Global Wealth Migration and Costa Rica’s Strategic Opportunity
The world is undergoing a profound transformation: never before have so many high-net-worth individuals (HNWIs) chosen to live outside their countries of origin. It is no longer just corporate executives relocated by their employers, but entrepreneurs, investors, mobile professionals, and multinational families who decide where to live based on quality of life, stability, connectivity, and, of course, taxation.
Tax residence, once perceived as a purely geographic condition, has now become a strategic decision for many. With remote work, increased mobility, and tax systems misaligned with global realities, thousands of individuals are seeking jurisdictions where their wealth is treated with logic and predictability. This has led to growing competition among countries to attract not only talent, but also wealth, through tax incentives.
The Henley Private Wealth Migration Report 2025 projects that 142,000 millionaires will change countries this year—a historic record. Wealth migration flows toward countries that combine quality of life with modern tax regimes. The United Arab Emirates leads the list, followed by the United States, Italy, Switzerland, Saudi Arabia, Singapore, Portugal, Greece, Canada, and Australia.
Europe has been particularly effective. Italy, Spain, Portugal, Greece, and Switzerland have established regimes that allow new residents to pay fixed amounts or reduced rates on foreign income. Italy’s case is paradigmatic: a fixed annual tax that attracts individuals who would otherwise pay more than 45% in worldwide taxation. Switzerland, with its lump-sum taxation regime, has refined this model for decades. These jurisdictions understood a key principle: tax competition is about attracting individuals who consume more, invest more, and generate sustained employment.
Costa Rica has experienced something similar before. In the 1960s, the country created a pensioner program that attracted thousands of retirees from the United States and Canada, offering tax incentives for importing vehicles and household goods. Although the program was eliminated in 1992, it left lasting economic and social impacts, including real estate development, job creation, and increased demand for services.
Today, Costa Rica faces an even greater opportunity. In a global market where more than 140,000 high-net-worth individuals relocate each year, the country could attract between 300 and 500 new residents annually with a competitive, transparent, and modern regime. This would function similarly to a “free trade zone for individuals,” fostering consumption, investment, and global connectivity.
On December 1, the publication International Living ranked Costa Rica as the third-best country in the world to retire, reinforcing its global attractiveness and providing a strong platform for international promotion.
The economic impact of attracting HNWIs would be substantial. Increased spending on housing, healthcare, education, tourism, and professional services could generate hundreds of millions of dollars annually, in addition to significant multiplier effects across the economy. Real estate investment and high-value property acquisitions would further boost construction, employment, and local supply chains.
Beyond economic benefits, the arrival of international families contributes to cultural diversity, strengthens education systems, expands business networks, and enhances Costa Rica’s global integration.
Historical experience shows that well-designed incentives drive development, while poorly calibrated policies—such as the United Kingdom’s elimination of its “non-dom” regime—can drive wealth and talent away.
Global competition to attract high-net-worth individuals is already underway. Costa Rica offers a strong foundation: stability, natural beauty, quality of life, and a respected global brand. What remains is the implementation of a modern and competitive tax framework to position the country as a leading destination for global residents.
The question is no longer whether Costa Rica should compete—but when and how. The window of opportunity is open.
Originally published in El Financiero: Costa Rica ante la nueva migración global de riqueza