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Wednesday, June 12, 2024

Costa Rica Among Cheapest Countries to Retire: Travel & Leisure

It is well known that once you retire, living outside of the U.S. can be one of the best ways of reducing your cost of living without sacrificing your quality of life and for this reason Costa Rica has often been listed as one of the top destinations for retirees.

The trend continues again this year as Travel and Leisure magazine has listed Costa Rica as one of the eight cheapest destinations in the world for U.S. retirees.

The overall cost of living is about 38% lower than in the United States, and housing is 72% lower on average, based on June 2022 data,” points out Travel + Leisure.

To see how Costa Rica compares with the other countries on the list, here is their complete list of the top 8 retirement destinations listed by the magazine:

  1. Mexico
  2. Ecuador
  3. Costa Rica
  4. Portugal
  5. Panama
  6. Vietnam
  7. Montenegro
  8. Colombia

It’s no secret that Costa Rica has conquered the hearts of many foreigners. The beaches, volcanoes, rainforests, and other beautiful natural landscapes, along with great weather and the pura vida lifestyle, are some reasons many people choose to settle down in the country.

The magazine points out some of Costa Rica’s residency programs, especially focused on retirees.

Residency programs include the Pensionado visa, which requires a monthly income of at least $1,000 to be transferred to a Costa Rican bank for expenses,” mentions the article.

In addition, “the Rentista Program, for those without a monthly pension, requires a minimum of $60,000 or a monthly income of at least $2,500 from a guaranteed source for at least two years.”

One aspect that the publication highlights about Costa Rica is the access to health care, whether public or private.

“Excellent health care is available… The national medical program, with no co-pays or exclusions, is available to residents along with the option of private health care with out-of-pocket costs that can be self-insured or paid through a private insurance policy,” they mention.

Although San José, the capital city, isn’t the first choice for most, Travel + Leisure explains that for those who love the city, the “cost of living is 55% lower than in New York, and rents are 82% lower.”

Housing options are also available in nearby zones, and many foreigners choose to live near mountainous areas.

Cost generally depends on lifestyles, individual needs, location within the country, and other personal expenses.

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