Narayan AmmachchiCosta Rica, Belize and Panama have emerged as favourite shopping grounds for an increasingly large number of wealthy americans seeking for property oveseas.
A survey conducted by Coldwell Banker for their 2022 Global Luxury Trends Report found that 67% of moneyed Americans own property outside their country’s borders.
Rising inflation and the expensive dollar tempted them to buy houses abroad, with the growing living cost and the recessionary trends possibly playing a role too.
Some technology workers with exorbitant salaries are also on the hunt for homes abroad in hopes of taking advantage of remote work opportunities.
Costa Rica has long been a favorite shopping ground for property, but Belize and Panama are gaining traction. The number of Americans buying homes abroad increased by 29% in 2022 compared to 2019.
Countries that offered “golden passports” and citizenship attracted more Americans, but factors such as climate, democracy and standard of living played a role too.
Costa Rica’s tropical climate and its decision to quickly reopen the economy following the pandemic fueled interest in the Central American country, according to the report.
Some Americans have also rented out their property in Costa Rica as they bought it not only for residential purposes but also as an investment.
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