol Vuh. He speaks about his favorite ruins and how he got started studying Mayan hieroglyphs in Guatemala.
Dave and Josh also talk about why and how modern Mayan people aren’t being recognized. If you are interested in Mayan history or just want an introduction to Mesoamerican culture, this show is for you.
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Show Notes
Dave Schaefer’s website for supporting local indigenous projects.
Cracking the Maya Code (documentary on the Maya)
Books to read to learn more
Popol Vuh: Palenque eternal city of the Maya
Many expats are discovering that moving to Belize may be the ideal choice for those seeking a tropical paradise. Perhaps one of the best kept secrets in Central America, this unique location offers a blend of history, a large range of biodiversity, and an environment that actively welcomes expats to become part of the Belizean lifestyle.
There are many features that Belize offers that set it apart from other destinations in the region. Below is a list of these factors that can give you an “insider’s” perspective on the potential that Belize contains for permanent expats and investors alike.
The Simple Good
Why Moving to Belize Can Be the Best Decision You’ll Make
- English is the official language of Belize. Being able to freely converse with Belizeans makes day-to-day tasks like shopping, asking directions, or dealing with repair people much easier.
- Belize freely accepts the U.S. dollar. Although it does have its own currency, the Belizean Dollar (BZD), its conversion rate is a steady 2 BZD:1 USD.
- Its close proximity to the U.S. makes for easy access. There are a variety of regularly scheduled flights to and from Phillip Goldson International Airport located at Ladyville, which is 11 miles from Belize City. Major U.S. carriers, such as American and Delta, in addition to regional operators such as TACA and Maya Island Air, provide international and regional service to Belize.
- Its varied options make it easy to find the perfect spot to live. Whether your idea of paradise is the island community of Ambergris Caye, the thriving and vibrant atmosphere of Belize City and Belmopan, or the more rustic and tranquil setting of Seine Bight, there is a wide selection of properties in all price ranges to choose from.
- As a resident of North America or the United Kingdom, you do not need a visa to enter Belize. The “tourist card” is good for a 30 day period and is renewable on a monthly basis for a $25.00 fee for up to six months before that amount increases. This makes for an easy transition as expats explore their options for permanent residency.
- Belize is filled with many opportunities for exploration and entertainment. From the Mayan ruins at Altun Ha, Caracol and Lamanai to the world famous Blue Hole and the Belize Barrier Reef to the jungles of the interior, there’s incredible biodiversity and authentic culture to explore.
- Belize offers incredible bang for your buck. That’s not to say that Belize is the cheapest place to live, but the value you get for your money is much greater than in comparable destinations. Below is a chart comparing the average price of rents and utilities in Belize City with that of its sister city in the U.S., Ann Arbor, Michigan:
| City | Ann Arbor, MI | Belize City | |
| Apartment (1 bedroom) in City Center | $1047 | $291.01 | |
| Apartment (1 bedroom) Outside of Center | $700 | $126.67 | |
| Apartment (3 bedrooms) in City Centre | $1850 | $1000 | |
| Apartment (3 bedrooms) Outside of Centre | $1116.57 | $808.33 | |
| Basic (Electricity, Heating, Water, Garbage) for Apartment (85 square meters) | $150.76 | $60 | |
| 1 min. of Prepaid Mobile Tariff Local (No Discounts or Plans) | $0.20 | $0.75 | |
| Internet (6 Mbps, Unlimited Data, Cable/ADSL) | $53.11 | 46.67 | |
(research by numbeo.com)
With the same modern amenities found in U.S. cities, the cost of living in Belize is significantly lower. Additionally, there are the added benefits of a more relaxed tropical lifestyle and the opportunity to immerse yourself in the rich historical and cultural aspects of this Central American destination.
Even Paradise Has Things to Consider
For all of the positives of moving to Belize, there are still some challenges that may be encountered. One of the major issues is the availability of rental units throughout the country.
