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hello all,
I have a couple of questions. I am thinking about moving my family to Costa Rica in 2018 and wanted to know about the currency. How much are things in colons over there in Costa Rica?
Is 19 million colons a lot of money in Costa Rica? How is the cost of living there?
Are the schools good for children?
I am looking into moving to Dominical, is that a pretty good area?
I am also wondering about the massage therapy requirements. Would one need a license to be able to do massage in Costa Rica?
I know its a lot of questions but I rather know everything before I get there, so I can be somewhat ahead of myself.
I understand that C.R. has the highest cost of living in Central America. Also, imported items are more expensive. At approximately C 540.00 colones per dollar, 19 million would be $35,185.18.
Having been born in C.R. of an North American father and a Tica mother, I have dual citizenship which by the way reminds to go to the C.R. consul in L.A. to get my cedula and passport.
I figure that for a single person to live well, I require at least $1500.00 a month. And I also can work as a Tico! As Scott will tell you, look up past searches on this forum to get an idea of what you will be up against. Visit first!
I finished my 6th grade in Costa Rica, so I’m fluent in Spanish, although my intellect in the latter is limited to my education up to that point. It does help that I have a lot of family down there, and I just learned from a cousin who is a professional, and who just built a holiday bungalow in Cahuita, on the Caribbean side for $70,000.00 including the lot, and not far from the beach.
Of course, you can buy mansions throughout the country in the millions.
Re-adapting to the Tico life will be the key to my future, hence that’s why I have to visit first.
All I know is that whenever I have to take the Santa Ana freeway on ramp, which I don’t do very often, while waiting for the light to change, I ask myself what the hell I’m doing in this part of the country, when I could be walking on those beautiful beaches of Cahuita-Puerto Viejo, or Manzanillo.
[quote=”ajhubb12″]hello all,
I have a couple of questions. I am thinking about moving my family to Costa Rica in 2018 and wanted to know about the currency. How much are things in colons over there in Costa Rica? Is 19 million colons a lot of money in Costa Rica? How is the cost of living there? are the schools good for children? I am looking into moving to Dominical, is that a pretty goo area? I am also wondering about the massage therapy requirements. Would one need a license to be able to do massage in Costa Rica? I know its a lot of questions but I rather know everything before I get there, so I can be somewhat ahead of myself.[/quote]
19,000,000 CRC … Lol …I’ve spent more than that in the last few months building a water tank …
If you’re looking for a “cheap” place to live then you are about 20 years late to this game …
A lot of what is licensed and regulated in the States is NOT in Costa Rica …
From the day that you first set foot in the country, you are at least 4 years away from being able to work “legally” in Costa Rica as an employee. So, you need to have some serious provisions to weather that storm. If you choose to work illegally, you are subject to immediate deportation if caught.
You can own your own business and receive income as a “rentista” (temporary resident) but businesses take time to build.
There are good English-speaking schools and they are generally quite expensive. What constitutes a good area? That is going to be something very personal. If it’s not locked up like Fort Knox, then you obviously don’t want to keep it and it will be treated as such. People will tell you that there are fences everywhere and bars on every window because it is a “cultural thing.” OK then … the culture is wanting to keep your stuff … lol.
If you want to live like a Tico in Costa Rica, you can do so for likely less than it cost you in more densely populated areas of the US.
If you want to live like an American, buying imported products, etc., I expect that it will cost you 25%-33% more than it does in the US. Your cost of electricity can easily be four times what you are paying in the States per kWh.
I don’t know that I’d be looking to build right now. On some of the real estate sites that I keep an eye on, turnover appears to be just a couple of percent of inventory per year. That equates to decades of inventory !
So many very real expenses that you have in building, like gates, landscaping, etc. seem to have a value of nearly zero when it comes to resale.
Making a living in massage therapy is probably going to require that you are in a very touristy area or one heavily populated by expats. What seems like “paradise” a couple of weeks a year, can turn out to be something very different once it’s “home.”
Things that you may take for granted now, like a Sunday afternoon trip to movies, may become just a distant memory real quick.
You should carefully assess those things that your family enjoys and whether or not those things will be available (and at what cost) in Costa Rica.
As time progresses, Costa Rica becomes less expat friendly and looks more and more to expats to fund their dismal fiscal policy.
