SPECIAL OFFER: Sustainable Community Lots — $50,000 February 5, 2010

The area around Rincon de la Vieja, Guanacaste is a richly fertile diverse location that is continuing to benefit from the growing interest in the Northwest area of Costa Rica.  The Liberia International airport has brought full connectivity to the region both nationally and internationally.  The center of Liberia is full of shops, restaurants, and all modern conveniences.  The small town of Canas Dulces is just 30 minutes from modern development, and yet is located in the foothills where the weather is substantially cooler at 1,500 feet above sea level, and commands stunning views of the surrounding countryside, as well as some of the best sunset views in the country over the Gulf of Papagayo.  The new sustainable community of Rancho San Roque has taken advantage of the wealth of natural resources, as well as the convenience offered by an international airport and proximity to a major town.  We believe that these 1.25 acre lots are a tremendous value starting at $50,000.

Property Highlights:

• 37 titled lots

• 1,500 foot elevation offers much cooler weather than the Guanacaste coast

• Many nearby activities

• 40 minutes to Liberia international airport

• 30 minutes to Liberia city center — many shops and restaurants

• Permaculture design focused on self-sufficiency

• OWNER FINANCING AVAILABLE: $20,000 DOWN $608 PER MONTH FOR 5 YEARS

Property Description:

New sustainable community nestled in the foothills of Rincon de la Vieja volcano in Guanacaste, Costa Rica has 37 titled lots of 1.25-acres (5000M2) each. Pristine country setting in an area famous for nature-loving adventure sports like canopy tours, rappelling, horseback riding, hiking, mountain biking, thermal baths, and much more. Only 30 minutes to Liberia center, 40 minutes to international airport, and less than an hour to Northern Pacific beaches.
Situated above 1500ft elevation with a cooler mountain climate, the majority of lots are flat and entirely usable while offering sweeping views of the Guanacaste countryside, the Rincon volcano, mountain ridges and sunsets over the Pacific.

The community is being developed in harmony with nature using the rich volcanic soil for a permaculture project creating edible forests, organic gardens, aquaculture ponds, and small livestock. The community center will include a pool, fitness center, sporting and wellness facilities.

The developers are offering special pricing of $50,000 per lot during the development phase. Developer financing is available for $20K down, $608/mth for 5 years. Excellent investment and beautiful setting for full-time natural living in Costa Rica.

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New Community in Atenas Offers Homes Under $200K January 26, 2010

Posted by Paradise Profits | January 24, 2010

Private Gated Mountain Community in Atenas

Enjoy big mountain views for affordable prices in this new community in Atenas Costa Rica. Atenas is a tranquil coffee town that is attracting a large number of expats.  Located about halfway between San Jose and the central Pacific beaches, Atenas has convenient access to both, without the hustle and bustle of the city or heavy tourist traffic.

Nature and privacy surrounds you in this wonderful new private community in the mountains of Atenas.  With only five home sites, two of which have completed homes for sale, intimacy, security and privacy are found at every site – along with mountain fresh air and intense views. It is rare to find affordable quality with these stunning views and privacy only 10 minutes from Atenas central.

Retirement or Vacation Homes in Atenas

Each of the finished homes, starting at $173K, is below $200K. They are cozy but classy affordable retirement or vacation homes with nice finishing details including granite countertops, custom wood cabinets, and quality fixtures and faucets.  Beautiful vaulted wood ceilings keep them cool all day and each room has a ceiling fan.

Community Infinity Pool and Pavilion

The homes are wired for a dishwasher, alarm, phone, SAT TV and high-speed internet is readily available, and house 1 has GE stainless steel appliances.  They’re all built to North American standards with modern plumbing and electricity, electric on-demand hot water throughout, screened windows, and much more.

The developer has predesigned house plans ranging between 1200 – 1600 sf for the remaining landscaped lots and is offering reconstruction pricing. Buyers, however, can customize the plans and finishing details to suit their desires. Appliance and furniture allowances come with each home including the finished homes.

Quality Homes Under $200K

The community is in a private mountain setting with an electric gated entry and amazing views of mountains, volcano peaks, and the Central Valley.  There is a communal infinity pool and picnic pavilion, along with many fruit trees and coffee plantings in the common area.  Each owner will have equal shares of the common area. The community is at nearly 4000 feet above sea level offering the most perfect year-round temperature of 70s during the day and 60s during the evening.

