http://www3.diariolibre.com/noticias_det.php?id=21540
(Summary).
June 24th, 2008.
Company Telefónica of Spain is going to settle in the country.
SANTO DOMINGO. Telefónica of Spain will be established in the country with large investments that include not only a wide-bandwidth communication network via submarine cables, but it will also offer telephone service.
The information was given yesterday to Diario Libre by José Rafael Vargas, chairman of Instituto Dominicano de las Telecomunicaciones (Dominican Institute of Telecommunications) (Indotel), who said that it is possible that Telefónica may "have an important negotiation with a company located here."
Telefónica of Spain was born in 1924, and after a career of 84 years, it has become the largest integrated operator in the world by number of accesses of customers, with 228 millions.
The multinational operates in 24 countries, which includes more than 12 in Latin America. It has a workforce of 248,000 employees, and the net profits reached 1,538 million euros in the first quarter of this year, representing a 22.4% growth.
Achievements:
Vargas, being interviewed about the ten years of telecommunications in the country, said that the Dominican Republic is one of the best serviced countries in the field of electronic communications and with greater capacity of bandwidth compared with Latin America countries such as Colombia, Chile, Mexico, Argentina and Brazil.
He gave as an example that the teledensity in the country reaches 70 in every hundred inhabitants, and a large part of the wireless and digital teledensity, with more than 90 percent of digital cellular phones, which represents a remarkable event in Latin America.
"A country that has over six millions of phones with a population of nearly nine millions of inhabitants; this is an achievement without any doubt," said Vargas.
"We are reaching around 20% of the Internet, some two millions of users, going from 8% in 2002 to nearly 20 percent. Out of 200 thousand users to nearly two millions, and the goal is to have 40% in 15 to 20 months, and to reach three millions of Internet users”, he said.
He remarked that this Government is ending this governing period with 938 digital centers of knowledge, virtual libraries, Internet centers and computer training centers.
He said that this is a step forward that any country in Latin America has. Only Brazil has a level of access as the Dominican Republic has, with 32 provinces and each one of them has more than 15 digital centers, and there are some provinces like San Cristóbal that has 36, in Santo Domingo there are over 70, in Distrito Nacional (National District) there are more than 200 digital centers .
Free competition:
The chairman of Indotel, José Rafael Vargas, warned yesterday that although the ten years of implementing Law No. 153-98 have strengthened the telecommunications in the country, there are still "concerns about many things," such as tariff, service quality and "to keep at all costs the free competition" in the sector.
Vargas explained his approach at the opening ceremony of the seminar "10 Years of Law 153-98. Challenges of the Telecommunication Regulation", which is taking place in Lounge Caonabo of Hotel Santo Domingo, in this capital city.
By José Javier.
Tuesday, June 24, 2008
EUROPEAN STYLE IN THE DOMINICAN REPUBLIC ALTA VISTA SAMANA
http://www3.diariolibre.com/noticias_det.php?id=21578
June 24th, 2008.
"Altavista", a sophisticated and modern project. A unique space created for the well-nurturing of the spirit.
The front of Casa Puerto Bahía, with an exquisite use of glass crystals and wood columns in its design.
SANTO DOMINGO. In an exquisite cocktail party held at Hotel El Embajador, Puerto Bahía launched its new stage: Altavista, strategically located in a paradise-like place, from where it always will be in front of us one of the most beautiful scenery in the Caribbean, Bahía de Samaná (Samaná Bay).
Puerto Bahía represents the union of the Caribbean warmth with the European sophistication, giving rise to a distinctive experience.
The first phase of the project, consisting of the villas of La Montaña (The Mountain), the apartments with ocean views of El Valle (The Valley) and Valle Alto (High Valley), the town houses of La Marina and La Playa, and the hotel suites, is under completion.
With private access, it has seven buildings of four levels overlooking the bay, apartments of two to four rooms with the finest finishing touches, large balconies and roofed parkings.
Altavista has concierge and room services, and a fitness center, in order to offer a complete experience to its owners.
