CAN FOREIGNERS OWN LAND ?
Yes. Foreigners are able to own up to 0.72 of an acre under their own name. Property larger than 0.72 of an acre may be purchased by forming a Honduran corporation. This is a relatively simple and common practice. REMAX Bay Islands recommends this to many of their clients.

BANK FINANCING ?
Due to the increased foreign investments, banks are beginning to open their doors for financing but it is still somewhat uncommon for buyers to take advantage of this because of high interest rates. We expect this to become easier and more frequent in the near future as interest rates drop.

TAXES AND CLOSING COSTS ?
A property transfer tax is based on the transaction value and is 4% for unimproved property and 3% for improved property. An additional 2% should be anticipated for legal fees and other closing costs. Many times this is negotiable. (closing costs on a property owned by a corporation is dramatically lower). RE/MAX Bay Islands can recommend several attorneys for you to interview. Annual property taxes are reasonable. A beachfront home will be approximately $300 – $400 annually. Land is a fraction of that.

TITLE INSURANCE ?
Title insurance is now available through RE/MAX Bay Islands and is underwritten by Stewart Title Costa Rica. Fees are in the 1.25 - 1.5% area. Caution with title is important when investing in any foreign country and it is important to have a publicly recorded document. WORK WITH EXPERTS. RoatanFirst.com & RE/MAX Bay Islands has built an outstanding reputation as the company most Investors recommend dealing with.

IS THE GOVERNMENT STABLE ?
Honduras is the only Central American country that has been at peace with itself and neighbors. The Honduran government is a democracy headed by a President and Legislature elected by popular vote. Honduras has privatized most businesses and is very interested in attracting foreign investment. The government understands the need for absolute stability. Therefore the laws of Honduras extend the same protections to foreign Investors as to its own citizens. Many experts believe Honduras will be the next Costa Rica, or Caymans.

 

UTILITIES ?
Water supply currently is from sub surface wells and rain cisterns. Since the Bay Islands receive over 90 inches of rain per year (primarily from September 15 to December 15). with proper conservation techniques, water is not a significant problem.

ELECTRICITY is supplied to Roatan by the Roatan Electric Company whic has improved dramatically.

SEWAGE is primarily handled by private septic systems. A multi-million dollar loan to Roatan was granted for the installation of new sewage systems in the three towns in 1998.

BUILDING RESTRICTIONS ?
There are no zoning laws in the Bay Islands, although a task force is developing them. Many people acquire a property for a residence within a master planned village in order to have the protection of covenants. Building permits are required and issued by the municipality. Building inspectors are non-existent on Roatan.

MEDICAL FACILITIES ?
There are several clinics, one public hospital, one private hospital and two decompression chambers for divers. Due to the increasing population on the island there are two new hospitals in pre-development. Modern equipment and well trained doctors are on call 24 hours/day. Larger medical centers are available on the mainland, which is only a short flight away.

EVERYDAY EXPENSES ?
Life on the Bay Islands is simpler and everyday needs are much less. Much of our food is imported from the U.S, and is comparable in price. Local goods are very inexpensive, especially fruit and vegetables.   Gasoline is higher and reaching $4.00 per gallon, but this island is only 30 miles long so consumption can be limited. There are grocery and hardware stores, several appliance stores, and lumber yards. Maids, cooks and gardeners wages average $10 U.S. a day. Freshly caught seafood is readily available on the Islands through local fisherman and is relatively cheap. Lobster tails and jumbo shrimp run about $6 per pound and fresh fish is about $2 per pound.

SENDING ITEMS TO ROATAN ?
There is one main shipping/freighter company out of Miami, Florida: Hyde Shipping. The price of shipping varies based on size and weight. For smaller items like mail and small packages, Roatan Air Express provides a mail box service, located at Jackson Plaza in French Harbor. Fed Ex is also available on Roatan. Please check with your shipping company regarding any duties that may apply.   Many smaller companies provide shipping service from mainland Honduras that is inexpensive.

ADVANTAGES OF HONDURAN RESIDENCY.
If you have residency status, you can bring in all your household items at one time with a duty free exemption. You may bring in a new car and boat every 5 years if you have a retired residency status. To obtain Honduran residency, you should contact the Honduran Consulate in your area, as well as a local Attorney who can assist in the process.

EDUCATION AND SCHOOLS ?
There are several bi-lingual schools on the island and every town has its own public school through high school. Some students use tutors or correspondence courses that are accredited in the United States, and some families send their children to the U.S. or the mainland for their education. College education is usually completed in the U.S. or mainland Honduras.

CAN I WORK IN HONDURAS ?
Yes, with the proper work permits. If you have the management skills and investment capital to start a new business, there are many opportunities from which to choose. An attorney can help you acquire a business license and other pertinent documents.

AIR SERVICE:
There are several airlines that make direct flights to Roatan each week. Delta, Continental, Taca are the main three. These airlines among a few smaller carriers offer direct flights from Houston (2 hours), Miami (2 hours), Atlanta (2.5 hours), New York – LaGuardia (approx 4 hours), Toronto (4.5 hours) and Milan- Italy (approx 12 hours).

