Margarita Island, off the north-eastern coast of Venezuela.

Pharaoh, I think you are right that selling properties in Margarita Island and pulling your money out is not a very easy task.

I also think that Caracola Resort developers are aware of this fact, so they are setting individual Wyoming LLC’s for each unit.

Here is a quote from Caracola Resort Frequently Asked Questions:

“All units will be sold through their own individual Wyoming Limited Liability company, which will be set at the time of purchase.
This is by far the easiest and most tax efficient way of buying property in Venezuela. By buying through a company, you will not be liable for any local income, land registry or capital gains taxes. In addition, it makes the ultimate sale of your property easier (as you sell the shares in the company) and avoids exchange controls, which can hinder the remittance abroad of returns from investments in Venezuela. Your income can be transferred to any destination you choose.
If you own Wyoming limited liability company (LLC), you own a truly ‘offshore’ company and are therefore not liable for taxes anywhere in the world. Wyoming LLC;s also provide complete anonymity as they do not have to publish details of ownership/membership or trading activity”

You can download and read Caracola FAQ here:
http://www.caracolaresort.com/info/CC-FAQ.doc

Alex
 
Hi Reid,

Do you have any interests in the overseas property sector we should know about?

aj
 
aj,

I am advertising Caracola Resort on my site. I am also advertising Punta Perla Project in the Dominican Republic on my other site.

Alex
 
Pharaoh said:
£118,000 sterling................are you NUTS.............do you know what and where you can buy for that with stable currency, stable economies and capital growth.......if you dont, you should
Click to expand...

OK maybe I am nuts as you say but I will be buying into a 3 bed villa in a 5 star managed resort in the beautiful Island of Margarita. I am more interested in rental retun than capital appreciation at ppresent and the verdict is still out on that. I have spoken to the developer and the only risk as far as I am concerned is whether he can achieve a productive rental return beyond the initial 8% guarenteed after the first two years. Caracola id fixed at 7% for 10 years. Why let the management company pocket all the proceeds above that and how would you sell a property that has appreciated when it is still only netting 7% on the original purchase price? Your further comments welcome.
 

You pay ya money, ya makes yer choice. I oved on the Island for 7yrs.....full time. It is a HOLE.
 
How safe is MARGARITA

Not at all safe. Tourist assaults and incidents are rising steadily. In yesterdays .:: EL SOL DE MARGARITA ::. a French lady was killed in her own HOME.
Today a fisherman was shot dead in Porlamar !
The owner of a well known shop, was realeased today after 81 days kidnapped !
The agents dont tell you that do they !!

.:: EL SOL DE MARGARITA ::.

Another good site is this Bienvenidos a Veneconomía
Tells you inflation figures, etc etc
I wish more people would READ up on Margarita BEFORE they decide to part with their cash
 
MORE GOOD NEWS.......

In the latest edition of 'A Place in the Sun' magazine (August 2008) which is on the shelves now there is a feature on the top 6 countries best for purchasing property under £100,0000.
Venezuela is featured as Number 1.
The feature then highlights the Six Best beach developments in these locations and Caracola Resort is featured as Number 1.

Copy of article is here:
[broken link removed]

I also placed some new Caracola Resort renderings here:
[broken link removed]

Alex
 
That article is 100% pure sales spin. There isn't an ounce of objectivity in it. That's fine, it's purpose is to sell properties, not to inform investors. I've been to each of those 6 places and in my opinion Hua Hin and Natal would be worth the punt (aside from the purchasing/ownership issues in Thailand) but I'd leave the others.

Margarita for the reasons mentioned throughout this thread; Pharaoh, I must congratulate you on the astonishingly accurate picture you paint of the place. I'd honestly carefully question anybody's sanity if they were considering investing in Isla Margarita or Venezuela.

The E2k difference between the development on Isla Margarita and the one in Natal would be the best E2k one could ever spend. Natal is a fantastic spot for tourists, unbelievable natural resources and it'll benefit from being in the 5th largest/most populous country in the world. Investing in Brazil and specifically Natal at this time would lend itself nicely to watching Brazil overtake the powerhouse economies of Europe, France and the United Kingdom, in terms of GDP over the next 15 years. I dread to think where Venezuela will be in 15 years, hopefully not still strapped to the fortunes of extreme Bolivarianism.

The most important point between the 2 locations is of course that 1 EUR does actually equal 2.5 hay-eyes (sic) whereas 1 EUR does not equal 3.5 Bolivares. The above cited article references the VBS currency, I wouldn't have a great deal of faith in somebody selling a location where they don't even know the currency.
 
Pharoah, I appreciate the fact you lived on Margarita Island but you seem to have something of an agenda against the place. Your posts regarding crime are very selective - if you were reading the Evening Herald over the last month you would be afraid to leave your house in Dublin for fear of being caught in the crossfire.
Is there crime on Margarita - Yes. Is it any more predmoninant than other Islands in the Carribean - No.
As an agent selling there I have been there on numerous occasions, sometimes with clients and journalists. Their opinion of the island is completely at odds with your picture of inner city Bogota.
There are pros and cons to buying on Margarita Island. Anyone considering a purchase there should do their research and most importantly visit the island. I would also say that there are opportunities to "dip your toes in the water" on Margarita with entry levels from €50k. You dont have to spend 80/90k plus to buy a good investment property there.
 
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