Nicaragua is a Retirement Haven Offering Tremendous Advantages
The last economic downturn and its lingering effects have driven many retirees and those preparing for retirement to study their financial situation and seek alternatives. With its low cost of living and engaging lifestyle, Nicaragua has become a prime location for retirees as well as those seeking a simpler, more fulfilling life. As International Living puts it: “Nicaragua’s lower cost of living does not mean you have to sacrifice the quality of life you have been accustomed to in the U.S. or Canada. In fact, you will probably be able to live in Nicaragua with even more luxuries than you are accustomed to, simply because the prices are so economical.”
The situation for retirees was enhanced further by the passage in 2009 of law 694 that ranks as one of the most benefit-laden in the region. Eligible retirees, for example, pay no taxes on out-of-country earnings, can import up to $20,000 worth of household goods completely free of import taxes, and bring in a vehicle for personal use (up to a value of $25,000) completely free of import or sales tax. And the income requirements to gain retiree status are extremely low.
“Retiring to Nicaragua is very easy and can be very rewarding on multiple levels,” points out Roger Keeling, a permanent resident of the country since 2007. “In addition to the low cost of living and tax benefits, there also are excellent investment options that can generate strong returns over time, which can produce even more financial security.”