Belize is small; the population is only 331,900. As a result, there are not a lot of rental units and, as a consequence, those units that do exist, often come at a premium price. You may not find a residence in your desired area, so being flexible is important.
Like other developing Central American countries, Belize can be a study of contrasts when it comes to infrastructure. If you are looking at a more rustic location, the trade-off might be that some of the amenities of the more popular areas (better roads, cable, and internet are examples) may not yet be in place.
Mangrove Mik
So What Do You Need to Do to Make the Move to Belize
Before you decide to make the move to Belize, you should visit the country. Check out some of the potential locations that you think would be a place that would suit your lifestyle. There is no substitute for actually “being there” in order to discover whether this is the move for you.
Once you find the place and atmosphere that calls to you, a decision has to be made as to whether you want to rent, buy, or build. Obviously, this is dependent on your short- and long-term financial outlook. Contacting realtors in the area can help you narrow the search for your residence in paradise.
In addition to doing your online research, check out expat blogs as well as social media pages. These are people who have “been there, done that” and can answer many of your questions as well as offer advice based on their own experiences.
Another step in the expat process is to make certain that you have made a realistic budget that takes into account the money you will need from month to month. Make certain that you also allow for the “unexpected expenses”; even in paradise these can and do arise when you least want or need them. Planning ahead can make your transition that much less complicated.
Deciding to move to another country can be a daunting choice. The potential that you can discover when you make the move to Belize certainly will support the old saying: “No risk, no reward.”
Much like Costa Rica and Panama before it, Ecuador has gained the attention of expats from the U.S., Canada and Europe. Ecuador’s top five locations for expats offer the unique combination of being largely undeveloped with reasonable real estate prices.
Michael Shick
Whether your tastes run to a beach lifestyle, an Amazonian jungle hideaway, or a mountain retreat, Ecuador Real Estate has something for everyone. Supported by expat friendly policies and a commitment to develop and improve the infrastructure, Ecuador is truly on the cusp of a renaissance for those looking to find a new way of life in Latin America.
What Makes Ecuador Special
There are a number of reasons that expats should consider Ecuador as a possible spot to retire or invest. First and perhaps most important is the fact that the U.S. dollar is the official currency in Ecuador. Being able to calculate the costs of things, without having to consider exchange rates, makes budget allocation much easier.
A second important consideration is that non-residents have the same property rights as Ecuadorian citizens. It is not even necessary to apply for residency in order to own land.
Ecuador has some of the most favorable tax rates anywhere in Central or South America. For expat retirees, the already low assessment is reduced even further to 50% of the amount assessed.
Last, but by no means least, is the fact that so much of Ecuador still retains its authentic and rustic qualities. For expats seeking a less hectic, more traditional lifestyle, the small villages and towns in Ecuador are a great fit.
With so many options, looking at available properties and lots in Ecuador is certainly worthwhile. Finding your tropical paradise begins with just a click of a mouse.
Samuel Irving
Ecuador’s Top Five: Life at the Beach – San Clemente
Located on the Central Pacific Coast, San Clemente has become one of the prime locations for high adrenaline sports like hang gliding, paragliding and kite surfing. Enthusiasts from all over the globe have flocked to this sleepy fishing village to enjoy these adventure activities.
One of the prime draws of San Clemente is its beaches. There are no fewer than seven named beach locations close to town that expats can visit and enjoy.
Being largely undeveloped, San Clemente has lower property costs than larger communities such as Manta or Portoviejo. Similarly, the overall cost of living is much lower for basics such as rent, utilities and other basic services.
In terms of larger investment projects, at present there is only one major effort, the Vistazul Townhouses, in and around the village. Certainly there is ample opportunity for other developers to start projects that will meet the anticipated needs of new expats expected in the region.
Eduardo Santillán Truillo
Life at the Beach Part II – Bahia
It’s not surprising that Bahia is one of Ecuador’s Top Five. Long a favorite beach community, Bahia, or more properly Bahia de Caraquez, has reinvented itself as an “ecocity” that draws eco-tourists and expats from all over the world.