Big Mountain Views

Atenas is said to have the Best Climate in the World.  Although the year-round temperatures are wonderful, I suppose the biggest reason for Atenas’ claim to fame is the very predictable rain patterns in the rainy season. Typically, it is sunny from 6am to around 2pm followed by an hour or two of rain.  This allows residents to enjoy productive days during the rainy season (all year round) as opposed to other surrounding areas.

Atenas is home to a large expat retirement community who enjoy the small-town feel, but also the many internet cafes, restaurants, 4 large grocery stores, 4 good-sized hardware stores, multiple pharmacies, private clinic, and much more. The friendly local atmosphere invites you in with wonderful people, a farmers market every Friday, and many yearly festivals.

The new Caldera highway, which is confirmed to open by the end of this month (January 2010), exits into Atenas and will dramatically reduce driving times to the city and the beach. Trips to Escazu and Santa Ana will be an estimated 20 minutes, while going to the beach may be as short as 30 minutes, all while residing in the peaceful setting of Atenas.

This new private community in Atenas offers homes that are low-maintenance, perfect for retirement or part-time expats.  It is a rare blend of quality, privacy, tranquility, security and affordability.

CLICK HERE FOR LISTING AT $173,000

CLICK HERE FOR LISTING AT $179,000

SPECIAL: Charming Home Offers The REAL Costa Rica January 21, 2010

There are many varieties of expats who choose to live in Costa Rica:  some arrive for political reasons; some to find clean healthy living in a great climate; others to find sound real estate investments in a growing market.  But perhaps the largest group of expats consists of those who are a blend of the groups mentioned above.  For that group, the most common question prior to arrival is, “But what is it REALLY like to live full time in Costa Rica?”  This question aims to go beyond the sales pitch of realtors and self-interested business people (although we admittedly do a bit of that), and get to the heart of the expat experience for those who are dedicated to embracing a foreign culture and experiencing the benefits of being engaged — for good or bad — with an often very different way of life than one’s country of origin.

Steven and Janet have been promoting this “real life” Costa Rica for nearly a decade.  They have made San Ramon their home — a small area called La Paz, specifically — and as Steven’s recent article below illustrates, the area they have chosen reflects the values and beauty of the Costa Rican culture, environment, and what the overall experience of living in San Ramon with both Ticos and other expats can offer to those who are looking for the essence of Pura Vida.

Steven and Janet also have a very special home for sale in La Paz that is a perfect entry into this pristine area of the Costa Rican countryside.  Listing #1252 is being offered at $118,000.

by Steven Freidmutter

When we moved from urban San Ramon to La Paz 2 years ago, we were the first and only foreigners in this country oasis. The phone line still ends just past our house and the last mile is on a primitive stone road. About 2 miles past our house the river crosses the road and you need a horse to enter the preserve that stretches all the way to Monteverde and Arenal. In many ways this is the end of the world … just 20 minutes from San Ramon but as pure and natural as it gets.

In the time we’ve been here, a couple of folks have bought land past our house and built beautiful houses. It’s nice having great new neighbors who also speak English and can be there for each other on this wild journey.

I used to have to go to San Ramon when I wanted more socializing and action. This past Sunday I went to 3 parties walking distance from my house. I never would have imagined this day a year ago.

I started out at an 11AM birthday party for Marielos, our wonderful Tico neighbor whose family has made our time here as smooth as can be. She made homemade corn tortillas and vegetable picadillo for a hearty topping. I didn’t stay for the birthday cake as my tradition that grounds me in Costa Rica is watching the NFL on Sundays.

Off to Jeff and Jane’s, a couple from Big Sur, California who have built a lovely modern home about a mile past our house. I love the locals but just having someone nearby who is from my culture makes a big difference. We had cocktails and watched some football.

The party shifted to Janet’s, a brave 60 something who is La Paz’s newest resident. Her land adjoins the preserve and is wild and “out there.” My number one sidekick for my 8 years here Jimmy Lee joined us along with my partner Janet. Here we were at “the end of the world” watching the NY Giants (Los Gigantes) beat the Cowboys on satellite, enjoying snacks and drinks. Surreal to say the least!

No matter how native and natural a life we live here in Costa Rica, having a few friends nearby who speak English and have a similar cultural context is nice.

After 3 parties on Sunday we went back to our tranquilo life of sitting on our porch and watching the world go by … very slowly.

