MADRID.- Dominican president Leonel Fernandez and Spanish Government chief Jose Luis Rodriguez Zapatero today signed a document to prevent double taxation on companies from both countries, and renewed their cooperation agreement from 2009 to 2012.

 

Fernandez met with Zapatero in the Moncloa Palace today, the second day of an official visit to Spain, to conclude Friday and in which the Caribbean leader expects to attract Spanish investments to his country.

 

Both chief executives stressed the excellent relations between their countries. "We’re in the golden age of the ties between Dominican Republic and Spain," the Dominican president said.

 

The Fernandez and Zapatero signed a document to prevent double taxation on companies from both countries, as a first step prior to signing an agreement to be ready in an unspecified date.

 

The agreement will prevent companies and legal people from paying double taxes on income, which in Spain’s case, with a strong business presence in the Caribbean country’s sectors such as construction and tourism, will benefit investors.

 

19 May 2009, DominicanToday.com

Continue Reading....
http://www.dominicantoday.com/dr/economy/2009/5/19/32041/Pact-to-nix-double-taxes-may-spur-Spanish-investments-in-Dominican

 

 

 

Property sales in Nicaragua have fallen by up to 35% in the last year with second home investors deserting the emerging real estate market.

 

The market peaked in early 2008, according to Brooke Rundle, a broker with Coldwell Banker Nicaragua. She estimated that the number of transactions has decreased 30 to 35% since.

 

However the downturn may have begun before then according to figures from the Managua office of the First American Title Insurance Company which shows that orders for title insurance began declining in 2006.

 

San Juan del Sur is the main coastal hub for tourism and real estate development but it has seen property sales slow. This is not surprising according to Rundle as most of Nicaragua's foreign property investors come from the US and Canada where the economic downturn is robust.

 

There is some hope that European property investors can be persuaded to the market. Sam Stewart, a broker with Re/Max Horizons in San Juan del Sur, said that the one of the big attractions is that Nicaragua is a cheap place to live for retirees.

 

He believes that Nicaragua's popularity as a retirement destination will increase as property values increase in other South American locations such as Costa Rica, Mexico and Panama.

 

But like all emerging property markets investing is not always straightforward. Although there are no restrictions on foreign ownership of property, real estate agents rarely get exclusive rights to advertise properties in Nicaragua, and that there is no multiple listing service. This means sellers can market their properties through several real estate agents simultaneously.

 

Buyers pay a transfer tax equal to 1% of the purchase price. An additional 1 to 1.5% in legal fees goes to the lawyer who researches the title and draws up the closing documents. The seller usually pays the real estate agent's commission, which is 3 to 6% for a home, but 7 to 10% for development land.

 

17 May 2009, INSIDECOSTARICA.COM

 

 

Santo Domingo.- The Dominican Republic offers some of the best bargains currently available on the world property market, according to experts.

 

A representative at the foreign investment portal, Property Abroad, believes the country offers the perfect tonic to global markets, which have been battered by the credit crunch.

 

According to Les Calvert, director of the website, a two-bedroom property in the resort of Sousa, for example, would cost a foreign investor less than in any other Caribbean hotspot.

 

"Prices are astonishingly low, even for near completed developments. "When you consider the massively rising tourism to the Dominican Republic in the last few years and its continuing despite the credit crunch because of the low cost Caribbean holiday it offers, it becomes an incredibly buy," he pointed out.

 

 

DominicanToday.com, 9 April 2009
http://www.dominicantoday.com/dr/economy/2009/4/9/31642/Foreign-press-highlights-low-prices-of-Dominican-properties

 

 

Santo Domingo.- Despite the global downturn, the Dominican economy will see modest growth this year to better-than-expected indicators, president Leonel Fernandez said.

 

Inflation is relatively low, while tourism and remittances from abroad have not declined as much as had been predicted, Fernandez told a forum by The Economist Group this week. "Tourism revenue is expected to be down by about $80 million to nearly $4.1 billion, and remittances are expected to drop by about $110 million to nearly $2.9 billion," he said.

