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Desire of escaping the rat race and finding paradise? Escape to warm and peaceful Costa Rica. Surrounded by fantastic attractions, this beautiful Latin American destination extends its European and indigenous influences, flourishing rich and diverse culture, offering a variety of Leisure, great experiences and emotions among splendid beaches, mountains, volcanoes, rivers and deep-rooted tradition that lure thousands of tourists to its natural environment.
Tourism & Real Estate
March 8th, 2008
Because of its natural, social and safety attractions, plus its economical and political stability, Costa Rica is one of the most popular tourist destination worldwide. In fact, the arrival of foreigners has brought on the desire in many of the international visitors to make Costa Rica their second country of residence, either for professional reasons or just to live temporally in an excellent climate when year round.
During 2005 over 1.6 million visitors arrived, of which more than 52% were tourist from the United States of America. The majority of foreign residents that buy real estate are of this nationality, many of them retirees. Tourism is the most important generator of foreign currency, ($1.35 billion in 2004) which makes it one of the most important tools of the county’s economy, surpassing exports products such as coffee and bananas.
In Costa Rica, the existence of condominium type developments such as Jacó Bay Condominums & Resort provides a good choice for foreigner looking for a second home or an investment opportunity.
A Country of Stability
The economic, political and social stability of Costa Rica are the main characteristics that distinguish it throughout its entire contemporary history and one of the most important strengths that have enabled it to reach great success in alluring foreign investors.
The Costa Rican government is ruled by a series of constitutional controls and balances. The executive responsibilities rest on the President, who is at the center of power, and is supported by two Vice-presidents and his cabinet. The President and Vice-presidents, plus 57 Congressmen, which comprises the Legislative Assembly, are directly elected every 4 years. In addition, the country has a strong legal system that manages the 'judicial power', which ensures law conformity and covers nationals, as well as foreigners, within the country's territory.
Costa Rica has a long tradition of stable democracy, which is recognized worldwide and has over 115 years of history. Such dedication to democracy and the peace process have been enhanced by the elimination of the military in 1949, and acknowledged internationally in 1987 when the then President of the Republic, Oscar Arias Sanchez, was awarded the Nobel Peace Prize.
There is no doubt that one of the pillars of the Costa Rican economic development has been trade liberalization, which has allowed exports to surpass its 30% ratio of GDP in 1980 to a current 50% rate. Furthermore, this trade liberalization has been coupled with a series of structural changes, and has pushed towards a productive transformation that has lead to factor productivity growth, diversification of the economy, and a higher level of investment.
The Costa Rican economy has maintained a continuous growth, albeit different international crisis that affected several countries like Mexico, Turkey and Venezuela in 1994-95; Thailand, Malaysia, Indonesia, Philippines, South Korea and Czech Republic in 1997, Russia and Brazil in 1998, and Argentina in 2002. As a matter of fact, within 1997 and 1998, Costa Rica registered growths above 7%.
These decades of peace , democracy, stability and economic growth has been translated into important social achievements. In this sense, a relevant fact was that in the last 20 years poverty was reduced from 40% to less than 20%. Costa Rica has achieved one of the highest levels in educational and health care in Latin America, which is also one of the best in the world. Furthermore, it has been able to provide broad access to services like health, social security, potable water and basic services for the entire population. Just as the International Monetary Fund Sub-director Agustin Carstens, said, "one basic principle that Costa Rica has made it its own is that, the ultimate goal of economic politics is to achieve human development."
Costa Rica is one of the most stable economies in Latin America. After the last economic crisis almost 25 years ago due to external debt circumstances, it has maintained a yearly current average growth rate above 4.5%, which has resulted in a per-capita income level of $4, 361 for 2005.
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