Articles and Position Papers
Central American Solution to US Retirement Problem
May 2010
More Costa Rica, Nicaragua and Panama projects are catering for American retirees.
Central America is quickly positioning itself as a retirement destination for the growing number of Americans who can’t afford to retire at home, according to consultancy Panorama International.
Research from Ernst & Young suggests that more than half of Americans aren’t saving enough for retirement because longer life-spans mean many people are outliving their assets and they don’t have the funds to maintain their standard of living.
Stephen Drechsler, Executive Vice President of Panorama, observes that more retiring US citizens are looking to buy property in Central America as a result. “Essentially, Americans are increasingly finding lower costs of living, better climate, and top medical facilities in Mexico and Central America to be a strong draw,” he said.
Drechsler adds that a growing number of developments are catering more specifically to American and Canadian buyers. “A large and very impressive project in El Salvador currently in the advanced stages of planning, Playa Secreta, will have at completion a dozen hotels and one of the largest marinas in Central America,” he told OPP. Similar projects are also available on Isla Roatan in Honduras, on the Pacific Coast of Nicaragua, in Costa Rica and in Panama.
Investment in infrastructure and facilities were also helping to make the region more attractive, he said. “Ten years ago retiring or owning a second home in Central America was only for the adventurous and the bold. Now, it is becoming increasingly common, and potential North American purchasers are often quite surprised by the wide variety of facilities available, and clearly find the pricing and amenities very attractive.”
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