 

The country will have GDP growth of about 3 percent, not the 1 percent predicted by the group's analysts, Fernandez told the forum in the capital.

 

Lower fuel and food prices have cut inflation to about 4.5 percent rather than the 12 percent forecasted, the president pointed out. He hopes for $2.3 billion in foreign direct investment this year.

 

DominicanToday.com, 21 March 2009
http://www.dominicantoday.com/dr/local/2009/3/21/31460/Despite-crisis-Dominican-economy-to-see-modest-growth

 

 

Where are we now?

 

We would like to start by explaining what an extremely strong position we now find ourselves in given the financial turmoil experienced by the rest of the world.

 

Not only are we fortunate enough to be representing one of the most environmentally sensitive and eco-friendly projects in the world but we have the full support of the DR government which will expedite our progress, removing the typical bureaucratic obstacles which one so often experiences with projects of this size.

 

Unlike Punta Perla, no other large project in the DR has the Confotur across the whole project. Unlike the rest of the world the DR does not suffer directly from the effects of the sub-prime debacle, and the banks in DR are not experiencing the same difficulties as say in the US and UK.

 

As you will be aware, the first stone was laid at the end of December!*) by President Leonel Fernandez, accompanied by Prince Albert of Monaco, one of it e world's leading environmentalists whose Foundations support many eco charities around the world. Many other Dominican political dignitaries as well as representatives from various global, Caribbean and Dominican tourist bodies attended alongside many musical, sporting end acting celebrities.

 

The developer's sensitive approach toward the creation and operation of Punta Perla has captured the attention of many "Green" organizations across the globe.

 

Environmental issues are not just topical, trendy conversational bullet points but now form the foundation stones of discussion when considering embarking upon projects such as Punta Perla.

 

(*)Groundbreaking Ceremony Press Dossier available upon request

 

 

 

 

Mortgages and Insurance

 

We are currently receiving mortgage offers from leading US Banks located in the DR, such as Banco Popular de la Republica Dominicana, Banco Hipotecario de la Republica Dominicana and Scotia Bank.

 

Mortgages, which will be in US Dollars, will be for 70% of the purchase price of your property. It is expected that mortgage rates will be between 6 and 7% (based upon today's figures) over a 20-year tenure. It is expected that these rates will drop as the banks see the development progress.

 

Construction Schedule

 

Next Steps

 

We have agreements with two leading Dominican international construction companies, Ozoria y Asociados (www.ozoriard.com) and Carlos Vargas (www.caliche.com.do). These companies are now on site full-time, preparing their own infrastructure prior to commencement of the building of the Beach Club, Boutique Hotel and Spa, which is expected to begin between the end of March and the first two weeks of April. As and when more of the site is released for construction, more International companies will become involved.

 

Future Steps

 

Once the first buildings are underway, work on the first golf course including the properties will between the end of April and the beginning of May. Then, construction will commence on the Tropical Village between May and June, and the digging out of the Marina will start between July and August. Completion of the first 1200 units (phase one) will be inside 24 months.

 

New Marina Design

 

There have been many rumors about the new design of the Marina, and we would like to take this opportunity to include this small example of the latest design. You can be rest assured that the changes that have taken place will not affect the structure of the Marina properties, and if anything will enhance and improve their location and those in its surroundings

 

 

 

 

Investor Relations Department

 

We would like to take this opportunity to clarify that this department is the only reliable source of information regarding the Punta Perla project. We work directly for and with the Developer's office.
Therefore, we urge you to be wary of any information you receive from any other party (either agents, lawyers, investors...)

 

Eva Sotres (Investor Relations Manager)

 

March 20, 2009

 

 

SANTO DOMINGO.- President Leonel Fernandez yesterday said in the context of the global financial crisis, even in the worse case scenario, "for the country to fail the world would have to fail first."

 

The chief executive said Dominican Republic’s challenge is to maintain economic growth with low inflation, and stability in the exchange rate and external accounts, and affirmed that the Government doesn’t plan to raise taxes.

