“What a home one might make among their shady forest, their sunny slopes, their breezy dells, after he had grown weary of the toil, anxiety and unrest of the bustling driving world.”
--Mark Twain, after 1897 visit to Nicaragua
This is exactly the appeal that Nicaragua has for the thousands who have already decided to retire in Nicaragua. It is a place that is welcoming and peaceful, plus un-crowded and undervalued. Although, many North American impressions of this small, Central American country are colored by dark thoughts of the 1979 Sandinista takeover and the devastating civil war that ensued, the wise words of Mark Twain still ring true today.
To Retire in Nicaragua—is to retreat to what MSNBC featured as “The Best Kept Retirement Secrets” and US News and World Report wrote is one of the top-10 retiree destinations in the world.
Today, Nicaragua is a premier destination for Americans, Canadians and Europeans looking to retire overseas. Driven by an early in real estate investment opportunity, low property taxes, and a low cost a living tied to an increase in quality of life—Nicaragua is hot destination for to-be expatriates looking to flee a rising cost of living in their home countries.
There are two other critical factors that have also played a considerable role in defining Nicaragua’s fate as a premier retirement destination: a comprehensive retiree benefit program and desirable locations!
Nicaragua’s Retiree Benefit Program
Nicaragua's retirement laws provide some tax incentives for foreigners—copied after the retirees’ benefits offered to many in Costa Rica in the 1980’s.
Under Decree No. 628, the 'Law of Resident Pensioners and Retirees,' you're eligible for benefits if you are over 45 years old and have a monthly income of at least US$400 or the equivalent in another currency. (Add an additional US$100 for each dependent family member living with you in Nicaragua.)
The benefits come mostly in the form of tax incentives. As a foreign retiree, you're entitled to: (1) pay no taxes on any out-of-country earnings (2) bring into Nicaragua up to US$10,000 worth of household goods for your own home, duty-free (3) import one automobile for personal or general use and pay on it no import tax or protective tariff and sell it after five years, again exempt from consumer sales tax (4) import an additional vehicle every five years under the same duty exemptions.
While this solution may be very beneficial for some others may not meet age or income requirements. Residency can still be acquired although you will not receive the same tax benefits. What makes Nicaragua unique is that you do not need to have residency to own land. While those without residency must depart for 72 hours every 90 days, Nicaragua is very accommodating to foreigners.
Cost of Living
The low cost of living, among the lowest in Central America, will maintain or even increase your quality of life in almost every aspect of their life. Today, Nicaragua offers retirees the lowest cost of living in Central America—even lower than Panama with prices 20-60% cheaper than prices in the United States. Besides Nicaragua’s vibrant culture, friendly people, spectacular beaches, and amazing early-in real estate investment opportunity—its low cost of living may be what is most attractive to retirees. However, a lower cost of living does not mean you have to sacrifice the quality of life you have been accustomed to in the United States or Canada.
High Quality, Specialized CHEAP Healthcare
With the addition of the Vivian Pellas Metropolitan Hospital, Managua is now home is on the most highly specialized healthcare centers in Central America. In addition to Pellas Metropolitan, several hospitals and private clinics in Managua and Granada provide high-quality healthcare at a very affordable prices. Generally speaking, your more serious healthcare needs will require attention in Managua, although there are several clinics available for retirees throughout the country, which would tend to you more basic needs.
For more information, please visit: www.NicaBonita.com