It can be easier, frankly, to seek out a place like Ajijic, Mexico, or Boquete, Panama, where your neighbors would be fellow North Americans, where you'd hear more English on the street than Spanish, and where you'd have like-minded compatriots to commiserate with over the trials and tribulations of daily life in a foreign country. Ajijic, for example, could as easily sit north of the Rio Grande as south. It can seem like a transplanted U.S. suburb.
This can make a terrific first step, a chance to dip your toe in the retire-overseas waters rather than diving in headfirst. In Ajijic, you're living overseas and enjoying many of the benefits (great weather, affordable cost of living), but the surroundings and the neighbors are familiar in many ways. You can shop at Wal-Mart, meet up with fellow Americanos for bridge on Thursday evenings, and never have to travel far to find English-language conversation.
On the other hand, life in Mexico would be a very different experience residing in a little fishing village or a small colonial city in the mountains where you're the only foreigner in town. Settling among the locals means you must learn to live like a local.
Is the thought of that appealing, exciting, and invigorating? Or terrifying? Be honest with yourself as you consider your response.
There is no right or wrong reply, and there are pluses and minuses either way.
During our 15-plus years living outside the States, we've gone local, first in Waterford, Ireland (where we had no choice; there's no established expat settlement in these parts), then in Paris, now in Panama City.
Here in Panama, we settled first in one of the most "local" neighborhoods in the city, Casco Viejo. Life in the Casco is about as far from life in a private gated development community as you can get. This is a neighborhood in transition that is home to some of Panama City's poorest residents. English is spoken almost nowhere, Latin music blares from open windows, and children run barefoot in the square. The Catholic church on our block was full every Sunday morning with the local faithful, who, after Mass, congregated on the corner to share gossip and pass the time.
Living in a gated community, we would have missed all that.
Living in a gated community, the streets would be kept clean, the landscaping manicured. You could expect access to a swimming pool, a clubhouse, maybe riding stables and a tennis court. Security at the gate would keep out anyone without permission to pass, roving guards would keep watchful eyes over your property, and your neighbors likely would all speak English just like you.
That could be great.
Great, but different.
I was reminded of this important retire-overseas decision by Overseas Retirement Letter Managing Editor Lucy Culpepper, who wrote this today to describe the content of this month's ORL issue:
"This month's feature is Loja, Ecuador (written by Latin America Correspondent Lee Harrison), a place that's really off the gringo trail. However, the Property Picks section is about immersing oneself in all that is gringo--i.e. living in a gated community. I'm trying to represent the two extremes of living/retiring overseas, because each option appeals to a very different kind of person..."
Lucy is finalizing the issue now, which is expected to be in subscribers' e-mailboxes by Monday.
Kathleen Peddicord
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April 18, 2013:
Getting A Tourist Visa For Travel To Ecuador
"Kathleen, I'm planning a trip to Ecuador soon. If I were to stay in Cuenca for three to six weeks, would I need any type of visa?"
--Nancy M., United States, Overseas Retirement Circle Member
Ecuador will give you a visa good for up to 90 days when you enter the country, but you have to tell them you'll be staying that long. Generally, immigration in this country grants you entry into the country for just a little longer than however long you say you're planning on staying (again, up to 90 days maximum). For example, if you say you're staying for a week, they might stamp a visa for 14 days in your passport.
An attorney in Ireland once told us a story (this was years ago but probably still valid) about how he had traveled to the Galapagos with his wife and daughter. The daughter was older than 18, so she went through immigration on her own. The immigration officer asked her how long she would be in Ecuador. She said three days, thinking that the Galapagos was another country. The immigration officer gave her a visa for three days.
When the girl mentioned this to her father (before they were away from the immigration area), he sent his daughter back to tell the guy she had misspoken. The immigration officer told her it would be okay. It wasn't. When they went to leave the country, immigration told the girl she had overstayed her visa and had to pay a fine.
When arriving in Ecuador, I recommend telling immigration that you intend to stay longer than you do, just in case of any emergency or change of plan.
Ecuador isn't the only country where immigration operates this way. Many countries automatically grant you the maximum allowable days when you enter--30 days in Belize or 180 days in Panama, for example. But not all. Some countries, including Ecuador, indicate some other, fewer number of days based on how long you say you'll be in the country.
