Friday, February 06, 2009
Roatan Honduras Useful Map
Quality maps are not that easy to come by in much of Central America, or few that I am aware of anyway. There are some for Honduras on sites like one called “Mystic Sidewalk”, that has some pretty good ones especially of the mainland. Google Earth of course is a pretty useful tool, though you need a higher speed internet connection to use it and many, even in North America do not have that. Our “MLS” , (Multiple Listing Service) now has a mapping tool which points out the properties pretty well, though it will take some time for all the agents to mark where the various properties are, http://link.flexmls.com/gjxb4o3fevi,2
I have uploaded a new map on our web site right below the active Google Earth map, in the form of a downloadable PDF. http://www.roatan-realestate.com/roatan-info.php
If you are coming for a visit this maybe something that you may wish to download and print before your visit or if you are trying to find various properties in regard to what
areas they are in. If you have previously not visited this link you may wish to, in that it has some interesting historical background written by Dr. D.K. Evans who is now living in the U.S. but did live on the island for many years.
I have uploaded a new map on our web site right below the active Google Earth map, in the form of a downloadable PDF. http://www.roatan-realestate.com/roatan-info.php
If you are coming for a visit this maybe something that you may wish to download and print before your visit or if you are trying to find various properties in regard to what
areas they are in. If you have previously not visited this link you may wish to, in that it has some interesting historical background written by Dr. D.K. Evans who is now living in the U.S. but did live on the island for many years.
Labels: Caribbean Vacations, Roatan Honduras Investment -Retirement
Thursday, February 05, 2009
Roatan Honduras Taxes Offshore
-Tax Time
Both here and there it is time to start thinking about taxes. Many times real estate people will talk about forming an Honduran corporation when purchasing property here. It originally was thought of in regard to the original law in 1991 allowing foreigners to purchase property here in excess of .72, (3000 square meters) and was used as such. This widely used maneuver allowed a foreigner to become “Honduran” in the corporation was a Honduran entity. Although now it is also used by savvy Buyers for an advantage when selling, a way to purchase a property with part of it being owned by an IRA and part personally, and lastly to be wise in estate planning and elimination of taxes for the state in both countries.
What the real estate people sometimes fail to mention is that although setting up a Honduran Corporation is the right move more times than not, that with that set up also comes the responsibilities of owning that corporation. By that I mean legally the corporation is required to file it’s annual taxes, (due April 1st) and having an annual board meeting recorded by minutes. Now the reality of this is that you use the corporation for various present and future value but it is still a corporation. Just like where ever it is you come from, you need to do what you need to do. Most of the time you will really not have much for income if any at all, (e.g. buy a lot and it sits there for a year or buy a condo and property management it here), there normally is not a great deal of money or income to report, but the fact of the matter is that you still need to do it.
The chatter among the legal circles nowadays has been how DEI, (the Honduran version of the IRS), will be coming to the island to the Registry of corporations to check on, audit, all the corporations used to purchase land to see if people have been filing their taxes. If you have not to date, you need to.
I guess the bottom line is owning property here is not much different than owning property anywhere. There are property taxes to pay, taxes to file, things to keep up with.
Our company, which is a full service real estate company can, if you wish help out with this process. For those who have invested but do not visit regularly, we can help out with this process or other requirements like paying property taxes. We do this now for many of our clients and if you need us to give you a hand or need guidance feel free to email us and we will provide the details.
Both here and there it is time to start thinking about taxes. Many times real estate people will talk about forming an Honduran corporation when purchasing property here. It originally was thought of in regard to the original law in 1991 allowing foreigners to purchase property here in excess of .72, (3000 square meters) and was used as such. This widely used maneuver allowed a foreigner to become “Honduran” in the corporation was a Honduran entity. Although now it is also used by savvy Buyers for an advantage when selling, a way to purchase a property with part of it being owned by an IRA and part personally, and lastly to be wise in estate planning and elimination of taxes for the state in both countries.
What the real estate people sometimes fail to mention is that although setting up a Honduran Corporation is the right move more times than not, that with that set up also comes the responsibilities of owning that corporation. By that I mean legally the corporation is required to file it’s annual taxes, (due April 1st) and having an annual board meeting recorded by minutes. Now the reality of this is that you use the corporation for various present and future value but it is still a corporation. Just like where ever it is you come from, you need to do what you need to do. Most of the time you will really not have much for income if any at all, (e.g. buy a lot and it sits there for a year or buy a condo and property management it here), there normally is not a great deal of money or income to report, but the fact of the matter is that you still need to do it.
The chatter among the legal circles nowadays has been how DEI, (the Honduran version of the IRS), will be coming to the island to the Registry of corporations to check on, audit, all the corporations used to purchase land to see if people have been filing their taxes. If you have not to date, you need to.
I guess the bottom line is owning property here is not much different than owning property anywhere. There are property taxes to pay, taxes to file, things to keep up with.
Our company, which is a full service real estate company can, if you wish help out with this process. For those who have invested but do not visit regularly, we can help out with this process or other requirements like paying property taxes. We do this now for many of our clients and if you need us to give you a hand or need guidance feel free to email us and we will provide the details.
Labels: retirement Homes, Second homes, Vacation
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