Delay in Nicaraguan law puts US$1 billion of tourist projects on hold

More than 60 Nicaraguan tourism projects valued at a total of some US$1 billion are on hold because Congress has failed to agree on a law to protect investments on the nation's coasts.

Wednesday, May 28, 2008

"We can only hope the law gets passed no later than June, because projects are being held up all over the place," said Lucy Valenti, president of the national tourism chamber, Canatur.

More on this topic

Implications of Nicaragua's New Coastal Law

January 2010

Passed in June 2009, the Law for Regulating Coastal Areas establishes clear rules for investors.

"The law states that oceanfront land within 50 meters of the high-tide line is public domain, as is land within five meters of lakes and lagoons. Rivers are exempt".

In comparison, in Costa Rica the law states 200 meters of the high-tide line, whereas in Mexico foreigners cannot own land less than 50 kilometers from the ocean.

Nicaragua: Mayoralties to Grant Permits and Concessions

May 2009

With the new Coastal Law, local governments would be responsible for granting concessions and permits for tourism development in coastal areas.

The approval of 71 of the 73 articles of the Coastal Law being discussed in Parliament would leave the granting of concessions for tourism development, service delivery, recreational uses and beach use regulations in the hands of local and regional governments.

Nicaragua: Coastal Law soon to be approved

February 2009

The Law of Coastal Zones that will regulate the use and access to the coasts of seas, rivers, and lakes would be enacted before Easter Week.

The President of the Commission of Population, Development and Municipalities and Deputy Augustine Jarquín Anaya, informed Elnuevodiario.com.ni: "At the maximum of two months out, it should be approved at the plenary, because it is estimated that it is a law that enjoys consensus after years of public and private consultation with different sectors, plus some coastal native communities."

New Nicaraguan coastal law: A crossroads for the housing market

June 2008

The legislation will either propel Nicaragua forward as a property investment hotspot, or have negative repercussions on the real estate market for many years to come.

At the moment, there is little indication over how coastline property developments will be affected. Currently, building is restricted to within 30 metres of the shoreline, but the bill is expected to extend this restricted zone.

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