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Much better, whenever possible, to invest in solid turn-key opportunities for generating rental income. One such turn-key revenue-generation property option would be a condo hotel.
Condo hotels give you built-in management while offering diversification offshore. You don't find these in the United States, because most condo hotels pool revenue and disburse profits to unit owners rather than tracking the nightly rental for each unit individually. Therefore, these would be highly regulated in the United States.
The benefit of pooling is that you don't run the risk of the management company playing favorites with any specific units. The downside is that you can't differentiate your unit to try to get better occupancy. However, most condo hotels are professionally run hotels that offer management and branding that help you achieve good returns.
Depending on the type of condo hotel structure in place and the location, the returns for a condo hotel investment can range from okay to excellent. For example, leaseback investments in France, which are essentially condo hotel investments where the management company pays you a fixed return no matter what level of profits the hotel actually manages to achieve, historically offer 3% to 6% net yields. Resale units in Medellin, Colombia, that I've written about in the past can return net yields between 6% and 7%.
Investing in a condo hotel unit pre-construction brings some additional risk (you're taking the risk that the hotel will, in fact, be built), but it also comes with more potential upside; the projected net yields based on the original purchase price are typically much better than even the 7% you might get from, say, a resale unit in Medellin. Investing in a condo hotel pre-construction also has the advantage of not requiring all the cash up front; typically, you make staged payments during the period of construction.
Right now in Panama City I know of a condo hotel investment still available "pre-construction," even though construction is, in fact, under way. Unicorn is expected to be delivered by the end of 2014.
Unicorn is an all-suites hotel whose target market is businessmen traveling to Panama. In addition to flagging the hotel as a Park Inn (Carlson Group's mid- to upper-market brand), the developer also has an agreement in place with an Italian designer that puts Unicorn as the center piece for fashion events in Panama.
With affordable suites (expected to charge an average daily rate that is about 70% of the rates for a suite in the same category of hotels that aren't all-suite), Unicorn expects to gain loyalty from frequent business travelers. The key metrics for any hotel are the average daily room rate and the occupancy rate. These tend to move hand in hand throughout whatever seasons a market sees, moving lower during the slow season and moving up during tourist season, to help keep occupancy as high as possible.
Panama hotels saw a small dip in occupancy rates last year. The figures I saw were something like a 10% drop in occupancy rates in 2012 across all hotels in the city. However, that decrease came in a year that saw an increase in the number of available hotel rooms along the lines of 62%. (The biggest surge in new hotel rooms in Panama City in 2012 came from the Hard Rock Hotel, which has 1,500 rooms.) The fact that occupancy rates remained as high as they did in the face of this dramatic increase in inventory is a testament to the continued growth in both business and tourism travel to this city. And is an important part of the reason why the developer behind Unicorn, Bruno Carnasella, returned to Panama.
Bruno, originally from Italy, developed some projects in Panama in the early 1970s before turning to south Florida, where he went on to develop high-rise residential projects for decades. Then, about four years ago, Bruno returned his attention to Panama, specifically to Panama City. He was attracted not only by the potential he perceived in the hotel industry in this city, but also by the big potential he sees in the country in general over the coming 10-plus years.
Despite his bullishness on Panama real estate, Bruno's projections for the returns on an investment in Unicorn are conservative. He's projecting just 60% occupancy and a room rate of US$229 for year one. You can pay more than US$229 today for a regular room in some of the finer hotels in Panama City during high season. Regardless, using Bruno's figures, investors are projected to return 8% during the first year of operations, increasing to 13.3% by year five, assuming reasonable increases in occupancy and room rates.
Particular positive factors for the hotel industry in Panama City include further airport expansion at Tocumen International Airport and the planned construction of a new convention center. Meantime, Panama's GDP growth is back in double-digit range (10.6% for 2011 and projected to be more than 11% for 2012). I believe it is very reasonable to anticipate demand for hotel rooms in this city growing rapidly over the next several years.
Unicorn offers three different sized units: 47 square meter, 51 square meters, and 61 square meters. Each size equates to a slightly different split of the profits – 68%, 70%, and 75%, respectively – allowing for the differences in size, room rates, and capital investment. Unit prices start at US$268,537 for a 47-square-meter suite. On a per-square-meter basis, that's expensive for an apartment…but not for a hotel room. You have to remember that your hotel room is furnished with high-end furniture, hotel-quality linens (it is a hotel, after all), televisions, and the requisite mini-bar. Also, the hotel itself comes "furnished," as it were, as well, with the lobby, front desk area, phone system, and all the necessary back of house areas for maids and maintenance.
