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Facts About Nicaragua
There are many interesting facts about Nicaragua, including it being considered the oldest city in the Americas. It is also the largest among all Central American countries and is relate in size to the US state of New York.
Reviewed By Lief Simon
Lief Simon is the managing editor of Global Property Advisor, Simon Letter, and Offshore Living Letter. He has purchased more than 45 properties, investing in 23 different countries around the world.
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Like many countries in the region, Nicaragua was ruled by Spain for many years.
Interestingly, Nicaragua’s Lake Managua is one of the only freshwater lakes in the world to have sharks.
Nicaragua may be best known for its crashing coast and its killer surf breaks.
For instance, the most popular places in Nicaragua are Granada and León.
León is the larger of the country’s two Spanish-colonial cities, but Granada is cozier, cooler (thanks to the breezes off its lake), and more welcoming.
|
Information Type |
Nicaragua Data |
|---|---|
|
Population |
7,142,529 (Feb. 2024 est.) |
|
Gross Domestic Product PPP (GDP) |
US$35 billion (2024 est.) |
|
GDP Per Capita |
US$2,158 (2024 est.) |
|
Inflation Rate |
5% (2024 est.) |
|
Currency |
Gold Cordoba (NIO) |
|
Exchange Rate Versus U.S. Dollar |
36.79 cordobas per U.S. dollar (Sept. 2024) |
|
Language |
Spanish (official) 95.3%, Miskito 2.2%, Mestizo of the Caribbean coast 2%, other 0.5% |
|
Capital |
Managua |
|
Population of Capital City |
1,107,000 (2024) |
|
Time Zone |
GMT – 6 |
|
Seasons |
Tropical, rainy season lasts from June to December. |
|
International Dialing Code |
505 |
|
Electricity |
120V / 60 Hz. Plug Type: A (US style) |
|
System of Government |
Republic |
|
Current Leader |
President Daniel Ortega (since Jan. 10, 2007) |
|
Income Tax Rate for Residents |
Residents are taxed on their Nicaraguan-sourced income at progressive rates, from 10% to 30%. |
|
Property Tax |
0% to 1% |
|
Capital Gains Tax |
Are taxed according to a progressive rate schedule, up to a maximum of 30%. A withholding tax rate of 20% is levied on capital gains realized by nonresident individuals through selling Nicaraguan real estate properties. |
|
Inheritance Tax |
Inheritances and gifts are taxed at the ordinary progressive income tax rates, from 10% to 30% |
|
Rental Income Tax |
Taxed as income tax rate. |
|
Transfer Tax |
1% to 3%, paid by seller levied on certain types of documents, the amount varies depending on the transaction. |
|
Sales Tax |
15% (Jan. 2024) |
|
Restrictions on Foreign Ownership of Property |
None |
|
Local Chamber of Commerce |
Rotonda El Güegüense Managua
Tel: 505-2268-3505 |
| Plaza Espana, de la Rotonda el Gueguense 400 mts. al sur, 75 mts. al este Managua.
Tel: 505-2266-2758 |
|
|
Primary Exports |
Coffee, beef, shrimp, lobster, tobacco, bananas, cotton, rice, sugarcane, corn, sesame, soya, beans, veal, pork, poultry, dairy products. |
|
Residency and Visa Requirements |
Tourist Visa: Automatic 90 days upon entry.
Residency: Permanent residence and investor’s residence visas, including pensionado and rentista. Citizenship: Three years of uninterrupted, legal residence. |
|
Special Benefits for Foreign Residents or Retirees |
No income tax on external income. Tax-free import of household goods and vehicle. |
|
National Airline |
None |
Reviewed By Lief Simon
Lief Simon is the managing editor of Global Property Advisor, Simon Letter, and Offshore Living Letter. He has purchased more than 45 properties, investing in 23 different countries around the world.
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The cost of living in Nicaragua is the least expensive in this part of the world – and that it has one of the cheapest and easiest retirement programs available.
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