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Guyana named fastest growing economy in the world in Nasdaq report - By News Source Guyana on June 28, 2019
07/05/2019 07:47 AM

According to the report, with a GDP size of $3.63 billion (2018 Rank: 160), a growth rate of 4.1% in 2018 and 4.6% in 2019, Guyana’s economy is expected to grow by 33.5% and 22.9% in 2020 and 2021 respectively.

A report for the world’s second largest stock market, NASDAQ, has named Guyana as the fastest growing economy in the world.

In a report compiled for the stock exchange, it said that with a projected growth rate of 16.3% during the four-year period 2018-2021, Guyana is the fastest growing economy in the world.

According to the report, with a GDP size of $3.63 billion (2018 Rank: 160), a growth rate of 4.1% in 2018 and 4.6% in 2019, Guyana’s economy is expected to grow by 33.5% and 22.9% in 2020 and 2021 respectively.

The report added that with Guyana’s per-capita income of $5,194, the country is a middle-income country that has an abundance of resources.

The report also pointed to the ExxonMobil discoveries in Guyana and the income that will come to the country when oil production begins next year.

Exxon is expected to start producing up to 120,000 barrels of oil per day from the Liza Phase 1 development next year and the country is projected to be among the world’s largest per-capita oil producers by 2025.

Just recently, the International Monetary Fund heaped praises on Guyana for its economic growth and stability over the past few years.

Link: https://newssourcegy.com/news/guyana-named-fastest-growing-economy-in-the-world-in-nasdaq-report/?fbclid=IwAR0EgfppvQZ-vW-9naAdVQ9D72WSaNJfKisMs44oQp35G4RZo_LmQ9RCSP8

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This Idea Is Genius - Selfie Quadcopter Conquers Guyana.
10/04/2018 07:00 AM

Selfie Quadcopter Conquers Guyana.

This Guyana Selfie trend is going viral worldwide...

Phone selfies are boring. People aren't doing them anymore and they've become unpopular...

First, there was the standard selfie, then the selfie stick, and now the next evolution of the selfie has arrived!

Nobody knows who did it first, but soon thousands of people in Guyana started uploading incredible selfies from insane angles. They uploaded them to social media and soon EVERYONE wanted to do the same! 

Now, this new type of selfie has taken off - Literally - across the world.

See link below

https://breakthroughtrend.com/lp/quadcopter/drone.php?cep=h_Y4WuNW_EC22xNG5QEJnoZAnOp0Q1DpnezKISAyCdDRY-pin5Eb7_KwVXD_o8stzWnZw2s-cKZXDqZYINmvv2koOzpNdZ58HzdJZUOQhJL_oc2cCI02UlQdeVPGeHzTy4-1X2jxZVyIzIdkgiW9cDWP398QsPhMvjorRAYVrye9QClYLyFPe8A_clY0Ct8pfYcn2WqXNymOVhDSGwKKm5AXewWXckrzU3EWsVduTFRRdkTInloeBmjR3vPABcLcHjRmP5BL04XgPC-E1nBpVo11QusC6AdSkikBlrPVKNfufW1cKe3NTcz8WwjXzWjpfLvNcDrRWKILl9Gb2EV4LwrtjQtTep0UF4j_Hn5LjbgCgqiCjjYl0FDFiK4BzqzPx78TDX_iBdmUJyEUht0Ji_KAwJdZBir2Jkd7kl_-gv6pG3kJ7jpTkyZBgFM-H813Y16KDmLpxVDS6_Cxwt1rjwbsbyIjp5EmBz7SryIg38I&utm_platform=Desktop&utm_title=Selfie%20Quadcopter%20Revolution%20in%20Guyana.%20The%20Idea%20Is%20Genius&utm_thumnail=http://cdn.taboola.com/libtrc/static/thumbnails/596cc91199b4598cab544f5b4eb017b1.jpg&utm_campaign=1407101&utm_medium=msn-defaulthomepage&utm_campaign_item_id=125401182

 

 

 

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Protection of Property Rights
07/21/2018 06:44 PM

This information is derived from the State Department's Office of Investment Affairs’ Investment Climate Statement. Any questions on the ICS can be directed to EB-ICS-DL@state.gov Last Published: 3/15/2018

Guyana has a dual registry system of property rights with distinct requirements, processes, and enforcement mechanisms.  The two types of registry systems are deeds (Deeds Registry) and title (Land Registry) registries that operate in separate jurisdictions, which in theory help to avoid the problem of double entry and dual registration.  Over all, Guyana’s property rights system is overly bureaucratic and complex, with regulations that are overlapping, competing, and nontransparent.  This affects the proper allocation, enforcement, and effectiveness of property rights, as well as the efficiency of all property-based markets, such as housing, land, commercial property, and financial markets (especially primary ones, such as mortgage markets).  The judicial system is generally perceived to be slow and ineffective in enforcing legal contracts.  The World Bank’s Doing Business Report 2017 says it takes 581 days to enforce such contracts.  Mortgage transactions in the Guyanese financial system are limited, and the term, as used locally, refers solely to consumer loans dedicated to the construction of a primary residence.

