Does anyone have any new information on this complex that is located midway between Santo Domingo and Casa de Campo? Please Google it or go to their website. It is truly a mega project.
take a listen to this interview with Mr Bucher, founder and head of IFCA. it lays out the vision and 25 year plan of the project and center.
Independent Financial Centre of the Americas
If they opened a stock market in the DR, I might become an investment banker here.Have you all heard about the looming housing bust in China? The Chinese have built thousands of apartments but there is no demand in China for the apartments. Why? Because the apartments were "centrally planned" by the Chinese government, i.e., there was a disconnect between supply and demand.
This IFC of the Americas looks similar to me. Where is the demand for this? If there was such a huge demand for financial services located in the DR, couldn't that demand be met by the existing office building stock in SD? The financial services industry by its very nature pinches pennies. Having a tropical location (i.e. nice work environment) is typically a secondary priority compared with the bottom line.
I just don't see the demand for this.
The IFCA is going to be a financial free zone of sorts, similar to the manufacturing free zones that have been set up all over the country. They function on a different set of rules, mostly tax related. The current financial laws in the country are not adequate to create an offshore banking center. If they were adequate for such operations, then Santo Domingo would had taken the role that places like the Cayman Islands have right now, which is one of the largest offshore banking places in the world.This IFC of the Americas looks similar to me. Where is the demand for this? If there was such a huge demand for financial services located in the DR, couldn't that demand be met by the existing office building stock in SD? The financial services industry by its very nature pinches pennies. Having a tropical location (i.e. nice work environment) is typically a secondary priority compared with the bottom line.
Anyway, the only thing that has kept this from starting has been certain permits with the local authorities.
The IFCA is going to be a financial free zone of sorts, similar to the manufacturing free zones that have been set up all over the country. They function on a different set of rules, mostly tax related. The current financial laws in the country are not adequate to create an offshore banking center. If they were adequate for such operations, then Santo Domingo would had taken the role that places like the Cayman Islands have right now, which is one of the largest offshore banking places in the world.
The DR is one of the largest free trade zone sectors among manufacturing and call centers companies in the region, the same will happen in the financial services sector.
As for not seeing the demand, this is normal. Most people notice the demand for any undeveloped sector years after it has been developed, which is kind of late. The best time to enter is precisely when most people don't see it.
Anyway, the only thing that has kept this from starting has been certain permits with the local authorities
Or, equally likely, financing...Permits? 7 years to secure permits. Why don't you tell us he had a bad car accident and this has delayed the project...that might be more believable....but then again.
It is my understanding that the IFCA is nothing but a guy with an idea. He can not/will not build the building because he has not, to this point, found tenants to occupy it.
Respectfully,
Playacaribe2