Does Nicaragua offer retirement incentives?
Nicaragua offers an attractive retirement program designed to encourage retirees and pensioners to move to Nicaragua. The key piece of legislation is Decree No. 628, the "Law of Resident Pensioners and Retirees" which states that you are eligible for benefits if you are over 45 years of age and have a monthly income of at least $400 (Add an additional $100 for each dependent family member with you in Nicaragua).
Decree No. 628 gives benefits mostly in the form of tax incentives and entitles the retirees to the following:
- Pay no taxes on any out-of-country earnings.
- Bring up to $10,000 worth of household goods for your own home, duty-free.
- Import one car for personal or general use and pay no import tax or protective tariff, and after 5 years you can sell it, again exempt from consumer sales tax.
- Import an additional vehicle every 5 years under the same tax exemptions.
Documents need for applying for retiree status in Nicaragua include:
- A copy of your birth certificate
- A copy of your passport
- A certificate of letter from your doctor stating that you are in good physical health, are free from communicable diseases and are mentally sound.
- A letter from your local police department stating that you have never been convicted of any crime
- A certificate of income from your bank or pension plan affirming that you will have enough money to meet the minimum requirement of $400 a month
- A list of the household items that you will be importing
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