Why Cant I Buy a Car in Nicaragua 🇳🇮
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- Опубликовано: 15 апр 2024
- When moving to #nicaragua many people want to buy a #car but find that this can be complicated. Why does Nicaragua make it hard to buy a car when you move here? Do they actually do that?
9 April 2024
#vehicle
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Hey Scott! Hope you’re doing well. I was able to drive my 2019 Toyota Agya registered to my corporation in Nicaragua into Costa Rica.
Hey Josh, that's awesome. What did you have to do as far as paperwork to do that? And any idea if that can also be done for Honduras? And when are you going to be in Leon again?
Good info..thx
Dont need a car. Retirement residence is what falls into my scope. Scott did a video back a bit walking outside of leon in country. At the end you stood at intersection and a older guy went by on his motorcycle. Thats what i want to be able to do . Nice small place in town with a small pool to cool off. close enough to go out and enjoy life in town and jump on bike and go explorer.may be to a beach . Back roads etc. will do exactly what scott has been saying . Exploratory trip to Nicaragua check out Granada just in case and mainly focus on Leon region. Find a local lawyer if i decide to make the move. Rent a place close to desired area for a yr + since rent is so cheep. Get retirement residence done and ship what cant be purchased easily. ( Audio fool i am) Look at probably purchasing property and build or do renovation. The colonial architecture in Nicaragua is beautiful. Notice today that a 250 cc Suzuki vstrom is now available in Nicaragua. Yahoo. I just love going for bike ride its mental therapy. My 1000 cc bike is not practical for living in Nicaragua. When do exploratory will bring you a couple of bottles of good Canadian whiskey. Cant get segrams 7 in canada thats only made for export to States
I love me some rye whiskey. You just can't get that here. I was enjoying it while I was in Belize last week.
Yup. It’s paradise for little dual sports.
As far as I know BAC allows you to withdraw $1000 a day but I think you can only take out $600 at a time. The fee for each transaction is $4.
Ah yes, often the limits are by transaction, not by day. And even when they are by day, they are by day by bank. We often hit the transaction limit multiple times in a day.
How do you move your stuff from the US to Nicaragua Scott ?
Bubula time to step up to the adult table,get the family residency.
Visited Nicaragua. Customs seized my e-cig. When I got to my hotel I told the desk clerk what happened and he said, "No problem. There is a vape store around the corner. You can buy a new one there."
Welcome to Nicaragua.
They are supposed to seize them. That's the law. All tobacco and vaping products are banned as they can't manage them through customs. You can buy in country. Because those pay to go through a verification process. Nicaragua is a very strict no-drug trafficing country and those things are easy ways to hide other things where border control can't reasonably check them. So they are banned. Easy enough to leave at home and buy in country. Panama just bans them period.
vaporvoice.net/2022/09/21/nicaragua-bans-imports-of-e-cigarette-products/
I made a short about this as unlike drones which are also banned, this isn't well known.
My head is spinning. You can’t buy a car, I’m so confused 🤦🏻♀️
Hey Scott, thanks for another very helpful video. I wasn't expecting that, being a permanent resident, you still need to do border runs. Why so, if you are a permanent resident of Nicaragua I do not see the point… Anyway regarding cars: I really hope I can find someone who can register it on my behalf. I could not see myself there without a car. But finding such person is one of my biggest worries atm, probably the biggest. Unless there is someone who does that as a "job".
Permanent residents don't do border runs. they do managua runs.
the problem with managua runs is that they are every six months no matter what. border runs are every six months only if you haven't traveled. for people who never leave Nicaragua and live far from a border it's a big effort. for me it's non-existent because my normal work travel typically knocks out my resets anyway. so i almost never need to do the run. so residency is more work for me not less.
@@ScottAlanMillerVlog thank goodness I'm a pensionado in Costa Rica where I only renew my cedula every two years. Upon renewal of the cedula this year I plan to become a permanent resident. Permanent residents renew every five years.
@@RobertWilliams-mb9jb in Nicaragua you don't need the residency in most cases. So it's all perspective. No renewal necessary at all for most people.
