Costa Rica

Tourism

With a $1.92 billion-a-year tourism industry, Costa Rica stands as the most visited nation in the Central American Region, with 1.9 million foreign visitors in 2007, thus reaching a rate of foreign tourists per capita of 0.46, one of the highest in the Caribbean Basin, and above other popular destinations such as Mexico (0.21), Dominican Republic (0.38), and Brazil (0.03).

Ecotourism is extremely popular with the many tourists visiting the extensive national parks and protected areas around the country. Costa Rica is a pioneer in this type of tourism and the country is recognized as one of the few with real ecotourism. Other important market segments are adventure, sun, and beaches. Most of the tourists come from the U.S. and Canada (46%), and the E.U. (16%), the prime market travelers in the world, which translates into a relatively high expenditure per tourist of $1000 per trip. In terms of 2008 Travel and Tourism Competitiveness Index(TTCI), Costa Rica reached the 44th place in the world ranking, being the first among Latin American countries, and second if the Caribbean is included. Just considering the sub index measuring human, cultural, and natural resources, Costa Rica ranks in the 24th place at a worldwide level, and 7th when considering just the natural resources criteria.

Economy

The majority of Costa Rica’s economy is based on commerce, tourism, and services, which make up 62.4 % of its $21.4 billion GDP. Industries such as the manufacturing of electronic components make up 28.9 percent of GDP and agriculture accounts for 8.7 %. The Costa Rica Colon; Costa Rica’s currency had an estimated inflation rate of 11.5 percent in 2007.

Weather

The climate of Costa Rica is unequivocally a tropical country, situated between 8° and 11° North latitude, fairly close to the equator. Although in the mountains above 2000 meters you get much cooler temperatures, the average annual temperature for most of the country lies between 21.7°C (71°F) and 27°C (81°F). The coolest months are from November through January, and the warmest from March through May.

Political Stability

Costa Rica is a Democratic Republic with a strong constitution. The country has had at least fifty-nine years of uninterrupted Democracy, making it one of the most stable countries in the region. Costa Rica has been able to avoid the widespread violence that has plagued most of Latin America.

Costa Rica was the first country in the world to constitutionally abolish its army. Following civil war in the 1940's, Costa Rica ended rule by armed forces and established a Democratic Republic. Even before the current democracy was established, the Costa Rican government stemmed from a political tradition of rule by the majority.

Tax Incentives

The Costa Rican government welcomes foreign investment; the positive attitude is backed-up by all major political parties active in government. Since 1982, Costa Rica has consistently improved investment conditions. The Costa Rican Office for Promotion of Foreign Trade (PROCOMER) supplies information and assists in the formal organization of investments. The Costa Rican Coalition for Development Initiatives (CINDE) actively promotes investment through offices located in several countries.

In Costa Rica, there is no specific law that regulates foreign direct investment. Local and foreign investors enjoy the same legal treatment, as well, as the same levels of protection in investment matters. Consequently, there is no specific regulatory system for foreign investment. 

Healthcare

Costa Ricans are proud of their nation's achievements in the field of health care. Their up-to-date, affordable, state-run cradle to grave health care system reaches all levels of society by offering the same medical treatment to the poor as those with greater resources.

Many international medical authorities rate Costa Rica as having one of the best low-cost medical care systems in the world, when preventive and curative medicines are considered. The United Nations consistently ranks Costa Rica's public health system as the best in Latin America and one of the top 20 in the world.

It is no wonder a large number of foreigners are attracted to Costa Rica because of its affordable health care. In the United States, for example, millions of people do not have health insurance because it is prohibitively expensive. For this reason, Costa Rica attracts many retirees from North America. It does not matter if you are a legal resident or a traveler everyone is entitled to emergency care at a government hospital.

Real Estate

Due in part to the Costa Rican government’s sincere efforts to encourage direct foreign investment more people are considering investments in this Central American country. Commercial, residential, and tourism related real estate have been at the front end of the growth seen in the sector and have had an increment never experienced before. The Costa Rican real estate market is based on the U.S. dollar, which means U.S. investors will not feel the pinch and European investors may be more likely to buy. Foreigners enjoy the same property rights along with Costa Rican citizens in most circumstances. Foreign investment directly related from Real estate will only continue to soar as better conditions are given to investors and retirees, as the sector growth increases and novel prime locations arise, and as the demand for tourism related developments continue to grow. What lies ahead given its strategic location in the center of the Americas, its educated and highly productive workforce, a continuing political, social and economic stability, preferential access to strategic markets, its international standard business infrastructure and high quality of life, Costa Rica’s future seems to be in strong shape.

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