by Dale Dagger and Iris Mailloux
After nearly a decade of a stable pro-business government, Nicaragua is making an encouraging comeback.
Nicaragua has a thriving economy supported by liberal economic policies and sound financial, fiscal and exchange rate management. A recent CIA report ranks Nicaragua as the fastest growing economy in Central America. Their rebuilding and rebounding economy has created a large array of investment and business opportunities that will be enhanced with the development of incentive programs for investors.
Nearly 500,000 Nicaraguans fled the Sandinista regime 20 years ago and the current government is encouraging their repatriation. They have retirement laws in place that resemble the old Costa Rican pensionado of the 1980's .
Foreign retirees are being welcomed as well. Because of their skill, experience and capital these people are finding themselves welcomed by a government eager to rebuild it's economy.
The low property prices and rising market has made Nicaragua a new hot spot to buy real estate.
Foreigners have begun to purchase property in Nicaragua. Following the Aleman victory and Daniel Ortega's second defeat in the polls, several large tracts of land were sold to European hotel developers. Since then a trickle of investors has grown to a moderate flow of serious buyers looking for new opportunities and lifestyle changes.
To a foreign or local investor buying property can be difficult. This is due to the fact that from 1970 till 1990 Nicaragua was under a government guided system under which a large part of the productive infrastructure such as factories, agriculture and cattle farms, homes and lots were taken from their legitimate owners and redistributed. Since 1990 with a new lawful and democratic government in place, these owners have started or have already resolved the legal recovery of their property.
It is very important therefore to deal with a real estate professional and lawyer who have local contacts that will enable them to learn the oral history of individual properties. Most of the ownership questions have been settled long ago but there are still some hotly contested properties around Nicaragua.
According to Nicaraguan law, every piece of real property is described in a document called an escritura that is registered in the Registro Publico de Las Propiedades. There is another document that graphically depicts the site information in the escritura called the plano that is centrally located and registered in the Catastro office.
When buying property in Nicaragua, the escratura is obtained from the owner and examined by a knowledgeable person as to validity. The seals must be checked to assertion whether the property has been registered with the Catastro office or not. The next step is to confirm with a surveyor called a topograro the plano of the property. At the Registro Publico office a document called a Libertad de Gravemen may be obtained for a fee. This document attests to the fact that there are no liens, debts or back taxes owed against the property.
With these documents in hand you can then begin the journey through the Nicaraguan system of offices and registrars, or for a fee have a specialist walk it through for you. When using common sense and the assistance of a knowledgeable honest representative, you can make purchasing property in Nicaragua a relatively easy and very secure endeavor.
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