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Nica NewsletterDear Visitors: Here in the Nica Newsletter you will find all sorts of information pertaining to doing business in and visiting Nicaragua. For information on the Cobb Family and their experiences living in this enchanting country, refer to Mike’s “Gringo Life” section. In that newsletter he gives the Cobb Family Update, as well as his thoughts and observations on living here and the differences that become clear and tangible only upon moving your life down to Nicaragua. For regular updates on Gran Pacifica’s Social Projects, refer to www.ChessNicaragua.com. Enjoy! August 2008Issue: 2008 - 4Nica - NewsletterDear Friends of Nicaragua, Thank you for your continued interest in Nicaragua. Usually, you find a summary of the content of the attached newsletter, but today I write today with some disturbing news. Not about Nicaragua, but about North American Baby Boomers and the state of their retirement funds. The alarm bells are going off ever since the shocking report released by Ernst and Young in June. Simply put, the report warns of massive shortfalls in retirement savings on the part of many pending retirees. It talks about drastic cut backs in life style and quality of life to ensure than many don’t outlive their nest eggs. In E&Y’s words: Many of the 77 million baby boomers retiring over the next few years will face unprecedented challenges in maintaining their standard of living in retirement. The analysis finds that almost three out of five middle-class new retirees can expect to outlive their financial assets if they attempt to maintain their current pre-retirement standard of living. To avoid outliving their financial assets, middle-class retirees will have to reduce their standard of living, on average, by 24 percent. Many Americans will have to reduce their standard of living significantly due to fluctuating investment returns and the probability of spending more years in retirement. Source: Ernst & Young LLP “Retirement Vulnerability of New Retirees: The Likelihood of Outliving their Assets” OR NOT! You all have something that most people E&Y is talking about don’t have. An open mind. You have considered, or may be considering a retirement in Central America or perhaps Nicaragua specifically. You know that you can actually have a substantially higher quality of life for much less money here and are actively exploring ways to make that happen for yourselves. Because of your foresight, you may not suffer the problems defined by Ernst and Young. So there is good news, but we have to think outside the proverbial box to see it. Unfortunately, there will be many who accept their fate and live reduced lives in their retirement years. Quite a tragedy considering that there is an alternative. But I have hope. People are resourceful and as they come to grips with the harsh financial realities facing them in a North American retirement, many will look south for relief. When they open their eyes to what you already see, they will discover they can have a fuller, richer life and truly experience the “Golden Years” in a fashion they never imagined possible. For you, however, timing is critical. The dynamics of supply and demand reward early action. You aware and have the information you need to make a wise and timely decision. Act now and you can be at the front edge of the price curve. For example, oceanfront condos at Gran Pacifica start at $140K. Homes overlooking the 18-hole golf course under construction begin at $160K. These prices make an oceans side retirement dream achievable for the vast majority of North Americans….but they won’t last. But cost of entry is only part of the equation. The more important element is quality of life. Remember, a full time maid and part time gardener will cost you less than $150 per month and dramatically change the way you live. Imagine: no more chores…..ever. And it gets better. You will enjoy all this in a community that stretches over 3 miles along the Pacific coast with over 40 existing homes and condominiums, and over 50 more under construction. Need to watch real-time video of the kids or grandkids back home? No problem. Fiber optic telecommunication to the home makes this a snap. Yes, we’ve thought of everything that a North American owner would want, everything from the quaint cobblestone streets, to the handmade clay brick sidewalks, to the municipal water systems delivering all the comforts and convenience of back home. We’d love for you to see the reality with your own eyes. Walk the charming sidewalks of Gran Pacifica and talk to our residents. Take a long stroll down the beach for a magnificent sunset and then return to your ocean side clubhouse and restaurant for a sumptuous dinner of the freshest lobster and seafood you’ve ever tasted. Fresh because you watched the fishermen take it from the boat earlier that day. Come visit and you’ll see why Gran Pacifica is quickly becoming the premier beachfront resort in Nicaragua. Explore the country and discover for yourself what a wonderful place with warm friendly people this is. Know the facts and draw your own conclusions about the reality of Nicaragua. As more and more of the folks mentioned in the E&Y report wake up to this reality, you’ll be glad you acted first. Enjoy the information packed newsletter with all the regular sections and keep in touch. Mike Cobb Table of contents