Puerto Bahía has a marina with a capacity for 106 boats up to 85 feet and a special pier for mega yachts up to 150 feet, the perfect place for letting the sea to be the protagonist of great joys.
This incredible place will allow to live freely the passion for the sea by making available the most captivating nautical destinations in the country: Cayo Levantado, Los Haitises, Playa Rincón (Rincón Beach), Puerto Escondido (Hidden Port), Bahía de San Lorenzo (San Lorenzo Bay), Puerto de Samaná (Port of Samaná), Punta Icaco, and others.
By Diario Libre.
Freddy Miranda
Translated by Orlando Alcántara
June 24th, 2008.
"Altavista", a sophisticated and modern project. A unique space created for the well-nurturing of the spirit.
The front of Casa Puerto Bahía, with an exquisite use of glass crystals and wood columns in its design.
SANTO DOMINGO. In an exquisite cocktail party held at Hotel El Embajador, Puerto Bahía launched its new stage: Altavista, strategically located in a paradise-like place, from where it always will be in front of us one of the most beautiful scenery in the Caribbean, Bahía de Samaná (Samaná Bay).
Puerto Bahía represents the union of the Caribbean warmth with the European sophistication, giving rise to a distinctive experience.
The first phase of the project, consisting of the villas of La Montaña (The Mountain), the apartments with ocean views of El Valle (The Valley) and Valle Alto (High Valley), the town houses of La Marina and La Playa, and the hotel suites, is under completion.
With private access, it has seven buildings of four levels overlooking the bay, apartments of two to four rooms with the finest finishing touches, large balconies and roofed parkings.
Altavista has concierge and room services, and a fitness center, in order to offer a complete experience to its owners.
Puerto Bahía has a marina with a capacity for 106 boats up to 85 feet and a special pier for mega yachts up to 150 feet, the perfect place for letting the sea to be the protagonist of great joys.
This incredible place will allow to live freely the passion for the sea by making available the most captivating nautical destinations in the country: Cayo Levantado, Los Haitises, Playa Rincón (Rincón Beach), Puerto Escondido (Hidden Port), Bahía de San Lorenzo (San Lorenzo Bay), Puerto de Samaná (Port of Samaná), Punta Icaco, and others.
By Diario Libre.
Freddy Miranda
Translated by Orlando Alcántara
Thursday, June 19, 2008
SUPREME COURT OF JUSTICE ON "ADVANCE INCOME TAX DEPOSIT" ANTICIPO 1.5%
The judgment of May 21st, 2008, by the Supreme Court of Justice, Chamber of Lands, Labor Matters, Administrative Contentious, and Tax Contentious.----------------------- -------------
The Supreme Court of the Dominican Republic seems to have set a precedent regarding the tax that some companies pay, called “advance income tax deposit”, whose rate is 1.5% of gross income.
The decision was issued after a process between a private company and the Dirección General de Impuestos Internos (Directorate General of Internal Taxes). The company proposed a deduction of losses suffered in three tax years, arguing that the tax of 1.5% did not constitute a tax without an advance value to the Directorate General of Internal Taxes, and that the law amending the Tax Code did not change the compensation regime of tax losses. These laws, for the Dominican readers, are Law No. 147-00 and Law No. 12-01.
The Directorate General of Internal Taxes, for its part, argued that the cited laws, No. 147-00 and 12-01, indeed changed the tax system of paying as a minimum of the gross income of a special category of companies, and, hence, there is no need to compensate for losses suffered by businesses that pay the 1.5% tax.
The Supreme Court accepted the reasoning of the Directorate General of Internal Taxes under the argument that, when the cited laws (147-00 and 12-01) established a tax on gross income with a standard minimum, they were establishing a presumption of income, whose defining characteristics were that such payment was final and not refundable. This presumption of income, according to the Supreme Court (accepting the arguments of the Tribunal Contencioso Tributario -Tax Contentious Court-), is considered to be irrefutable or lawfully "jure et jure"; meaning that it does not admit any evidence against it. Accordingly, in assuming that, when a company pays its advance of 1.5% on gross income, it means that this payment is like a minimum income produced by the company and, hence, the same cannot be interpreted otherwise since it is a legal presumption, and the direct consequence is that the losses of the tax year cannot be compensated.
