…“ANID is pleased that the uncertainties of the last five years, pending the passage of the Coastal Law, are finally over. We are hopeful that with the inclusion of Article 62, the Coastal Law will be enforced for the benefit of the public and the public’s right to use of the beaches of Nicaragua, but with respect for the legally acquired property rights of individual property owners”….

 

Some Municipal authorities dislike the fact that now they will have to share the proceeds of the concessions. The Law distributes the concessional revenue as follows: 60% to the Municipality, 10% to MARENA, 10% to INTUR and 10% to the Army. It will take some time before these Coastal Law critics realize that with a better law and better investment conditions, more development will produce more income to be distributed.

 

Lori Estrada, owner of Montecristo Resort, stated, “I am feeling very optimistic that we have the new Coastal Law--it was necessary. I also feel very happy that the private sector had a strong say in the formation of the law and that our considerations were taken by the commission. I hope now that the future implementation of the law will be done accordingly.”

 

Roger B. Keeling, President of The Milagro del Mar Beach Club, an upscale resort located within the larger Gran Pacifica Golf and Beach Resort, said, “Investors and developers should now have peace of mind. This law is undeniable proof that Nicaragua is clearing a path for investment and growth. The law is very clear when it states ‘all private property is to be respected’. The law is an absolute guideline for what can and cannot be done on coastal property. It is a win-win for investors, developers and the people of Nicaragua. I look forward to finally moving forward with clear direction and seeing the economic development of this beautiful country become reality.”