CRUSIE SHIPS:
Roatan is soon to become a very frequented port and the nicest port in the Western Caribbean. Royal Caribbean Cruise Lines just recently purchase the main port in Coxen Hole (possibly to be renamed), and expanding the dock to support more ships.   Carnival purchased a 25 year lease on property in Dixon Cove (renamed Mahogany Bay) and invested over $62 million dollars for build out. It's season started December 2009.

HOTELS & RESORTS:
There has been talk over the past year of hotels coming to Roatan. The Lancaster Group has committed to developing the hotel arm of Pristine Bay Resort which will consist of 120 rooms. This is a 5 star boutique resort with very high standards of comfort. Expected to break ground February 2010 and ready for operation April 2011. There are many resorts of different sizes, pricing and amenities. Feel free to contact info@RoatanFirst.com for more information. If you are wishing to enjoy your vacation or business trip to the island in anonymity be sure to visit www.mayokalodge.com. It is known as the Jewel of Roatan and for good reason.

WHY INVEST IN ROATAN AND THE BAY ISLANDS ?
The new government is but one of the reasons that Honduras is receiving increasing attention as a retirement and business haven. The year round temperate climate, diverse topography with beaches and mountains, a developing economy, English speaking inhabitants on the islands, friendly people, good medical care and low cost living are some of the features. The close proximity to the USA makes it the perfect second residence or investment property for many who would like their own piece of paradise. The Bay Islands are relatively undiscovered (likely to change with dramatic increase of tourism), and there are many wonderful opportunities currently.

MORE INFORMATION ON ROATAN.
The island's highest point is approximately 900 feet above sea level. Roatan is enveloped by the world's second largest reef, creating an underwater environment for spectacular scuba diving and other water sports. Numerous areas of the island and its surrounding water have been designated as wildlife refuges and marine reserves by the Honduran government.

CLIMATE AND WEATHER
The climate is tropical with a rainy season from mid-October to late November.   Roatan's temperature is 80 to 85 degrees Fahrenheit and its waters are equally warm. Almost-constant trade winds cool the island year-round. The island's indigenous exotic trees and plants are kept healthy by annual rainfall. During the year the water temperature varies from 70 degrees to 80 degrees Fahrenheit.

TRAVEL DOCUMENTS
You must have a valid passport with at least 6 months remaining on it before leaving the island. Departure tax is $35.00. No Credit Cards accepted.

TRANSPORT
Roatan is very simple to navigate as we have one major paved road running half the length of the island. The other half is currently gravel from Oak Ridge to Port Royal. There are smaller dirt/gravel roads varing off to smaller towns and villages. Due to more travellers there are many more car rental companies including Hertz, Avis and Econo.

DRIVING rules apply similar to the United States although, not neccesarily followed by Taxis drivers, Bus Drivers or Truck Drivers. Remain cautious.
Many of the major car rental companies have arrived onto the island and have an array of vehicles for hire. Scooter rentals should be looked into carefully. There are two types of scooters: Japanese Yamaha's which have great power and excellent tires for all terrain or the Chinese/Korean scooters which are primarily made for paved roads and do not do as well on gravel or sandy surfaces. Be sure to check out Captain Vans Scooter Rental.

TAXIS: There is an amazing amount of taxis available on the island and prices vary based on Point A to Point B. There are no meters. You should always negotiate the price before you hire the taxi. Water taxis are available in West End and offer one way trips, round trips, collective trips or exclusive trips.

CURRENCY
The local currency is the Lempira. Currently the exchange rate is approximately 19.00 Lempira to $1.00. You will receive a better exchange rate if you convert your dollars to Lempira and pay for purchases.There is 12% sales tax. Tipping of 10-15% is customary, although frequently included in your bill as a service charge. Lempiras and United States Dollars are accepted all over the island. Many businesses except credit cards. Visa, MasterCard, American Express but do not take it for granted. Most Travelers Checks are also accepted at resort areas but like credit cards, do not take it for granted. Banks will not cash travelers checks due to the 3 weeks waiting period to clear.

Dress Code?
In the Caribbean? Not likely. Most islanders dress casually in light comfortable clothing year round. From late September to December a light rain jacket may be required time to time. From December through to March it tends to become a little cooler in the evenings.

Insects?
Huge ones about the size of a tour bus. But really, we do have our fair share of insects and none of them are poisonous. Sand Flies (no-see-ums) tend to come out during the afternoons on the beaches and chloronated pools. Mosquitoes come out during the early morning and twilight hours. There have been cases of Malaria here but it is a strain that will not cause much harm. A week worth of anti-biotics will do the trick. There are several types of repellent that are combined with sun-block which work well sun as Cactus Juice found readily through out the island. Off (several forms), Cactus Juice and Avon skin-so-soft (not actually a repellent but works for babies).

Population?
Roatan performed a census in 2008 and we expect the population to be approximately 70,000. This number is made up of Anglo, Spanish, Honduran, Payan Indian, Garifuna and Antillean. At this time it is expected that anywhere from 7,000 – 10,000 of the residents are North American or European. English is widely spoken on Roatan with the islanders flavoring it with Creole.

Duty?
All personal belongings can be brought in duty free if you are just visiting. If you wish to leave any personal items, you are allowed up to $1,000 per family on your incoming flight.