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The phenomenon is concentrated on the Pacific coast in Guanacaste with buyers mainly being foreigners and locals from the upper middle class.
The area of Tamarindo in Guanacaste's Gold Coast leads sales in 2014 in the real estate market in Costa Rica, helped by the increasing preference of investors for enclosed coastal districts, first class tourist infrastructure with beaches near to Liberia International Airport, and legal certainty for investment in properties.
The U.S. company American World Clinics reported that the project to be undertaken in Costa Rica includes a hospital, hotel and residences for retirees.
In partnership with a chain and a real estate developer in Costa Rica, the group American World Clinics (AWC) has announced that a resort will be developed in an area near the international airport and foresees that it will attract 10,000 foreign patients each year.
The interest rate that the Government of El Salvado pays for money from the Pension Funds is not more than 1.3%, while international investors are paid more than 7%.
Ricardo Soriano, Chairman of the Committee for the Defense of Workers Pension Fund of El Salvador (Comtradefop) reported that since the year 2006, the State has forced the Pension Fund Administrators (AFP) to invest the money belonging to Salvadoran workers in Pension Certificates, initially 30% and the 45% in 2012, money which has suffered a loss greater than $938 million each year.
The rise in prices in Costa Rica is encouraging foreigners looking to retire to increasingly turn their attention to Panama.
The rising cost of real estate in Costa Rica is forcing foreigners to look at other countries in the region in their search for a place in Central America to use as a second home for retirement.
"Since 2000 expatriates have been looking for the 'next Costa Rica'.
Growth in personal income, attractive yields and greater awareness about saving are driving interest in investing for retirement.
The pension market has been growing by nearly 25% a year, with assets under management which today are worth around $300 million. This is despite the fact that of the over half a million people working in Panama only 61,631 (3.8%) are enrolled in some form of private pension fund, which demonstrates the high potential for growth this market has.
In Costa Rica the presidential candidate of the ruling party is proposing using part of the proceeds from the tax to fund pensions and improve control of tax evasion.
The candidate of the National Liberation Party (Partido Liberación Nacional), Johnny Araya, proposed in his government plan that of the 13% tax charged on each sale, 3% be assigned to the funds set up by pension providers to cover the pensions of those over 65 years old.
Nicaragua's microfinance companies will start a retirement plan program for micro businessmen and producers who do not have social security.
Laprensa.com.ni reports: "In order to meet the needs of the population without social security protection, from 2005 the Microfinance Network of Central America and the Caribbean (Redcamif) began to devise a plan that would guarantee pensions for microentrepreneurs and small growers who receive credit from institutions within the network: the Programmed Retirement Plan ".
Panama, Belize and Nicaragua are competing with Costa Rica and Mexico in trying to attract retirees from the U.S. and Canada.
All of these countries are offering residency packages and tax exemptions at rates similar to those granted by Costa Rica. For example, in Nicaragua there is a law which provides advantages for retirees on items ranging from cars to building materials.
Although the country has all the potential for attracting foreign retired people to be residents, the government effort begun three years ago has not had any continuity.
"There has never been a public institution interested in following through on the effort," laments Massimo Manzi, director of Promed.
"The sectors interested in investing in projects to attract retirees argue that to do so, you need the support of organizations such as the Ministry of Finance, (to revive foreign incentives and tax benefits for importing materials) as well as the Ministry of Health, the Costa Rican Institute of Tourism and Ministry of Commerce, so as to promote the image of the country as a potential destination for that segment and attract more foreign investment to the aforementioned niche", reported Eleconomista.net review. However, there are currently no projects focused on attracting retirees.
Even though it has a Promotion Act for the arrival of 'rentistas' and pensioners, Nicaragua has failed to attract such investment on a large scale.
In Costa Rica, for example, it is a business that is booming, with the main attraction being that it has the fourth most prestigious healthcare system in Latin America.
According to Leonardo Torres, president of the Nicaraguan Chamber of Small and Medium Tourism Businesses (Cantur), this is key for retirees, as they are mostly elderly, with chronic illnesses. And not being able to be treated in the United States, for example, because the cost of medical care is high, they look abroad for more accessible systems.
The Logistics Department of Tocumen SA is putting out to tender professional services for the organization that will administer the company's unemployment fund.
The service to be provided by the entity selected to administer Tocumen International Airport, SA’s unemployment fund, must fall under the provisions governing the Abbreviated Tender price, contractual terms, obligations, rights, procedures contributions to fund unemployment, investment management and oversight mechanisms, clearly stipulated in Law No. 44 of August 14, 1995 and Executive Order No. 106 of December 26, 1995 (Published in the Official Gazette No.22, 944 of January 4 1996).
The American publication International Living has placed Panama, along with Ecuador and Mexico, as the most interesting destinations in its 2012 index.
These three countries were selected for their low cost of living and warmer climate (among other things) and are followed by Malaysia, Colombia, New Zealand, Nicaragua, Spain, Thailand and Honduras.
In Central America, International Living places Costa Rica and Panama first (30th position in the world), followed by Nicaragua and Honduras at 76 and El Salvador and Guatemala at 85.
The 2010 Quality of Life index, developed by U.S. magazine International Living, qualifies 194 countries, ordering them for their quality of life.
It assigns each country a grade between 0 and 100 in the following areas: Cost of Life, Leisure and Culture, Economy, Environment, Freedom, Health, Infrastructure, Risks and Safety and Climate.