Latin America & the Caribbean
While working with a US-based client on a series of property acquisitions in the Caribbean, he had the idea of performing a couple of nifty 1031 exchanges in Puerto Rico. Emotions were running high that he could achieve this with a significant amount of tax savings. I warned him to be a bit more circumspect. If there is anything my international real estate experience has taught me, it is not to take anything for granted. I suggested that we confirm that a 1031 exchange is possible. A good thing I did. We conferred with a renowned local Puerto Rico tax expert, Manuel López Zambrana of Manuel López Zambrana, PSC (firstname.lastname@example.org), and More >
NAI Global, the world’s premier managed network of commercial real estate firms and one of the largest real estate services providers worldwide, announced today it is expanding its coverage in the Caribbean region with the signing of NAI Dominicana.
Based in Santo Domingo, NAI Dominicana is a new commercial real estate firm formed by Andres Perez, CRS, GRI. Perez has been involved in commercial and residential real estate sales, financing and the capital market in Florida since 1984, where he specialized More >
The World Economic Outlook recently released by the IMF states that the economies in Latin America and the Caribbean will grow by 5.7%; certainly just “a bit” of an increase over the 4.3% estimated at the outset of 2010. The report mentions that the region is growing at a faster pace than expected due to solid macroeconomic policies, consolidated and stable policy support, favorable external financial conditions and strong commodity revenues. An additionally interesting observation is that Mercosur (a trade federation founded in 1991 comprising countries of southern South America – Uruguay, Paraguay, Brazil, and Argentina) has emerged as the GDP growth champion so far this year. All those members are expected to enjoy growth rates exceeding 7%. Argentina and Brazil are estimated to experience rates of 7.5%, Uruguay should have 8.5% and Paraguay (the perennially overlooked southern sibling) is pegged to experience a 9% growth rate. These numbers place the Mercosur countries among the top five in the entire region! And, as you may have surmised, Paraguay may well be the region’s economic growth champion by year end. The strong growth in the region is attributable to strong domestic demand (so much so that some global economists are worried that it will lead to economic overheating in some countries), a powerful and stable increase in investment (mostly domestically derived funds and capital returning to the local markets after being invested overseas for a number of years) and healthy exports driven by Chinese and Asian demand and by the demand derived from the slow but steady recovery of the U.S. economy. More >
I just read an article in the Nuevo Herald of Miami wherein it noted that a recent opinion survey of Panamanian residents was taken and the results surprised me. Out of 1,000 respondents slightly more than 70% have a strong fear of falling prey to street crime. Only 28% of those surveyed have little or no fear of it. Furthermore, 41% feel a strong fear of street crime at night when they return to their homes or when walking in the streets and 31% admit a moderate fear. More >
I have just returned from a conference which is typically attended by the leaders of large, industrial real estate portfolios. A number of Fortune 500 brands’ real estate executives were there as were service providers and municipal leaders from around the country. More >