Some might say that they live in the greatest country in the world, so there is no need for them to have residency in another country. They could be absolutely right at this moment in time, and it may have been true for them in the past. But what about the future?
You have probably heard the old saying, “don’t put all of your eggs in one basket”, but that is exactly what most of us have done. We own property in one economy, and have our savings in one bank, in one state/province, in one country. For most of us, our retirement is tied to one company, and our 401k or IRA is typically invested in the same country as well. If all of the above mentioned assets are all denominated in the same currency, they could be at risk if there was a future currency drop in value. This would affect our financial portfolios in a way that we never intended; therefore, it could be a wise decision to diversify and create future options for yourself. Things like getting a bank account outside of your current country of residence, or investing in physical assets such as property/real estate in another country can be of great value to a well-rounded portfolio.
As a rule, we buy insurance for our homes, cars, and lives, but never really consider buying insurance in the form of residency to be able to live in another country. We personally love having choices and options for today as well as for the future. It makes us feel a bit more in control and that we are somewhat in the driver’s seat.
Have you thought about changing times? What if your home country changes for the worse and you decide that you want to move to a different country down the line? In many locations, it isn’t easy to do if you don’t apply for residency in order to enjoy the full benefits of living in that country. If you are not a resident, you are usually looking at just being able to obtain a tourist visa for 30-90 days, depending on the particulars of each government. After the specific stated period of time allowed in country, you legally have to leave for a pre-determined period of time before being allowed to re-enter the country. Perpetual tourism is also being discouraged which could be one of the biggest reasons to establish a second residency.
Many countries will ask for a big fee up front to grant permanent residency and others simply want to see that you have an income and will not be a burden to their citizens. Some, however, are starting to increase their requirements and creating more hurdles that you have to jump over in order to establish residency. It looks like a decision to invest in another country might be wise sooner rather than later.
Wouldn’t it be exciting to learn a new language and culture? Since you only go around once, why not make the most of it and explore the world while you are able to. Costa Rica offers a great climate to enjoy many outside activities, beaches, volcanoes, waterfalls, hiking, and gardening year round. Of course, the extra added bonus of some of the best coffee in the world doesn’t hurt either! It makes a great place for you diversify your assets and establish a second residency.
Think about your kids and grandkids? Imagine the benefit of your investment in obtaining residency or purchasing property as it opens the door for your children to have future options to live in another country as well. Living abroad provides experiences that are unique and enriching to life, and should be experienced by everyone!
The doors in Costa Rica are still open and opportunity is knocking if you are willing to take the steps and answer the call. We are here to help you in your adventure and can help you make Costa Rica your permanent home or at least your tropical home away from home.
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