San José – Caldera Highway To Be Opened On Jan 27, Two Months Early January 18, 2010

President Oscar Arias’s recent visit to Puntarenas highlights the excitement surrounding the opening of the Costanera Highway which will connect San Jose to the beaches in 50 minutes, and every area in between in a fraction of the time we are all accustomed to.  The fact that it will open in the height of the travel season will be a boon for the Costa Rican economy and vacation travelers alike.  In Atenas, where we are located, we expect to see many city dwellers consider moving out to the country now that they can commute to the city in 20 minutes.  Let’s see what this will do to home prices.  But for those considering a safe place to purchase land or a home, Atenas will be the one Central Valley town that truly benefits, as we have an exit from the highway that leads right into the town center.

insidecostarica.com

| Sun, 01/17/2010 – 08:19

The new autopista a Caldera will be inaugurated on January 27th, one week before the national elections, Costa Rican president, Oscar Arias, announced in Puntarenas on Saturday.

“For the first time I made it here (Puntarenas) in 50 minutes by way of the new highway”, Arias told a crowd during a tour of the Pacific port town.

The section between Santa Ana and Orotina of the new San José – Caldera highway that is not yet open to the public, had been scheduled to be open in March, pushed up from the original June opening date when construction commenced two years ago.

However, advances in the work enable it open early.

President Arias called the new highway a “gift to Puntarenses”, saying that Costa Rica has waited almost 40 years for this highway to become a reality, for the port city to have easy and fast access to San José and vice-versa.

The new road allows travel between La Sabana on the west side of San José to Caldera, south of Puntarenas, in less than 45 minutes. Currently it takes between 90 and 120 minutes to make the same trip.

The savings in time is because the highway cuts through the mountains, eliminating the steep climbs and drops on the current routes, as well the slowdown in traffic caused by big trucks and buses.

The sections between San José and Santa Ana and Orotina and Caldera have been open since last year, remaining was the middle portion.

The cost of tolls to travel the 77 kilometers of the new highway, from end to end, is about ¢1.500 colones each way for passenger vehicles and motorcycles, more for heavy trucks and buses.

The Happiest People January 8, 2010

nytimes.com

by Nicholas D. Kristof

Hmmm. You think it’s a coincidence? Costa Rica is one of the very few countries to have abolished its army, and it’s also arguably the happiest nation on earth.

There are several ways of measuring happiness in countries, all inexact, but this pearl of Central America does stunningly well by whatever system is used. For example, the World Database of Happiness, compiled by a Dutch sociologist on the basis of answers to surveys by Gallup and others, lists Costa Rica in the top spot out of 148 nations.

That’s because Costa Ricans, asked to rate their own happiness on a 10-point scale, average 8.5. Denmark is next at 8.3, the United States ranks 20th at 7.4 and Togo and Tanzania bring up the caboose at 2.6.

Scholars also calculate happiness by determining “happy life years.” This figure results from merging average self-reported happiness, as above, with life expectancy. Using this system, Costa Rica again easily tops the list. The United States is 19th, and Zimbabwe comes in last.

A third approach is the “happy planet index,” devised by the New Economics Foundation, a liberal think tank. This combines happiness and longevity but adjusts for environmental impact — such as the carbon that countries spew.

Here again, Costa Rica wins the day, for achieving contentment and longevity in an environmentally sustainable way. The Dominican Republic ranks second, the United States 114th (because of its huge ecological footprint) and Zimbabwe is last.

Maybe Costa Rican contentment has something to do with the chance to explore dazzling beaches on both sides of the country, when one isn’t admiring the sloths in the jungle (sloths truly are slothful, I discovered; they are the tortoises of the trees). Costa Rica has done an unusually good job preserving nature, and it’s surely easier to be happy while basking in sunshine and greenery than while shivering up north and suffering “nature deficit disorder.”

After dragging my 12-year-old daughter through Honduran slums and Nicaraguan villages on this trip, she was delighted to see a Costa Rican beach and stroll through a national park. Among her favorite animals now: iguanas and sloths.

(Note to boss: Maybe we should have a columnist based in Costa Rica?)

What sets Costa Rica apart is its remarkable decision in 1949 to dissolve its armed forces and invest instead in education. Increased schooling created a more stable society, less prone to the conflicts that have raged elsewhere in Central America. Education also boosted the economy, enabling the country to become a major exporter of computer chips and improving English-language skills so as to attract American eco-tourists.