About eight years ago, Costa Rica always ranked in the top three of “Best Places to Retire Abroad.” Today, it doesn’t even make the list.
Be careful of “confirmation bias” and do your homework very, [B]VERY[/B] carefully! Treat it like an Amazon purchase and read all of the bad reviews first as there is an even chance that you will want to return to the States within a year.
You will also likely find yourself paying several hundred dollars per month into the govt-run healthcare system in order to get your residency. That’s temporary residency which you must have for at least 3 years before you can get permanent residency allowing you to work. But it will most likely be closer to 5 years.
I remember when I first visited St Bart’s, in the early 80’s, thinking that the costs were quite reasonable. Today, they call it Millionaire’s Island and you pretty much need to be one to visit there.
What was Hog Cay (because that is where all the pigs were raised) the first time that I visited New Providence in the Bahamas, became Paradise Island. Things change … trends should not be ignored.
Take care,
Bill
Like it or not Bill makes several VERY valid points. Like any investment you need to do your research and look at all the available opinions. Having witnessed NUMEROUS folks make an uninformed big move to CR over the last 11 years only to last less than a few years it’s important that anyone thinking of making the move to DO THEIR HOMEWORK!
This website is a GREAT resource for doing just that…. you’ll get the good, the bad, and the ugly! Suck it up and get real before making a move that will seriously impact you and your loved ones!
Just two weeks ago we had a neighbor in our community return to the US after only a year. He made all the wrong choices based on BAD information from fluff websites and some real estate agents that were much more interested in a commission than a proper fit for a client. He made equally poor financial and personal choices that not only impacted him but his wife and kids as well. I guess the movers and the real estate agents were the only winners in that mess!
A good real estate agent is a tremendous asset and I’ve had the pleasure of working with a few on this website that were worth their weight in gold!
BTW: I won the bet that neighbor wouldn’t last. And now he has several hundred thousand dollars tied up in a property that he has to wait for the bigger fool to fall in love with to cash out. The moving expenses alone would have made me sick to my stomach!
Falling in love is easy…. It’s the break up that really sucks and gets very expensive!
Hi IMX! Would you say Mel Gibson has made the same mistake? He has a beautiful trophy property in the Papagallo area, and has been trying to sell it for quite a few years at a discount of $31 million as I understand. I love the guy, specially his masterpiece Apocalypto, but why build such a huge property that would be more akin to having a hotel. Does he go down there so often with people he invites? I’d be happy to build a two bedroom bungalow with a room big enough for my photography on the Caribbean side. Yep, that’s what I’m working on. That way I can invite pretty Ticas to come east for free lodging and bikini shoots. Sounds good doesn’t it? 😆
As they say in Costa Rica… “Easy to buy… hard to sell.”
The most important factors in buying in Costa Rica are doing your homework, understanding the cultural differences, and having a plan!
Once you’ve done all those things it can be a wonderful buying and living experience!
Not sure what Mel was thinking. I guess making major mistakes isn’t that big an issue when you have mega bucks.
It sounds like you however have done it all John… and I wholeheartedly endorse your plan, in fact I’m a bit jealous!
[quote=”Imxploring”]As they say in Costa Rica… “Easy to buy hard to sell.”
[/quote]Probably akin to unloading a timeshare in the middle of the Everglades …
[quote=”Imxploring”]
Once you’ve done all those things it can be a wonderful buying and living experience!
[/quote]Agreed ! You really couldn’t ask for a more beautiful country, a nicer climate, and friendlier people …
The govt, on the other hand …
The Corporate Tax … while not clearly pointed at expats, it was certainly part of their thinking.
The Luxury Tax … clearly pointed at expats as they know that Latins have not been indoctrinated into paying taxes and being “slaves to the machine” the way that first world residents have. Ticos will simply pay an appraiser to show that they do not owe it or ignore it altogether. If you can’t manage to keep murderers and rapists in jail, what could you possibly do to a tax evader? Legal action in Costa Rica can easily span lifetimes.
The CAJA Requirement for Residency … clearly a Gringo Tax. Completely outrageous price increases directed at having expats bail out a poor and failing system. Who knew that socialism doesn’t work ?