The payment plan of 30% down at signing (remember construction is already under way) and the balance due at completion couldn't be more straightforward. No regular progress payments to have to keep up with.
Once the hotel is up and running, your revenue payments will be made every quarter. It could be the perfect cornerstone for your passive income portfolio.
To learn more, you can inquire about the opportunity available at Unicorn here.
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Back in Panama, Carnaval is all about the fiesta. The entire country shuts down for a week of nonstop revelry. No business is done, no appointments made. Everything is put on hold until "after Carnaval."
People save all year to fund their Carnaval partying. If they find they have nothing saved come the start of February, they pawn or sell whatever they can. We've heard stories of families selling refrigerators and living room furniture to raise money so they could travel the week of Carnaval and take full advantage of the goings-on across this country.
"Nobody and nothing gets in the way of Carnaval in Panama," says Alberto, our resident man on the street in our office in Panama City. "Two things you don't mess with in Panama--Independence Day in November and Carnaval in February. Everybody knows that."
Last year about this time, the indigenous in Panama were on strike. The government was attempting to sell part of their reservation to private companies for mining. The local Indians wanted no part of this and, since the start of the year, had been making their position known by blocking roads and generally raising a fuss. The protests continued into February, when the countdown to Carnaval began. Everyone watched nervously. If the Indians didn't stop their protesting, people wouldn't be able to travel for Carnaval. The conflicts this could lead to could be serious.
As Alberto puts it, "Nobody needed to worry. Those Indians wouldn't keep it up over Carnaval. They knew better than that. The people will have their Carnaval." As he predicted, the Indians stopped protesting last year just in time for Carnival travel.
While Carnaval is a country-wide holiday, not everywhere in the country celebrates in the same way. Panama City is largely deserted over the week of Carnaval, as everyone from the capital who can afford it travels elsewhere, either to the coast or the interior, for the big event.
Should you plan to be in Panama for Carnaval...or avoid this time of year in this country at all costs? A friend told us early in the month that he'd contacted his airline to book a ticket out of Panama City the Friday before Carnaval weekend (that is, this past Friday). The airline told him the flight was fully booked; he wouldn't be able to fly that day.
"Oh, I'll be leaving Panama that day," our friend assured the airline agent. "I won't be sticking around for what will follow that weekend."
Las Tablas is the biggest, best-known, and most traditional Carnaval venue in Panama. Two competing queens representing "Calle Arriba" and "Calle Abajo" are at the center of the festivities; these two opposing camps compete to showcase the best floats, the best fireworks, and the best costumes.
Fifty-one weeks a year, Las Tablas is a sleepy little town of about 10,000 souls. The week of Carnaval, its population can swell to 100,000 or more. People sleep on the sidewalks, in the parks, on the beach, in strangers' driveways, and on car hoods. Everyone with an extra bedroom rents it out for what amount to outrageous sums for these few nights; some folks even rent out their living room sofas...even their living room floors.
The effect of all this population on this small town is something to see (maybe once). Shops stockpile beer and seco, filling every available inch of storage space with inventory, but, still, they sell out. People drink and dance in the streets around the clock for three days straight. Music blasts. Water trucks spray. Not for the faint of heart...but a big boom for the Las Tablas economy.
Alas, we aren't on hand to witness any of the goings-on in Panama this year. This year, as I mentioned, we're enjoying Carnival in Ecuador, where we've traveled for our Live and Invest in Ecuador Conference taking place in Quito starting Wednesday...and, as well, for a special project. Meeting us tomorrow in Cuenca, from where I write today, is a television and video producer working with us to film our first Retire Overseas video. I'm on my way out the door now to rehearse.
More on this soon. And, meantime, live reporting from our Quito event later this week.
Feliz Carnaval!
Kathleen Peddicord
P.S. What else this week?
- Monty visited Belize for the first time in 1995. He liked what he saw and is kicking himself today for not having invested in a piece of property in this country at that time.
