Drs2817
4/24/2014 01:38 EST
Hello All!
I am a U.S. citizen in my mid 20's determined to move to central america/islands in the next 60 days. I have lots of questions that are somewhat important to me before moving. My current focus area is Nicaragua, probably in either Granda, Laguna de Apoyo and San Juan del Sur. I am married with child, I am a some what successful business owner, looking to build roots. I am not interested in investment property potential currently, although I am interested in building businesses in the area that communicate with close by countries. I am a computer programmer, as well as premium web design and marketing consultant. I specialize in a ton of areas, although I am most known for my financial writing and publishing, as I am considered a market guru.
My wife and I have been very successful in our ventures, although it seems no matter the success, in the U.S. you are still nothing more than a person with a dream, that is in all honesty unobtainable. I am very laid back and lax, as well as my wife and child, we value our family and depend on one another for support, therefore when reading about Nica, it sounded very appealing. My wife runs two different small non-profits, although the needs to met the demand in this country are extremely expensive in-order to make a difference.
We will more than likely start off renting, although we were wondering how proof of work, credit scores and financial stability can be accountable in a different country. I have found some information, but overall it has been very vague. I am very familiar with all central america's trade laws, especially pertaining to Nica, as well as VISA laws and requirements.
Also, I was wondering about overall budgeting, what is a typical budget in those area for a modest yet good life style. I have read many articles about living on $700-$2000.00/month, but I figured this was kind of scammy sounding.
Another thing, I was wondering about import and exports, although I am familiar with the laws, there really is no specific information on the importing and exporting of goods. Say that I wanted to open an IT and electronics vendor VIA online eCommerce and a physical location in Granda or Maguna. How expensive is the transportation of goods from say "miami" to Nica.
Another thing I have read is about how much easier it is to obtain permanent residency, if partnered or working for a local or Nica affiliated company, is there anyone on these forms who would fall into this category?
Last few things I was curious about are the following:
Travel distance and time between Granda, Apoyo, SDJS and Maguna
Plane tickets from Nica to surrounding countries, as far as Uruguay, Jamaica, Costa, Guatemala and Mexico City.
Leasing office or retail space values in those focus areas.
2 Bedroom "suitable" homes for long-term leasing
Education requirements of work places, as I hold no specific degree, this is a very important topic to elaborate on. I have worked for both large and small financial, IT, Programming and Design firms as a self-employed owner, contracting another business, although I have never had the desire to work directly for someone, as it seems pointless for me.
Internet Connection, what are the speeds and dependability like in those areas?
Obtaining Business Licenses for both "for-profit" and "non-profit" sectors.
Transferring of funds, I deal mostly with Bitcoin and Litecoin, as well as other crypto based currencies, but I also deal with tons of forign clients from around the globe, will local banking institutions accommodate me?
This is all my current questions for now, I am really looking for someone willing to elaborate in detail, not figures.
Sincerely,
A Hopeful Nica Expat
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Wayne888
4/24/2014 10:23 EST
Drs2817: If you have $2000 per month to live on you will be in the upper 10% and if you have $3000 per month you will be in the top 5%. You will be able to do pretty much what ever you want financially unless you want to travel to where rents are $5000 per month and spend a month there. This is the case in Nicaragua and also Ecuador.
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gcrtexas4
4/24/2014 10:49 EST
You can find out just about everything you need to know about distances and travel times on the internet. I have been reseaching this myself and found a wealth of information on Google maps and by looking up various discriptions of cities. Airline flight information is also available on websites for airlines and any of the travel sites such as Expedia. Gotta love the internet. Sorry, I couldn't resist.
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iguanalover
4/24/2014 14:19 EST
Nicaragua is a great place for retired people with an outside income. It is questionable for younger people wanting to start a business and live off the income. It is easy to start a business, but staying in business and making money at it are a different matter, for both locals and expats. One of our hobbies is walking around towns and counting all the places that were in business last year that are gone this year. Usually it doesn't take a year. Tourist related business have a short shelf life. There are techies by the yard here that will work for much less than you.