TourismProperty market reviving in Nicaragua as worries over political regime subside
Nicaragua revives its property market Property investors from the US are no longer buying in Nicaragua because of the economic downturn and concerns over the political regime, it is claimed. But European investors are stepping into the breach and the country's property market is starting to recover from a spartan period. 'You have to be somewhat of a contrarian to buy real estate in Nicaragua right now,' said developer and advisor Jeff Cassel. 'Two years ago this Nicaragua was right up there in the property-buying popularity polls. Hordes of buyers, especially soon-to-be American and Canadian retirees, couldn't get enough of it,' he explained. 'Pristine properties in Nicaragua were plentiful - beachfront, mountaintop, lakeside, and everything in between and best of all, they were very inexpensive. This was the fabulous frontier, waiting to be explored and settled.' But the US buyers dried up due to the election of Daniel Ortega as president of Nicaragua and then the economic crisis. Now Ortega is taking steps to encourage foreign investors and is openly talking about new regulations to encourage overseas investment. 'It's not for the timid or for those who are worried about the country's political uncertainties. But contrarians may win big here, as the potential for gain is great if nearby Costa Rica and Panama are any example,' said Cassel. To continue reading, click here Central America’s Small Hotel Network to Receive SupportThe Central American Economic Integration Bank (BCIE) will set aside $5 million for financing projects by small hotels in the isthmus, including those in Costa Rica. The program’s pilot plan began in Nicaragua, and it’s expected to reach the rest of the Central American nations in the short term, according to the Small Hotels Program’s regional coordinator, Victor Ramirez. This initiative has been promoted by the Central American Tourism Council, part of the Central American Integration System (SICA) sponsored by the Organization of American States (OAS). Its goal is to facilitate the implementation of actions that contribute to the strengthening of small hotels’ competitiveness and sustainability in the region, in addition to creating a model of integration (federation) of small Central American sustainable hotels offering world-class service and access to tourist attractions. To continue reading, click here The dirt: The inside take on happenings in the luxury real estate world.Hank Aaron isn’t the only athlete making real estate news these days. Hall of Fame football great Franco Harris has signed on as an advisor to ECI Development Ltd, a team of Pittsburgh-based developers building socially responsible resort and retirement community throughout Central America, including Costa Rica, Belize and Nicaragua- the latter believed to be the next “to go” destination for retirees and second home buyers. The 57-year-old owner/operator of Pittsburgh-based Super Bakery Inc. and renowned social activist and philanthropist recently hosted the ECI Development staff and potential clients on a trip to Managua, Nicaragua. In addition to exploring ECI’s new Gran Pacifica Resort, comprising beachfront residential, condo and hotel units, Harris and team announced plans to launch a mini-library for a local school and also took time to visit the local towns and learn about the culture. Harris was attracted to ECI Development in part due to its socially conscious mindset and humanitarian focus. ECI’s management team has worked in Nicaragua humanitarian circles since 1992, and has helped to create two Roberto Clemente Health Clinics in rural Nicaragua, which reach thousands of under-served citizens. Additionally, ECI’s Gran Pacifica project is creating significant job opportunities in the construction and operations of the development; a joint partnership with the local government is providing funding and supplies for local schools. For more information about the projects and future investments opportunities, visit www.ecidevelepment.com Group lists top 10 'ethical destinations'BERKELEY, Calif.