This article explores the compelling reasons why wealthy individuals residing in New York might consider emigrating to the beautiful country of Costa Rica.
Escaping the High Cost of Living in New York
The cost of living in New York City is notoriously high. The median apartment price in Manhattan is $1.89 million, with the median sale price at $1.06 million.
Luxury apartments, representing the top 10% of transactions, are even more expensive, with prices ranging from $4,500 to $10,000 per square foot.
For example, if you search for the cheapest apartment in New York listed on Sotheby’s website, it costs around $5.5 million and has approximately 1,800 square feet. The most expensive one costs $49 million and has 6,512 square feet.
In contrast, Costa Rica offers a more affordable luxury housing market.
For example, in Santa Cruz, Guanacaste, you can find houses starting at $6.9 million with a built-up area of 9,122 square feet and an exterior lot of 9,500 square feet.
In Playa Carmen, Puntarenas, there are houses for $6.5 million with 5,800 square feet of construction and 79,700 square feet of exterior land.
In Tamarindo, Guanacaste, you can find houses for $5.9 million with 7,287 square feet of construction and 18,700 square feet of external land.
Embracing the Costa Rican Lifestyle
- Costa Rica offers a tranquil and luxurious lifestyle, particularly along its Pacific coast.
- Wealthy individuals are purchasing large, private properties with ocean views, often with amenities such as walk-in closets, spacious social areas, pools, and Jacuzzis.
- Some even have helipads to accommodate their private helicopters.
- You can enjoy a more relaxed pace of life while still having access to modern conveniences and amenities.
Favorable Tax Environment
Costa Rica has a territorial tax system, meaning that foreign income is generally not taxed. This could be a significant financial advantage for wealthy individuals considering a move. However, you should independently verify the tax implications with a qualified professional.
Overall, Costa Rica presents a compelling alternative for wealthy New Yorkers seeking a more relaxed, affordable, and luxurious lifestyle, with the added benefits of a thriving real estate market and stunning natural beauty.
