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- Retiring in Costa Rica Might Just Become Way More Expensive in the Near Future
Retiring in Costa Rica Might Just Become Way More Expensive in the Near Future
- By Super Admin
- Published 03/13/2009
- Spanish Travel
- Unrated
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<p>Retiring in Costa Rica Might Just Become Way More Expensive in the Near Future<br>By <a href="http://ezinearticles.com/?expert=Serapis_Murillo">Serapis Murillo</a></p>
<p><strong>The current law pertaining to foreign retirees or pensioners moving to Costa Rica is as follows:</strong></p>
<p>The retiree must show proof that their pension or passive monthly income streams from a "reputable" pension source are at least $600 U.S. Dollars a month. The 600 dollar a month minimum includes moving down with your spouse as well as any underage children. This law has been in place for around 38 years (since 1971).</p>
<p><strong>Proposed Law Makes Living in Costa Rica Much Harder</strong></p>
<p>A proposed bill is seeking to raise the $600 dollar pensioner minimum to $2000. That's almost a 334 percent increase. Worst of all, the proposed law is contemplated to be retroactive. This means that retirees that have already been approved and are currently living in Costa Rica under the $600 dollar law will likely be forced to leave the country when it comes time to renew their retirement visas. It doesn't matter how long they have lived in Costa Rica.</p>
<p>Now this bill, (Bill No. 16.954) has not been approved yet and will hopefully get shot down. However it does have many people worried, especially those already living in the country. Many of whom seem to be contemplating Panama and other Caribbean nations as alternatives.</p>
<p><b>How will this bill affect real estate prices in Costa Rica?</b></p>
<p>Costa Rica's booming real estate economy has been fueled by foreign capital. Foreign interests, investors, retirees and pensioners living or wanting to move down and retire in Costa Rica have driven up real estate prices dramatically
over the past couple of decades.</p>
<p>If this bill becomes law, many people will be forced to leave the country and with their disappearance, the demand for housing will drop. Less demand will mean higher inventory. Higher inventory will exert a strong downward pressure on prices and the market will likely suffer.</p>
<p>In fact, the market may already have started to suffer on mere speculation, while people who were previously thinking of moving to Costa Rica wait to see the final outcome of this legal soap opera, or even worse invest elsewhere.</p>
<p>About the VivaReal Network</p>
<p>Finding attractive Latin America real estate investing opportunities can be pretty overwhelming. Finding the right home abroad requires time, effort, and high travel costs. The VivaReal Network's Latin America Real Estate portal <a target="_new" href="http://www.vivareal.net/">http://www.vivareal.net/</a> makes the process much easier and much more cost effective. We enable international buyers to contact local sellers and agents that are experts in the expat markets they are thinking of investing in.</p>
<p>Our network also consists of several self help international real estate blogs where expats are free to ask any questions they need answered. Our Costa Rica real estate blog, for example, <a target="_new" href="http://www.vivarealcostarica.com">http://www.vivarealcostarica.com</a> will aid the decision making process for people that are currently concerned as to the future of the Costa Rica real estate market; as it pertains to foreigners, expats and investors.</p>
<p>Article Source: <a href="http://ezinearticles.com/?expert=Serapis_Murillo" target="_new">http://EzineArticles.com/?expert=Serapis_Murillo</a><br><a href="http://ezinearticles.com/?Retiring-in-Costa-Rica-Might-Just-Become-Way-More-Expensive-in-the-Near-Future&id=2054140" target="_new">http://EzineArticles.com/?Retiring-in-Costa-Rica-Might-Just-Become-Way-More-Expensive-in-the-Near-Future&id=2054140</a></p>
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<p>Retiring in Costa Rica Might Just Become Way More Expensive in the Near Future<br>By <a href="http://ezinearticles.com/?expert=Serapis_Murillo">Serapis Murillo</a></p>
<p><strong>The current law pertaining to foreign retirees or pensioners moving to Costa Rica is as follows:</strong></p>
<p>The retiree must show proof that their pension or passive monthly income streams from a "reputable" pension source are at least $600 U.S. Dollars a month. The 600 dollar a month minimum includes moving down with your spouse as well as any underage children. This law has been in place for around 38 years (since 1971).</p>
<p><strong>Proposed Law Makes Living in Costa Rica Much Harder</strong></p>
<p>A proposed bill is seeking to raise the $600 dollar pensioner minimum to $2000. That's almost a 334 percent increase. Worst of all, the proposed law is contemplated to be retroactive. This means that retirees that have already been approved and are currently living in Costa Rica under the $600 dollar law will likely be forced to leave the country when it comes time to renew their retirement visas. It doesn't matter how long they have lived in Costa Rica.</p>
<p>Now this bill, (Bill No. 16.954) has not been approved yet and will hopefully get shot down. However it does have many people worried, especially those already living in the country. Many of whom seem to be contemplating Panama and other Caribbean nations as alternatives.</p>
<p><b>How will this bill affect real estate prices in Costa Rica?</b></p>
<p>Costa Rica's booming real estate economy has been fueled by foreign capital. Foreign interests, investors, retirees and pensioners living or wanting to move down and retire in Costa Rica have driven up real estate prices dramatically
<p>If this bill becomes law, many people will be forced to leave the country and with their disappearance, the demand for housing will drop. Less demand will mean higher inventory. Higher inventory will exert a strong downward pressure on prices and the market will likely suffer.</p>
<p>In fact, the market may already have started to suffer on mere speculation, while people who were previously thinking of moving to Costa Rica wait to see the final outcome of this legal soap opera, or even worse invest elsewhere.</p>
<p>About the VivaReal Network</p>
<p>Finding attractive Latin America real estate investing opportunities can be pretty overwhelming. Finding the right home abroad requires time, effort, and high travel costs. The VivaReal Network's Latin America Real Estate portal <a target="_new" href="http://www.vivareal.net/">http://www.vivareal.net/</a> makes the process much easier and much more cost effective. We enable international buyers to contact local sellers and agents that are experts in the expat markets they are thinking of investing in.</p>
<p>Our network also consists of several self help international real estate blogs where expats are free to ask any questions they need answered. Our Costa Rica real estate blog, for example, <a target="_new" href="http://www.vivarealcostarica.com">http://www.vivarealcostarica.com</a> will aid the decision making process for people that are currently concerned as to the future of the Costa Rica real estate market; as it pertains to foreigners, expats and investors.</p>
<p>Article Source: <a href="http://ezinearticles.com/?expert=Serapis_Murillo" target="_new">http://EzineArticles.com/?expert=Serapis_Murillo</a><br><a href="http://ezinearticles.com/?Retiring-in-Costa-Rica-Might-Just-Become-Way-More-Expensive-in-the-Near-Future&id=2054140" target="_new">http://EzineArticles.com/?Retiring-in-Costa-Rica-Might-Just-Become-Way-More-Expensive-in-the-Near-Future&id=2054140</a></p>
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