 

He said it’s somewhat surprising that in last year’s fourth quarter, inflation was 4.5% from a projected 12%.

 

On the 2009 projections Fernandez said the Central bank projects a growth of three percent, compared with that of The Economist, which places it at a more moderate 1.0%.

 

Fernandez spoke on the topic Vision and priorities for the next five years, in the "Table of Businesses in the Dominican Republic, responding to the economic crisis global," organized by the The Economist Group, with the attendance of business leaders, specialists in international business and Government officials.

 

DominicanToday.com, 19 March 2009
http://www.dominicantoday.com/dr/economy/2009/3/19/31437/For-the-country-to-fail-the-world-would-have-to-fail-first-Fernandez

 

 

Punta Cana.- As other hotel markets suffer, planned resorts indicate Dominican Republic remains desirable as Philadelphia-based AMResorts has announced that plans to develop two new luxury resorts at Cap Cana at a cost of US$200 million.

 

Located on the eastern tip of the Dominican Republic, Cap Cana is a new 30,000-acre Caribbean resort development endeavor. The master planned destination, dotted with premier golf courses, upscale retail options and other amenities, is on target to become home to the Caribbean's largest in-land marina for mega yachts.

 

AMResorts will build Zoëtry Pearl Sands Cap Cana and Pure Secrets at Cap Cana along beaches within close proximity to the Punta Cana International Airport. The lifestyle property Zoëtry Pearl Sands will, in addition to its upscale accommodations, feature restaurant and entertainment venues, as well as elements focused on feeding visitors' emotional and physical health. Pure Secrets at Cap Cana will be designed specifically to accommodate adults and couples, and will offer entertainment options and a spa. Both resorts, which will target the affluent set in the U.S., are on schedule to open their doors in 2010.

 

Statistics reveal that the country's pipeline of ground-up new hotel construction, condo-hotels and real estate conversion projects consists of 16 projects with an aggregate 5,981 rooms. In terms of Latin American countries with the most hotel construction activity, the Dominican Republic ranks fourth, trailing leader Brazil, followed by Mexico and Argentina.

 

DominicanToday.com, 15 March 2009
http://www.dominicantoday.com/dr/tourism/2009/3/15/31399/Dominican-Republic-remains-in-demand-for-tourism-investors

 

 

Cabarete.- A new $200 million project has been announced for the north shore of the Dominican Republic, the 138-suite Palmera de Cabarete Resort and Spam which is planned to be a five-star resort that expands over 19.5 acres including 1000 feet of shoreline.

 

Three oceanfront freshwater infinity pools, a 22,000 square foot spa spa, gourmet dining and a concierge program will heighten the appeal for luxury guests. The condo units will have floor-to-ceiling window walls, marble floors and luxury appliances. The penthouses will also offer infinity-edge plunge pools, summer kitchens and a cabana bathroom with shower.

 

The design team includes Miami-based RAD Architecture and Celia Domenech, an interior designer specializing in a beachside luxury look. The suites will have three decor options: tropical, classic and traditional. The resort plans a 2011 opening.

 

DominicanToday.com, 14 March 2009
http://www.dominicantoday.com/dr/tourism/2009/3/14/31394/New-luxury-resort-planned-for-Dominican-north-shore

 

 

By Tim Rogers

 

Nicaragua's tourism sector is celebrating the recent announcement that the government of President Daniel Ortega is going to lift all visa requirements for foreign travelers as an incentive to boost tourism here.

 

The announcement was made several days ago by Tourism Minister Mario Salinas during the FITUR international tourism trade fair in Spain. President Ortega is expected to sign the measure this week, according to sources at the Nicaraguan Tourism Institute (INTUR).

 

Once the measure is signed, all tourists - regardless of nationality - will be able to visit Nicaragua without a visa. Industry sources expect the number of Costa Rican tourists alone could double as a result of the measure.

 

"This is a very important accomplishment," said Lucy Valenti, president of the Nicaraguan Tourism Chamber. She noted that when former President Arnoldo Alemán temporarily lifted tourist visa requirements for Costa Ricans in the mid 1990s, the number of Tico tourists coming to Nicaragua immediately increased by 40-50 percent. Those numbers fell off once the visa requirement was reinstated several years later.