—In an effort to get travelers off the beaten path and support destinations in developing countries, a group called Ethical Traveler has published a list of the "10 best ethical destinations." The organization said in a statement that many countries "are making noble attempts to preserve their natural assets, create a user-friendly infrastructure, and build an economy where their citizens share the benefits of tourist revenue. By bringing our commerce to such places we encourage their efforts, and inspire neighboring countries to support these values as well." To create the list, Ethical Traveler looked at environmental protection, social welfare and human rights in the world's developing nations. The honorees on the Ethical Traveler's list, in alphabetical order, are Argentina, Bolivia, Bulgaria, Chile, Costa Rica, Croatia, Estonia, Namibia, Nicaragua, and South Africa. The organization used various resources to make the determinations, including data collected by the Yale Center for Environmental Law & Policy and Columbia University's Center for International Earth Science Information Network; progress made by countries in reducing infant mortality rates as measured by UNICEF; and reports on civil liberties and human rights from sources like Amnesty International and Freedom House. For more details, visit http://www.ethicaltraveler.org Boomer's are buzzing around Nicaragua's affordable cost or living and stunning natural beauty
Many baby boomers searching for the best places to retire are discovering Nicaragua's southern Pacific coast. San Juan del Sur, Nicaragua- What was once a small fishing village is becoming a hot spot for to-be retirees looking to swoop up some of the best Pacific coast real estate deals in the western hemisphere. While surfers and outdoor enthusiasts have been exploring Nicaragua's southern coastline for years, baby boomers are quickly becoming the largest demographic investing in this seaside paradise. "With the prices of Costa Rica, Mexico and even Panama skyrocketing, many are recognizing that Nicaragua offers the greatest potential for growth in the Central American region. The country now ranks as the safest and most affordable nation in Latin America, and apparently the word is out because business is booming", touts RE/MAX Horizons in San Juan del Sur. "With the US economy slowdown we have seen a reduction in speculators coming down, but we are seeing an ever growing amount of retirees needing to find a place to retire that they can actually afford. It's really a double edged sword for us because with the current American economy we are seeing people with less capital for investment, but at the same time, the further they are needing the money they do have to go. Nicaragua now offers folks the most for their money." With 8 million boomers planning to move abroad over the next 5 years, and Nicaragua now ranking in the Top 5 of these foreign US retirement destinations, the country seems like a sure bet in terms of investment potential. After seeing real estate prices grow exponentially over the last 10 years in places like Costa Rica, Nicaragua offers investors an affordable safe haven, with the same natural beauty, friendly people, and vibrant culture that initially attracted investors to places like Costa Rica in the 90's. http://www.pr-inside.com/boomer-s-are-buzzing-around-nicaragua-s-affordable-r712037.htm Far, Far Away from homeBuying a villa in Tuscany is so cliché. These days, luxury consumers want their holiday refuges to be off the beaten path. Buzz Dow, 58, who runs a family business in Cincinnati, Ohio, already had a second home in Vail, Colorado, and was looking for a third by the sea. So he started researching properties in the popular vacation-home markets of Costa Rica, Mexico and Panama. "But we wanted to be in a community that was less developed and didn't have a lot of tourism," he says. "When I started looking at Nicaragua, my wife thought I was totally crazy." Eventually she came around; the couple ended up buying two adjoining two-bedroom properties in the whitewashed-village-style Pelican Eyes Piedras y Olas development, with its infinity pools and stunning views of the bay of San Juan del Sur. Like luxury shoppers, holiday-home buyers are increasingly looking beyond the usual destinations. Rather than battle the crowds in the Mediterranean or the Caribbean, they prefer quieter, more-remote locales like Nicaragua, Morocco, the gulf and Uruguay. Partly they're being driven by the burgeoning second-home market; in the U.K. alone, the Knight Frank residential-research firm predicts second-home ownership will quadruple within the next 10 to 15 years. "There's a desire for somewhere different now," says Nick Barnes, a partner at Knight Frank. "The luxury market, for reasons of exclusivity, is willing to travel to more-exotic locations, irrespective of infrequent flights and a longer flight time." But they also want to be coddled when they get there. The Dubai-based Jumeirah Group—whose portfolio includes the Burj Al Arab hotel, New York's Essex House and the Carlton Tower in London—has launched a new division called Jumeirah Living, which plans to offer properties in 22 developments from Bermuda to Shanghai in the next four years. According to general manager Julie Shields, it is targeting the seriously affluent who already may have several homes. "They're high fliers and want to own in an environment where everything is done for them, from airport pick-ups to stocking the fridge before they arrive," she says. Jumeirah's World