The Supreme Court of Justice also based its decision on the fact that the settlement of this type of tax has been expressly ruled out of the traditional system of income or income tax. It is understood that, by establishing a special regime different from the traditional system of calculating income tax of the companies, the benefits thereof have been excluded, among them the compensation for financial losses.
Our opinion about this decision is quite good. We understand that the reasoning by which it has been completed this inquiry of the cited laws above is quite coherent, and it is well suited to the legal logic. However, we are not specialists in this field, and the opinion of income tax specialists should be sought in order to compare their opinions with the criteria of the Supreme Court of Justice.
These criteria should be compared and argued about for the benefit of free enterprise and good conduct of business. We understand that it must be so because, although we repeat that this is not our area of expertise, the treatment seems unfair and discriminatory to companies that pay this tax, since the logic of free enterprise is the payment on their income, and any advance tax deposit -although it may be called minimum tax- is generated through the income of any enterprise, not necessarily out of its gross income. It is therefore an iniquity to prevent a company that, after determining that during its tax period there was no taxable income, that it has to pay a minimum tax because a law has established arbitrarily (under the best intentions and purposes; in particular, to eliminate evasion) that its tax year must produce a minimum income and, hence, the Supreme Ruler State is entitled to this portion.
We expect further decisions on this point, although we believe that the precedent will remain as a constant and -although we repeat that from the legal standpoint it seems logical-, there is a contrast with the known principles of the tax law.
Freddy Miranda
Translated by Orlando Alcántara
The Supreme Court of the Dominican Republic seems to have set a precedent regarding the tax that some companies pay, called “advance income tax deposit”, whose rate is 1.5% of gross income.
The decision was issued after a process between a private company and the Dirección General de Impuestos Internos (Directorate General of Internal Taxes). The company proposed a deduction of losses suffered in three tax years, arguing that the tax of 1.5% did not constitute a tax without an advance value to the Directorate General of Internal Taxes, and that the law amending the Tax Code did not change the compensation regime of tax losses. These laws, for the Dominican readers, are Law No. 147-00 and Law No. 12-01.
The Directorate General of Internal Taxes, for its part, argued that the cited laws, No. 147-00 and 12-01, indeed changed the tax system of paying as a minimum of the gross income of a special category of companies, and, hence, there is no need to compensate for losses suffered by businesses that pay the 1.5% tax.
The Supreme Court accepted the reasoning of the Directorate General of Internal Taxes under the argument that, when the cited laws (147-00 and 12-01) established a tax on gross income with a standard minimum, they were establishing a presumption of income, whose defining characteristics were that such payment was final and not refundable. This presumption of income, according to the Supreme Court (accepting the arguments of the Tribunal Contencioso Tributario -Tax Contentious Court-), is considered to be irrefutable or lawfully "jure et jure"; meaning that it does not admit any evidence against it. Accordingly, in assuming that, when a company pays its advance of 1.5% on gross income, it means that this payment is like a minimum income produced by the company and, hence, the same cannot be interpreted otherwise since it is a legal presumption, and the direct consequence is that the losses of the tax year cannot be compensated.
The Supreme Court of Justice also based its decision on the fact that the settlement of this type of tax has been expressly ruled out of the traditional system of income or income tax. It is understood that, by establishing a special regime different from the traditional system of calculating income tax of the companies, the benefits thereof have been excluded, among them the compensation for financial losses.
Our opinion about this decision is quite good. We understand that the reasoning by which it has been completed this inquiry of the cited laws above is quite coherent, and it is well suited to the legal logic. However, we are not specialists in this field, and the opinion of income tax specialists should be sought in order to compare their opinions with the criteria of the Supreme Court of Justice.
