Nicaragua
 Nicaragua
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Capital
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Managua
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Population
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5,891,199
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Area
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129,494 sq km
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Language
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Spanish (official), English, other languages
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Currency
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Nicaragua, Cordoba (NIO)
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100.000000C$ (NIO) = 4.737271$ (USD)
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Nicaragua is the largest country in Central America and currently one of the hottest real estate markets in the world. Much like Costa Rica and Belize in the 1980s, this tropical paradise has beaches, mountains and real estate bargains. United States companies, foreign investors and baby boomers are moving in to take advantage of the housing boom in Nicaragua. U.S. News and World Report rated Nicaragua as one of the top 10 best places to retire and with Costa Rica becoming more crowded and expensive, more people are turning to Nicaragua.
The cost of living in Nicaragua is a fraction of what you would pay in the United States and it comes with a much higher standard of living (think full time maid, gardener and ample travel opportunities). There are numerous tax breaks for foreigners, especially those that qualify for the Nicaragua’s pensionado visa or want to start a tourism business locally. With coasts perfect for surfing, tropical rivers and rugged coastline, Nicaragua is the perfect place to start your new life as a retiree.
Top 3 Places to Live and Invest
Granada is a colonial town located on Lake Nicaragua and perhaps one of the country’s biggest tourist destinations. Restaurants, bars, museums and cafés line the Granada streets filled with rich history of the Spanish conquistadors. Granada is built around a plaza and vacant lots go for $45,000, 2-bedroom houses a few blocks walk from the plaza go for $75-100,000. Colonial style (aged) fixer-uppers can be bought for much less and with tax breaks on housing materials, might just be worth the time and money spent on them.
San Juan del Sur is one of the safest and fastest growing towns in Nicaragua. Hailed by surfing magazines as some of the best surf in the world, it’s no secret why oceanfront lots in San Juan del Sur go for over $400,000. To still get a view of the ocean and sand, try a little further outside the city in areas such as Lomas de Palermo where lot prices with gorgeous ocean views start at $40,000.
The lovely 400 year-old city of Leon is an hour and a half away from the capital city of Managua and has all the colonial charm of Granada without all the tourists. To the north and south of Leon are many beautiful beaches with great surfing at a much lower price than San Juan del Sur. Small 2-bedroom homes in Leon start at $40,000 and beach front property listings start at $75,000 and go up to $900,000.
Health and Senior Benefits
In the major cities in Nicaragua, healthcare is at its finest (although not up to American standards). English speaking doctors, specialists and high quality care can be found at inexpensive rates - a trip to the doctor is $30 and X-rays are $15. Hospital stays are around $100 a day with medication included in the price. Most expats in Nicaragua just pay out of pocket since it’s so inexpensive and buy Medical Evacuation insurance so in case of extreme emergencies you will be airlifted to your home country for medical treatment, usually about $250 a year. Nicaragua now has both public and private hospitals to choose from. In the private hospitals you have a better chance of finding an English-speaking doctor.
Nicaragua offers an attractive senior retirement program. The goal is to get retirees to live and invest in Nicaragua. Here are some of the items that are not taxed: out of country earnings, bringing up to $10,000 of your household goods, vehicles brought from the states and sales tax on home construction materials up to $50,000. To qualify for Nicaragua’s Pensionado program, you must be 45 years old and have a pension of $600 a month or an income of $750 (plus $150 per dependent under 21 years of age). Once enrolled in this program you have the right to residency for five years and must spend at least six months of the year in Nicaragua or have investments of $75,000 or more in real estate. The laws have just changed in the past few months so be sure to do your research and get a good lawyer before applying for a visa.
Safety and Infrastructure
Nicaragua is a stable, safe and peaceful country. Currently it is the second poorest country in the Western hemisphere (Haiti is number one), Nicaragua is a developing country and has many of the same problems as one, yet safety isn’t an issue. Nicaragua is ranked as the second safest country in Latin America (behind Uruguay). In Managua petty street crime is common and increasing, but in the touristy San Juan del Sur, street crime has been decreasing in the past few years. Police coverage is extremely sparse outside of big cities and it is not advised to use the Managua-Leon or Tipitapa-Managua highways at night as there have been reports of armed robbers dressed as police.
There has been a marked improvement in Nicaragua’s infrastructure due to the stronger economy and government spending focused on reviving the country’s tourism industry. The World Bank has been very successful in providing debt relief to Nicaragua and helped provide money to fix the transportation, telecommunication and energy infrastructure. Currently, many of the major roads are in various state of repair. Nicaragua just privatized its telephone service. Regular phone service coverage is still low, but cell phone service is much more prevalent with better coverage.
Culture and People
Nicaragua is a poor country, but the people here are rich in kindness and generous in spirit. Most “Nicas” (used for both male and females) you will meet are eager to help and generally happy people to be around. About 70% of Nicas are mestizos (mixed heritage of Europeans and Native Americans), 17% white, 9% black and 5% indigenous. Most Nicas are Roman Catholic and that plays a very large part in their conservative and traditional culture. Nicaragua is a very class-based society with an estimated 30% of the population living below the poverty line. Despite the admirable qualities of this warm people, corruption and bribery are widespread and ingrained in the Nicaraguan culture.
Nicaragua has a very strong “machista” culture and the men can be aggressive towards other men and women. Domestic violence is prevalent in Nicaragua. Foreign women should ignore the aggressive catcalls and comments made by men on the street. Be careful as you could inadvertently offend a man’s honor without meaning to. Most Nicaraguans are honest, but others will try to take advantage of foreigners and try to charge you double the local price.
Average Monthly Budget for a Couple in San Juan del Sur, Nicaragua
Rent for a 2-bedroom apartment in a nice part of town: $500
Daily maid service (Monday-Friday, 8 hours a day): $75
ADSL Internet: $40
Telephone (1 landline, 2 cell phones): $40
Cable TV: $18
Water: $5
Electricity: $15
Gas: $5
Private Health Insurance: $150
Food: $200
Transportation (2 cab rides a day, averaging $1 a ride): $60
Total: $1108 per month
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