There are three types of land ownership in Guyana today:  a) public land, which is 85% made of what used to be known as state and government lands; b) Amerindian land, which is 14% comprised of lands held in common by indigenous communities (such lands are titled to the individual community); and, c) private land, which is about 1% land that can be transferred by either freehold or absolute grant.  A freehold transfer can be made either through a transport system or through a land registration system that is based on the Torrens type registry.  Absolute grants are used in cases in which agricultural land is being transferred for non-agricultural use.  In such cases, the land will first be transferred to the state, becoming public land, and is then titled to an individual.  Such grants require a presidential decree.

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What Is a Gift Deed for Real Estate?
07/21/2018 06:28 PM

In real estate, a 'gift deed' is a notarized document that transfers ownership of property to another person. Gift deeds are only used when there is no payment or compensation for the property that is being transferred.

Gift deeds are most often used for transferring property between relatives and friends. The person who is gifting the property is known as the "donor," while the person receiving the property is deemed the "recipient." A gift deed becomes irrevocable once it has been given to the recipient and receivers of such property are required to claim the gift on their federal income tax form.

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What Is the Value of Real Estate in Guyana?
07/21/2018 05:57 PM

The value of real estate in Guyana depends on the location of the property, its size and the type of property. There are three types of properties in Guyana: state- and government-owned land, titled land and industrial estates. Government- and state-owned land is often leased.

 

Properties that are in and around major cities like the capital Georgetown are higher priced. A four bedroom, four bath house near the city costs approximately $350,000 U.S. dollars. This is the equivalent of 72.5 million Guyanese dollars (GYD). A five-acre plot of land located about 20 miles from the capital sells for approximately 2 million USD or 412.3 million GYD, as of 2015.

Foreign investors can acquire land in Guyana and get the same treatment as citizen landowners. Real estate taxes in Guyana include 0.5 percent stamp duty, 20 percent capital gains tax and 33.3 percent income tax.

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Guyana’s former sugar estate lands available for oil sector-related real estate development
07/21/2018 05:33 PM

in Business, News March 11, 2018

Guyana is making available large swathes of former sugar estate lands for constructing upscale houses and business complexes for the burgeoning oil and gas sector, but a top government official cautions that the lands cannot be held indefinitely for speculation.

“These developments will come with a time-frame so you can’t take an acre or ten acres and say you will build a high-rise or a condominium and take ten years to build it. We’ll specify the time frame for you to start building,” Head of the National Industrial and Commercial Investments Limited’s (NICIL) Special Purpose Unit (SPU), Colvin Heath-London said.

Addressing a recent outreach exercise by the People’s National Congress Reform in New York, he said the Guyana Sugar Corporation (Guysuco) has lands available at Wales, Ogle, Eccles, Diamond and Palmyra for real estate development to international standards for the oil and gas sector.

Stressing that the lands are “not available for speculation”, he said they would be allocated through a “proper process” based on strong justifications in a “proper” business plan.

The SPU official urged overseas-based Guyanese to apply for former sugar estate lands to construct high-quality houses, restaurants and entertainment spots for more than 200,000 expatriates who are expected to come to work in Guyana’s petroleum sector. “It means that we have to raise our standards in terms of the real estate market,” Heath-London said.

“We have to find places for them to live, we have to feed them and entertain them and this is where you in the Diaspora and others further afield come to play. It means that we have to build accommodation to international standards,” he said. Features of such property development, he said, would have to include washing machines, dish-washing machines, alarms, gated communities, proper restaurants for dining and fine dining, night clubs and other forms of entertainment

Heath-London said the country was poised to create a number one Guyanese brand to cater not only for core oil and gas operations but also for an estimated 40 downstream industries. Through United States (US) oil giant, ExxonMobil, Guyana is expected to begin commercial oil production in 2020 at current estimates of 500,000 barrels per day.

The Guyana Sugar Corporation has already closed Wales, Enmore-East Demerara, Rose Hall and Skeldon Estates. The SPU has since decided to reopen Skeldon, Rose Hall and Enmore estates to keep them as going concerns to attract investors and at the same time produce molasses for the privately-owned Demerara Distillers Limited.