Located on a peninsula at the mouth of the Rio Chone, Bahia was home to the indigenous native city of Caran before being settled by the Spanish in 1628.
The influx of expats over the last two decades has transformed Bahia into a tourist friendly destination with a well-developed infrastructure. A great example of this growth is the bridge spanning the Rio Chone to San Vicente. This bridge has become the major source of traffic between these two communities.
There are many high-rise properties, hotels, and resorts in the city. Even though the number of cluster-type and high-density units is large, Bahia still retains a cleanliness and calm atmosphere not often found in resort-type areas. Ironically, many of the properties sit vacant expect during the “high” (January through April) season as a significant number are vacation homes only.
With many amenities and a significant expat community, Bahia is particularly attractive for those who want the conveniences of “home” (U.S., Canada, or Europe). As the coastal roads continue to improve, visiting and exploring other parts of western Ecuador becomes more convenient and an additional feature of relocating there.
As might be expected, the cost of living in Bahia is somewhat higher than less-developed locations. While rentals in town can run between $1,000-$1,500 range, utilities are still relatively low and, depending on use, may average less than $120 per month for basic services. Importantly, sales prices just outside the city center are more reasonable even for the higher end units.
Meredith Cook
Two Costal Lowlands Getaways – Canoa and Ancon
Separated by roughly 125 miles, the two beach communities of Canoa and Ancon both have real potential for expats looking to get away from it all at the beach. With very little development at either location, immersing in a true, rustic Ecuadorian lifestyle can be a dream come true.
Ancon, located just outside of Salinas, was the first oil-producing location in the area, starting in 1911. Originally the village was home base for British petroleum engineers. Nearly forgotten through the years, the town is now regaining popularity as a vacation spot for Ecuadorians living in the U.S. and for expats discovering the great values that can be found there.
Finding ocean view properties and restored villas for under $150,000 is not an unreasonable expectation. While there is not much in the way of infrastructure at this point in time, as more investors and expats move into the area, improvements and higher prices will not be far behind.
Canoa, to the north, has 17 km of pristine sands, making it the longest beach in Ecuador. The roads in the village are all dirt and the rustic, hippie-like vibe of the place is one of the major reasons that expats have been drawn there.
There are some higher-end properties in and around Canoa but, for the most part, the private homes clustered around the center are modest. As a consequence, property costs remain low and the potential for development is high.
One important aspect to keep in mind is that the lifestyle of both places IS rustic. If a more cosmopolitan environment is a requirement, these small fishing communities may not be for you.
Also, remember that English speakers may not be as numerous as in larger cities. For some expats, having to deal with day-to-day matters in Spanish may be a bit confounding.
Dr. Dicker
Valley Living – Yunguilla: A Hidden Gem
Combining an eco-friendly lifestyle, stunning views, and a true Ecuadorian vibe, Yunguilla is being touted as a more accessible alternative to Vilcabamba. Located a short 45 minutes from the community identified as the “cultural heart and soul” of Ecuador-Cuenca, this area could well become a major expat location as more people discover the potential waiting there.
One big difference is that Yunguilla is not a town but a valley running 104 miles from just outside of Cuenca to the port city of Machala. There are a number of small villages scattered throughout the valley but a large portion has retained its natural, untouched state.
The climate in Yunguilla is very comfortable due in large part to its geography. The valley has an East-West orientation providing ample sunshine and a short rainy season.
Ranging from a altitude of 4500 ft. on the Santa Isabel end to roughly 7000 ft. near Giron, closest to Cuenca, temperatures in the valley range from the low 80s during the day to a very comfortable high 50s-low 60s at night. These moderate numbers also translate into reduced costs for air conditioning; certainly an added benefit not found in most tropical locations.
Although much of the Yunguilla area is underdeveloped, the region is home to a number of prominent and wealthy Ecuadorian families. The result is that most of the development being undertaken is being done by Ecuadorians.