Trade Centre Residence in Dubai is opening early next year, with opulently outfitted three-bedroom apartments going for $1.4 million. Already 60 percent of the nearly 400 units have been sold. "We see no end in sight to the demand for new developments, like the luxury apartments in Dubai," says Barnes. "At the top end, they're spending $4 million and more. It's frightening." To continue reading, click here New Reviews of the Best Luxury Hotels in NicaraguaLuxury travel is gaining steam in Central America--even in Nicaragua. The premier site covering high-end travel in Latin America has just added detailed reviews of the top seven hotels and resorts in this emerging destination. Miami, FL (PRWEB) July 25, 2008 -- Luxury Latin America, the premier site covering upscale travel in this dynamic region, has just added reviews of the best hotels in Nicaragua (http://www.luxurylatinamerica.com/lux_nicaragua.html). These join existing reviews for eleven other countries in the burgeoning tourism region stretching from Mexico to the bottom of South America. "Nicaragua is just starting to show up on the radar of adventurous North American travelers," says Timothy Scott, Editor of Luxury Latin America. "While the country still has a long way to go to attract a large number of high-end tourists, there are a few select hotels and resorts that pamper guests well while still retaining a strong sense of place." With even the wealthiest travelers looking for the best value for their battered travel dollar, Nicaragua is looking increasingly attractive as a travel destination and a vacation or retirement home spot. Visitors are discovering its long Pacific beaches, the Spanish Colonial cities of Granada and Leon, and its striking scenery of lakes and volcanoes. As the infrastructure continues to improve and flight connections to the U.S. increase, look for more luxury developments to come in the future. For more information on tourism developments in the area, visit the Luxury Latin America blog: http://luxurylatinamerica.com/blog. About Luxury Latin America: http://www.prweb.com/releases/2008/07/prweb1138704.htm The Nica Skate Pit
We all know Nicaragua is known for its surf, but were you aware that they have a gnarly skate scene as well? On August 9th, 2008 it was the grand opening of the Nica Skate Pit’s mini half pipe. This mini half pipe will be the foundation towards a possible full on skatepark surrounding it in the future. The Nica Skate Pit crew consists of (Caleb, Lindsey, and Brent) three fellow skateboarders with hearts of gold. They run the Nica Skate Pit and together built this ramp. Their website, www.nicaskatepit.com, which is already up is now being updated on a daily basis. On their site you’ll be able to find profiles of local skateboarders, photo recaps of daily sessions, and a forum in which all skateboarders can connect and organize future skate sessions together. With the website they have hopes of catching the attention of organizations and companies for financial support or other help to assist in the continued blooming of the Nica Skate scene. So all you companies or sponsors out there, jump on this opportunity! These rad individuals need your help. You would be amazed at how one ramp will inspire kids to start skateboarding in areas where they’ve never even seen skateboarding before. To continue reading, click here Business News and EconomyAlvaro Baltodano: Nicaragua Surges On Free TradeNicaragua has entered a period of economic liberalization and integration to global markets in order to stimulate and develop its national economy. Currently, we have signed free trade agreements with the United States, Dominican Republic and Central America (DR-CAFTA), Mexico and Taiwan. Nicaragua is also in the process of negotiating a free trade agreement with the European Union, and is discussing preferential market access with Venezuela, Bolivia, Argentina and Brazil, in order to become a key export platform to the markets of North and South America. Nicaragua is committed to carry out actions that will enable to country to further capitalize the advantages and benefits offered by CAFTA, considering there is still a huge potential for the development of commercial relations. Some of the benefits obtained by Nicaragua in the DR-CAFTA include:
