Best Places In The World To Retire

The shopping in Puerto Vallarta is great. We’ve got everything from very glamorous super department stores. We have a brand new shopping area that’s coming into Puerto Vallarta that’s called La Isla that’s going to be high-end stores, including Prada and Louis Vuitton.

 

There are also small, family business shops around town that are fun to go to. We have the little antique stores, the little handicraft shop, the textile shops, etc.,...

The shopping in Puerto Vallarta is great. We’ve got everything from very glamorous super department stores. We have a brand new shopping area that’s coming into Puerto Vallarta that’s called La Isla that’s going to be high-end stores, including Prada and Louis Vuitton.

 

There are also small, family business shops around town that are fun to go to. We have the little antique stores, the little handicraft shop, the textile shops, etc., that are fun to visit. The shopping here runs the gamut, from the ultra-modern shopping centers to the little mom and pop place where they sew hand woven textiles.  All the modern shopping venues arrived here after I did in 1999.

 

As of today, I don’t think there’s anything of consequence that we couldn’t get here that you could get in the States. I would, however, like to see a Bed, Bath, and Beyond and I’d like to see a Trader Joe’s grocery store; things that you could live without easily.

 

On the other hand, we’ve got Chevrolet dealerships, Honda dealerships, Chrysler dealerships; all sorts of cars are available here. Guadalajara is only 4 and a half hours away from here and Guadalajara is a huge, major metropolitan city with anything you could ever want. So if there’s anything that can’t be found here in Puerto Vallarta, that’s certainly available about 4 and half hours away in Guadalajara.

 

The shopping experience here is similar to going into a regular department store that you’d go to in Los Angeles.  If you’re going to buy goods that have been imported into Mexico, prices could be full retail. They do have sales for over the holidays, but prices are a little bit higher because it’s more expensive to bring those goods in here.  As a result, if you buy imported goods in a mall here you would actually pay the same or even a little bit more than you would in the US.  Prices for Mexican-produced products are much less and you can get some great things that are manufactured here in Mexico. A lot items you would buy in the US are manufactured here, anyway, so you can get some super quality goods here. 

 

Over time, I have found myself switching to more Mexican-produced goods.  Mexican-produced goods are not all junk. Much of the good stuff is manufactured here. People are surprised.  

 

(Fashion show at Liverpool Mall, Puerto Vallarta, Mexico, pictured.)

You don’t need to own a car in Ambergris Caye. Typically, people wouldn’t own a car and typically people might own or lease a golf cart. Golf cart rental is as expensive as renting a US car. It will be around US $400 to $500 a month to rent a golf cart. So if you are going to be here for a long time or if you are planning to retire here, you would probably buy a golf cart.

 

New golf cart costs around $15,000 to $25,000, which seems expensive,...

You don’t need to own a car in Ambergris Caye. Typically, people wouldn’t own a car and typically people might own or lease a golf cart. Golf cart rental is as expensive as renting a US car. It will be around US $400 to $500 a month to rent a golf cart. So if you are going to be here for a long time or if you are planning to retire here, you would probably buy a golf cart.

 

New golf cart costs around $15,000 to $25,000, which seems expensive, but there is duty on those things to bring them in. A used golf cart costs around US $7,500 up to around $10,000 to $15,000 depending on the features and the type of parts. If you are thinking of buying, that is the best course of action.

 

But you want to make sure that you can get a permit for your golf cart. Every golf cart has a requirement to have a permit and only citizens or residents can get permits for golf carts.

 

On the high end, there are also golf carts here that cost $30,000. They tend to be larger and are four-wheel drive. They are four-wheel drive with some type of storage on the back.

 

Typically, people do not own cars in Ambergris Caye; they own golf carts. Some people who have been here for a long time or have the need, would have a car. Personally, I have a golf cart.  I don’t have a car and I wouldn’t have a car.

 

(Four wheel drive golf cart, pictured.)

The real estate scene in Nicaragua is moving, and it is not attached to a lot of easy to get, risky mortgages like in the US. People here are very conscious when they get a loan. They make sure that they can pay the loan, so they have all the collateral and income to back it up. The local banks are very picky in giving out loans. They are very critical. So when you apply and you are approved by the bank, it means that you definitely have the money, a good income to pay the loan...

The real estate scene in Nicaragua is moving, and it is not attached to a lot of easy to get, risky mortgages like in the US. People here are very conscious when they get a loan. They make sure that they can pay the loan, so they have all the collateral and income to back it up. The local banks are very picky in giving out loans. They are very critical. So when you apply and you are approved by the bank, it means that you definitely have the money, a good income to pay the loan back, or you have money in the States and you are sending money to pay. This policy has kept the market healthy.

 

Even as a foreigner you can still get a home loan in Nicaragua, but there are more requirements for an expat who doesn’t live here that do not exist for a Nicaraguan citizen. We have about five private banks that have different types of lending policies for expats. The main thing they consider is your income tax report from the bank, so they can check how you make money and what you do for a living. They bank requires more information from foreigners before they give out loans.

 

To put it simply, yes, you can get a home loan in Nicaragua, but you will be required to submit a lot of documentation compared to a Nicaraguan citizen. You can negotiate just like anybody else but to do that, it is best to go through a lawyer who can give you a technical and legal explanation on how you can get a loan in Nicaragua.

 

What I do for my clients is I take them to the bank and the bank tells them what they feel they can approve for them as a loan. But I can’t say that the same will be true for everybody else, because the banks can change the rules anytime.