Americans flock to the 'Rich Coast'
Americans flock to the 'Rich Coast'
Sunday, July 1, 2007
By SHANNON ROXBOROUGH
SPECIAL TO THE RECORD
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."
Got a second-home story you'd like to share? E-mail Shannon Roxborough at ForeignPassport@aol.com
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Perks
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.)
Getting there
Continental has non-stop flights from Newark to San Jose starting at about $500.
Where to stay
The Hotels Costa Rica Web site provides links to dozens of accommodations. Visit hotels.co.cr.
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.
For more information
* Christopher Howard's Web site: costaricabooks.com
* Punta Dominical: puntadominical.com
* Punta Leona: vivapuntaleona.com
* Marisol Condos: dreammarisol.com
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