AS OF December 31, 2009, RIGHTS OF POSSESSION PROPERTIES ON ISLANDS CAN NOW BE TITLED ACCORDING TO THE NEW LAW 80. THERE ARE STILL A COUPLE OF STEPS BEFORE WE CAN OFFICIALLY TITLE, BUT BECAUSE OF THE NATURE OF THE NEW GOVERNMENT, WE EXPECT THESE ADDITIONAL STEPS TO BE TAKEN. WE ARE WAITING FOR THE REGULATIONS TO BE APPROVED AND IMPLEMENTED AND THE BOCAS AREA TO BE DECLARED A DEVELOPMENT ZONE, WHICH MAY ALREADY BE IN PLACE, BUT NOT CONFIRMED. STAY TUNED FOR MORE INFORMATION AS IT BECOMES AVAILABLE.
KEY POINTS OF LAW 80:
. Applies to duly recognized original Rights of Possession as evidenced by uncontested and uninterrupted use by the current occupant, OR A CHAIN OF OCCUPANTS, WHETHER PERSONAL OR JUDICIAL (CORPORATIONS) for a minimum of 5 years, documented by police or other governmental authorities (ROP Certification). The 5 years starts from the date of the first documented ROP holder through the current ROP holder.
. Corporations applying for title must provide a notarized document stating the shareholder's names, which shall be registered with the awarded title.
· Mangroves, Indian reservations and protected areas cannot be titled unless the titling process was started before the date of protection of said areas and is subject to current environmental laws.
· The first 5 hectares (12 acres) are FREE. Prices for titling additional acres are listed on an approved fee schedule based on location.
· FOR QUESTIONS OR DETAILS REGARDING THE ABOVE, CONTACT AN ATTORNEY
WE ARE CURRENTLY AWAITING AN ENGLISH TRANSLATION OF THE LAW FOR FURTHER DETAILS, SO STAY TUNED.