But Monty's life was more complicated back then. He was married, he was working to support his family, and he was raising his children.
Today, 18 years later, Monty is single, and his kids have flown the nest. He's consulted his two dogs, and they're all for the idea of restarting life in Belize at this stage.
One thing that appealed greatly to Monty about Belize during that first visit years ago was how rugged and rural the country was. Belize is still rugged and rural, but today it also offers many more of the conveniences we take for granted and that most retirees don't want to give up.
Monty returned to Belize last week to see for himself the differences between Belize today and Belize of 18 years ago...
- Frik De Meyere is far too young to be thinking about retiring overseas. Instead, Frik and his wife, two 30-somethings, moved from Belgium to Placencia, Belize, two years ago to start a business and to start a family.
Frik and his wife are entrepreneurs. In Brussels, they started and ran four different companies. They were young and making money as well as their own schedules. They traveled often. For each trip, they'd pull out a big world map and decide where to go next.
Between trips, it wasn't unusual for the couple to work 20-hour days. Frik and his wife love business, but the life they were leading in Brussels was overwhelming them. Then one day, they pulled out their world map and noticed Belize. English-speaking, entrepreneur-friendly, and a tax-haven, Belize is also low-key and super low-stress. Maybe this was the place for them, a place where they could be in business but still enjoy life a little.
That insight inspired the De Meyeres to visit Belize several times. They started making investments in this country, diversifying their assets offshore and establishing themselves slowly. They looked at the local hospitals and schools. They interviewed resident expats, to learn from their experiences, including Boris Mannsfeld, another young entrepreneur who had opened a real estate company in Placencia.
Then the financial crisis hit in Europe. The De Meyeres went through tough times. Banks closed. Loans were cancelled. Their businesses suffered. Finally, the couple realized they needed to take action. They folded their business operations in a painful process that took more than two years to complete. Frik had to let all of his employees go.
About this time, the couple discovered they were expecting a baby. They didn't panic, as they might have, but turned to their escape plan. They decided to proceed full speed ahead with the alternate life in Belize they'd begun to build...
"With their Belize Act in 1981, the Brits built themselves a banking haven. They looked around at the top banking havens worldwide at the time and cherry-picked the best elements of the banking laws in each case. These elements were incorporated into the banking law for the about-to-become independent nation to be known as Belize.
"Until that point, Belize had been British Honduras, a colony of the Crown.
"The constitution for this new country was based on the Canadian constitution. What does this mean?"...
- Belize is many good things and recognized for many advantages and attractions, but medical care is not typically one of them. As we've reported in the past, if international-standard health care is a top priority for you, you have better options. One exception to this could be to base yourself in northern Belize, around Corozal, specifically the Bay of Chetumal. Here, you're near enough to Chetumal, Mexico, to count on the top-notch medical facilities in that city for care when you need it. Elsewhere in Belize, though, again, the available medical services can be limited and basic.
At least that has been the reality until now.
Now, healthcare options in this country are improving, and the government has made this a priority. Specifically, the government has set medical tourism as an agenda, recognizing this as an important potential source of visitors and revenues and understanding that real world-standard medical care is a top priority for retirees.
Step one in the related efforts to developing medical tourism in Belize has been to task the Belize Trade and Investment Development Service (Beltraide) to make a plan. Beltraide has brought in a consultant from Costa Rica to help create a blueprint based on the successful development of medical tourism in that country.
The basics of a program have been outlined...
PLUS--From resident global real estate investing expert Lief Simon:
Last week, the guys at Tierra Cafetera updated me on their progress since I last reported on their Colombian coffee plantation offer. The group has closed on Finca "La Virgen." (I'm not sure if the name came with the finca or they came up with the name given that this is the first plantation in their network being offered to individual investors.)
As of this writing, they have but a dozen or so parcels still available out of the farm's total 150. Meantime, the Managing Director, James Cummisky, has already identified and started working on the paperwork for the purchase of the next finca to add to the portfolio.
I've been very bullish on agricultural land. This has been a focus for the past several years, as yield-generating investments are a critical part of any portfolio right now. Agricultural land can not only throw off a yield, but it also can be expected to appreciate in value as arable land around the world becomes scarcer and demand for food increases. Agricultural land in Colombia is no exception, but the crop you want to get involved with is coffee...not the other stuff.
