FAQs
GENERAL INFORMATION
Where is Seaside Mariana?
The resort is situated on the Pacific coast of Nicaragua, near the town of San Rafael Del Sur and approximately one hour from the capitol city of Managua.
How do I get to the resort?
It is approximately an hour’s drive from Managua’s modern international airport to Seaside Mariana via state roads. The planned Coastal Highway, which will become the major highway in the region, will enhance access when completed. Currently, a number of major airlines–including Delta, American, Taca Airlines and Continental–offer 60 flights weekly to Managua, with an average flight time from the United States of three hours.
THE RESORT
What is the vision for Seaside Mariana?
This master-planned resort is a 923-acre private community designed to set new standards for luxury, service and amenities in Nicaragua and Central America. It will feature a Jack Nicklaus Signature Golf Course, world-class spa and wellness center, and a town center that includes a beach club, boutique hotel, retail shops, restaurants and entertainment areas.
Investors can select from a wide selection of beachfront and golf course residential options, including villas, condominiums and private home sites. All units are designed and built to North American standards with the finest quality fixtures and finishes, within an old-world architectural style reflective of the area around the resort. To enhance the resort lifestyle, an innovative ownership, rental service and resale network will meet the needs of owners, and makes ownership a sound and easily managed investment.
Nicaragua is experiencing strong economic growth, with international investment steadily rising and tourism up over 300% over the last decade. This emergence has drawn attention to the country, resulting in increased interest in real estate that has led to rising prices that promise the opportunity for potential returns rivaling those seen over the last 20 years in neighboring countries such as Costa Rica and Panama.
Who is developing the resort?
OWNERSHIP What are the benefits of ownership? Owners and their guests will enjoy the use of all facilities within the resort through a membership included with all real estate units. Owners may upgrade to a full private golf membership for an additional $10,000 at the present value. What types of property are available? The resort will offer one, two and three bedroom units in its beach front and ocean view condominiums, including penthouses and villas. In addition to interior living spaces, each unit also features exterior space that adds approximately 200-300 of additional square footage, based on the individual floorplan. Specifications are as follows: 1 Bedroom– Approximately 900 - 1,200 square feet of interior living space 2 Bedroom– Approximately 1,300 - 1,700 square feet of interior living space 3 Bedroom– Approximately 1,750 - 2500 square feet of interior living space Penthouses– Sizes vary based on location. How does the cost of living compare? In general, the cost of living is considerably lower than in most North American and European cities. Is financing available? Yes. We have established relationships with local banks that will finance 70% of the purchase price with 30% down. These offerings vary based on the individual bank, so we will provide current information on rate plans upon request. Are kitchen appliances included? All kitchens are fully equipped with a full selection of appliances. Is furniture included in the purchase price? Furniture is not included, but custom furniture packages will be available for purchase at a price of approximately $25,000. Is there satellite television and Internet access? Pre-installation of both services is included in the unit purchase price. Individual owners are responsible for hook-up and monthly fees. When will Seaside Mariana open? Construction is scheduled to begin in the fourth quarter of 2008, with the completion of the resort’s first phase set for November 2010. In addition to residential units, phase one includes a Nicklaus Signature golf course, golf clubhouse, spa, beach club and town center. RENTAL PROGRAM  Is there a rental program?Kemper Sports Management, a highly respected group based in the United States, will manage the operations and facilities of Seaside Mariana. This will include a comprehensive program that will enable owners, if they desire, to rent their units, with all aspects handled by on-site personnel. Association owners will get 60% of income less commission and expenses. Is there a healthy demand for rentals in the area? Nicaragua is rapidly becoming a very desirable destination for visitors drawn by its biodiversity, pristine environment, beautiful beaches, culture and history, and numerous recreational opportunities. With the country currently receiving more than 800,000 visitors annually, there is growing demand for rentals. By 2012, the hotel room deficit is projected at 5,000 units, while interest also is increasing in the type of luxury accommodations offered by Seaside Mariana. THE AREA What other attractions and recreational opportunities are in the area?
What is the social situation in Nicaragua? The government of Nicaragua is democratically elected and has been stable for nearly two decades. The country is part of CAFTA and is an active participant in the world economy, attracting substantial investment from major financial institutions and corporations. Nicaragua also is recognized as having the lowest crime rate in Latin America, according to Interpol and the Inter-American Institute on Human Rights. Real estate laws in Nicaragua allow fee-simple ownership by foreigners, with the same attendant rights as citizens of the country. Title insurance is available and has been arranged for Seaside Mariana by the developer. Can I visit Nicaragua and tour Seaside Mariana? Tours to the country are organized regularly by Nicaragua Developments S.A., which include tours of Managua, coastal areas and the Seaside Mariana site. Complete details are available at www.nicaraguadevelopments.com. LEGAL INFORMATION What are the requirements for real estate property acquisition in Nicaragua? Real estate property transfers are executed by means of purchase agreements signed before a Nicaraguan Public Notary by means of public deeds. Once the parties have signed, a copy of the contract (called “Testimonio”) is recorded at the Property Public Registry of the department in which the property is located. Are Seaside Mariana properties fee simple title? Yes, the properties are fee simple freehold title and can be transferred without restrictions. Is title insurance available at Seaside Mariana? Yes, Seaside Mariana titles have been insured by First American Title Insurance Company and Stewart Title Latin America. Are there any restrictions on real estate ownership for non-residents? No, there are no restrictions. Are there any restrictions on the number of properties I can buy? No. Are there any restrictions on repatriation of gains or income caused by lease or transfer of the property? There are no restrictions to repatriate gains or incomes, as long as the tax withholding has been paid. Tax withholding on real estate property transfer in Nicaragua is 1%. Should I make a will in the country? Yes, it is recommendable. Do I need a Notary? Yes, the developer will provide a Nicaraguan Public Notary for closing. Do I need a lawyer? It is recommended that you obtain legal counsel, and we are pleased to recommend the Consortium Taboada & Associates firm. The firm is fully familiar with all aspects of the Seaside Mariana project. There are two dedicated contacts at Consortium Taboada & Associates (fluent English speakers): • Carlos Taboada Rodríguez e-mail: ctaboada@consortiumlegal.com • María Alejandra Baldizón e-mail: mbaldizon@consortiumlegal.com Tel: (505) 254-54-54 or (505) 254-52-93. If you require independent counsel, Seaside Mariana has a list of recommended attorneys that can be provided upon request. What are the closing costs? Closing costs are approximately 3%. Of that, 1% corresponds to the withholding tax, 1% to legal fees, 0.75% to notary fees and 0.25% for registration fees. What is the real estate tax rate? The real estate tax is a yearly tax that has to be paid by every owner, and is 0.80% of the value of the property. What are other applicable taxes? Nicaraguan income tax rules apply to the income generated in the sale and lease of the property. The rate will depend on the residence status of the owner, and whether the owner is a juridical/corporate entity or a natural person. For further questions, please request the Legal Kit for Property Purchase at Seaside Mariana from the dedicated contacts at Consortium Taboada & Asociados. ADDITIONAL QUESTIONS If you have any additional questions or need more information, please contact us directly. We are always happy to assist you in any way possible. CONTACT INFORMATION Kevin I Fleming Chairman Nicaragua Developments, S.A. Regional Sales & Marketing Nic. Office: 011-505-276-0292 Nic. Fax: 011-505-276-1999 Contact E-Mail: info@seasidemariana.com For more information about Nicaragua Developments log onto: www.nicaraguadevelopments.com |
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