I’m not antimilitary. But the evidence is strong that education is often a far better investment than artillery.

In Costa Rica, rising education levels also fostered impressive gender equality so that it ranks higher than the United States in the World Economic Forum gender gap index. This allows Costa Rica to use its female population more productively than is true in most of the region. Likewise, education nurtured improvements in health care, with life expectancy now about the same as in the United States — a bit longer in some data sets, a bit shorter in others.

Rising education levels also led the country to preserve its lush environment as an economic asset. Costa Rica is an ecological pioneer, introducing a carbon tax in 1997. The Environmental Performance Index, a collaboration of Yale and Columbia Universities, ranks Costa Rica at No. 5 in the world, the best outside Europe.

This emphasis on the environment hasn’t sabotaged Costa Rica’s economy but has bolstered it. Indeed, Costa Rica is one of the few countries that is seeing migration from the United States: Yankees are moving here to enjoy a low-cost retirement. My hunch is that in 25 years, we’ll see large numbers of English-speaking retirement communities along the Costa Rican coast.

Latin countries generally do well in happiness surveys. Mexico and Colombia rank higher than the United States in self-reported contentment. Perhaps one reason is a cultural emphasis on family and friends, on social capital over financial capital — but then again, Mexicans sometimes slip into the United States, presumably in pursuit of both happiness and assets.

Cross-country comparisons of happiness are controversial and uncertain. But what does seem quite clear is that Costa Rica’s national decision to invest in education rather than arms has paid rich dividends. Maybe the lesson for the United States is that we should devote fewer resources to shoring up foreign armies and more to bolstering schools both at home and abroad.

In the meantime, I encourage you to conduct your own research in Costa Rica, exploring those magnificent beaches or admiring those slothful sloths. It’ll surely make you happy.

Costa Rica’s Avenida Escazu: IMAX Theater Arrives in Style December 29, 2009

Ameurope Staff

Costa Rica’s first IMAX screen and six cinemas introduce high-tech entertainment and style to the San Jose suburb of Escazu.  A total of 1,300 seats, two VIP rooms, a food court and a sports bar will make the facility one of Central Americas largest, with additional cafes, shops, offices and a hotel flanking the centerpiece to provide a boon to the local Costa Rican economy; an estimated 450 new jobs will be created.

Inauguration for the facility was on Nov. 19, with IMAX officially opening on Dec. 18, while the other cinemas and attractions are nearing completion.  No expense has been spared:  the hotel is five-star rated, and its design won first place in 2006 at the Architecture Biennale.

The IMAX arrival to Costa Rica is part of a 35 theater deal with RACIMEC for South and Central America, and is viewed by IMAX  Co-CEOs and Co-Chairmen Richard L. Gelfond and Bradley J. Wechsler as an integral part of company growth in coming years.  The contract with RACIMEC, one of the most prominent entertainment and public gaming companies in the world, is the second largest international theater deal on record.  A wide range of 3-D movies and special productions are being slated by major Hollywood producers to give moviegoers an experience never before seen in Costa Rica.  Ticket prices have started at 5,000 colones ($9).

Avenida Escazu is located next to CIMA Hospital in Escazu.

See the San Jose-Caldera Highway Virtual Tour December 28, 2009

The day is soon approaching when you can travel from San José to points like Playa Jacó, Caldera or Puntarenas in under one hour by way of the new San José – Caldera highway that is nearing construction.

The new highway, that is missing completion between Santa Ana and Orotina, will shave off at least 45 minutes travel to all points on the Pacific coast.

A trip to Liberia that now takes 3.5 hours on best days will be just a little over 2.5 hours, meaning you reach the beaches of Coco, Hermosa for instance in less than three hours. Tamarindo and Flamingo will also be less than three hours away.

Quepos and Manuel Antonio will be less than 2 hours.

The reason for the current extended drive time is the winding of the mountains from the Central Valley, either over the Monte de Aguacate, a steep climb and drop of the more gentler pass on the Interameircana.

Either way, the drive is slow, slowed even more by large trucks and loaded buses and few passing lanes.

The new highway cuts through all that. The slopes and hills are gentle, the winding is to a minimum.

Inside Costa Rica took a rare look at the new highway on Christmas day when several of the guards manning the points of entry only for workers on the highway, let us pass.

It took only 13 minutes to drive from Piedades de Santa Ana to 8 kilometres east of Orotina (the guard at that check point did not allow passage), driving at an average 60 kilometres per hour.