Seriously, this country is known for growing some of the best coffee beans in the world. Surprisingly, though, the industry is not nearly as efficient or as developed as you might expect.
That's where Tierra Cafetera comes in. Their investment model is to source fincas already in production and then put turn-key operations and management in place on behalf of their investors.
You see, farmers in Colombia have little incentive to grow better or even more coffee. They get the same price for their product regardless of quality...unless they happen to be found by a micro-exporter like Tierra Cafetera's sister company Coffee Latin America.
With the sales outlet in place through Coffee Latin America, Tierra Cafetera is putting together the supply it needs--both directly, from Colombia coffee farmers, and by finding independent fincas to add to its portfolio. Fincas like La Virgen.
Now, with Finca La Virgen, the Tierra Cafetera team is at work on step 2--making the finca more efficient and productive. They are surveying the entire farm to finalize the planting plan for the high-value coffee bean varietals that Tierra Cafetera's wholesale buyers are looking for. It'll take up to three years for these newly planted coffee trees to produce, but that coffee will be worth considerably more than the good coffee already being harvested from this finca.
The high-value varietals that Tierra Cafetera plans to grow include Geisha, Mocha, Caturra, Parajito, and Bourbon. Geisha is the current hot commodity in the coffee world, but, like fine wine drinkers, gourmet coffee aficionados like different coffees for different occasions. Hence the plan to plant multiple high-quality specialty coffees.
Perhaps most important, the tenant farmer charged with caring for the coffee trees that Tierra Cafetera is planting is being trained in modern, state-of-the-art coffee-farming techniques so that he can maximize yields. Growing better quality coffee beans and increasing yields are two integral parts of the overall value formula at work here.
By implementing modern farming techniques--using fertilizers, organic pesticides, and better planting techniques, for example--Tierra Cafetera expects to be able to increase the average yield of farms from the current less than 50% of maximum potential to a more optimum level over the course of 10 years. Meantime, they will get better quality coffee from the current trees...and the new plantings (such as the Geisha) will increase the average per-pound price potential when those trees start producing.
The bottom line of all this is a turn-key opportunity for the investor. An investor buys a piece of property (that is, a parcel in La Virgen), and Tierra Cafetera takes over from there.
Built-in management is one of the big advantages of this kind of agricultural investment. You own the land, but it's worked by a local farmer who cares for the coffee plants and that farmer is managed by the Tierra Cafetera team. Returns for investing in these turn-key fincas are projected to reach an annualized 19% over a 20-year period. Of course, it'll take some time to optimize the finca for quality and quantity of the coffee produced, but, as each finca that Tierra Cafetera brings into their network is already a producing coffee farm, cash starts flowing back to investors six months after the farm is brought online. Initial cash flow will be nominal, but, over time, the revenue generated from the farm could become significant as the production yields increase and the higher value coffee comes online.
That 19% annualized yield doesn't include the value of the land (remember, as an investor, you own and take title to the piece of the finca in question that you invest in), which one could reasonably expect to increase over the 20-year period used for the projections.
Given the minimum investment of US$10,000 for a half-acre parcel, this is an opportunity to dip your toe into an agricultural land play with minimum risk. Note that I don't expect this low minimum to remain in place much longer. Soon, Tierra Cafetera intends to raise the minimum to five parcels (that is, US$50,000).
For more details on what I see as a very appealing productive land investment opportunity in a growth market inquire here.
***
Kathleen Peddicord's New Book "How To Buy Real Estate Overseas" Available Now Pre-Release!
Kathleen Peddicord's latest book, published by Wiley & Sons, hits bookstores April 8. Starting now, though, you can buy a copy pre-release and save 36% off the release price!
Go here now to place your order of "How To Buy Real Estate Overseas"!
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"Things are taking shape," he told us most recently. "The really good news is that we haven't been exaggerating when we've told people that nearly every lot on the property has a great view. Now that we're clearing away some of the brush, the perspective is changing. 'Wow!' is all I can say. Some lots of 360-degree views. It's something to see."
Indeed, we wanted to get out there to see for ourselves, so, Friday, we drove from Panama City to Santiago. Until we build a place to stay of our own on the Los Islotes property (more on this in a minute), Santiago is the most comfortable place to overnight in the area, especially since the opening of the new Mykonos Hotel in this city. I don't really get the Greek theme at work at the Mykonos, but I greatly appreciate that the hotel is now in operation. It sets a new standard of accommodation in this part of Panama (and rooms are only US$75 a night, a bargain considering both the property and the service).