And worst of all …
Oppressively restricting expats ability to have firearms for protection. You can’t depend on the police in Costa Rica to do anything other than draw a salary. Restricting a certain group’s ability to protect themselves from an ever-growing and ever-more-violent criminal element is saying, clearly and loudly, “You Are Not Welcome Here !!”
How many times does one need to be told this ?
[quote=”Imxploring”]
Not sure what Mel was thinking. I guess making major mistakes isn’t that big an issue when you have mega bucks.
[/quote]Remarkably similar to you or I throwing a penny into a wishing well I would think …
[quote=”Imxploring”]… and I wholeheartedly endorse your plan, in fact I’m a bit jealous![/quote]
Me too !! Sort of makes me want to put on a bikini and go myself … ROFLMAO !
Take care,
Bill
I do appreciate the advise. We were going to visit a couple of places before actually choosing one. Costa Rica was just the one my GF chose. I did a lot of research but you can only learn but so much. that’s why I came here, because I know that you guys live there and would know more that someone being a tourist would making a blog about the place. We wouldn’t need an English school because our daughter is fluent in Spanish since here mother was born and mostly raised in Venezuela. We were going to try and live like Ticos because we don’t need many luxuries. Im the type of person that doesn’t go to the movies as much and doesn’t go out much. she is the same. I much rather sit at home and work on some art or pottery, and grow some vegetables in my garden. I do thank you for reaching out. We will keep all of these points in mind when making our decision.
You are right he did make some very good points. We are doing a lot of homework as we have been doing for the other countries we had in mind. I would never move anywhere blind sided. That’s why we are waiting 2 years before we move, well also to save up more money. I am looking at different countries everyday to find a good fit for us.
So do you guys feel that someone who doesn’t need the imported luxuries could make it fairly well in Costa rica? We are the type that cook at home so going out to eat wouldn’t happen that often and I’m the type that would rather go up to a tree and get my fruit.
[quote=”ajhubb12″]So do you guys feel that someone who doesn’t need the imported luxuries could make it fairly well in Costa rica? We are the type that cook at home so going out to eat wouldn’t happen that often and I’m the type that would rather go up to a tree and get my fruit.[/quote]
It really doesn’t matter if you and your girlfriend are going to build a tree house and live like Tarzan & Jane and let Cheetah educate the children …
If you and your girlfriend can’t arrive in Costa Rica with $150K USD each (since you aren’t married) in cash (for the $2500/month that the govt is going to require that you have for 5 years) plus the thousands of dollars each that you each will likely pay a lawyer or facilitator to gain residency (since you aren’t married) … plus whatever else you might spend … like $500/month each (since you aren’t married) for CAJA …
[B]YOU SHOULDN’T EVEN CONSIDER IT !![/B]
What’s wrong with Venezuela ?
It’s good that y’all don’t need much as I understand that they don’t have much.
And, with $35,000 USD in cash .. you could probably buy half of the country right now !
(PS … If you think [B]NOT[/B] being married makes things expensive … try getting married … lol)
Venezuela is a very bad place right now. I considered it until she told me how things were there. I also considered the Philippines, Indonesia, Argentina, Fiji, and Bora Bora. I thank you for clearing things up for me. This is why I wanted to talk to someone that actually lives in Costa Rica, because I would be able to find out the truth. We aren’t married right now because of me. we plan on it thought. I know it makes things easier.
[quote=”ajhubb12″]Venezuela is a very bad place right now. I considered it until she told me how things were there. I also considered the Philippines, Indonesia, Argentina, Fiji, and Bora Bora. I thank you for clearing things up for me. This is why I wanted to talk to someone that actually lives in Costa Rica, because I would be able to find out the truth. We aren’t married right now because of me. we plan on it thought. I know it makes things easier.[/quote]
You need to completely research the different residency options before making any choice, be it here in CR or elsewhere. If you intend to play by the rules your current marital status, age, assets, and income structure will make relocation to Costa Rica VERY difficult and expensive as Bill has pointed out. Cost of living is only one part of the puzzle in relocating, having a legal status to remain is another issue completely!:cry:
While your current income might provide you enough to live comfortably in CR it will not satisfy the residency requirements for any of the categories without a MAJOR cash outlay.
Best of luck in pursuing your dreams!
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