Requirements for purchase of property at a registry

For purchasing land at a registry in Margarita the following requirements are needed:

1. Solvency (solvencia) or last invoice from Hidrocaribe (Water Public Company) or if you are not subscribed you will need a letter stating you are not subscribed (Carta de no suscripción)

2. Municipal Solvency (stating you have paid local taxes)

3. Certificate of Payment of the Municipal tax (at the city council where the land is located), according to article 92 of the LRPN

4. Photocopy of RIF ( individual contributor number) of seller(s) and buyer(s) and passports or cedulas (if you are a resident)

5. Fiscal Stamps (need to find out at Registry)

6. If the price of the property is above 112.896 Bs , you will need to fill out Form 33 from
SENIAT, which requires the seller to pay 0,5% of the price of the property

7. Plans or blueprints of the property

8.a. If the seller is a corporation, you will need the statutes of the company and the constitutive document of the corporation

8.b. Assembly records from the corporation

9. If you are to be represented, a power of attorney will be needed

10. If you are buying from a succesion (an inherited property) , the sucesoral form, called"planilla sucesoral", will be needed

Signing at a Registry or Notary?

When you actually buy land in Margarita, you can do it through a Notary or through a Registry. Please always try to do it at the Registry, unless you trust the seller or your lawyer. The reason is simple, Notaries only give faith of those signing the documents, while Registries give you actual and legal protection as an investor because they keep the records of all registered properties which have been bought and sold. In other words a registry has a history of the property and you should always check it before buying, in order to know of any existing mortgages, etc. At a Notary you can never know this!!! However people do sign purchases at Notary because they are in a hurry to buy or invest or while legal documents are sorted out in order to properly register. However the reason make sure you always register your real state purchase.

Referendum results

As of today, december 3rd, due to the people´s support to the current constitution, voting NO against the constitutional reform submited by the President, private property will continue to be protected as an individual right, presidential re-election will be limited to two terms, and the current geo political division will stay in place, among other things. All in all, I think these results confirm the will of a majority to keep in a higher place existing individual rights over vaguely defined social, (meaning State) rights, as they stand in the current constitution and thus provide more certainty to current and potential investors, residents and citizens alike. Also it shows that very many venezuelans do not support or accept the imposition of self-centered and arbitrary political projects. At the same time many people want more dialogue between government and opposition, left and right, capitalism and socialism, as well as their opinions, feelings and ideas to be represented, considered and respected at the governmental level. Let us hope that the first defeat of the Chavismo, will serve to generate more reflection on their side and a will to approach to all those that have made their voice heard.

Two Main Touristic Places of the Island

According to the Governmental Office of Tourism (CORPOTUR) the first visited place of the Island is Playa el Agua. This kilometer long white sand beach has several dozens of restaurants, bars and hotels from one to five stars. The second one is the Shopping Mall SAMBIL which offers a variety of international and national brand shops, and banks which open from 10:00 am to 9:pm, very convenient for banking off office hours.

The areas nearby Sambil and Playa el Agua are exellent places for investing in properties though the most expensive in Margarita. From Sambil to Playa el Agua there are very nice towns, and sea view lands at convenient prices.

Foreigners Friendly Margarita

One of the best qualities of this Island is its easy way for foreigners to adapt to the way of living (very international) and its easyness to buy real estate properties. The main requirement for doing so, is to have a Registration ID number or RIF. To get a RIF all you need is a valid passport with proper visa, and a local address. With the RIF and the photocopy of the passport you may have your own home, bussiness or holiday cottage.

December, 2nd 2007 Constitution Referendum

There will be a Constitution Referendum with the changes of 66 articles of the current one. Among the most important changes that could affect in general the society are:
-Presidential Re-election possible with no time limit (instead of a limit of two mandates in a row)
-Citizens over sixteen years old may vote (instead of 18)
-Daily working hours a maximum of six (instead of eight)
-Social Security for any citizen who wishes to self-register in the Service.

There are many debates taking place at universities, public and private spheres. Those who vote for the "SI" (Yes) agree with the changes and those who vote for the "NO" (No) are against the changes.

Investing in Real Estate in Margarita Island

Please be aware that property titles are all registered at The "Registro Inmobiliario" of the area. Before buying it is necessary to go and ckeck the historial of the property to be completely sure that the place for sale has all documents in order and can be sold.