Month: February 2023

Millionaires Looking For Happiness

Why are more and more millionaires investing in Costa Rica, and what does that mean for you?

More and more millionaires have begun to leave the United States. The “American Dream” is failing. Millionaires are looking for opportunities as well as happiness, elsewhere. Costa Rica has become a destination for those searching for better investment options, a better lifestyle, and a safer place to raise their families.

Aerial view of beautiful coastline in Guanacaste Costa Rica

From the years 2013 to 2019, the net inflow of millionaires to the US varied from 6,400 to 10,800. In 2022, the net inflow dropped 86%… to only 1,500 high net worth people. Millionaires no longer feel the United States is the best option for their money and this is not just because they want to evade taxes.

Million dollar home in Costa RicaHigh net worth individuals are tired of political tensions, the increase of crime rates, gun violence, social issue conflicts and an unpredictable market in the United States. Costa Rica offers a breath of fresh air. Here, foreigners can own titled land, easily attain a Costa Rica residency, never worry about a military or gun violence, and most importantly have a safe place to raise their families.

This shift is easy to see. Just in the Papagayo region, four new 5 and 7 star hotels/resorts will be opening. The Ritz Carlton, Six Senses, Waldorf Astoria, and One & Only are all breaking ground. At the Guanacaste International Airport, they are planning on building a new terminal specifically for private jets due to the fact that private flights have increased from 460 to 1,300 in 2022. Property values are going up and many more million dollar homes are being constructed.

Thankfully, Costa Rica is not just for millionaires. But the fact that high net worth people are investing here should give you peace of mind. If a millionaire is comfortable investing $7,000,000 dollars in an ocean view home, the $200,000 dollar walk to the beach condo you have been dreaming about is a safe bet!

View of the Gulf of Papagayo from a luxury home in Costa Rica

You don’t have to be a millionaire to have access to a warmer, safer, and more “Pura Vida” future. We have begun to see a variety of people moving down to the Papagayo region. Young families, digital nomads, and regular everyday people just trying to escape the rat race. Costa Rica has opportunities for all budgets, not just millionaires and retirees. Plus your property value is bound to go up, as the airport begins to fill with private jets.

Follow the millionaires. Forget the “American Dream” and just live in Costa Rican Paradise!

Renewing Your US Passport In Costa Rica

The US Embassy in Costa Rica has just made it a lot easier for foreign residents to renew their passports. Here’s how.

Great news! The US Embassy in Costa Rica now offers the option to renew your US passport by mail. You no longer need to go through the hassle of going to the US Embassy in San Jose and doing an in person appointment.Image of a US passport

The process is fairly simple and quick. You are eligible to renew your passport via the Costa Rican mail service (Correos de Costa Rica) if you are renewing an adult 10 year passport. You must have your current passport in your possession, you are not eligible if the passport is lost/stolen/mutilated. Keep in mind that if you are eligible to renew via mail you will NOT be granted an in-person appointment.

Step 1: Pay the Passport Renewal Fee

First step is to pay the passport fee using https://pay.gov/public/form/start/607957567. Make sure to print the payment confirmation you receive via email and set it aside to include in the package that will later be sent to the embassy.

Step #2: Fill out the DS-82 Passport Application

is to fill out the DS-82 Passport application form online and print it out so that it can be added to the package for the embassy. This form can be found on :https://pptform.state.gov.

Step 3: Get an updated passport photo

Next you must get an updated passport photo. For this step you may have to go to Liberia, since there isn’t always a good option in Playas del Coco. You will need one color passport photo, 2″ x 2″ on a white background. Feel free to contact me about which places offer this service.

Person adding documents to an envelopeStep 4: Take the package to the post office

Once you have paid the passport fee, completed the application, and had your photos taken, you will package all these items together along with your current passport and take it to the local post office (in our area this means the one in Playas del Coco). The Correos is located on the main road, 200 meters past the anchor, heading into town, on the right hand side.

At the Post Office/Correos you will pay a small fee to send the documents in a sealed envelope to the US Embassy. It will take roughly 5 business days for Correos de Costa Rica to deliver the package from/to the Embassy. The Embassy will take 15 business days to process and send your new passport to Correos de Costa Rica.

Don’t be surprised if you do not receive any notification from the Embassy, they will not communicate unless there is something missing or an error. Make sure to contact the Correos after 4 weeks to see if your passport has arrived, if not, continue to follow up. If after 6 weeks you have not received your passport or any notifications, please follow up with the US Embassy.

Renewing via mail sure beats having to take a trip to San Jose! If you need additional information or more details, check out the Embassy link https://cr.usembassy.gov/u-s-citizen-services/passports/. Also feel free to contact me, I am here to help.