These criteria should be compared and argued about for the benefit of free enterprise and good conduct of business. We understand that it must be so because, although we repeat that this is not our area of expertise, the treatment seems unfair and discriminatory to companies that pay this tax, since the logic of free enterprise is the payment on their income, and any advance tax deposit -although it may be called minimum tax- is generated through the income of any enterprise, not necessarily out of its gross income. It is therefore an iniquity to prevent a company that, after determining that during its tax period there was no taxable income, that it has to pay a minimum tax because a law has established arbitrarily (under the best intentions and purposes; in particular, to eliminate evasion) that its tax year must produce a minimum income and, hence, the Supreme Ruler State is entitled to this portion.
We expect further decisions on this point, although we believe that the precedent will remain as a constant and -although we repeat that from the legal standpoint it seems logical-, there is a contrast with the known principles of the tax law.
Freddy Miranda
Translated by Orlando Alcántara
Wednesday, June 18, 2008
THE LAND SURVEY AND ITS IMPORTANCE WITHIN THE DOMINICAN REAL ESTATE SYSTEM
The land survey and its importance within the Dominican Real Estate System.
Due Diligence.
Advice for foreign investors.
In our long practice in the area of foreign investment and real estate investment we always advise foreign investors to undertake a thorough investigation before making decisions about their investments. This process of due diligence performed by a reputable professional can save effort, money and above all avoid a possible dispute or lawsuit, which is quite uncomfortable, and besides that, it is very costly.
One of the procedures that can lead to lawsuits in real estate property matters is the process of land survey of the portions of land acquired, either by individuals or companies. This procedure is usually quite complicated, and it requires the advice of an attorney specialized in the area.
Before proceeding to explain what the land survey is, we'd like to summarize for the foreign investors who are not used to the terminology or the procedures of our legal system the origin and the need for the land survey.
Our system of land is based on the division of land in the form of a puzzle where the larger pieces are called districts or cadastral demarcations. This system, before the amendment of Land Law No. 1542, replaced by Law No. 108-05, was essentially administrative. This means that the land surveyor carried out his/her work, the land survey was authorized, and the owners got their certificates of title. The current process is more complex.
This whole process of land survey occurs because in our country the possession of real estate property is properly protected by law. An owner of a piece of land was used to receiving what is called a record letter or document that gave testimony of his/her right of ownership over a portion of land, without stating the specific place where this portion of land was located. Today our system is in the process of eliminating this type of certificate of title.
This owner of a portion of land within an area was linked to the other owners, and they formed a sort of consortium of owners who are called joint owners. This joint owner was then obliged to segregate his/her specific part within a portion of land to ensure of having total control of it and for getting a certificate of title that is no longer a record letter, but a definite certificate. This procedure of segregation and individualization is called land survey.
The importance of this procedure is that, if it is done on a regular basis; that is, naming the joint owners, and as a result of it a certificate of title is ordered to be issued, this right becomes a guarantee against whom nobody can make any claim, but in the extreme case of fraud. In other words, the certificate of title obtained under this mode enjoys an absolute guarantee, and it protects our investors of the attempts of claiming the rights over a portion of land acquired for any purpose, especially for developing condominiums or hotels.
It is therefore of vital importance to conduct a thorough investigation on the processes of acquiring portions of land on which our valued foreign investors intend to build their projects. In this investigation it should be inquired about the chain of acquisition, and especially about any abnormality in the process of individualization of lands known as land survey.
The important point is to make sure that all of the joint owners have been properly cited or called to try of reaching an agreement on the rights of each one of them; that is, about the specific places of location of their portions of land. In the end, after the amendment to the Land Law, this process ends in a phase called jurisdictional. It's called jurisdictional because a court decides on the final approval of the works of individualization (land survey), and it gives the order to prepare the corresponding certificates of title that will ensure the right of ownership over a portion of land on which the real estate projects will be built.
The surveyors in the proceedings of the current law are required to notify all of the joint owners. Should they not do so, the land survey will be declared irregular, and it can be annulled by the courts. In this case, the surveyors are subject to sanctions that could lead to their dismissal and the beginning of actions through repressive or criminal proceedings.