The road is completely asphalted, what is missing is the final touches of completing the road markings, some of the barriers and of course, the toll stations.

For the most part the highway is a two lane road, one lane for each direction. However, near the intersections of Piedades (though the signage reads Cuidad Colón), La Guacima, La Garita, Turrucares and Atenas, the road opens up to four lanes and illuminated.

The road delivers what will surely be a very pleasant experience driving to and from the Pacific beaches and other destinations.

And since it is a toll road, like the San José – Santa Ana section, it will be lightly travelled, as the cost from Escazú (the first toll) to west of Orotina (the last toll) is ¢1.120 each way.

On Friday, December 25, 2009, 10:30am, Inside Costa Rica, with camera in hand filmed the new road from Piedades to West of Atenas (the only portion of the unopened highway we were allowed to travel).

Click here to go on a virtual ride of the new highway. Part 1.
Note, video is 30Mb (large) and may take some time to download on slow connections

Click here to enlarge map.

SOURCE

Making a Deal in Costa Rica December 23, 2009

Submitted by Paradise Profits

The recent world economic downturn – acutely felt in the U.S. – has made valuing real estate in Costa Rica more complex for American buyers.  Recently, there has been increased skepticism from both buyers and sellers at the negotiating table due to vastly different market perceptions. Foreign buyers are seeking rock-bottom prices that they’re accustomed to in their deflated local markets, while most Costa Rica sellers perceive their market to be relatively solid and remain fairly firm in their asking prices.  Consequently, reaching win-win agreements has been increasingly difficult.

Click on photo to see listing for $850K

Plainly stated, Costa Rica is not without challenges, but remains a far healthier market than the U.S.  According to Wall Street legend Henry Kaufman, “Costa Rica made no mistakes in the recent economic downturn.”  Mr. Kaufman, who recently bought a project in Santa Ana, strongly encouraged others to invest here “immediately.”   Costa Rica’s lifestyle benefits attract droves of newcomers from all over the world, which continues to fuel the market.

Click on photo to see listing for $195K

Certainly there are some bubble areas with highly motivated sellers in Costa Rica who need to sell for one reason or another, but there are also many mortgage-free sellers who are content to wait for a reasonable price. The more common position is somewhere in the middle: a seller has their home listed for a reason – to sell it – and they are willing to be negotiable within reason, even offering seller financing if need be.  However, sellers as a whole are not accepting dramatic discounts, for the very reason that they own property in a healthier market.

Below are some recent observations of buyer’s and seller’s perceptions in the current market. Perhaps it can be helpful to close the gap ever so slightly.

For Buyers:

• Yes, there has been some price softening in Costa Rica and more motivated sellers.  So, you can negotiate with most sellers.
• However, Costa Rica and the United States is not an “apples to apples” comparison.  A $100K home in Florida might seem like a great deal, but it has a much higher cost of living associated with it:  higher healthcare costs, taxes, need for A/C in a difficult climate, etc.
• Supply and Demand: Abandoned homes in Florida are a dime a dozen, while Costa Rica’s inventory of quality homes is almost a just-in-time pace (albeit a slower pace) in most areas.
• Costa Rica has never had an economy based on credit; so people have generally bought their homes with cash — both Ticos and foreigners.  As such, there was no mortgage “bubble.” Most sellers are in a cash position and can and will wait for a reasonable price.
• Costa Rica’s expat community is fundamentally populated by retirees, not speculation homebuyers (as some believe).  Although, there still is some measured speculation, which should be seen as a good sign for potential buyers.
• Many foreign buyers are not from the U.S.  In fact, the ratio of expats in Atenas is at least 50% Canadians and Europeans. Their currencies are strong, and they have not experienced the same dramatic collapse as the U.S. real estate market either.

For Sellers:

• This is not the time to expect to get your top asking price. Most buyers expect a discount given the global economic climate: your price should be fair if you really want to sell.
• If possible, it is helpful to be open to financing part of the sale. Lending has become nearly impossible on U.S. homes and more difficult in Costa Rica.  You can negotiate terms that work for you. However, customers from the “developed” world are witnessing record low interest rates will baulk at double-digit rates commonly seen in Costa Rica in the past.
• Your first offer may be your best offer. If you really want to sell your home, you are most likely going to wait longer than you previously thought, all reasonable offers should be considered.
• It is a buyer’s market.  Since Costa Rica is currently a land of cash (for those that have it) and not fictional inflated credit, the buyer feels powerful right now.

