Be Sure You Are Viewing The Real NicaInvestments.com
Elvis Presley once said, “Impersonation is the most sincere form of flattery.” Maybe so, but we at Nica Investments want our existing and prospective clients to know that www.nicainvestments.org has no affiliation whatsoever with Nica investments based in Granada, Nicaragua. Our website domain is www.NicaInvestments.com.
During a DNS problem that had our website offline, clients brought to our attention the existence of a website domain with a very similar name. This is totally coincidental and was not done to confused our clients or mislead anyone. However, it did have that affect.
So, to be clear… Nica Investments based in Granada, Nicaragua, has no affiliation with anyone based in Managua or anywhere else. Nor do we have any affiliation with Nicaraguan real estate or vacation rental agents anywhere in the country. We are a consultancy and focus on advising clients and/or acting on the behalf of clients during business and real property acquisitions, development management and management or real estate.
This situation does bring up a good point that needs to be shared… Nicaragua is one of the safest countries in the Americas, meaning North, Central and South America. On a per capita basis Canada is safest, but I believe Nicaragua is next. However, this refers to personal safety and loss of personal property through pick-pocketing, robbery, breaking and entering, purse snatching, and so on. Nicaragua, being a poor country, does have a problem with fraud and crimes of opportunity.
Crimes of opportunity are when someone forgets their phone, sun glasses, purse, backpack, etc. somewhere or leaves their wallet unguarded on a counter while paying for something. A dirt poor person seeing an opportunity to provide for his or her family by taking advantage of a situation they’re presented with will likely do so. The experience can ruin a vacation and cause stories to be told that are not flattering to Nicaragua. In all fairness though, I have been stabbed while being mugged only once in my life and that was in Vancouver, BC, Canada, the city I lived in at the time. I knew at the time I was where I shouldn’t be at an hour of the night I knew was risky, and the inevitable happened. My point being, you do not have to go abroad to find trouble. You just have to let your guard down or act foolishly. Stay aware of your surroundings as you should anywhere, and don’t make it easy for someone to steal from you and you’ll be OK.
Fraud in Nicaragua is a problem, but only if the potential victim allows the fraudster to fleece them. Again, the same as anywhere in the world. A rule of thumb to keep your money safe while doing a transaction in Nicaragua is to use a USA based bank’s escrow service. Alternatively, place any money to be transferred to the seller in trust with a reputable attorney within Nicaragua. I recommend this for a couple of reasons…
First, unbeknownst to many people investing in Nicaragua, deposits are not always refundable. Secondly, a deposit is supposed to prove intent. If a seller is not happy with the deposit or the entire purchase price being placed in escrow run… run fast, and run far.
Legitimate sellers will be satisfied with a deposit being held by a third party, as long as it is clear under what circumstances the funds are to be released and to whom. Some sellers may want funds to be held in Nicaragua, which is understandable. It is an expensive process to transfer in large sums of cash and a seller may not want to deal with the cost or formalities, especially when the funds are to be used in Nicaragua. On the other hand, there are sellers who embrace an offshore escrow arrangement because they can then have the proceeds of the sale transferred wherever they choose.
The Latin phrase, Caveat Emptor, or Buyer Beware, is applicable everywhere. However, it is more relevant in Nicaragua. The reason for this is only partially to protect against fraud. Ownership of some real estate is murky. It is required that a property be searched back to before the Sandinista revolution, and that every person named on the title consents to the property being transferred to another owner. This can become complicated in the case of inheritances, or properties that were once seized from relative or cronies of the dictatorial Somoza family dynasty. Most of the issues surrounding seized properties have been resolved. However, generations of inheritances have resulted in some titles being held by the estates of persons long dead, or relatives that left the country decades before and are unaware they have claim to a property. Assistance with the due diligence aspect of a property purchase, as with all aspects relating to sourcing and purchasing real estate in Nicaragua is what Nica Investments does. Feel free to contact us for a free consultation.