It is of vital importance to know this procedure, since if a project is built on a portion of land previously segregated or separated through a land survey on the basis of an irregular procedure, the act or resolution that authorizes it may be annulled and the occupants of those portions of land may be evicted under the provisions of Article 49 of the amended Land Registry Law, No. 108-05. In this case, as a standard procedure, the authorization of eviction is given at a court following a lawsuit that on the matter of real estate properties is known as lawsuit on registered lands. In addition, the parties that have proceeded to get an authorization of land survey works on an irregular manner could be subject to lawsuits for damages.
Finally, the guidance of the Supreme Court of Justice regarding the respect or possibility of cancelling the works of land survey is that unless the land survey was performed on an irregular manner, it must be respected, and the rights covered by the certificates of title that had been issued must be respected, even by the Dominican State. The irregularities, in particular, are the lack of notification or information to the other joint owners or fraud.
Summing up everything for our valued foreign investors, it is imperative before investing to conduct always an investigation about the chain of acquisitions or previous owners, and how the property right was generated, in order to avoid putting our money on a possible legal contingency or lawsuit.
Freddy Miranda
Translated by Orlando Alcántara
Due Diligence.
Advice for foreign investors.
In our long practice in the area of foreign investment and real estate investment we always advise foreign investors to undertake a thorough investigation before making decisions about their investments. This process of due diligence performed by a reputable professional can save effort, money and above all avoid a possible dispute or lawsuit, which is quite uncomfortable, and besides that, it is very costly.
One of the procedures that can lead to lawsuits in real estate property matters is the process of land survey of the portions of land acquired, either by individuals or companies. This procedure is usually quite complicated, and it requires the advice of an attorney specialized in the area.
Before proceeding to explain what the land survey is, we'd like to summarize for the foreign investors who are not used to the terminology or the procedures of our legal system the origin and the need for the land survey.
Our system of land is based on the division of land in the form of a puzzle where the larger pieces are called districts or cadastral demarcations. This system, before the amendment of Land Law No. 1542, replaced by Law No. 108-05, was essentially administrative. This means that the land surveyor carried out his/her work, the land survey was authorized, and the owners got their certificates of title. The current process is more complex.
This whole process of land survey occurs because in our country the possession of real estate property is properly protected by law. An owner of a piece of land was used to receiving what is called a record letter or document that gave testimony of his/her right of ownership over a portion of land, without stating the specific place where this portion of land was located. Today our system is in the process of eliminating this type of certificate of title.
This owner of a portion of land within an area was linked to the other owners, and they formed a sort of consortium of owners who are called joint owners. This joint owner was then obliged to segregate his/her specific part within a portion of land to ensure of having total control of it and for getting a certificate of title that is no longer a record letter, but a definite certificate. This procedure of segregation and individualization is called land survey.
The importance of this procedure is that, if it is done on a regular basis; that is, naming the joint owners, and as a result of it a certificate of title is ordered to be issued, this right becomes a guarantee against whom nobody can make any claim, but in the extreme case of fraud. In other words, the certificate of title obtained under this mode enjoys an absolute guarantee, and it protects our investors of the attempts of claiming the rights over a portion of land acquired for any purpose, especially for developing condominiums or hotels.
It is therefore of vital importance to conduct a thorough investigation on the processes of acquiring portions of land on which our valued foreign investors intend to build their projects. In this investigation it should be inquired about the chain of acquisition, and especially about any abnormality in the process of individualization of lands known as land survey.
The important point is to make sure that all of the joint owners have been properly cited or called to try of reaching an agreement on the rights of each one of them; that is, about the specific places of location of their portions of land. In the end, after the amendment to the Land Law, this process ends in a phase called jurisdictional. It's called jurisdictional because a court decides on the final approval of the works of individualization (land survey), and it gives the order to prepare the corresponding certificates of title that will ensure the right of ownership over a portion of land on which the real estate projects will be built.
The surveyors in the proceedings of the current law are required to notify all of the joint owners. Should they not do so, the land survey will be declared irregular, and it can be annulled by the courts. In this case, the surveyors are subject to sanctions that could lead to their dismissal and the beginning of actions through repressive or criminal proceedings.