Additionally, the infrastructure is far superior to most of rural Ecuador. Quality water, telephone, and electrical power plus a well maintained and modern highway has made Yunguilla very attractive as a potential expat magnet.
For those seeking an existing residence, the quality of construction in the valley far exceeds many areas of Ecuador. In spite of all the modernization, property values from one end of Yunguilla to the other may range as much as 30% less than comparable properties in Vilcabamba. When the natural beauty and rustic charm of this hidden gem are factored in, Yunguilla can tick many of the boxes expats have for their tropical destination.
Andreas Kay
Cotacachi – Retreat to the Mountains
Nestled between two volcanoes, Cotacachi is becoming one of the more popular expat destinations in Ecuador. Located two hours north of Quito, this mountain town is next to the Cayapas Ecological Reserve with its 750,000 acres of protected forest land.
After online features about this rustic village appeared in 2007, expats began to move into Cotacachi. Having an established expat community certainly can make the transition to life in Ecuador much easier for those who are experiencing life abroad for the first time.
The beautiful Andean vistas, low cost of living and the reasonable property prices have all contributed to Cotacachi’s popularity. The top leather artisans in Ecuador offer their quality products, including coats, shoes, and accessories for sale at prices far lower than in many other locations.
The mountain climate with temperatures in the low 70s during the day to mid 50s at night makes air conditioning almost unnecessary. Rainfall is very moderate; even during rainy season, it is rare to have more than days out of the month with any precipitation.
Property prices, while on the rise, are still quite reasonable for an area with a good infrastructure and amenities. Utilities can run under $60 per month (electricity, water, heat, telephone, cable, and internet) and rents can be under $600 a month for multi-bedroom units.
For those looking to buy, there are a number of choices from small Ecuadorian homes to well-appointed villas. Lots of all sizes are also available for those expats wanting to build their own vision of paradise.
How to Find the Best Place for Expats in Ecuador
The top five areas described above are some of the hottest locations for expats throughout Ecuador. There are many other options that are worth exploring. Understanding the fine points of property ownership and how it can benefit you is an important first step in becoming an expat in Ecuador. Take that step today!!
Pedasi, Panama is in the midst of a dynamic transformation. This little-known fishing village on the southeastern tip of the Azuero Peninsula, with a population of roughly 2000, has seen a surge in foreign investment that heralds a period of growth for both expats and investors.
Known for its local festivals, sportfishing, nearby pristine beaches, and natural beauty, it is also the home of Panama’s first female president, Mireya Moscoso Rodríguez de Arias. She has been instrumental in improving Pedasi’s infrastructure and making the real estate market more attractive for foreigners seeking to build new homes and invest in the region’s growth.
Zanzabar Photography
Pedasi, Panama – Historical and Cultural Heartland
The Azuero Peninsula was settled over 11,000 years ago and remnants of this pre-Columbian culture are still evident today. Pedasi, like other small towns in the area, tracse its cultural roots to this ancient civilization.
It was in 1671 that Pedasi and Las Tablas (a community just north of Pedasi) were formally established. Local history holds that the area became a choice for settlers after major fires in Old Panama City during the latter 16th century drove people to find safer locations. The region still has many colonial churches that reflect the beauty and richness of their Spanish heritage.
The waters around the peninsula have become known as Panama’s Tuna Coast. The abundance of yellowfin tuna, marlin, sailfish, and snapper in the area offer excellent year-round fishing. Restaurants in Pedasi will actually cook your edible catch to taste, something that you won’t find elsewhere in the region.
Playa Venao – Panama’s Surfing Destination
Just a short distance from Pedasi, Playa Venao has become one of the world’s premier surfing destinations. Recently, it hosted the DaKine ISA World Junior Surfing Championship and has become a favorite with wave riders from all over the globe. With the laid-back vibe, beach bars, and nightlife you’d expect from a surf-oriented town, Playa Venao can be a gateway to your own “endless summer.”
