Nicaragua Expat Forum

Owning land in business's name...benefits?

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AckersinNica

3/7/2016 13:00 EST

Is anyone familiar with the benefits of registering your fully titled property in the name of your Nicaragua-registered business that operates on said property?

I know for some aspects it acts as an LLC and limits you from liability in terms of what happens on your property. The business is run on the property but we are also planning to live there.

Anyone know of any downsides? i.e. if something happens on your property and someone tries to sue you and the property is in the business's name instead of our personal names...how would that affect the situation?

I know it's a shot in the dark, but figured maybe somebody out there has experience with this.

Gracias in advance,

Carlos

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MarioRobleto

3/7/2016 20:23 EST

If you have a business that currently is in operations and it is doing well, for tax reasons if in the company's name the property would increase the business' value and be depreciated over time. Which can help you at he moment of your year end tax declaration. If you have any other questions just let me know, but with reference to that specific situation off the top of my head...

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MarioRobleto

3/7/2016 20:23 EST

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wagsa

3/8/2016 09:59 EST

Carlos, that is a very good advice, but the best thing to do with your home is to homestead it. Nicaraguan law allows you to do that. Most attorneys here, don´t even know that the law exists, they never use it, since it does not create any benefit to their business of confusing things in order to charge fees. I am in the problem solving business. I don´t get paid unless I solve it. Call me 8903 2214 Claro 8258 0743 Movi

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AckersinNica

3/8/2016 11:50 EST

Thanks for info. Explain "homesteading" and what it means in terms of a business that owns a property?

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