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Goevernment Ministry Links
07/20/2018 09:16 AM
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Property Management - Aabbie Realty in Guyana
07/20/2018 09:08 AM

Property Management done by Aabbie Realty

Everyday management of your property investments involves lots of commitment and resources including time and expertise. Here at Aabbie Realty we provide owners with the freedom to utilize those resources on life and family, with the confidence of knowing that property management professionals are caring for their property. Whether your property is a secondary home or an apartment complex, we will work with you every step of the way to ensure your satisfaction. Our property management services include:

Full Time Management

With Full Time Management we offer 24 hours maintenance service, where we conduct minor repairs, and periodic maintenance. Each property is treated in the highest regard, and therefore we expect the highest quality work from our employed workers and each of our contractors. All repairs or projects have to pass our high standards before they are considered completed and most importantly the owner has to be happy with the work. The safety of your property and its occupants are our primary concern. Our Services include:

  • Rent Collection
  • Quarterly financial reporting
  • Tenant application processing and background checking
  • Lease, rider, and related document drafting and execution
  • Collect and deposit rent into owners account
  • Responding to Governmental documentation requirements
  • Paying yearly property taxes in your name
  • Evaluation and management of legal matters
  • We handle minor repairs
  • Quarterly scheduled maintenance
  • Project management
  • Access to our extensive network of expert tradespeople.
  • Contract supervision
  • Cost of repairs and projects estimation.
  • Preventative maintenance and periodic routine inspections
  • Clean outside of property, gutters and drains

Other Services

Services we provide include:

  • Outdoor areas cleaned as-needed.
  • Gutters and drains cleaned
  • Identification of exceptional property issues.
  • Weed and cut grass and shrubs
  • Organize garbage for burning or removal
  • Property monitoring – security – camera
  • Septic and well maintenance
  • Electrical and plumbing maintenance

Please call us for more information on these services

Office: (592) 226-0011

WA: (592) 692-0315

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Financing Properties in Guyana
07/13/2018 12:42 PM

FINANCING in GUYANA

Please contact one of our financial partners for information on their products.

Citizen Bank Guyana

Tel # 592-226-1705/6

Demerara Bank Ltd.

Tel # 592-225-0610

Hand in Hand Trust

Tel # 226-0424, 227-1750
Guyana Bank for Trade & Industry

Tel # 231-4400-9

New Building Society

Tel # 227-4444

Republic Bank Guyana

Tel # 223-7938

Scotia Bank Guyana

Tel # 592-225-9222

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Property Buying Links
07/13/2018 12:07 PM

Useful links for Investors and Home Buyers

MLS Guyana invites you to invest now in Guyana, Where Sand, Sea and Sunshine is in abundance.

We're here to help you with all your real estate needs. Below are some useful links:

 

National Building Codes - launched in Mar/2012.

Guyana Revenue Authority - Tax & Compliance Info.

Guyana Lands & Surveys - Land Admin & Surveys. 

Housing & Planning Auth - Map of Housing Scheme.

IDB Property Rights Study - analysis / review 2010.

Agro-Processing Manual – Mins. of Agriculture 2010

Aquaculture Prospectus - for Guyana - 2008 study

Ministry of Legal Affairs - Deeds Registry

Ministry of Legal Affairs - Laws of Guyana

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Guyana Land Ownership
07/12/2018 08:17 PM

Overview – Guyana Land Ownership

Guyana, with a population hovering around 761,000, is the only English-speaking country in South America. It is abundantly endowed with natural resources and one of the few country in which the constitution guarantees the right of foreigners to own property and land parcels.

It is important to note that there are four types of land in Guyana

a. State owned

b. Government owned

c. Private transported or titled land

d. Industrial estates.

Foreigners are treated the same as Guyanese citizens when acquiring and disposing all properties. The process for acquiring or leasing land depends on its classification. In most cases, state and government owned lands are leased rather than sold, through an application process that involves the Guyana Lands and Surveys Commission (GLSC), GO-Invest and other regulatory bodies. Private transactions are generally carried out between lawyers for the buyer and seller.

Income tax rate is 33.33%

Rental Income is taxed at a flat rate of 33.33%.
Capital Gains tax is levied a flat rate of 25% but assets and properties held for more than 25 years are exempt from capital gains taxation.
Inheritance tax is levied between 0.50% on inheritance exceeding 100,000 (US$498).
Residents are taxed on their worldwide income at a flat rate of 33.33% on income exceeding GYD420,000 (US$2,093).

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Best way to Buy a Home
05/06/2018 09:38 AM
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Land Banking
03/07/2018 03:38 PM

Land Banking and Development Joint Ventures?

It is no secret that land is the most fundamental building block of any real estate development. Without it, no other structure could be erected. However, there is always a fragmentation that exists between land owners who don’t know how to develop their property or don’t want to and developers who seek to purchase land at the cheapest price only to turn it over with huge returns.

To bridge the gap between owners and developers, a joint venture between a land owner and a developer can create a win-win solution for both parties, thereby creating equitable returns for both parties. The roles of each party are usually very simple. The land owner contributes land while the developer is responsible for executing the development from start to finish.

Why sit on a property when you can develop it, sell it and buy more. Image if you could have just 100 parcels of land paying you $100 US per month ($10,000 US per month) for the next 20-25 years. Not bad Right. Aabbie Realty is committed to teaching as many people as possible how to turn this little secret into a full time job. as so many worldwide have been doing this for many centuries. Now you can too!!!

So if you are a land owner and are sitting on some idle land, or if you know someone who does, we would like to hear from you. We have the Staff and resources to create and execute viable land banking joint ventures. Contact us for more information

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