I changed my investment strategy in 2018 when I became sick and tired of the quickly growing costs of investing in Canada. At the time a townhome would sell for $500,000 + the cost of property tax at $4000 a year and the annual maintenance which to be completed by a professional can be quite high.
So after selling my staging company and doing some refinancing on our end and a ton of research on different countries we decided on Costa Rica. Here is a quick snap shot on what attracted us to Costa Rica over the other countries like Panama, Nicaragua, Dominican, Mexico, Bahama's etc.
-Cost & Infrastructure: Sure, many countries like Nicaragua is dirt cheap...but that's because the infrastructure is quite poor. Costa Rica has quality health care where medical tourism is a thing, their police, fire, ambulance are all present (of course the more rural you go the less will be needed)
-Easy to buy: As long as you have the funds you can buy you do not need to be a resident of the country. In fact buying a home $150,000 USD or more will assist with obtaining your residency documents
-Low crime: Costa Rica has no military, they are a very peaceful country and you'll never see people walking around with machine guns like many other countries.
-Overall Lifestyle: I love the lifestyle of Costa Rica. The Pura Vida vibes (pure life) slower pace, organic fresh foods, wholistic lifestyles, essentially good vibes and good people.
According to "My Life Else Where dot Com" Canada is 56% more expensive than Costa Rica! and I can agree with this if not more after all of this recent inflation.
Property prices: $200-350 for a condo in some beach town, higher if you're in a popular beach town, have ocean views or a single family home.
Property Tax: $500 a year (not month)
Once you evaluate the operational costs it is pennines to what it would be having an income property in Canada.
So if you are considering a change to your investment strategy I would love to chat more about my favourite topic. I focus on the most sought after areas of Costa Rica which is the PACIFIC coast as outlined in the map. So we are efficient with our time I simplified this into 3 easy steps to get rolling. If your interest is in Mexico proceed with the following steps and I'll link you with my partner In Mexico.
Step 1: Review my blog -many questions are answered here.
Step 2: Filler our discussion form here.
Step 3: Once I receive the form we can schedule a free 30 min call to review your goals and assist with getting the process rolling for you.