Speaking of Nicaragua, this is what I am talking about when you decide where you want to move. This is like Venezuela where seizures of property is raising eyebrows with investors.
Business associations are demanding to know the legal basis for an intervention at Hotel Punta Teonoste, where 20 acres of land were confiscated, to be handed to the former rebel leader Eden Pastora.
President of the Superior Council of Private Enterphrise, COSEP, Jose Adan Aguerri, said the episode provokes uncertainty, which affects “all Nicaraguans in the country, it is the government, it is our image, it is employment, it is investment attraction, and that’s something we’re going to protect.”
The seizure was carried out, apparently without an authorized warrant, by the Attorney-General’s Office (PGR), whose director Hernan Estrada said: “We will continue to respect private property, but we will continue to exercise the rights of the State identifying what belongs to the State under existing laws. ”
For his part, the President of the Nicaraguan Institute of Tourism, Intur, Mario Salinas, said he disagrees with the handling of the Teonoste Punta property, a tourist hotel located in Rivas, and said that this type of action creates concern for investors.
Source: laprensa.com.ni
Hi Tom,
As a recent subscriber to your newsletter, I can see that it will be an important resource in my research of relocation destinations.
Re: confiscation in Nicaragua, it appears to me that Panama is also susceptible to corrupt and criminal hanky-panky with major assets, whether it be land, businesses and business rights, ships, planes and anything which might appeal to the eye of those well-connected.
Similarly, dodgy probate law and administration can lead to disastrous confiscations and repossessions, and wholly inequitable court decisions – which of course take years of exhausting litigation to resolve.
Is it reasonable to expect that insecure tenure of property coupled with poor probate law are a toxic mix, especially for an investor with limited means and few alternatives?
Does the new President and his administration, which you have praised in the past, intend to bring about a significant change in these areas of law and life in Panama?
Perhaps you could devote some space to a candid exposition of the situation from the investor’s point of view. I am already in a declining 3rd-world country, desperate to leave, and don’t want to jump from the fat into the fire for want of due diligence
Gringos are just such easy targets. Any guidance will be welcome.
Kind regards,
Tim
Tom, are you not aware of the extent to which the same kind of thing happens in Panama too? I have seen it many times, with homes, land and businesses stolen by crooks with the assistance of corrupt politicos at all levels. HERE is a horrendous example, from the Panama Guide: http://www.panama-guide.com/article.php/20110903162043502?query=See+what+the+bastards+burned+down