Retiring way, way, south of the border
That's the title of an article which just appeared in the online edition of the Wall Street Journal. While the article is addressing usanos retiring in Central America, it has quite a bit of Nicaragua information. In the process of writing the article, the author interviewed our Paul Tiffer.
Reproducing the whole article would be a copyright violation so I have elected to offer up the Nicaragua highlights. The whole article is worth reading if you are still in the US looking for your right retirement destination.
These countries offer packages of residency and breaks on taxes and fees that imitate Costa Rica's pensionado program, which was introduced in 1971 and helped set the groundwork for a boom in retiree emigration from North America. Nicaragua added such a law in 2009, offering foreigners with retirement incomes tax breaks on everything from cars to construction materials.
Note that pensionado residency was not new in Nicaragua in 2009 but the law was revised at that time.
Nicaragua is the latest country to attempt to grab North American interest. In Guacalito de la Isla, a 16,070-acre coastal development—with 600 residences, a pool, restaurant and gym—is under construction. A two-hour drive from Managua's international airport, the project includes a plan to open a small airport by 2015. The first homes—28 single-family houses—will be turned over to owners in September. The four-bedroom, four-bath pool houses sold for between $700,000 and $750,000, said Jeff Lawrence, director of real estate. A luxury hotel-resort on the property, Mukul, opened in January and has helped boost sales, he said.