Come for Carnival, the Big Party in Pedasi
With over 500 celebrations and religious festivals each year, there is always something going on in and around Pedasi. Perhaps no festival has gotten as much attention as the Desfile de las Mil Polleras – the Thousand Pollera Parade. This is part of the larger regional Festival Nacional de la Pollera, based in Las Tablas in July.
The pollera is considered one of the most beautiful national costumes in Latin America. Consisting of a two-tiered skirt and a blouse, these elaborate garments have come to symbolize Panamanian culture at its finest.
Associated with Carnival, four days before Ash Wednesday, La Pollera is celebrated in full glory. The rich materials, brilliant colors and accessories (Tembleques) have become a centerpiece for Panamanian and Pedasi culture.
Isla Iguana and Cerro Hoya
Isla Iguana and the lesser known Cerro Hoya Nature Park are two locations where expats can get “up close and personal” with a wide selection of wildlife not found elsewhere in Panama. Five species of sea turtles, buffalos, sloths, monkeys, and even the occasional jaguar or ocelot can make visiting these natural preserves a once in a lifetime event.
Jason Cserny
Buying in Pedasi
The recent uptick in buying real estate in and around Pedasi has dramatically influenced property prices, even for undeveloped lots. With a number of luxury projects planned, it is not surprising that may foreign investors are pouring large amounts of money into the area.
For the single buyer, trying to make sense of the pricing can be both confusing and frustrating. It is necessary to look, not only what the value of your property might be, but also what the realistic value (and price) of the land you are interested in is in its current state.
Pedasi’s Market Stage Is Important
With all the potential that exists for investment and development in Pedasi, the Azuero Peninsula, and Panama in general, it is important to understand exactly at what stage the market is in terms of the prices that are being asked.
Think of a “market stage” as a description of where an expat location is in terms of land development. The price of property starts with its value to local residents and increases all the way to a full scale town complete with amenities.
Being able to identify what “stage” a particular area might be in can help you decide what to buy, what to build and, most importantly, what you should pay. As in any real estate market, prices are not always reflective of the value of a parcel of land in its current state. Remember that speculation on what property may be worth in the future might not support the price being asked today.
Being Selective Can Pay Dividends
The number of foreign investors buying large plots of land in Pedasi has increased dramatically in the last decade. The prices that many of these developers are asking are often in the “stage four” (established expat community level) range when, in truth, the area is only at a “stage two” or “stage three” level.
The remoteness and unsullied nature of Pedasi is both its biggest drawing card and major drawback. Being able to get building materials, and modern infrastructure amenities can be a challenge for investors who are working with a limited budget.
By being selective, you can maximize your potential in terms of finding property that is priced realistically. With the promise of a strong return on investment, Pedasi may just be the hidden tropical getaway you’ve been looking for
So What Are You Waiting for?
The best way to experience Pedasi is to go there. Plan a visit and see what this growing village has to offer; you won’t be disappointed.
Map of Pedasi, Panama
Pedasi, Panama Fast Facts
- Population: 2,000+
- Typical temperature: 86 Fahrenheit
- Nearest airport with U.S. flights: Tocumen International Airport (Panama City, Panama)
- Nearest U.S. consulate: Panama City, Panama
Mexico has been a favorite expat destination for several decades. For those contemplating moving to Mexico, here are the answers to your top questions about going “south of the border.”
With a rich cultural history, established communities, and many locations to choose from, expat life in Mexico becomes a great option. Understanding some of the basics can make the transition from visitor to resident less complicated.
Bri
1. Is Getting a Visa in Mexico Complicated?
The short answer is: No. However, like other Latin American countries, there are rules concerning the types of visa and residency requirements that you should be aware of.
Non-Immigrant Visas
Perhaps the most common type of visa is the “Visitante” or Visitor visa. This is intended for those who are planning to stay in the country for six months or less. Importantly, it is not renewable.
Known as the FMM (Forma Migratoria Multiple), the form is supplied by airlines prior to landing in Mexico; if entry is by land or sea, the form is available at the Immigration Office at the point of entry. There is a small charge (approximately $20 US) for this visa; this fee is usually included in the price of your airline ticket.
