A person can qualify for legal status of "Pensionado Residente" under Retiree Law 694 by meeting the following requirements:
must be 45 years of age or more
income from outside sources of no less than $600 per month
clean criminal record
health certificate from your doctor
copies of birth and marriage certificates
reside in Nicaragua for 6 months per year (doesn't have to be continuous)
The benefits of being a "Pensionado" are:
No import taxes on household goods with a value up to $20,000.00
No import or sales tax on personal use vehicle with value up to $25,000.00
No tax on building materials for new home up to $50,000.00 of materials
No tax on up to $200,000.00 of scientific or professional items if used for the benefit of Nicaragua
No requirement for guaranty bond of residency
No tax on rental vehicles when used for tourism purposes
Once a person has met the conditions, they are classified as a "special tourist" and this legal status can be conferred on all family members that are dependent on them for support.
Nicaragua ranks among the top 5 retirement havens in the world with the lowest cost of living... click here to read more.
Thinking of retiring to a warm climate where the cost of living is low but the style of living is high? Join us on one of our custom-designed Nicaragua tours and find out more about beautiful Nicaragua!