To continue reading, click here Nicaragua ups Central American exportsNicaraguan exports in Central America and nearby countries Belize and Panama rose 20 percent in the first six months of the year compared with the same period in 2007, a government exportation agency reported. The Export Processing Center (CETREX) reported that goods shipped to other countries in the region from January to June grossed $279.3 million, up from $233.4 million in the first half of last year. Exports to countries in the region this year have so far made up 33.4 percent of Nicaragua's total exports, which in the first half of 2008 reached $835.3 million. El Salvador continues to be Nicaragua's biggest Central American buyer, followed by Honduras, Costa Rica, Guatemala, Panama and Belize, according to the report published recently on the export center's Web site www.cetrex.com.ni. http://www.ticotimes.net/dailyarchive/2008_07/0714083.htm Nicaraguan La Aroma Ready to DebutNext week, the cigar world will get its first look at the new La Aroma de Cuba. Unlike the original, it will be made in Nicaragua, rather than Honduras. La Aroma de Cuba Edición Especial is being made in Nicaragua by Jose “Pepin” Garcia. Brand owner Robert Levin, who also owns the Ashton and San Cristobal cigar brands, said it has strength and flavor—but not too much. “It’s not as full-bodied as San Cristobal,” he said. “You can smoke one after the other.” Ashton vice president Sathya Levin said the cigars have “a lot of aroma and flavor, without a lot of punch.” The Edición Especials feature a Cuban-seed wrapper grown by Oliva Tobacco Co. in Ecuador, a fairly rare leaf. The filler and binder are all Nicaraguan. The brand will come in five sizes with suggested retail prices from $6.50 to $8. http://www.cigaraficionado.com/Cigar/CA_Features/CA_Feature_Basic_Template/0,2344,2405 Southern Regional Government Council Approves Infinity Energy Resources Offshore Nicaraguan Exploration and Development ContractsInfinity Energy Resources, Inc. (Pink Sheets: IFNY.PK) (the "Company"), an independent oil and gas exploration and development company, today announced that the regional government council of the Autonomous Region of the Southern Atlantic ("RAAS") voted to approve the Company's offshore Nicaraguan exploration and development contracts on July 4, 2008. "This represents the achievement of a critical objective in our quest to secure final approval of our exploration and development contracts involving Infinity's oil and gas concessions offshore Nicaragua in the Caribbean Sea," commented Stanton E. Ross, Chief Executive Officer of Infinity Energy Resources, Inc. The concessions cover an area of approximately 1.4 million acres. "We applaud the manner in which the President of the RAAS, Lourdes Aguilar Gibbs, and the various authorities of the RAAS have worked with Infinity to approve contracts that hold great promise for the citizens of the RAAS if we are successful in our exploration and development efforts. The contracts must now go to the national government in Managua for its final review and signature by Nicaragua's President, which we hope will be forthcoming in a timely manner." To continue reading, click here Diamond in the Rough; Low labor rates, tariff preferences and proximity to the U.S. lure investors to NicaraguaDriven by relentless pressure to minimize manufacturing and transportation costs, many U.S. companies are looking for low-cost foreign assembly locations. But with so many locations to choose from, how far should they extend their search? David Slick, chief executive of Command Medical, an Ormond Beach, Fla.-based medical device company, had that problem until recently. Slick was distressed that his customers - U.S. brands of medical devices - were demanding lower prices for the intravenous sets, chemotherapy delivery systems and other devices that Command provided. "There was no way we could knock off 30 percent from our prices," Slick said. So Command went looking for a low-cost manufacturing location. The ideal location would have a stable labor market and be close enough for U.S. executives to come and go in one day. China and Southeast Asia were out of the question; too remote. Mexico was cheap enough and close enough, but labor turnover rates along the U.S. border were running at 25 to 35 percent a year, much too high to sustain efficient training programs. So Command Medical opened an assembly plant near Managua, the capital of Nicaragua, Central America's poorest and least-developed country. Nearly three years later, Slick has no regrets. "We are tickled to death with the quality of the work force," he said. "The labor market is incredibly stable." Eleven of the 12 original employees at the plant are still working there, and the work force has grown to 40. "The productivity is equal to the U.S. or better," Slick added. "A lot of major customers who would shy away from us are coming in droves." To continue reading, click here Humanitarian WorksClass Trip to Nicaragua Leaves Lasting ImprintDuring the last year and a half I have jumped at any chance possible to travel. There was Spain and Morocco with my Spanish class, Germany and Austria with a friend, Mexico with my family and, most recently, Nicaragua with West Vancouver secondary's Global Education class. Before my experience in Nicaragua, every trip I took had been a vacation. I like to believe I made an effort to meet the local people and learn their personal stories, but it never seemed like something important on my list. I now look back and regret my frame of mind. What I experienced and the knowledge I gained during my trip to Nicaragua will forever leave an imprint on my heart. I take it with me through every thought I process and action I carry out. As we (my class of 