Nicaragua, commonly referred to as to as “the country of lakes and volcanoes,” has become a top destination for expatriates to retire! The low cost of living has helped Nicaragua become one of the most affordable and comfortable retirement options in the world! With its sparkling lakes, impressive volcanoes, friendly people and towns filled with cultural richness – it’s no wonder why this country is so popular! The country encourages foreigners to come and see for themselves all it has to offer.
Nicaragua, officially known as the Republic of Nicaragua, is the largest country located in Central America and is bordered by Honduras and Costa Rica. While Spanish is the official language, many residents also speak English. The climate is typically warm and there are two major seasons, dry and rainy. The dry season is between January and June and the rainy season is between June and December. The three hottest months are March, April and May.
Nicaragua now offers a retirement program designed to attract retirees and pensioners to move to Nicaragua. Their government created the Law of Resident Pensioners and Retirees (Decree No 628) which states that retirees are eligible for a number of benefits. Some of those benefits include the following:
- No income tax on money you make outside of Nicaragua.
- You can bring a maximum of $20,000 worth of household goods into the country duty-free.
- Your car or truck is tax exempt up to $25,000.
- If you build a house in Nicaragua, construction materials are tax exempt for up to $50,000.
- If you are going to start a business, you could be exempt from income and real estate taxes for ten years.
I’m sure you can see why Nicaragua has become such a popular destination for retiring expats! Now that you’ve decided to retire to Nicaragua, what are you going to do about healthcare?
You should have no problems finding modern private hospitals in the Managua area. The Vivian Pellas Hospital in Managua is considered the best in all of Central America. However, as you venture away from the capital and other major cities, the more rare and rustic the health services get. For this reason, healthcare can be a concern for expatriates considering retiring in Nicaragua.
Many expats retiring in Nicaragua purchase an international major medical plan like the Global Medical plan from IMG. This plan offers lifetime coverage if you enroll in the plan before your 65th birthday and maintain continuous coverage for 10 years. Prior to your 75th birthday you’ll receive a summary of benefits for your renewal on the Global Senior Plan. There is no additional medical underwriting required! Just simply review the benefits summary, complete and return the enrollment form with your premium.
If choosing the right plan for you becomes too daunting and you’d like assistance, please contact one of our licensed expatriate insurance agents. They will be happy to help!