Оглавление
Tom Hammond Kelly. Cashing In On a Second Home in Central America: How to Buy, Rent and Profit in the World's Bargain Zone
About the Authors
Acknowledgements
I N T R O D U C T I O N
Why Central America?
An overview of a diverse, fascinating region
Who is buying second homes . . . and why?
PART ONE: EXPLORING THE POSSIBILITIES OF A DYNAMIC AREA
C H A P T E R O N E
The Lure of Panama
History of the second-home market in Panama
Drilling deeper to understand migration
Popular areas with potential return
Panama City
Unique urban environments: Casco Viejo and Amador Causeway
Urban living: Punta Pacifica. and surrounding central-city areas
Costa del Este: Suburban living in the middle of it all
Downsides of Panama City—“reality check”
Outlying areas of Panama City
Island living close to Panama City
Boquete and Chiriqui highlands
Bocas del Toro
Tips on buying real estate in Panama
Capital gains tax
Government incentives. for second-home purchasers
Other Key Issues
Safety
Health care
Cost of living
Education
Weather
Familiar conveniences
Quality construction
C H A P T E R T W O
Costa Rica: Once-Secret Paradise Found
The Nosara factor
Central-Southern Pacific
Central Valley
Sabana—Rohrmoser—Pavas
Escazu—Bello Horizonte—Trejos Montealegre
Santa Ana—Ciudad Colón
Ciudad Cariari—San Antonio de Belén
San Pedro—Los Yoses—Barrio Dent—Curridabat
Heredia—Alajuela
Caribbean Coast
Northern Plains
Real estate system and buying process
Fee simple
Concessions in the Maritime Zone
Ownership Limitations
Condominiums
Untitled property
The purchase process
A basic terminology
Purchasing methodologies
Using title guaranty and escrow services
Fee structure
A look at taxes
Income tax
Real estate/habitation tax
Capital gains tax
Protecting the real estate investment
Squatters
Incorporating in Costa Rica
Other crucial issues to be decided include:
Before you buy
General residency rules
Financing
C H A P T E R T H R E E
Getting a Handle on Honduras
Ownership and financing
Other popular areas
La Ceiba
Tegucigalpa
San Pedro Sula
Lake Yojoa
Tela
Buying process
Exploring the power of attorney
Types of residency
Retiree (Pensionado)
Rentista
Investor
Special presence permits
Safety and security
Crime
Questions about Honduras
Is the government stable?
What do I need to get to Honduras?
What are the advantages of Honduran residency?
What about the education system?
Can I work in Honduras?
A Look at taxes
Income tax
Real estate property tax
Capital gains tax
C H A P T E R F O U R
The New Ortega Nicaragua
Where to buy? Scanning the attractive areas
Pacific Coast
The Riviera and San Juan del Sur
San Juan del Sur
The Central Coast
The North Coast
Why not the Caribbean Sea?
The purchase process in Nicaragua
Plan ahead
Choose representation carefully
Plans B and C
Option one
A note about Nicaraguan government offices
Option two
Always look to title insurance
Costs of registering your property
The eternal dilemma: What should I buy?
Flying without a net
Raw land for investment
Back to nature
Building your dream home
Turnkey Properties
Hidden gems and advantages
The BOSIA example: A sister-island relationship model
A buoyant economy
Incentives to invest
Investing goals: Risk-to-reward ratio
C H A P T E R F I V E
Guatemala: Huge, Untapped, Mysterious
Introduction and overview
Second-home web sites still scarce
Legalities and ownership
Pacific beaches are undiscovered
The five steps: Buying and registering real estate
Financing still in the early stages
Best bets for a second home: Where to start
Antigua, Guatemala Highlands, Lake District
The Guatemala Caribbean
Medical tips and safeguards
Guatemalan residence requirements
Step one: Application for a. 90-day residence permit
Step two: Application for visa ordinaria
Step Three: Visa Ordinaria Extensions
The CA-4 Agreement
Guatemalan Consulates. in the United States
C H A P T E R S I X
Time to Believe in Belize
People and Places
Buyer beware
Fees and taxes
A word on financing
Registration and title
Deed of conveyance
A transfer certificate
A Land Certificate
Coming, staying and working
Application for permission to employ a foreigner
Application for temporary self-employment
Retirement and incentives
Qualified Retired Persons
Certification
Background check
Personal household effects
Transportation
Disposal of duty-free Items
Offenses and penalties
Fee structure
How to get there
C H A P T E R S E V E N
The Secret of El Salvador
National network linked to NAR
Prime second-home target has been. Salvadorians … in the States
A look at financing
Purchasing property in El Salvador
Income tax
Capital gains tax
PART TWO: PREPARATION, PLANNING AND RENTING STRATEGIES
C H A P T E R E I G H T
Make Sure Your Dream Meets Up with Reality
Central American home … primarily as a second residence
Picking your place
Picking your community
Finding the cash
Tax is a benefit, but …
Who’s minding the store?
