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Investing in Colombian Hotels

>> Oct 16, 2011

Colombia is seeing a boom in the construction of hotels, like no other country in the world in 2011. It seems strange a country that has a reputation of being dangerous and corrupt is seeing so much investment. The northern end of Colombia is full of white sandy beaches, perfect for relatively low-cost holidays, excellent weather all year round, and is a short distance from the United States and Europe.

Backpackers who are on party holidays have always been attracted to Colombia. Now we are seeing a more mature and sophisticated traveller, as the better hotels and better services are being built. Flights to Colombia are numerous, and the country has a high number of airports. Here is a look at some of the main issues to consider, and the recent improvements in relation to investing in hotels in Colombia.

· Evaluation. Evaluation of any real estate and predicting realistic returns is not easy to do. The use of sophisticated property valuation software and hotel valuation software with the functions and features to incorporate local conditions is essential for correct calculations. The professionals who can analyse this from their experience are also essential.

· Independent Legal Support. Not unlike any foreign country, and particularly in Colombia, having your own independent and legal support is mandatory. The last thing you want to be using is the seller’s attorney. You need your own legal support to communicate with tax advisors in Colombia. You need to work with real estate agents with a reputation for excellence and openness.

· English Translation. It can be difficult to find an English translator and interpreter to handle the legal issues you will confront. While there are a growing number of younger Colombians, who do have excellent English ability, at this level of business, you are going to need an outside professional. The available information on taxes, rules, laws and residency permits can be difficult to find in English.

· Ground Work. You should expect considerable more ground-work than compared with other similar ‘gringo’ locations. There just has not been the investment in the past for those facilities to be available in your language.

· Visas. Colombia is known for complicated and outdated visa practices. This is starting to change, and visa application processes are being simplified. Visas are not as complicated as they once were, and the chance of bribing your way to a visa is also being diminished. Long-term visas are easily obtainable for investors in business and real estate alike.

· Locations. Colombia is still a country torn from many years of internal conflict. Knowing where to go, and not where to go, is extremely important.

Buying real estate and the buying of hotel real estate is a pretty straight-forward process as long as you have your own independent support. The local economy is not waiting around for anyone, and you will see a large number of hotels and other accommodation already well into construction.

The Sheraton has invested in two towers in the beach town of Cartajena, when their original plan was to build one. The fact that you will have little in the way of language and international support without bringing your own shows how open the market is. If all that support was already there, that would mean you are too late.

/image: canstockphoto.com/

About This Blog and Me!

Welcome to my blog. I'm a home maker, a stay at home wife. I'm just an ordinary woman who has interest in reading, working at home and learning to write. We live in Bogor, Indonesia.
This blog contains articles in family topic.
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