Julio Iglesias Sells Punta Cana Investments

I haven't seen any news in English about this.

Julio Iglesias supposedly sold off his participation in Grupo Punta Cana. He's keeping his Punta Cana home and just a 5% participation in the Punta Cana International Airport (which is a private airport.) His Dominican investment liquidation supposedly produced him US$300 million (his participation in Grupo Punta Cana amounted to 25%.)

Among the reasons cited for his decision to liquidate his Dominican investments are his uneasy relationship with Frank Rainieri (he considered Oscar de la Renta -died in 2014- a brother and literally built his Punta Cana home next to Oscar's, but considered Rainieri something else) and the new fiscal changes in Dominican law that makes the DR less attractive as an investment destination.

He's also selling his home in Indian Creek, Florida (he has another home in Palm Beach) and is asking US$120 million. He also recently bought a new property in Panama.

Of all his homes, he spends the most time in Punta Cana. Who knows if this will continue to be the case.

Julio Iglesias liquida sus inversiones en Punta Cana y adquiere una propiedad en Panamá

Update: Julio's Indian Creek, FL property is not a house, but rather a parcel of land. He demolished the house he built there.

cobraboy said:

"Fiscal changes in Dominican law?"

Like what, exactly?

Perhaps his 10-year income tax abatement fot investment in a special tourist zone expired?

Click to expand...

The new anti money laundering law complicates the nature of many businesses due to the new procedures that must be taken into account. There are stringent limits to how much money in cash can be accepted (I think for real estate no more than RD$1 million) and Dominican authorities have increased their monitoring especially of the big companies. Also, the penalties are much stronger for any violations of this law.

Grupo Punta Cana is mainly an airport and real estate company. The extra measures of the new anti money laundering law is inevitably impacting the real estate business, mainly in the sales part.

The effect of this law in many sectors of the economy was mentioned in a Dominican morning program a few weeks ago. Circe Almánzar mentions this at about 3:58 in the video.

She and Campos de Moya represents the AIRD, which is the grouping of the most important businesses that belongs mainly to the Dominican oligarchy..They present its interests and expose their concerns to the Dominican government and the public opinion.

This interview is mainly focus on the Dominican oligarchy's unhappiness with the stringent measures Haiti has taken to knock down Dominican exports to that country. As I said before, from about 3:58 in the video a small tangent is made towards the effects the new anti money laundering law is having in many sectors of the economy.

[video=youtube;4NsY7XQu-RY]https://www.youtube.com/watch?v=4NsY7XQu-RY[/video]