It is of vital importance to know this procedure, since if a project is built on a portion of land previously segregated or separated through a land survey on the basis of an irregular procedure, the act or resolution that authorizes it may be annulled and the occupants of those portions of land may be evicted under the provisions of Article 49 of the amended Land Registry Law, No. 108-05. In this case, as a standard procedure, the authorization of eviction is given at a court following a lawsuit that on the matter of real estate properties is known as lawsuit on registered lands. In addition, the parties that have proceeded to get an authorization of land survey works on an irregular manner could be subject to lawsuits for damages.
Finally, the guidance of the Supreme Court of Justice regarding the respect or possibility of cancelling the works of land survey is that unless the land survey was performed on an irregular manner, it must be respected, and the rights covered by the certificates of title that had been issued must be respected, even by the Dominican State. The irregularities, in particular, are the lack of notification or information to the other joint owners or fraud.
Summing up everything for our valued foreign investors, it is imperative before investing to conduct always an investigation about the chain of acquisitions or previous owners, and how the property right was generated, in order to avoid putting our money on a possible legal contingency or lawsuit.
Freddy Miranda
Translated by Orlando Alcántara
Tuesday, June 10, 2008
TOURISM INVESTMENTS-US OPEN AT TORRYE PINES - MISCELLANY
Miscellany.
1 .- http://www3.diariolibre.com/noticias_det.php?id=19556
Leonel Fernández announces tourism investments; subway. He plans a train from SD-Santiago, and he attracts tourism funds for $3,750 million euros from Balearic Islands.
BARCELONA, SPAIN. President Leonel Fernández announced here yesterday that a group of businessmen in the Balearic Islands that already have resorts in the Dominican Republic seeks to invest $3,750 million euros in the tourism sector over the next four years.
The President, who returns today to the country after more than a week stay in Europe, shared the information with members of the community of Dominicans living in Catalonia.
In addition, Fernández reported its intention to build a train similar to the AVE (Alta Velocidad Española) (Spaniard High Speed Spanish) to connect the Capital city with Santiago. "We will make a little AVE from Santiago to Santo Domingo," said the governing official, who spoke also of the second line of the Metro (subway) of Santo Domingo, according to the news agency EFE.
The Government awaits for the return of Fernández at 4:00 pm at Aeropuerto Internacional de Las Américas (International Airport of the Americas), on a commercial flight of Iberia.
In Diario Libre.
June 9, 2008.
2 .- Law on Protected Areas; Foreign Investment - Protection of Foreign Investment in the real estate area. The lawsuit brought by the State against various investors in the area known as the Reserva Natural (Nature Reserve), of the so-called Parque del Este (Park of the East), will soon be in a state of being ruled. The case is in a state of being ruled when the parties present their closing arguments and the deadlines given by the court have passed so those arguments can be changed, clarified or supplemented. For those deadlines, usually, the parties come through with writings using quotes from doctrine, ie from specialists and specialized books in the area, as well as jurisprudence on the subject. We hope to keep our readers informed about this case, especially commenting on the verdict of the Court in charge when it has been rendered.
3.- Will or formation of joint stock company in the purchase of properties by foreigners? This is an issue that occurs frequently in cases involving foreign investors with the awarding of their property by a will in their home country. It is an interesting dilemma from the legal standpoint, because it raises the question for resolving the distribution of property in the event of death.
In our practice we always advise to find the correct answer to avoid lab or routine solutions, because they generally are impractical. The legal practice usually dictates the way forward. In other words, "the tactic dictates the strategy."
One of the solutions we give to this case, far from the traditional solution of drawing up a will, is considering to constitute a joint stock company. This is a practical solution and quite adequate for the planning or disposition or transfer of real estate property due to death.
It's a good solution, because in our country one who dies and leaves testamentary dispositions is obliged to receive a sanction or resolution of the court (Tribunal de Tierras) (Lands Court) for ordering the execution of the act, and to provide for the issue of a new certificate of title. This is a tedious process, and it requires the payment of the required taxes.
