Americans flock to the 'Rich Coast'
By Shannon Roxboroguh, therecord
Christopher Columbus, while
drifting aimlessly through the
Caribbean in 1502, set eyes on a
breathtaking stretch of
coastline and christened it
Costa Rica.
More than 500 years later, the
country of just over 4 million
tucked between Nicaragua to the
north and Panama to the south is
experiencing a boom not seen
since the 1980s, when American
and European retirees arrived in
droves to enjoy the good life on
a budget. (According to the
State Department, more than
20,000 U.S. expatriates live in
Costa Rica, though the actual
number is closer to 50,000.)
Politically stable with a highly
literate, cosmopolitan populace,
stunning Pacific and Caribbean
coastlines and huge swaths of
protected rain forests, Costa
Rica's tourism is booming, and
so is the market for second
homes.
Americans are once again
flocking to the "Rich Coast," a
literal translation of its name.
One such newcomer is Amanda
Courter, who was born in
Manhattan and raised in Atlantic
City. Citing burnout from a
hectic 9-to-5 workweek, the
breakneck pace of our
rush-to-get-nowhere society,
political discontent and an
overall decline of the quality
of life in the United States,
she arrived in Costa Rica in
2005. She bought a 2-bedroom,
2½-bathroom villa for $390,000
in Punta Dominical, a gated
luxury community on the
country's southern Pacific
Coast.
"I love the culture, the food
and the water sports. There is
something new and exciting every
day with a slower pace and
lighter level of responsibility
than life back home," Courter
said. "In so many ways, I feel
like a child again, and I can
finally breathe."
She is not alone in her praise
of this traditional
south-of-the-border retreat.
"Costa Rica isn't for everyone,
but it is very user-friendly for
Americans since it has more U.S.
citizens per capita than any
place outside the United States.
There are American movies,
malls, food chains and all the
familiar brands that make it
easy for Americans to live here.
They feel at home," said
Christopher Howard, author of
the book "The New Golden Door to
Retirement and Living in Costa
Rica," who sponsors relocation
tours to Costa Rica.
Howard, a Los Angeles native who
traveled throughout Central and
South America, and lived and
studied in Mexico before
settling in Costa Rica in 1982,
adds: "We live in a very
exciting time. You have Latinos
moving to the States to seek a
better life and, on the other
hand, Americans are moving to
Latin America to improve their
lives and explore a new,
wide-open frontier."
In Costa Rica, a monthly income
of $1,000 to $1,500 will afford
you a good standard of living,
covering the cost of a spacious
3-bedroom, 2-bath home (rental),
groceries, utilities (including
Internet access, cable TV and a
cellphone), and a full-time
housekeeper, and leave enough
for cultural and recreational
pursuits.
Living in Costa Rica also has
many tax advantages: Property
taxes are reasonable, business
taxes are minimal, investors pay
no capital gains taxes on real
estate and high-interest bank
accounts are tax free. Retirees
can qualify for a $500-a-year
version of Medicare. (Costa Rica
has universal health care and
one of the best health systems
in Latin America, with many
U.S.-educated doctors.)
"Since coming here, I have never
looked back," Howard said. "I
made the right choice by
following my dreams, and the
country has been very good to
me."
Reasonable real estate, friendly
people and low violent crime.
With more than a quarter of
Costa Rica's total land area
composed of national parks,
wildlife refuges and biological
reserves, the country is a
nature lover's paradise with a
thriving ecotourism industry.
Costa Rica has a tropical
climate, but year-round
temperatures in the Central
Valley (popular with Americans
and just a few hours from the
capital San Jose) average 72
degrees.
Drawbacks
Navigating red tape is a fact of
life in Costa Rica, where almost
nothing happens quickly. A
simple trip to the bank usually
means waiting in line for an
hour. Today frequently means
tomorrow and next week can mean
next month. If you want to bring
your car with you, expect hefty
import duties on used
automobiles (no matter the age,
if you already own it, it's
used) generally equivalent to 45
percent to 75 percent of the
retail value.
Costs
Though Costa Rica is the most
expensive country in Central
America, the cost of living is
still far below that of a
comparable lifestyle in the U.S.
Ocean-view lots and homes in
Costa Rica start at about
$200,000 and range up to seven
figures. (More modest houses can
still be found for $100,000 or
less.)
Must see
Guanacaste Province on the
northern Pacific Coast is known
for its spectacular beaches and
water-related activities,
including surfing, snorkeling
and sport fishing.
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