Venezuela Real Estate
Venezuela Real Estate
Venezuela Real Estate Needs
Housing is a necessity. No matter where one finds them self in this world, everyone needs a place to call home. Take the Tower of David in Venezuela, for example. This building’s original mission was to shine brightly over the city with glimmering beauty. Just four years after beginning the project, building would cease due mainly to the death of J. David Brillembourg, founder and primary investor. An extreme shortage in housing in Venezuela was the reason that following years of vacancy, thirteen to be exact, squatters began living within the structure. Although the population was beginning to grow, the late 20th century still saw a decline in housing construction. Factors such as lack of water or sewage on the land were causes for construction difficulty.
Then, in 1955 Venezuela’s president General Marcos Perez Jimenez set into motion the state’s largest public housing project. This project would consist of 35 rectangular structures. Some reaching heights of 15 stories and having 300 to 450 apartments each, the intention was to accommodate 15,000 people. At one time Venezuela was a Latin American country ideal for investing in housing.
Prime Location Venezuela Real Estate
Similarly, Venezuela’s current population of over 31 million makes it the 41st largest country in the world-population wise. An example of a prime location to build much needed apartment complexes is Cuidad Bolivar. A sanctuary for the largest internally displaced population, this city has a population itself of almost 400,000. Currently there is 2600 acres of development property available. That is about half of the property acreage with in the city limits. Foreigners looking to purchase land in Venezuela need only a valid passport, a tourist visa and a Registro de Informacion Fiscal (RIF). An RIF is free from any Tax Administration office or Servicio Nacional Integrado de Administracion or even a lawyer.
Moreover, apartment rental yields in neighboring cities are anywhere from 10% to 14%. In the interest of the tax a nonresident earns from the lease or rental of apartments, the amount is 34%. The deduction of actually incurred costs from gross income is the method for calculating this amount. Administrative expenses such as repairs, insurance or real estate tax are allowable deductions (up to 10% of the gross income) while capital allowance is not deductible. See the municipality for the amount of real estate tax.
