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Scott: as a former professional Wall Street guy, have you considered creating a REIT for VIP members. I am a white collar, Fortune 500 corp, paycheck guy looking for systematic investments ($$ cost avg). Something for a self-directed IRA.
If you were to get into that business again or put us exclusively with someone you work with, I for one am interested.
Just floating the idea out there to make my retirement money work for me.It is something I examined in-depth quite some time ago… The costs involved in both time and money are staggering in order to satisfy the requirements of the local securities authorities (SUGEVAL) and to also be compliant enough to accept US investors money.
There are Americans advertising on the internet that they have a real estate ‘fund’ but, they are doing so in a way that is HIGHLY illegal in this country and I would not want to be in their shoes should the local securities authorities decide that it’s time to actually enforce their laws.
Scott Oliver – Founder
WeLoveCostaRica.comRight you are, Scott. I’d love to be a fly on the wall when the “perfect storm” of the combined U.S. and Costa Rican authorities catch up with these guys. And it’ll only take one well placed, disgruntled investor to start the process.
Poppell – A new law allowing Real Estate Development Funds has just been passed. This kind of Offering is not for everyone however since the maximum number of participants in each Fund is restricted to 25 and the amounts involved would typically be in the tens of millions, thus perhaps making the mimimum investment per person in the $500,000 – $1m range.
My understanding is that these Sugeval approved Funds could well be suitable for U.S. investors although I don’t yet have the full details.
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