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Dear Readers,
Once again please find some positive news about Nicaragua. You’ll see some important recommendations from the US Embassy Property Office for you to consider when buying or investing here. If you like to surf, enjoy a great story about surfing the waves along the central coast just over an hour west of Managua and the international airport.
On the business side, SCA Footware just completed a $25M investment that created 3500 jobs and a MOU is now in place to create a deepwater port on Nicaragua’s Caribbean coast, an investment of $350M. Please also take a look at the two social responsibility projects featured this month. A group of Notre Dame students partnered with Gran Pacifica and Bridges to Prosperity to build a bridge across a small river and large ravine allowing year round access to a community in Villa el Carmen. Additionally, a former Gran Pacifica intern is working with the Catholic Church to make repairs to a small parish in Villa el Carmen.
As always, there are lots of great things going on and we hope you enjoy the insights and good news.
Sincerely,
Michael Cobb
www.granpacifica.com
Investing in real estate in Nicaragua can be a positive experience if you take the necessary steps to thoroughly understand and deal with the risks involved. Buying property in Nicaragua is not the same as buying property in the United States. It is important that you use common sense in evaluating the property you intend to purchase and remember that if it seems too good to be true, it probably is. The adage "buyer beware" applies in all cases of buying property in Nicaragua. The due diligence is your responsibility.
When you purchase land in Nicaragua you will be buying property in a civil law system. This differs from the common law system of the United States because civil law is based solely on statutes and there is no such thing as an equitable remedy when problems arise. The official language for all real estate transactions is Spanish. You can certainly sign a contract to buy a property in English; however, this contract will not be legally binding unless it is brought to court. The judge will need to interpret the contract, have it translated, and verify the signatures. Any type of court proceeding in Nicaragua takes time; simple court cases may take months and often years. The judicial system is bureaucratic and politicized, and allegations of corruption are common.
NICARAGUA
by Jason Kim
Steve and I flew LAX to Managua, about 8 hours with a short connection in San Salvador. Tom departed from NY and we met at Sandino International Airport on Saturday morning. An hour and a half later, we were unpacking our bags at the Gran Pacifica Resort on the Pacific coast. Transport via minibus cost $100, arranged through the resort. A taxi might have been less expensive, but we chose the hassle-free option.
Gran Pacifica Resort
My friend TJ has been to Nicaragua a few times, and we chose Gran Pacifica based on his recommendation. This is a sprawling property with a golf course and a beachfront restaurant/bar. It felt pretty secluded and we saw a handful of other people the entire time we were there. We stayed in a one-bedroom condo for $79/night (meals included). There really wasn’t much else to do in this area other than relax and surf. Thankfully, our condo had wi-fi, satellite TV, and powerful A/C. What more do you really need?
We arrived at high tide, and there were a few guys surfing the break directly out front from the restaurant. Hemorrhoids, a fast and hollow left that breaks over a slabby reef. One of the dudes looked like Kelly Slater, and for a brief moment I was actually convinced it was Kelly Slater. This worried me, because I do not belong on any break with that guy. Turns out it wasn’t him. This wave is for real, and the sets were overhead with no room for error. Everything was moving FAST. I paddled out while Steve and Tom shot video and pics. Being the only goofy-footed surfer on this trip, I suppose it was my duty to feel things out. The wave kicked my ass, but it was fun. We had it dialed in by the end of the trip. Yeah, right.
Hemorrhoids
SCA Footwear officially inaugurates operations in Nicaragua
SCA Footwear Nicaragua S.A., a women's footwear manufacturing company, officially inaugurated its facility in Nicaragua this August 15th, announcing a total investment of US$25 million in the country and 3,500 job opportunities generated since its establishment.
The company, which represents the first industrial investment of Brazilian capital to open operations in Nicaragua, was initially contacted by PRONicaragua, the country’s official investment promotion agency, to set up its operations under the country’s free zone regime in 2009 and is now producing 4.5 million shoes a year.
Feasibility studies begin for the construction of deep-water port in Nicaragua’s Caribbean Coast
The Government of Nicaragua recently signed a Memorandum of Understanding (MOU) with the development company Andrade Gutierrez to begin feasibility studies for the construction of a modern port infrastructure in Monkey Point, in the South Atlantic of Nicaragua. The construction of the deep-water port would include a road connecting it to the nearest national highway system and will allow the country to take advantage of the maritime routes to the Caribbean, South America, Gulf of Mexico, the East Coast of the U.S., and Europe.
Gran Pacifica supports Notre Dame Team changing the lives of a community with a bridge
by Kent Payne
A few weeks ago, Gran Pacifica had the unexpected pleasure of assisting seven engineering students from the Engineering School at Notre Dame in the United States. They, along with a professional advisor from Bridges to Prosperity, Engineer Mike Paddock, came to Nicaragua months ago to select a location for a suspension bridge. The final location was made after a long process involving community meetings and surveys. The primary factor is where the most community residents had the largest need of crossing a river to sustain their livelihoods and make their village more accessible during the winters (rainy seasons).
San Bartolo and San Diego Communities, which are located about a mile outside the gates of Gran Pacifica, were ultimately selected as the location for the bridge. Over a football field wide, the San Diego River and its valley separates San Bartolo from the rest of the world. Residents have to climb down and up over 300 ft of slippery slope and ford what is a one-foot deep stream in the dry season. In the rainy season it flows to 15 feet deep during thunderstorms and frequently strands residents on one side or the other until the waters subside.
News Travels Fast in Nicaragua
by Mike Cobb
Brandon Tirpak had been to Nicaragua as an intern with Gran Pacifica before he arranged a trip for three alumni of Allegheny College and Delta Tau Delta fraternity brothers. On this trip, Brandon introduced his brothers to the country and many of the friends he had made on previous trips, including several of the villagers that live just outside of Gran Pacifica’s property. During their brief stay, the three new guys gained an appreciation and love for the country shared by Brandon.
One night, while enjoying some local beers poolside at Las Perlas, Dan Connolly asked one of the local Nicaraguans in attendance how the group of four could give back to the local community. And with a simple question of: How can we help? the project began.
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