Many foreigners looking to retire in Nicaragua are drawn to the colonial charms of Granada
To retire in Nicaragua is to retreat to what MSNBC featured as “The World’s Best Kept Retirement Secret” and U.S. News and World Report deemed one of the top 10 retirement destinations in the world.
Today, Nicaragua is a premier destination for Americans, Canadians, and Europeans thinking about retiring overseas. Driven by an early-in real estate investment opportunity, low property taxes, and a low cost of living tied to an increase in quality of life, Nicaragua is a hot destination for would-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 the many desirable locations scattered throughout the country.
Nicaragua’s Retiree Benefit Program Makes a Retirement in Nicaragua Easy
The country’s “retiree” program is much like the Costa Rican program was in the 1980s, attracting thousands of expatriates to Nicaragua. To be eligible, you need only be over 45 years old and have a monthly income of at least $600. The Nicaraguan government provides significant tax incentives for foreigners, and encourage investment in the country.
The benefits come mostly in the form of tax incentives. As a foreign retiree, you:
- Pay no taxes on any out-of-country earnings.
- Can bring up to $20,000 of household goods, for your own home, into Nicaragua duty-free.
- Can import or purchase one automobile for personal or general use duty- and tariff-free up to $25,000, and sell it, tax-free, after five years.
- Can import an additional vehicle every five years under the same duty exemptions.
Many retirees are retiring in Nicaragua to take advantage of the country’s amazing coastline
Where Are the Foreigners Retiring in Nicaragua Locating?
The hottest Nicaraguan retirement destinations right now are the colonial cities of Granada and Leon, the capital of Managua, and most notably the southwestern corner of the Pacific coast around San Juan del Sur, where beachfront property options abound.
*Prices as of 2013
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