Luv ya work. Talking about business and investing. Do you have any comments on investing into the one of the Zona Franca complexes, i.e. setting up a factory in a tax free zone, and doing the whole residency route. We are talking investing 7 figures which is the whole family wealth and we would like 20 years of stability :) emphasis on smiley face...
Scott, I should add that I have spent 5 years in the ZF system in Central America elsewhere, and 5 years manufacturing in Mexico.
That's sad that costa rica & nicaragua don't become partner countries
They used to be. CR was part of the CA5 but long ago opted to distance themselves from Central America and went full on for US alignment. Which has its benefits, but those benefits don't appear to be worth the penalties and the remaining CA4 are all very thankful that they didn't follow CR's lead and everyone worries about ending up like CR, not hoping to be like them. CR is a great country, but there are reasons it's low on our list of places to live with all four CA4 members, Mexico and Panama being more interesting overall. CR has high crime and high cost of living... those are big negatives to overcome.
CR doesn't have the immigration controls that Nicaragua does, so Nicaragua has to maintain a harder border with CR. Even a decade ago when I lived here before, Nicaragua had a problem with CR's permissive transitory policies allowing thousands of immigrants to try to flood over the Nicaraguan border. It became a major issue because Nicaragua doesn't normally permit transit for that kind of stuff. And definitely doesn't allow border hopping. It's a very secure country.
They don't have unfriendly relations. But they are not embracing each other, either. They have extremely different logistical views on how things are handled in the two countries and it makes things more challenging. But definitely just some simplified border handling, especially for shipping logistics (truck convoys and the such) would help significantly.
To bad the states dont have a border like nicaragua to stop people from just walking in
@@ScottAlanMillerVlog perhaps someone needs a history of Central America. Costa Rica was originally part of the United Provinces of Central America, which had separated from Mexico in 1823. Although the United Provinces had separated into El Salvador, Guatemala, Honduras, Nicaragua, and Costa Rica by 1839, Costa Rica did not formally declare its independence until August 30, 1848.
Have you heard of William Walker? He was president of Nicaragua in 1856 and 1857. I think if you read his biography on Wikipedia, you will find it interesting. Mr. Walker was the leader of an army which came down through Mexico and conquer all of Central America. He was "commissioned" by wealthy businessmen in the US who had the motive of not only conquering Central America, but also making all CA residents slaves.
Once you have your drone set up in El Salvador, you can go to a remote area, fly it over the border to Nicaragua, drive across the border and pick it up 😁.
Or just fly really high and I can get video of Nicaragua from El Salvador!
@@ScottAlanMillerVlog where's the adrenaline rush in that?
In the 1970s my dad, brother, cousin and I drove a $100 car all the way down to Panama, but we ran out of road and had to leave it to continue into South America. Twice as a grown up I tried a similar task but was stopped in Mexico once and another time I tried to cross Loas to Thailand after buying a motorcycle where in both cases I was asked for a Passport for my vehicles. If I didn't have a vehicle passport then in both cases, they wanted a $500 deposit that would be refunded on return if I went through the same border depot. I could never find any information on what a vehicle passport ever looked like or where, how to get one. 'Any info on that?
LOL, yeah the Darien Gap has no crossing point. It's a disease gap intended to stop diseases from spreading between the continents. It's a wild area and is protected as an indigenous zone so it is illegal to cross into it for anyone that isn't an indigenous Darien and even the zone next to it can't issue visas for North Americans to visit (a visa for visiting Panama doesn't include that border zone.) It's crazy dangerous, and left so intentionally to make it inhospitable to people trying to travel through. Ferry or flights are the option between Panama and Colombia. Surprising to many as they were long a single country.
Vehicle passports are by country and are not universal. So you'd need to research by every jurisdiction individually. I don't think anywhere in NOrth America uses those. You have to do an import process at each border individually. ANd each country can deny you for any reason. It's purely an "at their pleasure" process.
Just wondering when you mention in passing that they're pushing you to get residency. Is that when you're applying for extensions and/or making border runs?
Also, I assume the vehicle registration scenario is the same for two wheels? All CC size motorcycles?
