Nicaragua Approves Trust Law
The new law will regulate Trusts, which did not exist before in Nicaragua.
Friday, November 5, 2010
According to Walmaro Gutierrez, head of the Parliament´s Economic Affairs Committee, the Trust will boost the construction sector and provide wealth management and an investment pipeline, among other things.
Although it is still awaiting regulation, Act 741 of the trust agreement will enable new ways of doing business in Nicaragua.
Different fields of professionals have entered a Resource of Unconstitutionality against Law 588, the "General law of Professional Associations and Professional Practice." The law was approved by the National Assemblyand passed on Jan. 14.
The Superintendency of Banks in Panama is working on a bill to amend the Trusts Act governing the trust business in the country.
The amendment to the Law on Promotion and Regulation on the Use of Credit Cards (Act 515) would not prosper.
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