Ranked First Among Latin American Countries
Over the past decade, Costa Rica has been the Latin American country with the largest increase in foreign-born millionaires. The consulting firm Henley & Partners studies the worldwide movement of high-net-worth individuals. According to their report, “Private Wealth Migration 2025,” the growth rate in Costa Rica was 76% over the past 10 years, placing the country sixth worldwide. They estimate that around 8,400 affluent foreigners have migrated to Costa Rica in the last decade, and the report projects that about 350 more will arrive this year.
The growth is evidenced by the increasing number of millionaires obtaining residency or investor visas. Costa Rica real estate agents in the affluent, northern beach areas of Costa Rica report that migration surged after the pandemic. This influx has been reflected in a boom in the construction and purchase of luxury properties and the rapid rise in real estate prices, especially in coastal areas, with properties doubling in value in just a year or two. Known as the “pandemic effect” on wealth flows, there was a global shift in mindset among those with the freedom and financial means to live in the country of their choice.
Some affluent foreigners have chosen to live permanently in Costa Rica. Others spend half the year at their residence in Costa Rica, and the rest of the time in other countries. For the latter, the concept of residence is fluid, adapting to their personal preference and lifestyle.
Demographics of Affluent Foreign Investors
Most of those moving to Costa Rica are from the United States and Canada, though Europeans are also arriving. More Latin Americans, primarily from countries such as Mexico, Colombia, and Venezuela, are investing in Costa Rican real estate.
Some of the wealthy expatriates are retirees eager to enjoy their freedom from the workplace in a tropical paradise. The group of affluent foreign investors also includes the semi-retired—individuals not involved in the day-to-day operations of their companies but living off their income and managing them remotely. Another portion of the semi-retired group is made up of people over 40 who don’t need to work and instead focus on managing their investments. Some of them are part of the new wave of crypto millionaires whose cryptocurrency investments allowed them to build massive fortunes in just a few years. Nationwide high-speed internet and favorable residency requirements make this flexible lifestyle possible.
The Costa Rican Tax System
One of the advantages Costa Rica offers to millionaires is its tax system. The country does not levy taxes on capital gains earned abroad. For example, the profits someone makes from their foreign stock investments are not taxed in Costa Rica. In addition, the maximum tax rate for income earned in Costa Rica is 25%, much lower than in the countries of origin of most investors. Costa Rican residents pay 7–11% of their income to participate in the national healthcare and pension plan. Moreover, Costa Rica does not impose a formal inheritance tax or estate tax. However, there may be fees for property transfer, notary services, or probate as part of the inheritance process.
Is Costa Rica considered a tax haven? Although it’s not a true tax haven, Costa Rica’s financial system offers many advantages. The tax structure and the country’s strong banking privacy laws make Costa Rica appealing for investors and high-net-worth individuals.
Costa Rica Residency Requirements
Along with financial privacy, Costa Rica offers one of the top golden visa programs for foreigners with residency rights. One way to obtain it is by investing at least USD $150,000 in real estate—an easy requirement to meet for those with large fortunes. Another option is to prove a stable income of at least USD $2,500 for two years and a deposit of USD $60,000 in a designated Costa Rican bank. A third way to qualify for residency is to present proof of a monthly retirement pension.
Why Costa Rica?
If wealthy investors can live almost anywhere in the world, why do they choose Costa Rica? The country is considered safe, with well-established luxury neighborhoods and a high standard of living compared to other Latin American countries. The government has been stable for more than 75 years. Foreigners are also drawn by the relaxed lifestyle, beaches, landscapes, birds, and tropical forests. Eco-estates are a growing trend in real estate that could attract even more wealthy individuals.
Many Americans and Canadians are choosing to move abroad due to a combination of political dissatisfaction and the rising cost of living in North America. In the U.S., increasing political polarization, social unrest, and concerns over healthcare, gun violence, and climate inaction have pushed some citizens to seek more stable or progressive environments. Similarly, Canadians facing growing frustration with housing affordability, stagnant wages, and strained public services are also looking elsewhere for a better quality of life. In both countries, skyrocketing costs—especially in urban centers—make living abroad in Costa Rica, with lower expenses, universal healthcare, and appealing lifestyles, an attractive alternative. For many, the move offers not just financial relief but also a chance to live in societies that better align with their values.
Guanacaste: The Hotspot of the Boom
There are many areas of the country that have acted as magnets for wealth, but none have experienced as much growth as the province of Guanacaste. In 2024, for the first time, the province was the area with the highest growth in construction projects in the country. Data from the Observatory of Tourism, Migration, and Sustainable Development of the Chorotega Region at the National University of Costa Rica showed that between 2017 and 2023, property values increased significantly—a period that includes the “pandemic effect” on the real estate sector.
Many residents welcome foreign investment and the development that it brings. Sustainable, quality jobs are created, and infrastructure improvements benefit everyone. If you are a high net worth individual considering investing in Costa Rica real estate, let us help you. We have decades of experience in the region and own many properties ourselves. Simply call or send us an email.