Real Estate Investment in Guyana: There are also many new constructions in Guyana. Many of these houses have lots of stoneware or fancy steel fences and bright colors. At times, these huge new houses are right next to the small huts. Some of these houses are vacant in states like Guyana or in other countries that will build homes as an investment and have a place to retire for a day.
Of course, the middle of these two extremes is the most modest family homes. Some of these started as one-room houses and were added to the rooms over the years.
The cost of buying or building a house is about 30,000 US including land, although many receive land from the family. Interestingly, often a house and land are sold separately, so it is not uncommon to see a sale sign on a house and realize that it is only the house that is for sale.
It is common for a new property to move into homes. And yes, some houses have beautiful gardens with tropical flowers, bushes, and palms.
GoG supports the Guana Office for Investment (GO-INVEST), a traditional investment agency. GO-INVEST mainly focuses on agriculture and agro-processing, tourism, manufacturing, information and communication technology, seafood and aquaculture, and wood processing sectors.
Many potential investor proposals lack sufficient capital for go-investing; These inquiries generally do not proceed. Because of the state’s dominant role in the domestic economy and GoG’s tendency to centralize decision-making, relatively large foreign investments receive intense political attention, often from the highest political levels.
Over the past decade, the government enacted new laws or amended existing levels to encourage FDI, with mixed levels of success.
An important consideration for future foreign investors in Guyana is the Low Carbon Development Strategy (LCDS). LCDs plan to transform Guyana’s economy, conserve its forests, and adapt to global warming while reducing carbon emissions.
Initially, GoG aims to provide strategic investment in human capital development, climate change adaptation, and low-carbon economic sectors, with plans to attract private investment in the global market for carbon credits.
Business manner outsourcing, hydroelectricity, sustainable forestry, and wood product processing, biofuels, aquaculture, and other high-value, export-oriented farming.
Real Estate Investment in Guyana
Conversion and Transfer Policies
The Guyana Dollar is fully convertible and transferable. According to the Bank of Guyana Half Year Report 2011, the average exchange rate is US $ 1 to GY $ 204. Regulations also require that all persons leaving and entering Guyana declare all currency over US $ 10,000 to the customs authorities at the port of entry.
Regulation in the bank accounts of foreign currency denominations in Guyana electronically allows them to undergo cumbersome exchange procedures within and outside the country.
Expenses and Compensation
The National Assembly approved the acquisition of land in 2001 for the Public Purpose Bill. This act cleared the way for the government to obtain private parcel land at prices below market value.
Since its inception, the government has used the Act in a limited capacity, primarily for development purposes deemed to be in the national interest and contractual matters.
There is no evidence of discrimination in the application of discrimination laws against US investments, companies, or representatives.
There are greater risks to the forestry sector such as those for regulatory or similar functions. Some forestry companies and individuals have been prosecuted under the 2001 Act for alleged breach of contract with the government, and non-utilization of their concessions, and/or lending to the government.
Performance Requirements and Incentives
While there is no clear government policy regarding performance requirements, some are written into contracts with foreign investors and may include the need for performance bonds.
Some contracts require a higher minimum investment level. Investors do not need to source locally, nor should they export a certain percentage of output. Foreign ratios are not rationed in proportion to exports, and there are no national ownership or technology transfer requirements.
The status of the Foreign Act allows a non-resident of Guyana to acquire and dispose of property and movable and immovable property in the same manner as a citizen of Guyana. The government treats domestic and foreign investors alike with investment incentives.
Incentives are offered to all investors equally, as well as incentives available based on specific criteria such as investment or location of investment in government-targeted sectors.
Protection of property rights
After independence in 1966, Guyana adopted British law on intellectual property rights (IPR). GoG has taken some important steps to modernize IPR laws, but the law does not meet international norms and enforcement is zero.
For example, Guyana passed the Geographical Indicators Act in July 2005, which protected local products, that are originally from Guyana, but no such modern legislation exists to protect the IPR of foreign investors. Guyana joined the World Intellectual Property Organization (WIPO) and entered the Bern and Paris Conferences in late 1994.
It may take six months or longer to register a patent or trademark, but there is no enforcement mechanism to protect intellectual property rights. It follows that patent and brand infringement is obvious. Local television stations, including the state-owned and operated National Communications Network (NCN), are TV satellite signals with piracy and extremism. Most music, videos, and software for sale are pirated.
Book piracy is also widespread, especially in foreign textbooks; Some estimates say that illegally photocopied textbooks account for about one-third of local sales. Guyana has not approved an intellectual property benefits agreement with the United States.
The Ministry of Foreign Trade and International Cooperation and Legal Affairs drafted the Trade-Related Intellectual Property Rights (TRIPS) Act in 2001, but it has not yet been incorporated into law.
Bilateral investment agreement
Guyana does not have a two-sided investment agreement with the United States. Negotiations began in 1995 due to disagreements over formal investment rules but broke up in 1995. There was no subsequent conversation.
Double taxation treaties are in force with Canada (1987), the United Kingdom and Northern Ireland (1992), and CARICOM (1995). Other double taxation agreements are negotiated with India, Kuwait, and Seychelles. The CARICOM-Dominican Republic Free Trade Agreement provides for the negotiation of a double taxation agreement, but there has been no development in this regard since March 2009.
