Costa Rica has earned an enviable reputation in various aspects that define it as an attractive destination for foreign direct investment and a desirable place to live. Among the key reasons that make Costa Rica a highly-valued country worldwide are its top-tier healthcare system, its appeal as a retirement destination, its strategic geographical location, exceptional biodiversity, climate, and other attractive incentives for international investors and residents.
Costa Rica’s Healthcare System: A Model to Follow
Costa Rica’s healthcare system ranks among the top three globally. Based on social security and access to basic services, this system has proven its efficacy in managing health emergencies. The World Health Organization (WHO) has praised the country’s economic, health, and migration policies, along with its low mortality rate and successful crisis management. These measures have positioned Costa Rica as an international example of successful strategies.
Costa Rica: Among the Top Three Retirement Destinations
The prestigious “International Living” index has ranked Costa Rica as one of the top three retirement destinations globally. Ranked as the third-best country in terms of healthcare, Costa Rica competes with other European countries like Portugal and Spain in this area. The index evaluates various categories, including property value, ease of acquisition and rental legislation, investment opportunities, cost of living, migration policies and residency options, as well as public and private healthcare standards, government, and banking systems.
Strategic Geographical Location, Exceptional Biodiversity, and Climate
Costa Rica’s strategic location between coasts and its capital facilitates transportation and logistics both internationally and locally. With a wide array of international flights, the country has become a meeting point for people from all over the world. Additionally, the stunning biodiversity and pleasant climate throughout the year make it a paradise for those seeking a closer connection with nature.
“Blue Zone”: A Haven for Longevity
The Nicoya Peninsula in Guanacaste is one of the “Blue Zones,” home to some of the world’s longest-living and healthiest individuals. Along with Okinawa in Japan, Loma Linda in California, Icaria in Greece, and Sardinia in Italy, these regions are renowned for the longevity and quality of life of their inhabitants.
Other Incentives and Benefits for Investors and Residents
Costa Rica offers a range of incentives that attract foreign investors and residents. The historical abolition of the army and political stability have created a safe and favorable environment for businesses. Moreover, the variety and ease of property acquisition, tax and labor incentives, developed infrastructure, skilled workforce, and reduced operational costs are highly valued by those seeking to establish themselves in the country.
For foreign residents, advantages include the ability to open bank accounts, easy homologation for driver’s licenses, unrestricted entry and exit without the need for a return ticket (eliminating unnecessary expenses), local discounts, free healthcare for minors, the option to acquire voluntary insurance, and the ability to contribute to the social security pension, among others. After holding Temporary Residence for three years, Permanent Residence is attainable, and with compliance with the established residency period, foreigners have the option to acquire Costa Rican citizenship.
Outlook for Investors and Entrepreneurs
Costa Rica offers unique investment opportunities and a favorable business environment. Global mobility and the expected reopening of borders after the pandemic will present new opportunities for those seeking to expand their business horizons. It is crucial for the business sector to be prepared with solid action plans to seize these opportunities and strategically address international market challenges.
Costa Rica stands as an attractive destination for foreign direct investment and an enviable option for living. With a world-class healthcare system, a conducive retirement environment, a strategic geographical location, unique biodiversity, and a range of incentives for investors and residents, Costa Rica shines as a desirable destination on the international stage. The key for investors and entrepreneurs is to be prepared to leverage opportunities and develop action plans that drive success in this promising country.