 

In addition to luring more tourists from Costa Rica, the visa suspension will also help facilitate the arrival of more tourists from Asia, several countries in South America, such as Colombia, and emerging European markets, such as Russia, Valenti said.

 

More established tourism markets, such as the United States, Canada, the European Union, and other CA-4 countries (Honduras, Guatemala, El Salvador ) won't be affected by the measure, since they didn't have tourism visa requirements in the first place.

 

The suspension of tourism visas will also not affect the $5 tourist card that all tourists must purchase upon entering the country.

 

The Tico Times, Feb 4, 2009
http://www.ticotimes.net/dailyarchive/2009_02/0204093.htm
 

 

Right now almost everyone is feeling the stress associated with the financial uncertainties in the world. These are some frightening times and without knowledge and good information, we may feel paralyzed. The good news is that you are unlike 99% of the folks out there because you know that the world is a big place. Opportunities stretch far beyond the borders of North America. This is a huge advantage, but only if you utilize this knowledge and put it to work for you.

 

This note is to examine real asset class diversification and to bring you up to speed on what a difference three short years can make. You can still get in at the ground floor of this phenomenal opportunity.

 

Please understand, this e-mail is to re-introduce you to the possibility of owning shares of our development company with projects in Belize, Nicaragua and Costa Rica and over 5 miles of exceptional beachfront property right now. In the near future we anticipate adding Panama, Argentina and quite possible a second piece of property in Costa Rica as well. The advantage to you is that your ownership in ECI provides real diversification into Latin American real estate in several markets.

 

Diversification, as we know, is critical. But what is real diversification? For most folks, it was having your stock portfolio weighted into the various types of domestic and foreign stocks, small caps, large caps, the energy sector, etc. But unfortunately, this was still having all your eggs in one basket, the Wall Street basket.

 

Up until now, no one really thought that whole system could come off the rails, but indeed the system itself, the Wall Street train derailed and it didn't matter what sector you were invested in. All went down in the year 2008. The train many were riding in went off the rails and everyone suffered. True diversification is spreading your nest egg into multiple forms of transportation.

 

Some analysts, a very few indeed, were prescient about this danger and suggested alternatives such as direct property ownership, limited partnerships, and private equity stock companies. The difficulty is that many of these types of products are limited to qualified or sophisticated investors and the minimums are usually $100K and up. However, for the folks that qualify, these types of products have continued to do well even in a down turned market.

 

ECI Development is one such company. Shareholders must meet the definitions of accredited sophisticated investors, but for those that do, a real diversification is possible. Ownership in ECI is a means of holding direct and unleveraged ownership of property in 3 countries of Latin America right now. Soon this will be 5 or six countries as we continue to acquire new assets for the company. There are great buying opportunities in the region as weaker players struggle or fold up operations and ECI is in the fortunate position to be able to acquire some of the select properties that will round out our consumer offering.

 

Also important to understand is that you'll own a diversified set of business types. These currently include cable TV and internet services to our property owners, property management, rental management, home construction, alarm systems, and other businesses that we will develop to serve the ECI clients t who call our communities home. This is real diversification and direct ownership of the assets.

 

With so many folks out there promising what they are going to do, it is important for investors to look at what has been done and what is real. Promises made in this kind of economy may be tough to fulfill, especially if they have not been financed. Wise investors should closely examine the management talent and financial strength of the developer they want to get involved with and look at proven results. ECI is a consumer focused company based on fiscal prudence (no debt), profitability (15 dividends paid to date), professionalism (depth of experience), and proof of results.

 

You too can share in this success. To receive a short summary of the business plan, e-mail me at admin@sunnycomfort.com and we'll get that right out to you. If everything makes sense and you'd like to take the next step, we'll put you in touch with our subscription agent and they can provide the complete information for you. Free yourself from the train wreckage and be in touch.

 

Michael Cobb
Chairman and CEO