Delta Airlines announces new route to Managua:

Amid the financial difficulties that Delta Airlines is currently experiencing, the company announced on September 7 that it will begin flying to Managua, Nicaragua. The decision was made in an effort to boost service on more profitable international routes. The Managua International airport is already serviced daily by American Airlines, Continental Airlines, Copa Airlines, and TACA Airlines. Delta will offer flights from its home airport in Atlanta, giving us all more options on how to arrive in Nicaragua.

Some more tidbits on traveling to Nicaragua…

Airline tickets to Liberia, Costa Rica are still typically less expensive than to Managua. The drive to San Juan del Sur is about the same from Managua as it is from Liberia. Crossing the border in a rental car can be tedious as there are many forms to fill out and many stamps of approval to acquire. If you want to take on this adventure, make sure to confirm that your rental company of choice allows for border crossings, and if so, what needs to be done prior.

Alternatively, there are taxis at the Liberia airport that will take you to the border. You have the option of taking another taxi in Nicaragua to San Juan del Sur, or you can rent a car from Budget Rent a Car at the border on the Nicaragua side. Just make sure to make a reservation because they do not hold much inventory at this location.

- some information provided by Reuters

Transfer tax lowered to 1%:

The transfer tax on property in Nicaragua has officially been lowered from 4% to 1% of the purchase price. This tax applies to the sale of any real property; if it is a truck, house, or raw land. The 4% transfer tax was challenged under appeal by a private party, and found in court to be unconstitutional due to the way in which it was implemented. The Supreme Court has accepted the case, and until it is heard before the court, the transfer tax has been rolled back to 1%.

Transfer tax is the legal responsibility of the seller in all transactions; however, in many real estate transactions in Nicaragua, the onus is put on the buyer along with all the other closing costs. If you are closing on a property soon, make sure that this tax is properly calculated!

More tidbits on closings…

All taxes at closing should be paid by the attorney managing the closing on your property. Dependent upon the type of property you purchase, it is typically best to have your funds, including the closing costs, held by your attorney until the closing. From there, all monies can be properly dispersed to the seller, realtor, and related government entities.

Improving Medical Conditions in Nicaragua…

From July 16-24, the volunteer medical group “Manos Que Ayudan” traveled again to Nicaragua, reminding many of us how important it is to give back to the local community. The group of 49 volunteer doctors, nurses, surgical technicians, translators and teenagers donated their vacation time, airfare costs and considerable skills to provide free medical and surgical care to the people of the town of Matagalpa, located in the coffee region north of Managua.

Over 158 complex surgical procedures were performed, including cataract removal and intraocular lens replacement, pediatric cleft lip and palate repair, club foot correction, hysterectomy and laparoscopic cholecystectomy. Additionally, over 2,100 patients were evaluated in the clinic setting for pediatrics, dermatology and general medicine.

The continuing success of Manos Que Ayudan international medical teams could not be possible without the sponsorship and support of many private and corporate sponsors. If you are a medical professional, or know a medical professional that would be interested in a medical mission to Nicaragua, please visit this link to view more information and to make donations for the January, 2006 trip to Rivas.

http://www.manosqueayudan.org

GE Consumer Finance Acquires BAC International Bank…

GE Consumer Finance, one of the largest consumer lending businesses in North America, has acquired a 49.99 percent stake in BAC International Bank Inc. (BAC), one of the largest banks in Central America. BAC has been operating in the region for over 50 years and has 178 branches in countries including Nicaragua, El Salvador, Guatemala, Honduras, Costa Rica and Panama. The new partnership between GE Consumer Finance and BAC will enable the two companies to deliver enhanced consumer credit products to the growing Central American financial services market.

Some more tidbits on banking in Nicaragua…

With a bank account in Nicaragua you can hold money in either US Dollars or Nicaraguan Cordobas. Banking is made easy with free wire transfers to the U.S. and the ability to pay bills online either with Cordobas or US Dollars. To open an account you will need both local references(3), and a bank reference from your home country. Some banks are more lenient than others with this, but the rules are fairly strict across the board. With this announcement from GE Consumer Finance and BAC, we expect to see even more banking options become available, hopefully including more real estate financing!

- some information provided from the GE Consumer Finance website

More paved roads in San Juan del Sur!

In the August meeting of the San Juan del Sur Developers’ Association, local mayor Eduardo Holmann announced that the coastal road “La Chocolata” from the San Juan del Sur – La Virgen highway to Nacascola Bay will be paved. This stretch of road has always been prone to minor flooding during the rainy season. The new road will be constructed in conjunction with MTI (ministry of transportation) and the San Juan del Sur municipality. Developments like Lomas de Palerrmo are already well positioned along paved roads, and this new road will improve the access to developments such as Pacific Marlin, Rancho Papayal, Los Miradores, and others…so you can feel more confident renting the sedan in Managua instead of a 4X4! This road construction is scheduled to begin in March, 2006.

We are here to answer your inquiries the best we can. Additionally, a Yahoo! Newsgroup was created last month by some interested parties in the Washington, D.C. area. Click below to join the group, post your comments, and hear what other real estate investors are saying about Nicaragua.

Add a Join button to your web page

Click to join investingnicaragua