Can I Receive Social Security While Living in Costa Rica?

James P. Says:

If I decide to move permanently to Costa Rica, can I draw my Social Security retirement pay for as long as I live there?

Social Security Expert Steve Garfink Says:

Hi James,

Thanks for your question!

Except for a small handful of exceptions (Cuba, North Korea, etc.), you can collect your Social Security retirement benefits while residing full-time in almost any country, including Costa Rica.

You will have two general options for receiving your monthly benefit. First, you can have the Social Security Administration (SSA) send the funds to a US bank account—much as most beneficiaries do who reside in the US. Then, you can withdraw local cash at a local bank ATM in Costa Rica: you can learn from other expats which banks have the lowest fees, and some US banks will reimburse you for those fees. If and when you open a local bank account, then you can transfer money from your US account to your Costa Rican account—be sure to check with other expats to find a bank that provides a fair exchange rate.

The second option is to have the SSA transfer your benefit payment directly to your Costa Rican bank. The advantage of this option is that the SSA arranges to convert your dollars to local currency at the best rate of that day and with no fees. This may not work for all banks in Costa Rica, so check first before opening the account to confirm that it’s possible.

Finally, you are never stuck with one decision for where to send your payment. You can go online and change the designated bank at any time through your SSA account. Just give it one to two months before the change order becomes effective.

Hope that helps!