21 students, my teacher and two chaperones) stepped out of Managua's airport into the city, we were hit with thick, hot, and sticky smog that weighted our lungs and drenched our bodies. Within seconds our luggage was hurled to the top of a small tour bus and we were shooed in to begin our adventure. It is a lot to take in all at once, speeding through the streets in the dark of night, foreign images and concepts flying by our box of safety. Some of us were nervously talkative, others solemnly silent. For me, it was a mixture of guilt for what I saw, but excitement for what I was going to do. We spent a day and a half in the capital city of Managua. On our first full day we did the tourist tour of the city, but also took a trip no happy-go-lucky sightseer would ever consider: to the Managua city dump. It was an environment I cannot begin to justly describe: stench, ash, garbage, heat, children, horses, cows, dogs, disease, scraps, and desperation among so much more. Managua is a city of immense poverty and as much as our class not only felt the need to help but wanted to, it was one thing that was out of our reach. But we did not come to Nicaragua to see these types of things and wish there was something to do, we came because there was something we could do, there always is. This year's class project was one last year's students proposed. The idea was to create a community centre for women and children in the small village of Balgue on Ometepe Island. We would help build a community centre, a common place that would safe, comfortable, educational and fun. To continue reading, click here Wake Forest University’s Project Nicaragua program director to speak at U.S. Department of Education leadership symposiumA Wake Forest University’s Babcock Graduate School of Management student has been invited to participate in a “Symposium on Emerging Issues in Character Education” on Aug. 18 at the U.S. Department of Education in Washington, D.C. Project Nicaragua co-founder and program director Chris Yuko (MBA ’09) will discuss the Babcock School’s work in Central America and the project’s efforts to develop socially responsible leaders. Project Nicaragua is an ongoing MBA student-driven effort to educate aspiring entrepreneurs and small business owners in the economically deprived area in and around Managua. A few weeks into his MBA experience in fall 2006, Yuko began linking the business concepts he was learning in the classroom with the vital need for formal business skills among rising business owners in Nicaragua who didn’t have access to business education or training. A two-day seminar created and presented by Babcock MBAs has become the lifeblood of the project, which was expanded this summer to Benin, Africa. The purpose of the symposium is to present a set of scholarly research papers on emerging issues in character education and to facilitate a discussion with key stakeholders in the education and business communities that will help advance the field of character education, said Linda McKay of the U.S. Department of Education. To continue reading, click here Assault Ship Sets Sail, Packed with Doctors
Her job, originally, was to deliver 2,000 Marines and their gear to war. Now, instead of hauling grunts and Harrier jump jets and Cobra attack choppers, the amphibious assault ship USS Kearsarge is loaded with 550 humanitarian workers including Navy and Air Force construction workers; military doctors and dentists from the U.S., The Netherlands and Brazil; civilian plastic surgeons; and even a couple of historians. Kearsarge left Norfolk, Virginia, on Thursday Wednesday for a four-month Central and South American cruise, calling at six countries, including Nicaragua, to deliver free medical care and economic assistance. The 41,000-ton, 844 foot-long, and 106 foot-wide Kearsage is one of two East Coast-based assault ships pioneering a new naval strategy. The idea, says Commodore Frank Ponds, is “influencing generations to come.” “This is not a new mission for the Navy,” contends Kearsarge skipper Captain Walter Towns. He says the Navy has always had a humanitarian bent. To continue reading, click here Loveland woman founds Nicaragua’s first lending library, 25 others
Holding books and stuffed animals, Jane Mirandette, front, and Frank Van Baren pose for photos near bins of books and stuffed animals that will be sent to Nicaragua soon. Mirandette has established the first lending library in that country: San Juan del Sur Biblioteca Movil. Van Baren helps her with the library. Reporter-Herald/Jenny Sparks How to help: Cash contributions are the nonprofit’s only source of funding. To contribute, visit www.sjdsbiblioteca.org and click on “Donations.” Or send a check to Hester J. Hodgdon Libraries for All Program, 1716 Del Norte Blvd., Loveland, CO 80538. Volunteers are also needed to help at home and abroad. Contact Jane Mirandette at HJHProgram@aol.com or call 744-2074 for more information. To continue reading, click here
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