One last one: I can see myself just using a bicicleta to ride around town and maybe even a little beyond. Do you ever ride one around town or to, for example, Las Peñitas or do you just prefer walking?
Great content as always! 👍
THis is answered on tomorrow's show!
Someone needs to do research before speaking. I have been a pensionado (resident) of Costa Rica since February, 2012. BEFORE becoming a resident, I imported not one, but two cars to Costa Rica without any problem all, The first car, a 2005 Suzuki Forenza, I had shipped over on a 90 temporary permit, in 2009. After the expiration of the temporary permit, I had it registered and titled in Costa Rica, forfeiting my Florida registration and title. In 2010 I imported a 2002 Chevrolet Tracker. I did not request a temporary permit on this car, but requested a registration and title in Costa Rica. In this instance the Tracker was not released to me until it was inspected, and the registration and title being transferred from Florida to Costa Rica.
Was there some mention of Costa Rican car ownership in the video that prompted this correction? I'm not sure which statement is being corrected. Is it that Costa Rica traditionally has not required formal residency for car registration?
@@ScottAlanMillerVlog to answer your question, YES, a person with a tourist visa may register a car in Costa Rica. Residency is not a requirement. If one ships a car to Costa Rica, and registers the car, they must forfeit the registration from whatever country (or state) the car was from.
In fact. I traveled to Panama numerous times without a problem, with the Chevrolet Tracker mentioned above, without problems. Of course I had to acquire the necessary permits.
There are many "perpetual tourists" that own a car, registered in Costa Rica. Some own a house, and some rent. Home ownership is not a prerequisite to owning a car registered in Costa Rica.
Out of curiosity I checked the auto registration requirements for my home state of Florida. Residency is NOT required. One must provide an address within the state of Florida, but proof of residency at that address. A copy of a recent government issued ID is required, but it is not specific as to where the ID originates. I could use my Costa Rica cedula.
Finally, when going to the US, and renting a car, it is better to use my Costa Rica drivers license than my Florida driver's license. The rental rate, including insurance, using my Costa Rica driver's license is usually less than than the rental rate, without insurance, using my Florida driver's license.
When will you be going live?
I'm hoping to be able to go live tomorrow night. Thursday nights work well. Last week I had customers that needed me and there was no way to get away. Fingers crossed for this week.
I will be waiting with baded breath
Also, you can buy drones here. Officially you need a special permit to fly them, but no one I know that flies them for fun has one.
You do need a special permit, but that only protects you from prosecution after they destroy the drone. I spoke with the police and they said orders are to destroy them in flight. They don't check for permits as they aren't allowed. The permits that we've heard about are only for big industrials flying "on their own property" where the police already aren't allowed to be. Anything sold in the country is somehow smuggled in and if you fly it, you are at risk. If you want to smuggle and hope no one notices, people do that and many get away with it. But it's risky that they can shoot the drone no questions asked, and they can prosecute you. And I'm told the permits are a technicality, it's not possible to get one.
What about a lease?
Never heard of there being a lease system here.
I’m buying a car next month I can own it but have to give my girlfriend possession I can have it in my name and on the insurance but her name as the posser
Mention of a foreigner owning real estate in the US come with stipulations. Upon closing on the property a non US citizen must sign a completed form required by the US government. And there are Federal taxes in addition to the local taxes most people pay. I know this as I have sold several properties to non US citizens.
Also, under most circumstances bank accounts and investment accounts in the US not only require a physical address in Florida, but require a US Social Security number. An example is that my wife is not a US citizen, does not have a Social Security number, and therefore cannot be listed as a beneficiary. Instead, I may list my estate as a beneficiary, and have my will so designate her specifically as the beneficiary. The will must be probated, adding legal costs and taxes (30%) since she is not a US citizen. As a beneficiary to a bank or investment account there is no need for probate. Funds are distributed to the beneficiary or beneficiaries upon providing a copy of the death certificate.
Check out Live Oak Bank.
@@ScottAlanMillerVlog thanks for the suggestion. I in fact checked out the Live Oak Bank, and they are in compliance with the Patriot Act, just like any other bank in the US.
