Benefits of Nicaragua’s Retiree Program

Over the last ten years, Nicaragua has evolved in the eyes of many North American tourists and investors. Specially, retirees are starting to discover the advantages of this beautiful and affordable destination for owning a second home.

What will you find when you come to Nicaragua?

Hundreds of miles of completely deserted coastlines, as rugged and scenic as the most beautiful parts of California. At the Atlantic side, you will experience an Afro-Caribbean culture with English speaking people and beautiful white sand and clear waters. In the center of the country, you will enjoy a cooler weather and a culture around coffee and cattle industry.

Throughout the country, you will meet several honest, smart and incredibly hard working people, folks willing to take part in the modernization of their country and eager for Nicaragua to resume its role as a leader in Central America. And you will experience a people-friendly culture that has been lost almost everywhere else in the world. You can have a much more family-centric life here, better friendships and much higher standard of living. Here you will be able to afford domestic help such as a cook, maid, a driver, essentially around the clock help. In Nicaragua, this is all standard for middle class people.

Additionally, you can find excellent bilingual medical doctors and top professionals in every mayor field. In Managua, there are several private hospitals with modern health care services, and most importantly with Doctors with the time to chat with you and offer quality treatment. If things get complicated you can always go back home for the latest medical technology, but for the most part you can take care of your health with the local private system. See this recent article about a hospital experience lived by a US tourist.

We invite you to explore the retirement incentives for Nicaragua. Below, we have inserted the key aspects of the Nicaraguan Residency and Retirement regulations. .

Nicaraguan Residency and Retirement Age and Income Requirements

Retiring in Nicaragua became a very attractive option when Decree No. 628, the ‘Law of Resident Pensioners and Retirees,’ was passed.  With the implementation of this law, people are eligible for benefits if they are over 45 years old and have a monthly income of at least US$400 or the equivalent in another currency. (Add an additional US$100 for each dependent family member living with them in Nicaragua.)  This requirement for monthly income is one of the lowest in the world, making Nicaragua an attractive retirement destination for many people with limited fixed incomes in retirement.

Tax Incentives Benefits

The benefits come mostly in the form of tax incentives.  Foreign retirees are entitled to: (a) pay no taxes on any out-of-country earnings (b) bring into Nicaragua up to US$10,000 worth of household goods for your own home, duty-free (c) import one automobile for personal or general use and pay on it no import tax or protective tariff and sell it after five years, again exempt from consumer sales tax (d) import an additional vehicle every five years under the same duty exemptions.

While this solution may be very beneficial for some others may not meet age or income requirements. Residency can still be acquired although you will not receive the same tax benefits. What makes Nicaragua unique is that you do not need to have residency to own land. While those without residency must depart for 72 hours every 90 days, Nicaragua is very accommodating to foreigners.

Residency Requirements

Becoming a resident is straightforward although using an attorney is recommended. An estimated 5,300 U.S. citizens reside in the country. The U.S. Embassy’s consular section provides a full range of consular services – from passport replacement and veteran’s assistance to prison visitation and repatriation assistance.  There are a number of ways to remain in the country on a long-term basis.  Tourists from North America and many countries in Europe may now remain legally in the country for three months (90 days) without having to apply for permanent residency.  Obtaining permanent residency is relatively easy, but it takes a long time.  With all the required documents and a good lawyer, the process can be quite painless, one just must be patient.

Temporary Residency

The temporary residency is given to any foreign person who enters the country to carry out a temporary activity, and who is willing to reside in the country while this activity lasts. This is the simpler residency procedure and the requirements to fill are less than other types of residencies. One can apply for this residency under the subcategory of entrepreneurs and the requirements we would have to fill are the following:

• Application form
• Copy of utilized pages of your passports
• Two passport size photos
• Criminal Records (duly authenticated)
• Certificate of Birth (duly authenticated)
• Certificate of marriage (duly authenticated)
• Health certificate (duly authenticated)

This residency has to be renewed each year. After three years of stay in the country you can apply for permanent residency. If you want to get your residencies the fastest way possible, you should apply for a temporary residency.

