Residing in Granada, Nicaragua: Retirees Enjoy colonial allure

Granada, Nicaragua, a city steeped in history and charm, was the first European city founded in the Americas in 1524 by Spanish conquistador Francisco Hernández de Córdoba. Named after the ancient city in Spain and sometimes referred to as La Gran Sultana due to its Moorish and Andalusian ambiance, Granada has managed to maintain its Colonial charm with colorful, clay-roofed casitas lining pedestrian-friendly streets.

Located along Lake Nicaragua, Granada's historic features and spectacular location are its main selling points. The city, with its vibrant culture and rich history, offers a unique opportunity for expats and investors alike.

In recent years, foreign investment has been encouraged, with investors and expats from the United States, Europe, and Spain purchasing and restoring historic buildings in Nicaragua. However, there are no specific publicly documented records or widely reported cases naming particular companies or individuals who have bought and renovated run-down historical buildings in Granada into new housing, rental properties, or commercial spaces.

One of the factors attracting expats to Granada is the Nicaraguan National Assembly's Decree 694, offering benefits to expats age 45 or older. Under this decree, the government offers special incentives for expats wishing to invest in Nicaragua.

Nicaragua has been enjoying more peaceful circumstances, leading to free-market reforms and the privatization of formerly state-run businesses. As a result, the country has become a more globally competitive marketplace open to international business.

Moreover, Nicaragua is a relatively tax-friendly country in Central America. In 1999, the country enacted a progressive tax incentive law to boost foreign and local investment in its tourism sector.

For those considering a move to Granada, the cost of living is relatively low. A retired couple could enjoy a comfortable lifestyle in Nicaragua with just $2,000 per month, including a furnished home. Rentals in Granada range from $350 to $650, and expats can get by on a monthly income of $1,000 to $2,000.

However, anyone interested in purchasing a Colonial home in Granada should be aware that anything priced under $100,000 requires substantial renovation, with renovation costs running from more than $50,000. The market for Colonial homes in Granada is somewhat inflated, with large, furnished Spanish Colonial homes with multiple bedrooms and bathrooms selling at $350,000 to $900,000.

Purchasing and restoring Colonial homes is a viable business opportunity in Granada, Nicaragua, with many homes having been purchased and renovated by US expats. For those seeking assistance with planning second citizenship or investment opportunities in Latin America and globally, Contact Nomad Capitalist for more information.

In conclusion, Granada, Nicaragua offers a unique opportunity for expats and investors seeking a charming, historic, and tax-friendly location to call home. With its vibrant culture, low cost of living, and attractive investment incentives, Granada is a city worth considering for those looking to start a new chapter abroad.