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Relocation: Essential Tips on Banking, Living, and Healthcare in Costa Rica
Moving to Costa Rica can be a thrilling adventure, but it's essential to be well-prepared for the practical aspects of living in a new country. This guide covers crucial tips for managing your finances, understanding living costs, accessing healthcare, and making smart property investments. Whether you're already in Costa Rica or planning your move, these insights will help you make informed decisions and enjoy a smoother transition to life in this beautiful country.
Banking Tips for Expats in Costa Rica
Use Wise, Revolut, or a similar international bank that won't charge transfer fees, currency conversion fees, etc., when living in Costa Rica. $30 international wire transfer fees and 1-2% exchange rates fees add up over a year.
If you are able to, open a local bank account. It's not the easiest process, but once you are settled and own or rent a property, it becomes simpler. This way, you can send one transfer a month and avoid multiple international fees.
Do not close down the bank accounts or credit cards in your home country. Many people do this and later find they need them.
Cost-Effective Living Strategies in Costa Rica
Find out when your local market is (typically Saturday & Sunday) as you can save up to 50% on the price of fruits and vegetables, which are usually of better quality.
Your most expensive household bill in Costa Rica will be electricity. If you're used to air conditioning, it can cost anywhere from $300-$500 a month if used all the time. Therefore, try to use it only at night when electricity rates are lower; your bill will be closer to $100-$150.
Buying meat and fish in the supermarket is expensive, typically up to 2x the cost in North America. To save money, buy your meat in bulk from Pricesmart (Costa Rica's Costco) and find a local fisherman to source your fish.
Most people need a car when relocating to Costa Rica. Many ask about importing their car, which can be a great option if parts are available in Costa Rica (best brands are Toyota, Nissan, Mitsubishi, Hyundai). The roads here are rougher than in most parts of the world, so expect more repairs. If you decide to import a car, expect to pay 50% of its value in import taxes and transport. Extract it from customs as soon as it arrives to avoid heavy daily fees. We suggest using an import specialist.
Certain cell phone carriers from outside Costa Rica offer international plans around $10/day, and others have no charge with certain plans. If you want to open a line with a local company, it is easiest to do so in the name of a corporation. An unlimited plan is around $75/month with KOLBI.
Your Healthcare Options when Relocating to Costa Rica
If you become a resident, you can pay into the local social security system. They will ask how much you earn, and you can decide the amount to declare. If you have $1,000 a month income, expect to pay $150 a month for healthcare.
For private healthcare, we have found it more cost-effective to get an international plan that covers Costa Rica from companies like Blue Cross Blue Shield or Pan American Healthcare. Rates usually start around $1,500 per person.
Smart Property Investment Tips in Costa Rica
Costa Rica's property market is very buoyant in some areas, but reselling property in other areas can take a long time. Investing in the right property in the right location is key. We suggest renting a property for the first year to:
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make sure you like the area, and
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understand the real estate and investment market in each area.
Typically, property demand and supply are governed by tourism. Therefore, understanding the tourism season and demand is vital.
If you decide you are ready to invest in a property, make sure to work with a trusted advisor and a lawyer to guide you through the process.
FAQs about Living in Costa Rica
What are the benefits of using an international bank in Costa Rica?
International banks like Wise or Revolut can help you avoid transfer fees and currency conversion fees, which can add up significantly over time.
We have worked on various projects from land development to Tourism Projects and residential projects. We work with you, educating you on the process and also speedily approving municipal and governmental processes and approvals.
How can I save on living expenses in Costa Rica?
Shop at local markets for fresh produce, buy meat in bulk from Pricesmart, and limit your use of air conditioning to save on electricity.
What should I know about healthcare costs in Costa Rica?
Residents can pay into the local social security system for healthcare, while private healthcare plans from international companies can also be cost-effective.
What should I consider before investing in property in Costa Rica?
Rent a property first to get a feel for the area and understand the local real estate market. Work with trusted advisors and lawyers during the buying process.
What should I consider before investing in property in Costa Rica?
Rent a property first to get a feel for the area and understand the local real estate market. Work with trusted advisors and lawyers during the buying process.
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