Investor’s Residency

The investor’s residency is a permanent residency’s sub-category. The investor’s residency is given to any person interested in investing in the country. In this case the process takes a bit longer because to apply for this kind of residency, first the person has to be registered as an investor in the Investors Registry at the Development Ministry (MIFIC). The registration takes time and the investor has to present several requirements to register. After the registration at the MIFIC is complete one proceeds with the application at Migration offices.

Nicaragua’s Historic Highlights

The largest country in Central America has a very rich cultural history.  The western part of the country was colonized by Spain and has a similar culture to other Spanish-speaking Latin American countries. The eastern half of the country, on the other hand, was once a British protectorate and the culture on the Atlantic coastal regions is similar to that of Caribbean nations that were or are British possessions. The people of Nicaragua are mostly mestizos, and Spanish is their first language; English is also spoken in the Atlantic region.

As a whole, the country is rich in colorful folklore, music and religious traditions. A fusion of Old World and New World emerged as the national psyche created a society largely founded on European-Iberian culture but enriched it with Amerindian sounds and flavors. Nicaragua has historically been a literary treasure for poetry in the Hispanic world with internationally renowned contributors such as Ruben Darío, who is widely acclaimed as the Father of Modernism and Prince of Spanish Literature.

Since 1990, Nicaragua has lived in peace and democracy. During the 80’s the country was involved in a Civil war in the context of the regional cold war conflict between United States and the former Soviet Union. Today the main challenges of Nicaraguans are the economic growth and consolidation of democracy. The socialistic Sandista Party returned to power via a free election in 2006 with 38% of the votes and has expressed its desire improve the social infrastructure by the promotion of investment and relationship with all nations. By in large this has occurred.

The kindness of the Nicaraguan people is very well known in the region. If you visit the country you will notice that the locals are friendly, curious, open and welcoming to foreigners. It is impressive how in the middle of their poverty and daily struggle you see an abundance of smiles on the streets of Nicaragua. The Institute of Tourism of Nicaragua has done surveys and the kindness of the locals is one of the main factors that tourists mention as why the like the country.

Nicaragua has become a new exotic destination for upscale tourists that like culture, eco-tourism, beaches, and excellent cuisine.  The cities of Leon and Granada, both founded in 1524, are two of the oldest, most majestic colonial cities in main land America. Additionally, Nicaragua has the largest freshwater lake in Central America (3,149 square miles) which is connected to the Caribbean ocean via the San Juan River.  The country enjoys 215 miles of Pacific Beach and 330 miles on the Atlantic coast, making Nicaragua the largest country in Central America (130,668 km2) with lowest population density.

Then country has more than 10 volcanoes with different eco-systems such as cloud forests, dry deserts, and crater lagoons with thermal activities, creating great opportunities for eco-tourism or adventure activities such as climbing or volcano skiing on volcanic sand. The rain forest of Nicaragua are not very well known, but it is actually the most extensive in Central America.

Additionally, the workmanship in Nicaragua is excellent and still very competitively priced compared to other countries in Latin America.  Masaya, an artisan and folklore paradise, is just half an hour from Managua where tourists can find all kinds of leather, wood, cloth, stone, clay, metal, glass, and natural fabric products, ranging from hammocks to crocodile bags to boa leather belts. Additionally, the music, poetry, religious excitement, and dance from Nicaragua are very rich and locals like to showcase them in many town festivities throughout the year.

For more information: info@layaresort.com

About Grupo Mariana

When you’re interested in receive further details about an early investment opportunity in Nicaragua, we can give you even more excellent reasons to explore a new life in Nicaragua, whether you’re interested in vacationing, retiring, starting a new business or investing in the lucrative opportunities that abound.

We are very excited about the future of our growing resort and would love to help you learn more about Nicaragua’s Pacific Coast.

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