Whether one makes application for a business or personal account the following disclaimer appears:
"IMPORTANT INFORMATION ABOUT PROCEDURES FOR OPENING A NEW ACCOUNT.
To help the government fight the funding of terrorism and money laundering activities, Federal law requires ALL financial institutions to obtain, verify and record information that identifies each person who opens an account. In addition, on legal identity accounts, we will require identification on all beneficial owners and controlling person.
WHAT THIS MEANS TO YOU
When you open an account, we will ask for your name, address, date of birth and other information that will allow us to identify you. We may ask to see your driver's license or other identifying documents."
This is standard language provided by the US government to ALL banks and investment companies or stock brokers.
If you check the applications at Live Oak Bank for a personal account you will notice that it requires a US address and your Social Security number, and employment history. If you open a business account you must also certify the following:
"I certify that the information provided above is complete and accurate, and that my SSN or ITIN is entered correctly, and that I am a citizen or permanent resident alien of the United States of America."
I do not wish an International Tax Identification Number (ITIN) on anyone. It holds a person liable for taxes to the US on ALL income, worldwide.
XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX
Now, since your videos have mentioned banking in Nicaragua, I'm sure that you are aware of the of the Foreign Account Tax Compliance Act (FATCA). Any US citizen, whether living in the US or elsewhere, must comply with this law. If the total of all foreign accounts exceed $10,000 at any time during the year, the person having the accounts must file a Foreign Bank Account Report (FBAR) with the IRS annually. Unintentional non-compliance with this requirement may subject a person to a civil penalty up to $10,000 per violation. Willful non-compliance to may subject a person of a civil penalty up to $100,000, or 50% of the account in violation .
And it should be known that banks in foreign countries make an annual report to the US Treasury of all US citizen accounts, whether the account balance is $100 or $1 million. But again, due to the government structure in Nicaragua (the Ortega cartel), perhaps banks in Nicaragua think they get a free pass.
The Patriot Act in NO WAY makes you have an address. That's a lie that banks that have that policy themselves say to make people not get angry at their bad customer service. There is no such requirement in the Patriot Act. The Patriot Act does have requirements, but they don't require that you have an address or be an American or be in America. And we have people from the channel who got Live Oak accounts this past week without a US residential address.
An ITIN should not create that kind of tax liability. You aren't a citizen with that, not even a resident. Maybe I'm missing something, but I've never heard of anything liek that anywhere. I know people with them and they aren't taxed because of it.
Nicaragua banks report to the US for sure. There's absolutely no free pass here. I have bank accounts and the US knows all about them. It's completely transparent. It's part of a global banking infrastructure, not just a US thing. THe US spearheads a lot of these things. But it's not a uniquely US initiative.
@@ScottAlanMillerVlog so the banks lie and you are the "Honest John"? The requirements not only address banks, but ALL financial institutions. Years ago I had my American Express bill go to a post office box. Then all of a sudden I was given 30 days to provide a physical address lest the account be cancelled. The reason cited was required compliance with the US Patriot Act. I suppose American Express was as dishonest as you claim the banks are?
Interesting what people tell you from your channel as the actual requirements specified by Live Oak Bank state differently. A US address is a specific requirement for an application to open an account. But no, these people are honest with you, and the banks are dishonest.
Just out of curiosity perhaps I will call Live Oak Bank tomorrow and reference your vlog.
Traveling from Canada to the states in a vehicles not owned by you is not the norm? It absolutely 100 percent is the norm. Same as every European country
Jaja, never tried that for real, have you? I lived in Europe and that fallacy will get you in a lot of trouble. I did a European road trip in a rental and found out the hard way that I was stopped at border after border in Europe, told my paperwork wasn't adequate for that country, and forced to enter the next country ON FOOT, find an import and insurance dealer (they all operate at the borders for this reason) and purchase the necessary paperwork to come in. No one does this because it's SO onerous. It was super expensive and took hours at the borders.
If you want to take a rental car, or even your own car, between the US and Canada, you have to have special insurance. Normal rentals don't come with this and 95% of Americans don't have that insurance. They have to do extra paperwork to even be allowed, with their OWN car!
@@ScottAlanMillerVlog been all over Europe too, never an issue