Government oversite of business is very heavy here, I have been surprised. You will need a real knowledge of
Spanish and a local Nica to help navigate the bureaucracy. Employees are very different under the law here as are some other areas, approach with caution.
The government is really cracking down on under the table operations, they want their taxes. We know several people who have been busted in the last year.
Most Nicas have little money to spend on anything that is not needed and most expats are pretty tight. Nicas with money spend it with their friends and relatives. This is not a heavy consumer society, which is why we like it.
My husband's advise is to bring lots of money and leave before it is all gone. It is good advise. We do know of some expats that have been very successful in business, they work very hard and getting established was not easy.
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Drs2817
4/24/2014 14:49 EST
We are young, but we have money, so the issue of creating an income source from Nica residence isn't really of concern, as much as wanting to operate a business in that area for international presence. We have noticed the quality of the websites for anything internationally related being very poor quality, including this website. We are both fluent in Spanish, so that is also not an issue.
I am more interested in communicating and contacting all surrounding areas, as well as appealing to the Nica society. I was just attempting to find a location that is personally appealing to us as a family, although can touch base with surrounding countries business owners for minimal flight costs. Nothing I am interested in doing is under the table, as I am a very law abiding individual, we make well over $5,000.00/month in passive income, therefore we would never pose a burden on the Nica economy.
I would just like the long-term prospect of being a large nica business owner in the next 25 years to really hold its value as a Nica certified business owner, I am not very interested in short-term revenue. I would like to know the best way to get in contact with other expat nica business owners, if anyone has a place that could network me with these individuals.
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bushamy13
4/24/2014 16:44 EST
If you are looking to contact people in that regard then the best route for reaching people is the Nicaragua Dispatch for generality. For reaching the Nica sources you need to speak with ProNicaragua and Raul Calvet. At the next level probably contacting one of the big three law firms. All of this can be found out by googling these names. Raul specializes in tourism related projects but has very good connections in all larger businesses.
I note one of the other readers commented on how many businesses go out of business but these are usually small businesses by people with little experience and smaller capital. Hotels and rental businesses are doing quite well. We are in great need of quality businesses that know how to market and advertise and offer great service. Medical tourism is just starting not to mention, assisted living, etc, all of which have the advantage here of cheap labor.
Good luck.
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traveljinotega
4/24/2014 23:54 EST
Hey there- you ask a lot of questions in your original post. I am from California and have been here since 2005. First 5 years single and then I got married to a local man. Now my mother, brother, his wife and their 3 kids live here as well (we live in a beautiful area of Nicaragua in the country- between Matagalpa and Jinotega). Honestly making a living in Nicaragua is tough! I realize you are wanting to do this long term. I have been thinking of "big businesses" that do good here and the only thing that comes to mind is "Call Centers"- that is where the $$ is and that is what is growing! That is an idea for you! You basically would have to stay in Managua area as in most other parts of the country few speak English well enough.. As far as the legalities everything in Nicaragua is not very 1-2-3 straight forward. My husband just opened a new business www.TravelJinotega.com as he had to close his jewelry store- the government in our town said we didn't even have to register the business for 3 months- to see first if it would fly! :) If we can be of any help let me know. Also check out www.nicaliving.com it has amazing information sorted by theme. Best wishes! I love Nicaragua- OTHER than it being the hardest place to make $$. It's not the 2nd poorest country in the Northern Hemp for nothing.
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Salsera
4/25/2014 04:59 EST
I am not (yet) living in Nicaragua, but still in Madagascar where we had 2 political crises in 10 years. I think both countries are quite comparable with respect to many conditions, but Nica seems to be somewhat more stable, developed and international.
I own a company with 3 employees here in Madagascar since 10 years, and this is my experience:
1) Creating a business in such kind of country without any securities left abroad (rented apartment or house, bank account etc) is suicide.
2) Having a regular income from abroad (pension, rent) is great - do not expect to be able to make your living (that means to earn a salary) from your business, because if you pay yourself a salary, you will also have to pay the social fees (health and social insurance).
