Staying in Costa Rica - Rentals, Properties, Tourist info

Living standards and economic stability

Costa Rica is a very progressive country that supports democratic institutions and places great value on its natural ecosystem and resources. Costa Rica was the first country in the world to constitutionally abolish its army in 1948. Known as the “Switzerland of the Americas” it channels resources that would have been dedicated to the army into areas such as education, economy and culture. Unlike some countries in the region, Costa Rica has enjoyed over 60 years of uninterrupted democracy, which is the longest in Latin America.

Costa Rica has one of the highest standards of living in Central America. No wonder that more than 20,000 US expatriates live here (according to US Department of State). You will also find a growing community of Canadians, Europeans and other nationals residing here, many of them as retirees.

Current President, Oscar Arias, a Nobel Peace Prize laureate, has actively promoted economic development and free trade. In October, 2007 Costa Ricans approved CAFTA free trade agreement. Under CAFTA, Costa Rica will receive duty-free access to the U.S. market for a nearly all of its exports, while 80% of U.S. goods will enter Costa Rica tax-free.

The government offers tax incentives to companies that are willing to invest in the country. Because of its highly educated population and stability, many world class companies have located their operations in Costa Rica. Among these companies are marquee names such as Continental AG, GlaxoSmithKline, Intel and Procter & Gamble. In recent time pharmaceuticals, high tech, financial outsourcing and ecotourism have become the prime industries driving economic growth.

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Mostly sunny. High 30C.