How much can you handle?
Second home viewed through an investor’s eyes
Cash flow
Potential appreciation
Managing, maintaining and renovating
Tax considerations
Compare and contrast
Take time to picture your place
C H A P T E R N I N E
Key to Your Profit Center: Finding the Right Path
Time to drill down on finances
A tool to help compare properties
Ask the professionals
Opportunity can come from destruction
Read the local brochure
Visit the building department
The bottom line is a delicate balance
C H A P T E R T E N
Critical Choice: Tips on Selecting a Location
How much do we intend to use this home?
What do you do to unwind?
Don’t bank on a nostalgia trip
How long will you own this home?
Go where you’ve been
Visit again
Build a team
Put yourself in a renter’s shoes
Access
Safety
Neighborhood quality
A peek at your retirement needs
What is the quality of medical and social services in the area?
Will the home age with you?
Can your friends and relatives or medical professionals reach you easily?
C H A P T E R E L E V E N
Strategies to Find (and Keep) Good Renters
Marketing in your own backyard
Bulletin boards
Merchandising circulars
Church bulletins
Local newspapers
The Internet
Older snowbirds always seem to pitch in
Satisfied renters will call back and tell their friends
Be clear on the terms of the rental
Property managers: The adiós option
C H A P T E R T W E L V E
Title Insurance: The Strongest Link to a Peaceful Mind
U.S. title companies bring new coverage and assurance
What about the notario publico?
PART THREE: THE MONEY PICTURE
C H A P T E R T H I R T E E N
Six Solutions to Funding a Second Home in Central America
Central American real estate IRAs: Great for investors but no personal use
The buddy system
Seller financing … with a plain vanilla home equity starter
Lease option
Buy an option
Right of first refusal
Ready to retire? Reverse your way to Central America
When did reverse mortgages become an option?
National reverse mortgage sources
C H A P T E R F O U R T E E N
Central America Offers an Investment Alternative
Central America after September 11, 2001
C H A P T E R F I F T E E N
Understanding Tax: What to Expect from Uncle Sam
Underestimated financial options of the Tax Relief Act of 1997
Two key guidelines: Use and residency requirements
The tax-deferred exchange from U.S. to Central American property is not “like kind”
Considering taxes in different countries
More discussion on second residence … or rental property
Use may matter to your lender
Congress really helped. the potential for second homes
More than one home— in the United States or Central America
C O N C L U S I O N
Pondering the Exit: If You Buy, Will You Be Able to Sell?
PART FOUR: HELPFUL SOURCES
A P P E N D I X A
Realtors Specializing in Central America
Agents in Canada
Agents in Costa Rica
Agents in El Salvador
Agents in Guatemala
Agents in Honduras
Agents in Italy
Agents in Jamaica
Agents in Mexico
Agents in the Netherlands
Agents in Nicaragua
Agents in Panama
Agents in Puerto Rico
Agents in the United Kingdom
Central America Agents in the United States
Alabama
Arizona
Arkansas
California
Colorado
Connecticut
District of Columbia
Florida
Georgia
Hawaii
Illinois
Kansas
Louisiana
Maryland
Massachusetts
Michigan
Minnesota
Mississippi
New Jersey
Missouri
Nevada
New Mexico
New York
North Carolina
Ohio
Oklahoma
Oregon
Pennsylvania
Tennessee
Texas
Utah
Virginia
Washington
Wisconsin
A P P E N D I X B
Official Embassies and Consular Offices
Belize
Costa Rica
El Salvador
Guatemala
Honduras
Nicaragua
Panama
