That’s what MSN Money called the Central American country of Nicaragua. A recent article in USA Today states that over 5,000 Americans currently call Nicaragua home. This fascinating country seems to fit the bill for people of all ages looking for an interesting way of life in an exotic land outside of the US and Canada. Perhaps it’s a place for you to consider retiring/moving to also.
That’s what called the country of Nicaragua. A recent article in states that over 5,000 Americans currently call Nicaragua home. This fascinating country seems to fit the bill for people of all ages looking for an interesting way of life in an exotic land outside of the US and Canada. Perhaps it’s a place for you to consider retiring/moving to also.
Nicaragua is named after the ruling native Indian chief who was in power when the Spanish arrived. Grenada is Nicaragua’s oldest city, founded in 1524 by Francisco Hernández de Córdoba. With its access to the Caribbean by way of the Río San Juan, Granada quickly became an important and wealthy trade center, filled with magnificent churches and carefully manicured lanes running directly down to the lakeshore. All the Spanish treasure passing through the city soon attracted the attention of English pirates, who sacked Granada three times in the 160 or so years between its founding and 1685.
Yet the worst attack came from American renegade William Walker, who was determined to rule a Latin American country. In the mid 1850’s, he and his band of men conquered Granada. Through rigged elections he became president but was forced to flee after only a year in office. On his way out of town, he torched the city, leaving behind a placard that read “Aquí fue Granada” (Here was Granada).
Real estate costs a fraction of what it does stateside and Nicaragua is now considered a very safe country. The local people are friendly and there is a growing ex-patriot population who have retired (or moved) to Nicaragua.. Single women can buy beach front properties on the Pacific Coast and enjoy a safe, coastal lifestyle at a very modest cost. There is much opportunity for business, dealing with the local handicrafts or using your own special business skills. The government offers attractive incentives to foreigners investing in or starting business there.
With almost 30 investment groups currently working on tourism related projects, 2800 new hotel rooms needed, 340 new condominium rooms scheduled, and over 1900 tourist residences planned in the region, there is no doubt that Nicaragua is catching on fast with the adventuresome baby boomer.
Nicaragua is now being recognized as a good investment opportunity by US banks for American citizens with good assets and good credit ratings. US mortgage loans are now available for persons who meet the specific qualifications set down by the banks.
The west coast of Nicaragua is virtually undiscovered and is a good value, especially as an investment. This part of Nicaragua has had no Spanish influence and is similar to Caribbean towns, only less developed. The government has initiated several projects to encourage foreigners to come and intelligently develop this beautiful area. They do not want anything to harm the ecology or original natural surroundings and are clear that any development must be in harmony with nature.
Property in the Northern Sierra Mountains is perfect for those who prefer a cooler climate and plenty of opportunities for hiking. Coffee lovers have the added bonus of the nearby organic coffee farms that thrive under three hundred year old oaks. This area is characterized by high mountains, large valleys, and rolling forested hills. It has many quaint pre-Columbian villages, historical sites, Nicaragua’s largest natural reserve and Lake Apanas.
Nicaragua has the lowest cost of living in all of Central America (20% to 60% lower than the US). It also has the some of the lowest property taxes. Its government recently passed Law 306 which includes provisions exempting qualified investors from paying income or property taxes for up to 10 years. It also gives generous exemptions from import duties for “pensioners” and investors who qualify.
In June of 2006, a B & B about five miles from San Jaun del Sur was for sale for $350,000. The property consists of a 2000 sq. foot home, a two bedroom guesthouse, swimming pool, a separate garage/store room all on approximately one and a half acres with cashew trees, citrus trees, banana and papaya trees. All areas of this property have ocean views of Marsella Bay less than 1 mile away. Past business and future reservations put the occupancy rate at 75%.
Single home lots between three to five acre parcels are for sale about 12 miles from San Juan del Sur. These ocean view lots start at about $40,000. Las Fincas is located on the first phase of the Costenera (highway) connecting Nicaragua to Costa Rica.
An average two-bedroom home in Granada currently rents for about $500 to $800 a month. If a maid is not included, expect to pay about another $60 a month. Utilities may get as high as $175 a month. If you add dining out and going to the movies a few times a month, you might add in another $60 to $70 – total. A house in Granada can be bought for only $40,000.
A visit to the doctor’s office runs about $30, or, an “in-home” visit would be about $45. X-rays are under $20, a CAT scan about $100 and an overnight stay in the hospital will cost about $100. A haircut will cost about $1.50 and dinner for two, including wine and dessert will be under $20.
If you are thinking of starting a small business or buying property, please make sure you understand the laws and regulations of Nicaragua before investing any money.