A second type of non-immigrant visa is the FM3 (No Inmigrante) that allows foreigners to live in Mexico longer than six months. This is generally the visa chosen by expats looking to make Mexico their retirement home.
The major stipulation is that you can prove that you have sufficient funds to live there; a general estimate is roughly $1250 US per month plus an addition 50% for each dependent. Since the amount required is revised on a regular basis and dependent on which location you are applying in, it is important to keep track of any changes.
The FM3 visa is good initially for one year, with an option to renew for an additional four years. The process can subsequently be repeated every five years.
Resident Visas
The FM2 (Inmigrante) is the visa you would apply for if your goal is to ultimately become a Mexican citizen or seek permanent residence. Upon being confirmed for this status, an identification card is issued allowing you to cross Mexico’s border as if you were a citizen.
There are a number of types of FM2 visas that depend on an individual’s situation. Retirees, investors, professionals, artists, and athletes are just some of the categories that may qualify for permanent residency. Seeking the advice of a competent immigration attorney is the best to see if your particular situation qualifies.
The Temporary Resident Visa (Visa de Residente Temporal) is similar to the FM3 in that it allows foreigners to live in Mexico longer than six months. The distinction, however, is that it is only renewable for up to a period of four years.
Martintoy
2. Can Expats Own Property in Mexico?
Expats and investors can buy and own property in their own name in the interior of Mexico but, at the current time are prohibited from direct ownership in the “restricted zone. This zone refers to areas within 100 km (64 miles) of international borders or within 50 km (32 miles) from the coastline at high tide.
In 1993, however, the Mexican constitution was amended to permit foreign ownership of property in these areas through a legal mechanism known as “fideicomiso,” or bank trust. Under this system, a bank is the actual title holder and the purchaser is the “beneficiary” with full rights of ownership. These trusts are granted for a 50-year period and renewable for an additional 50 years.
Expats can find a wide variety of properties available at reasonable prices. Whether your idea of the perfect hacienda is a beachfront condo, urban location, or rural retreat, Mexico offers something for every taste and budget.
Joe Runy
3. What Is Life for an Expat Like in Mexico?
Although it borders the U.S., it is important to remember that Mexico is a foreign country with its own cultural make up and lifestyle. Daily life in Mexico varies from location to location – much like everywhere else in the world.
In the larger cities, such as Mexico City and Acapulco, expats can find most, if not all, of the modern amenities of any major U.S. city. With that lifestyle, however, comes a higher cost of living for everything from rent or property prices, food, utilities, etc.
Major tourist locations such as Puerto Vallarta, Cancun, and Rivera Maya are going to have a lot of English speakers (which may be a plus) and the tourist-beach vibe that a lot of expats find attractive. Again, the popularity of these places has made the price tag of living there higher as well.
For those seeking a more relaxed and rustic lifestyle, there are many smaller towns and villages that can make immersing in Mexican culture an easy task. While the cost of living is less, some of these areas may lack some of the cosmopolitan amenities of bigger cities – which is part of the trade off.
Finally, it is important to remember that Spanish is still the language of Mexico. Although many Mexicans understand and speak some English, having some knowledge of their language can make daily life much easier.
mig8447
4. What About Crime?
In recent years, Mexico has made the headlines concerning the ongoing problems with various drug cartels and other criminal activities. With so much attention being given to these high profile incidents, being concerned about the impact of crime, when considering moving to Mexico, is both understandable and realistic.
While there are certain areas that seem to be hotspots for many of the incidents, the majority of the country is largely unaffected. In a real sense, a comparison could be made to urban centers in many countries that are dealing with similar issues. Doing your own due diligence when looking at a particular location can better inform you of any potential problems before making a move.
5. Is Mexico the Place for Me?
Perhaps the best way to answer that question is to spend some time in various parts of the country. Learn what living in Mexico is like and, even more importantly, see how you feel about the possibility of making it your own. There’s no time like the present to begin the journey.