Nicaragua Looks to Become Retirement Destination

  • 16 years ago
  • Uncategorized
The Central American country of Nicaragua is hoping to follow in the footsteps of its neighbor to the south, Costa Rica, and become a popular destination for holiday travelers and especially retirees. With some 450 miles of coastline on both the Caribbean Sea and the Pacific Ocean, great weather and some of the lowest property rates in the Western Hemisphere, the country is poised to become a property hotspot.
Nicaragua recently launched its own pensionado program to attract potential retirees. Any person over 45 with a pension or salary of more than US $500 a month can import up to $10,000 worth of personal goods and a car duty free and be exempt from taxes on foreign income and property for ten years. Average prices are much less than in other neighboring countries and the country has seen some new developments in recent years that offer idyllic property along both coasts.
According to eh Economist Intelligence Unit the country is the Western Hemisphere’s second safest behind Canada. Property costs for a quarter acre beachfront lot averages $159,000, about a third of what the same would go for in Costa Rica. The major airport in the country is August Sandino International Airport, or Managua International Airport (MGA), located near Managua. From there, it is best to rent a car and drive as that is the best way to get around the country.
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