The serene landscapes of Costa Rica and Panama are fast becoming elite relocation hubs, with over 650 millionaires projected to migrate by 2025, according to Henley & Partners’ Private Wealth Migration Report. This isn’t just a lifestyle shift—it’s a strategic recalibration of global wealth, driven by tax efficiency, legal security, and quality of life.
Costa Rica is set to welcome 350 high-net-worth individuals, while Panama will attract 300, joining existing millionaire populations of 8,400 and 7,500, respectively. These affluent newcomers—entrepreneurs, investors, and executives—are transferring billions in assets, reshaping both nations’ economic trajectories.
The Pull Factors are Zero Inheritance Tax: Neither country imposes inheritance levies, unlike the U.S. or EU, Capital Gains Advantage: Panama’s flat 10% capital gains tax is half the OECD average, Legal Security: Both rank high in property rights and judicial reliability and Economic Growth: Costa Rica’s 4.3% GDP growth in 2024 outpaced regional peers
Costa Rica attracted $5.3 billion in new capital in 2024 while, Panama drew $3.2 billion, fueling logistics, finance, and tourism sectors. Luxury real estate developments like Costa Rica’s Golden Coast and Panama’s Ocean Reef Islands saw 40% YoY demand spikes
Latin American neighbors face sharp outflows—Brazil expects to lose 1,200 millionaires in 2024, while Mexico and Argentina grapple with security and inflation crises. Costa Rica and Panama counter these with Lower Crime Rates, Simplified Residency and use of USD insulates wealth from currency volatility
Beyond financial incentives, both countries offer intangible luxuries such as Costa Rica’s “pura vida” ethos and biodiversity appeal to eco-conscious elites, Panama’s cosmopolitan capital offers urban convenience with tropical escapes.