3) Nevertheless - except the year of the crisis 2009 where we had our first command (and income) in September, i.e.I had to pay all fixed costs, salaries etc for 8 months from virtually no income - we always had commands.
One very important plus always was - and I think this is the same for Nica - our reliability with respect to deadlines. Many of our customers always came back to us for this particular reason!
4) If you speak several languages fluently, this adds to your advantages (I am fluent in French, English, German of course and enough Malagasy to consult customers).
There are a lot of international projects and NGOs in such countries. Local language is a must, but if you do not speak it perfectly, you will always find someone to complete or translate.
4) In most 2rd World countries bureaucracy is a real mess - but being friendly with the staff in the administration helps a LOT. Never rely upon an employee to handle your bookkeeping and financial affairs - do it yourself. Confidence is good - but control is better. And have the difficult tax things done be an external specialist to reduce the stress.
Good luck for your business and sunny greetings from the other side of the world!
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Salsera
4/25/2014 05:09 EST
I am not (yet) living in Nicaragua, but still in Madagascar where we had 2 political crises in 10 years. I think both countries are quite comparable with respect to many conditions, but Nica seems to be somewhat more stable, developed and international.
I own a company with 3 employees here in Madagascar since 10 years, and this is my experience:
1) Creating a business in such kind of country without any securities left abroad (rented apartment or house, bank account etc) is suicide.
2) Having a regular income from abroad (pension, rent) is great - do not expect to be able to make your living (that means to earn a salary) from your business, because if you pay yourself a salary, you will also have to pay the social fees (health and social insurance).
3) Nevertheless - except the year of the crisis 2009 where we had our first command (and income) in September, i.e.I had to pay all fixed costs, salaries etc for 8 months from virtually no income - we always had commands.
One very important plus always was - and I think this is the same for Nica - our reliability with respect to deadlines. Many of our customers always came back to us for this particular reason!
4) If you speak several languages fluently, this adds to your advantages (I am fluent in French, English, German of course and enough Malagasy to consult customers).
There are a lot of international projects and NGOs in such countries. Local language is a must, but if you do not speak it perfectly, you will always find someone to complete or translate.
4) In most 2rd World countries bureaucracy is a real mess - but being friendly with the staff in the administration helps a LOT. Never rely upon an employee to handle your bookkeeping and financial affairs - do it yourself. Confidence is good - but control is better. And have the difficult tax things done be an external specialist to reduce the stress.
Good luck for your business and sunny greetings from the other side of the world!
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Mustafa123
4/25/2014 09:59 EST
Hi,
I am a U.S. citizen and will be moving to Amman Jordan within 90 days. You should check out Amman Jordan, over 300 days of sunshine, good schools- safe for childern, friendly people and food is divine! It is very relaxed, family oriented and cultured way of life for a family. Jordan is very safe, I consider it to be one do the safest places to live, especially for kids. You can establish your business there, lot of educated people with cheap labor. Email me back and let me know what you think.
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majicjack
4/25/2014 12:42 EST
Nicaragua is the land of opportunity. You just have to select the right opportunity.
Under funded is a blow to any business and fortunately for you this is not a problem. Pro Nicaragua is a good place to go for leads but you have to watch them for they will try to push things on you. If you have a dream, hard work, patience, motivation and drive will help you get there. People actually do not own businesses. The business owns them.
I am old and you are young. Take care in what you do and watch for those that would really like to get their hands on your money and give nothing in return. There are some very good and pretty honest business lawyers here. Research and find the best and use them. You may think them a little high to began but will thank yourself many times down the road for using them. I don't care how successful you are, everybody takes some lumps in business now and then. You definitely don't want to take information from people with nothing but negatives. Real, yes! if it comes from personal experience. I would not try to tell you how to succeed in your field because I don't know a damn thing about it, just as you could not try to tell me anything about ranching. If you have that dream, follow it if you get knocked on your but once in awhile get back up and give it hell.
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