In the case of a company, if it is provided that either the real estate property can be transferred to the company and its governing board is organized with due care, the successors/inheritors/heirs -in the event of death- can take control of the company and, hence, of the real estate property, avoiding legally, in most cases, the complicated legal procedures and the payment of transfer taxes. This is an issue that requires an extreme care and an legal engineering reserved for highly-experienced lawyers in the area, and therefore, we recommend to consult these options with a lawyer of prestige before making a decision.
4.- As you know, our blog is about matters of legal interest, but in the global world of today the lawyers enjoy life, and we do things common to ordinary people. In our case, we are quite fond of golf and movies. So we would like to comment on some news of both worlds.
5 .- In the realm of golf, as in most sports, the primacy belongs to the professionals and the young athletes. However, in the PGA Tour there has happened a very interesting phenomenon, and that is that after the victories of Trevor Immelman at Augusta and Adam Scott and Boo Weekly and Sergio García, the tour has been dominated in the past three weeks by veteran players such as left-handed Phil Mickelson at the Colonnial, finishing dramatically, as the saying goes, with the Mickelson style. Then Kenny Perry, nearly 48-year-old, won the prestigious Memorial, and this week we have a veteran like Justin Leonard winning the St. Jude. This is good for the world of golf since -as any discipline- it requires a good balance between the generations to make the competitions much more interesting. While some argue that the departure of Tiger due to his knee injury is what has made the competition more interesting. In our view, this is not true, as these veterans have enough quality to compete even with Tiger Woods on the battlefield.
6.- Numb and The Bucket List. Both films are very interesting, and they deal with two issues which human beings have to face inevitably: health and love. In the first film, Numb, we were really surprised with the acting of Mathew Perry beyond his traditional role as a comedy actor. A film that has a strong content on personality disorders, but it has a solid plot as its base: the triumph of will over adversity. It is interesting to see how the film suggests that not only to take medicines helps people with personality disorders to survive, but the will and, above all, love. Wonderful film.
7 .- The Bucket List was not a surprise, because from Nickolson and Morgan Freeman we always expect high-level films. However, the interesting thing about the film –much more than the outstanding performances- is the theme about the purpose of life. The fact that death clearly brings us closer to the things that we really want. It gives us the great lesson of whether we should wait until we are in danger of dying to find the things that we want from life.
We hope that you can enjoy these films if you have not seen them, and I also hope that anyone of you could further be encouraged to send me your comments on your favorites players to win the U.S. Open this week because, with Tiger coming back from a knee operation, the odds are against him. We believe that, with the quality of play of Sergio García, Mickelson, Perry and Trevor Inmelman, they should be among the favorites to win.
1 .- http://www3.diariolibre.com/noticias_det.php?id=19556
Leonel Fernández announces tourism investments; subway. He plans a train from SD-Santiago, and he attracts tourism funds for $3,750 million euros from Balearic Islands.
BARCELONA, SPAIN. President Leonel Fernández announced here yesterday that a group of businessmen in the Balearic Islands that already have resorts in the Dominican Republic seeks to invest $3,750 million euros in the tourism sector over the next four years.
The President, who returns today to the country after more than a week stay in Europe, shared the information with members of the community of Dominicans living in Catalonia.
In addition, Fernández reported its intention to build a train similar to the AVE (Alta Velocidad Española) (Spaniard High Speed Spanish) to connect the Capital city with Santiago. "We will make a little AVE from Santiago to Santo Domingo," said the governing official, who spoke also of the second line of the Metro (subway) of Santo Domingo, according to the news agency EFE.
The Government awaits for the return of Fernández at 4:00 pm at Aeropuerto Internacional de Las Américas (International Airport of the Americas), on a commercial flight of Iberia.
In Diario Libre.
June 9, 2008.