Click on link to see this listing for $295K

Property in cheap saturated markets in the U.S. has little “real” value besides the lifestyle one can lead having that property.  In a market critically dependent on gun-shy lenders and unlikely job growth, reselling cookie-cutter U.S. homes at any price in the foreseeable future is suspect at best – unless the lifestyle is attractive.  Costa Rica, a primarily cash-driven market, attracts people because they reason it’s a “better” place to live and own property.

There is no hard and fast rule for negotiating in Costa Rica as every seller and situation is different, but our general observation is that it’s safe to make an offer that is 15-20% below asking price with a goal of achieving 10% cash discount.  This seems to be a fair and realistic scenario given the current market conditions and perceptions of participants.

Best wishes to both buyers and sellers.

SPECIAL OFFER IN ATENAS: 2 bed, 2 bath main home with 2 bed, 1 bath guest house $460,000 December 22, 2009

Costa Rica at its absolute best. This one-year-old custom home is located in Atenas with the best climate in the world according to National Geographic. Enjoy the wildlife, including toucans, hummingbirds, butterflies and the occasional sloth or troop of monkeys. This secure, gated development is situated less than 5 minutes from central Atenas, but feels like it is in the countryside. It is just a 30 minute drive to the San Jose airport and an hour from the Pacific. The property is 8913.59 square meters (2.2 acres). Built to American standards, this house is truly a home with all the amenities you could want.

The main house has an attached two vehicle carport, 2 large bedroom suites (or a master and an office), open floor plan with vaulted tropical hardwood ceilings. The bedrooms have huge walk-in closets with attic access in the master for storage. The master bath includes two vessel sinks with mirrors, storage closets, make-up vanity, soaking tub and outside garden shower. The master bedroom is oversized to fit a lounging/reading area. The kitchen is truly gourmet with a 11 foot long by 4 foot wide island, top of the line Brazilian granite including backsplshes, deep-heavy guage metal sink with European faucet and sprayer, built in convection oven, five burner ceramic cooktop, microwave, dishwasher, garbage disposal, custom pull-out cedro cabinetry, and the “piece de resistance” commercial sized separate wall refrigerator and freezer.

The guest house has two bedrooms, one bath, sitting area and kitchenette with bar fridge and microwave. The bodega on the backside of the guest house has a stack washer & dryer with ample storage space and shelving for all your tools and gardening needs.

There are three “on demand” hot water heaters, top of the line tropical indoor-outdoor fans in every room, front-loading washer and dryer in the main house laundry room (which has a folding counter and double sink). The huge walk-in pantry off the kitchen is lined with teak shelving for all of your storage needs. There is even a built-in wall safe. All the windows are low maintenance aluminum with screens.

Perhaps the biggest bonus of all is that all the furniture is included! Many custom-made bamboo pieces for dining and lounging, comfortable leather sofas in the living room – all the shopping has been done for you.

The wrap around patio allows for optimal views of the adjacent preserve, mountains and canyon. The huge patio invites you to tropical outdoor living and entertaining. The “spool” (bigger than a spa/smaller than a pool) is 3m. by 3m. with solar heating, jets, salt system, negative edge and monkey fountain statue. Fully landscaped grounds including automatic underground sprinkler system.
If you are looking for a custom, turn-key private estate, you have found it…
Pura Vida!

Foreign Investment Set to Explode in Costa Rica December 15, 2009

by Ameurope Staff

A recent Bloomberg article highlights positive comments made by Marco Vinicio Ruiz, Costa Rica’s minister of foreign trade. After a difficult year in 2009 that has seen foreign direct investment fall 30%, Ruiz stated that in 2010, “Companies are ready to go to Costa Rica, they are just waiting for the board to approve that.”

Foreign investment in tourism, ports and telecommunications is the main driver of the Costa Rican currency, the colon. The global recession which resulted in decreased tourism and company freezing of investment funds resulted in more than a 10% slump in the colon.

“Foreign direct investment has the biggest effect on the colon because Costa Rica isn’t dependent on exports of a specific commodity with fluctuating prices,” Ruiz said. New trade agreements with China, Singapore, and the European Union should bolster investment back to the $2 billion level seen in 2008.

The goal, according to Ruiz, is to increase exports via trade agreements to 84%, in order to “send a long-term message, especially in lean times.”

READ SOURCE ARTICLE