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Altos Escondidos Development in Panama was NOT a Sunday walk in the park

Written by Posted On Friday, 21 March 2014 08:11

Alto Escondidos SA, A Eco-Luxury development in Panama under taken as a raw land development has not been a Sunday walk in the park. It has been very tedious and time consuming process. Working in a foreign country, dealing with Panama policy, Governmental permitting process, following all their rules and regulations. The preparation of all reports for the environmental study was done by Codesa.

Permitting process in Panama which was supposed to have taken less than 12 months took Altos Escondidos SA almost 3 years. All permits had to be approved before we could turn a rock, cut one tree or build the road. No per-sales of lots until permits are approved by ALL Panama Government Authorities. Panama is a very environmentally conscious and sensitive country. Panama wants to protect their rainforest against deforestation. Altos Escondidos had implemented a policy to save large trees during the development of the project; we will plant 10 trees for every tree we cut. The Panama Government has strict laws against developers who destroy the environment or try to take a short cut in the permitting process. All the permitting process had to be done in the timeline of the Panama Authorities.

Word of Advice, You need to be Focused, have Patience and be persistent for projects in Latin and South America. You have to depend on local consultants, contractors and Government Departments who take their time. Your project timeline is delayed when you depend on others and not your team. Altos Escondidos has respects, Panama, their People, Environment, and their Policies.  "When you in Rome, you do what Romans do". If you are in Foreign Country you have to Respect that country, people, Environment, their policies and how they conduct business and do things in their timeline and not in your timeline, which might be different than the way you do things or they way you have conducted business in your country. If you want do business in another country, please respect that country and the people and their policy. Do not waltz into a country and try to change their way they do business.   

Even after the long waited permitting process Altos Escondidos SA has been following ALL international Banking laws in KYC (Know your Client). Altos Escondidos SA has a very tight policy on "proof of funds" and "Source of funds "and "seasoned funds " . Altos Escondidos SA has been in compliance with ALL International Banking laws in sourcing funding for the project. Several fissile out when they cannot answer the Altos Escondidos SA AML (Anti-money laundering and U questionnaire).  I have met several rodeo clowns and few real cowboys who can bring the steak to the BBQ.

Altos Escondidos SA has a very tight regulation in  finding  funding with "Proof of  funds" and "Source of Funds"  and now the " seasoned Funds " who can pass the international Banking laws has been a challenge time consuming, frustrating and a lengthy process. The Due Diligence process is done through the lawyers of Altos Escondidos SA and through for KYC, AML.

International banks in many counties do not want work with American Citizens or residents as now all International banks have a new reporting process for American resident and Citizen. They do not want to deal with the Hassle and the extra cost sitting up separate departments with their monthly reporting process to US Government .Altos Escondidos have been turned away by several banks although Altos Escondidos SA is a Panamanian Company, Panamanian project development. Altos Escondidos has funds allocated from a pension fund in USA for the development of the project. The US pension fund has their funds at Wells Fargo in United States; the International banks do NOT want to deal with Americans PERIOD.

Please read the article on CNN which explains the new International banking regulations All Americans need to be aware of

There are several organizations in Panama have been a great support to the development of Altos Escondidos and are aware of the tedious process Altos Escondidos SA has gone through, making sure that all the "I "are dotted and all "T" crossed from permitting to funding process.

AMCHAM (American Chamber of Commerce Panama) Altos Escondidos SA has been actively involved in Real Estate and Environmental committee and AMCHAM has supported Altos Escondidos SA since 2008  ANAM (Autoridad Nacional del Ambiente)   Panama Governmental agency who approved all the permits for the Altos Escondidos development.

ANCON (Asociación Nacional para la Conservación de la Naturaleza) has supported Altos Escondidos since 2007.

US Embassy in Panama The Commerce and Economics and varies other Department at the has been a great support to Altos Escondidos and the team.

Do not attempt a raw development in Latin  and South America or any other country, if you do not have the Vision, Passion, and Persistence, Patience and Strong Will Power and standby to execute your vision. You have to be able to work with local people, adapt to their environment, cultures and how they conduct business in their country. Do not forget that you are a guest in their country and they have opened their arms to welcome you in their country. Be sure to respect the country and the people and be in compliance with all local and International polices and laws.

Being a hands on developer of  Altos Escondidos SA  in Panama  and have gone  through the process of preparation for permitting to permitting process and to get all permits approved by the Panamanian Government for the Altos Escondidos SA Eco- luxury development is the most challenging thing I have ever done in my life.

Although the project timeline has been completely shot out of the water, I firmly believe in Altos Escondidos development and stand by it. Like they say "Rome was NOT built in ONE day", Patience is Virtue. All good things happen to people who wait patiently. My father always told me try, try and you will be successful. Life lessons and experiences are the "Pillars of Success in life". NEVER, NEVER GIVE UP.

Altos Escondidos SA Development video on YOUTUBE

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