Christopher Columbus, while drifting aimlessly through the Caribbean in 1502, set eyes on a breathtaking stretch of coastline and christened it Costa Rica.

More than 500 years later, the country of just over 4 million tucked between Nicaragua to the north and Panama to the south is experiencing a boom not seen since the 1980s, when American and European retirees arrived in droves to enjoy the good life on a budget. (According to the State Department, more than 20,000 U.S. expatriates live in Costa Rica, though the actual number is closer to 50,000.) Politically stable with a highly literate, cosmopolitan populace, stunning Pacific and Caribbean coastlines and huge swaths of protected rain forests, Costa Rica's tourism is booming, and so is the market for second homes.

Americans are once again flocking to the "Rich Coast," a literal translation of its name. One such newcomer is Amanda Courter, who was born in Manhattan and raised in Atlantic City. Citing burnout from a hectic 9-to-5 workweek, the breakneck pace of our rush-to-get-nowhere society, political discontent and an overall decline of the quality of life in the United States, she arrived in Costa Rica in 2005. She bought a 2-bedroom, 2½-bathroom villa for $390,000 in Punta Dominical, a gated luxury community on the country's southern Pacific Coast.

"I love the culture, the food and the water sports. There is something new and exciting every day with a slower pace and lighter level of responsibility than life back home," Courter said. "In so many ways, I feel like a child again, and I can finally breathe."

She is not alone in her praise of this traditional south-of-the-border retreat. "Costa Rica isn't for everyone, but it is very user-friendly for Americans since it has more U.S. citizens per capita than any place outside the United States. There are American movies, malls, food chains and all the familiar brands that make it easy for Americans to live here. They feel at home," said Christopher Howard, author of the book "The New Golden Door to Retirement and Living in Costa Rica," who sponsors relocation tours to Costa Rica.

Howard, a Los Angeles native who traveled throughout Central and South America, and lived and studied in Mexico before settling in Costa Rica in 1982, adds: "We live in a very exciting time. You have Latinos moving to the States to seek a better life and, on the other hand, Americans are moving to Latin America to improve their lives and explore a new, wide-open frontier."

In Costa Rica, a monthly income of $1,000 to $1,500 will afford you a good standard of living, covering the cost of a spacious 3-bedroom, 2-bath home (rental), groceries, utilities (including Internet access, cable TV and a cellphone), and a full-time housekeeper, and leave enough for cultural and recreational pursuits.

Living in Costa Rica also has many tax advantages: Property taxes are reasonable, business taxes are minimal, investors pay no capital gains taxes on real estate and high-interest bank accounts are tax free. Retirees can qualify for a $500-a-year version of Medicare. (Costa Rica has universal health care and one of the best health systems in Latin America, with many U.S.-educated doctors.)

"Since coming here, I have never looked back," Howard said. "I made the right choice by following my dreams, and the country has been very good to me."