When Andy and Fran Browne lost their jobs in 2009, they decided to embark on a new life plan: leave the US and retire to Costa Rica.
There are thousands of US retirees like Andy and Fran who, hit by rises in the cost of living, seek retirement alternatives that are more economical and provide better conditions than they can find at home.
Costa Rica offers these options. In actual fact it is placed at number five in the annual ranking of the best retirement destinations in the world published by the magazine International Living, which covers factors like cost of living, health services, climate and special benefits amongst others.
It also occupies the same place in the list published by the website, Top Retirements, ahead of countries like New Zealand.
“The quality of life in Costa Rica with its roots in security, political and economic stability, access to first rate health services, natural beauty, a benign climate and the warmth of its people, makes Costa Rica a very competitive destination for retirees”, comments Gabriela Llobet, director general of CINDE, Costa Rica’s inward investment agency.
And, in addition to those qualities. Massimo Manzi, director of the Council for the International Promotion of Medicine in Costa Rica (Promed), added that medical tourism has boosted the interest of foreigners in the country. “Medical tourism creates an opportunity for patients to get to know the county and consider the option of retiring here”.
He went on to mention that the lower cost of living (on average 22% less than in the US) and more affordable health care are two more attractive benefits.
According to the 2011 census, 2 262 retirees from the US live in Costa Rica. A further 261 Canadians and 284 Spaniards live here along with various other nationalities.
Short supply. In spite of the potential which the country has to attract foreign retirees, the supply of residential options focusing on the needs of this group is still rudimentary.
“When a foreign retiree asks: ’What US style communities do you have to offer?’, the answer is none”, explained Lou Aguilera, president of the Pacific Plaza project.
Althoug the idea of creating a foreign retireee “cluster” did get government support in 2010, the initiative did not prosper and it is the private sector which has had to take up the project.
“The first step is to create a critical mass of projects for retirees and then move on to other promotional activities,” observed Massimo Manzi.
While every retiree has specific preferences, the investors are targeting the retired professionals, middle and upper class, from the US (south, south east and east), Canada and Spain.
To satisfy this demand, the projects starting to be developed here in the country are of an integrated nature following the concept of “supplying progressive health care models for growing old in the same community”.
“People arrive at an active retirement age and progress through different models of care and support depending on their health,” explained Manzi.
So projects for living are combined with medical services at an international level.
These projects need to be located within easy reach of international airports, and should offer recreational facilities like golf courses, swimming pools or gyms and, obviously, internet services.
These special communities normally charge an entry fee and a monthly membership.
“People pay and also pay a monthly rate according to the type of medical services that they require”, explained Jamie McWilliam, director general of the Verdeza project being built in Escazú.
At this point in time there are three projects of this type being constructed and two in the planning stage.
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