2 .- Law on Protected Areas; Foreign Investment - Protection of Foreign Investment in the real estate area. The lawsuit brought by the State against various investors in the area known as the Reserva Natural (Nature Reserve), of the so-called Parque del Este (Park of the East), will soon be in a state of being ruled. The case is in a state of being ruled when the parties present their closing arguments and the deadlines given by the court have passed so those arguments can be changed, clarified or supplemented. For those deadlines, usually, the parties come through with writings using quotes from doctrine, ie from specialists and specialized books in the area, as well as jurisprudence on the subject. We hope to keep our readers informed about this case, especially commenting on the verdict of the Court in charge when it has been rendered.
3.- Will or formation of joint stock company in the purchase of properties by foreigners? This is an issue that occurs frequently in cases involving foreign investors with the awarding of their property by a will in their home country. It is an interesting dilemma from the legal standpoint, because it raises the question for resolving the distribution of property in the event of death.
In our practice we always advise to find the correct answer to avoid lab or routine solutions, because they generally are impractical. The legal practice usually dictates the way forward. In other words, "the tactic dictates the strategy."
One of the solutions we give to this case, far from the traditional solution of drawing up a will, is considering to constitute a joint stock company. This is a practical solution and quite adequate for the planning or disposition or transfer of real estate property due to death.
It's a good solution, because in our country one who dies and leaves testamentary dispositions is obliged to receive a sanction or resolution of the court (Tribunal de Tierras) (Lands Court) for ordering the execution of the act, and to provide for the issue of a new certificate of title. This is a tedious process, and it requires the payment of the required taxes.
In the case of a company, if it is provided that either the real estate property can be transferred to the company and its governing board is organized with due care, the successors/inheritors/heirs -in the event of death- can take control of the company and, hence, of the real estate property, avoiding legally, in most cases, the complicated legal procedures and the payment of transfer taxes. This is an issue that requires an extreme care and an legal engineering reserved for highly-experienced lawyers in the area, and therefore, we recommend to consult these options with a lawyer of prestige before making a decision.
4.- As you know, our blog is about matters of legal interest, but in the global world of today the lawyers enjoy life, and we do things common to ordinary people. In our case, we are quite fond of golf and movies. So we would like to comment on some news of both worlds.
5 .- In the realm of golf, as in most sports, the primacy belongs to the professionals and the young athletes. However, in the PGA Tour there has happened a very interesting phenomenon, and that is that after the victories of Trevor Immelman at Augusta and Adam Scott and Boo Weekly and Sergio García, the tour has been dominated in the past three weeks by veteran players such as left-handed Phil Mickelson at the Colonnial, finishing dramatically, as the saying goes, with the Mickelson style. Then Kenny Perry, nearly 48-year-old, won the prestigious Memorial, and this week we have a veteran like Justin Leonard winning the St. Jude. This is good for the world of golf since -as any discipline- it requires a good balance between the generations to make the competitions much more interesting. While some argue that the departure of Tiger due to his knee injury is what has made the competition more interesting. In our view, this is not true, as these veterans have enough quality to compete even with Tiger Woods on the battlefield.
6.- Numb and The Bucket List. Both films are very interesting, and they deal with two issues which human beings have to face inevitably: health and love. In the first film, Numb, we were really surprised with the acting of Mathew Perry beyond his traditional role as a comedy actor. A film that has a strong content on personality disorders, but it has a solid plot as its base: the triumph of will over adversity. It is interesting to see how the film suggests that not only to take medicines helps people with personality disorders to survive, but the will and, above all, love. Wonderful film.
7 .- The Bucket List was not a surprise, because from Nickolson and Morgan Freeman we always expect high-level films. However, the interesting thing about the film –much more than the outstanding performances- is the theme about the purpose of life. The fact that death clearly brings us closer to the things that we really want. It gives us the great lesson of whether we should wait until we are in danger of dying to find the things that we want from life.
We hope that you can enjoy these films if you have not seen them, and I also hope that anyone of you could further be encouraged to send me your comments on your favorites players to win the U.S. Open this week because, with Tiger coming back from a knee operation, the odds are against him. We believe that, with the quality of play of Sergio García, Mickelson, Perry and Trevor Inmelman, they should be among the favorites to win.
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