When the Mykonos opened a few months ago, Lief and I wondered about its prospects. Again, we were awfully glad to have it as a place to stay, but, while every other hotel in Santiago is a couple of dozen rooms or so, the Mykonos has nearly 100! How will they fill all those rooms, we wondered, worried that they wouldn't be able to stay in business.
We shouldn't have been concerned. We got the last room in the hotel when we called Friday morning to make the reservation. A Ministry of Education conference and a rally for President Martinelli had every hotel in Santiago just about fully booked, including the Mykonos. This isn't uncommon, we learned, asking around. It seems this was the plan all along. More and more groups from Panama City are looking for options for places to hold meetings and conventions. Santiago is emerging as a top alternative.
Waking early Saturday morning in Santiago, Jackson remarked, "It's fresher out here, isn't it? Nicer..."
Indeed. Panama City is an increasingly urban and gritty place to be. Santiago, while one of the biggest cities in the country and, by some accounts, the fastest-growing destination in Panama, is still very much in the country. From the window of our room at the Mykonos we had views of cow pastures all around. Driving into the city Friday evening, we watched the local farmers harvesting their sugar cane.
Saturday morning, we made the drive down the east coast of the Azuero Peninsula from Santiago through the little towns (villages, really) of Mariato, Malena, Torio, and, finally, Quebro, to reach the turn-off to Los Islotes. We saw Gary's handiwork straight away. Wide new roads led us into the property. We three hopped out of our car and into Gary's truck for a complete tour of Phase 1, possible now thanks to the new roads.
We'd come to see the roadwork for ourselves, but also to finalize the lot selection for the Founder's Lodge we intend to build now. "I recommend you look at lots 1, 2, 9, and 10," Gary suggested. They sit along a ridge that I think would be a great choice for where to locate what you want to create. Lots 3, 4, and 5 would be great, too, but they're spoken for," he added.
We started at the edge of lot 1 and climbed the ridge through to lot 11. As Gary had explained, now that some of the underbrush has been cleared away, the views both of the Pacific Ocean in front and the mountains behind are even more impressive than we'd expected. When we reached lot 10, I was particularly taken.
"This is it," I said. "This is where we should build the initial small clubhouse and guest suites we need. Let's get the dimensions and the topographical details to Ricardo, our architect, this week. The sooner he can begin designing, the sooner we can break ground on the structure."
That agenda item taken care of, we wandered around the property a little more, enjoying the increased access. Some of the land we explored on Saturday we'd seen in the past only on foot and with the help of a machete to clear the way.
"It'll be a year at least, thinking realistically, before the Founder's Lodge is finished," Lief mentioned as we were driving around. "In the meantime, it'd be nice to have a place to come out for picnics and visits with friends. Let's build something up on that high point over there, a simple open-air structure with a red clay-tiled roof where we can sit and enjoy a cookout or a rum and coke as we watch the sun set over the ocean."
"I can have that spot cleared in a few days," Garry added. "And I can bring in some guys to build whatever you want as soon as you send me a drawing to work from."
We're on it. Now that dirt is flying, Lief and I intend to be out at Los Islotes at least twice a month. We'll need to create a place where we, the kids, and friends who accompany us out to the property can enjoy all the Los Islotes has to offer in shade and comfort.
Kathleen Peddicord
P.S. What else this week?
- Ecuador Expat Jeff Stern writes:
Owning and running a chocolate business can be a bittersweet experience. Owning and running a chocolate business in Ecuador definitely is both bitter and sweet. I moved to Ecuador in 2007 with my wife Maria and our two kids, aged 9 months and 3 years at the time. For years we had been looking for another opportunity to relocate overseas, as both of us had worked in the international development field and spent numerous years living in various countries including South Africa and Nicaragua. That opportunity never came. We finally realized we'd have to create it for ourselves. We sold our house just before The Great Recession, packed up everything, and relocated to Quito, Ecuador...
