According to the report "Private Wealth Migration 2025," prepared by the consulting firm Henley & Partners, the growth rate has been 76% over the last 10 years, placing the country in sixth place in the world rankings.
What is the profile of these foreign millionaires residing in Costa Rica?
Those who have been moving to Costa Rica are primarily from the United States and Canada, although Europeans and, increasingly, Latin Americans from countries like Mexico, Colombia, and Venezuela are also arriving.
Among the expats with large fortunes, there are not only retirees. There are also the "semi-retired," individuals who are not involved in the day-to-day operations of their companies, but who oversee them remotely and can live off their income.
The semi-retired group includes people over 40 who do not need to work and who dedicate themselves to managing their investments.
The Tax System and the Golden Visa
Andrew Amoils, head of research at New World Wealth, which collaborated on the study published by Henley & Partners, says that one of Costa Rica's advantages for millionaires is its tax system.
The country does not tax capital gains earned abroad. For example, profits earned from stocks on Wall Street are not taxed in Costa Rica.
Furthermore, the top income tax rate of 25% "is relatively low," the analyst tells BBC Mundo, and the country does not charge inheritance tax.
Consulting firms such as Offshore Protection point out that while Costa Rica is not considered a pure tax haven, the country offers attractive financial incentives that have been compared to Switzerland for both individuals and legal entities, making it "a favorable destination for those seeking to optimize their tax situation."
Regional Overview
According to the report, the Latin American and Caribbean countries where the arrival of millionaires has grown the most in the last decade are Costa Rica, Panama, and the Cayman Islands.
Costa Rica 72%
Panama 69%
Cayman Islands 62%
Bermuda 51%
Mexico 16%
In contrast, countries such as Colombia, Brazil, and Argentina have seen a decline in the migration of high-net-worth individuals to their countries.
In the rest of the world, the ranking of increases in the arrival of millionaires in the last decade is led by Montenegro, the United Arab Emirates, Malta, the United States, China, and Costa Rica.