- Correspondent David Morrill writes:
One of the major challenges facing expats, especially those living in a country where the people speak a language other than the one the expats spoke back home, is communication. Finding reliable service providers can be difficult. And being able to keep up with local news and events, even with each other, is often the difference between a fulfilling life and chronic frustration.
In Ecuador, specifically in Cuenca, the answer is an e-letter service and website called GringoTree...
- "So many choices...what do you suggest?"...wondered one reader yesterday.
If you have a particular agenda, your challenge is mitigated. If yours is a strict and modest budget, for example, you must choose a country where the cost of living is low (Ecuador, Nicaragua, Uruguay, Thailand, and Vietnam qualify).
If you intend to start a business in your new life overseas, then your top choices are entrepreneur-friendly jurisdictions (Panama is the front-runner).
If you have an ongoing health concern, then you can think about moving only to those places that offer top-notch medical care (typically this means sticking close to a city big enough to have international-standard facilities).
If you're moving with children, international-standard schooling options are the make-or-break issue (Panama and Colombia offer great choices in the Americas). But what if you're not limited in any of these ways? What if you're not restricted by cost of living or health issues or school-aged children or the need (or desire) to start a business and earn a living?
Well, then, you could go anywhere.
And that's the trouble.
What do I suggest?...
PLUS--From resident global real estate investing expert Lief Simon:
The idea behind Mahogany Park is straightforward. This riverfront community in the Cayo District of Belize has been conceived as an opportunity for retirees looking for a place to enjoy the simple life in a charming rural setting and on a very modest budget.
Mahogany Park isn't a gated community. This is more low-key than that, more for retirees more interested in becoming part of the existing local community rather than creating one of their own.
Mahogany Park is also about a year-and-a-half in the making. That's how long Belize developer-friend Phil Hahn and I have been working to put the pieces for this into place.
The piece of land where Mahogany Park is being developed was chosen carefully. The property sits on the Mopan River just outside the town of Bullet Tree. The location is quaint, quiet, and back to basics. The river situation means cooling breezes and pleasant views.
As I said, this isn't a "gated community." No clubhouse, no gym, etc. All of that adds cost for the owners, both upon purchase (every amenity must be amortized over the prices of the lots) and ongoing (in the form of HOA fees). Plus, all of that would change the face of what's on offer here. If you want a full-amenity situation, you have other good options in this country. If you want sweet and simple country living, Mahogany Park could be just the thing.
While this isn't a master-planned community in the traditional sense, the property will be supported by roads, water, and electricity. You won't have to dig your own well, for example.
In addition, Mahogany Park will include a half-acre park with access to the river for use by all owners, a nice place to meet with your few neighbors and maybe share a cocktail at sunset. Otherwise, the property is being given over to dozens of mahogany trees (hence the name). Three of the lots are riverfront; owners of these will be able to step out your back door and be right at the river (note that there's a 66-foot government setback from the river's edge for construction).
With lots ranging from about 1/8th to 1/5th of an acre and prices starting at US$25,000, Mahogany Park is a very appealing option for someone looking to retire to Belize on a budget, build a second home, or invest in a small rental property. You could put up a two-bedroom, 1,000-square-foot house for as little as US$70,000, including the septic system, meaning that you could have a comfortable home of your own in this riverfront setting within walking distance of town (Bullet Tree) for a total of less than US$100,000.
Belize is generally best known for its Caribbean lifestyle. That's out on Ambergris, and that's where you should look if you like to spend your days diving, snorkeling, and fishing. Belize's Cayo is a different place entirely. This is inland, in the mountains, in a region that has managed to remain largely undiscovered and undeveloped despite all the attention other parts of this country have attracted.
Frankly, the Cayo is my favorite part of Belize. The older I get, the more I appreciate the attractions of simple country living on the banks of a slow-going river. If that lifestyle appeals to you, too, the Cayo is one of the best places in the world to enjoy it.
Finding serviced lots in a riverfront setting at the prices on offer at Mahogany Park isn't easy--not in Belize or anywhere. And at Mahogany Park, there are only 23 of them.
Phil likes to launch any new project with a special offer. In this case, he's convinced me to offer a US$5,000 discount off the price of the first five lots sold. That means you could buy a lot in Mahogany Park for as little as US$20,000. I don't know of any opportunity anywhere that compares. And, again, this one is very limited in scope.
For more information, you can get in touch with Phil here.
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