Chambers and Partners Latin America 2016 ranked Guzmán Ariza law firm in Real Estate and Tourism, and Dr. Christoph Sieger, partner of the firm, was recognized as a recommended attorney in the area. The guide highlighted that Guzmán Ariza lawyers “are very reliable and competent. They have excellent knowledge of the market, always handle lots of operations and know all the trends”.
Dr. Sieger is the resident partner at the Punta Cana offices and specializes in international tax and real estate investments.
Guzmán Ariza law firm has extensive experience in all areas of the real estate business, working with corporate clients, financing and developing real estate projects such as malls, subdivisions, hotels and resorts, and representing individuals in purchasing or renting vacation properties in the Dominican Republic.
Non-resident air arrivals to the Dominican Republic are now up 7.9% from January to August 2015, which promises to be a bumper year for tourism in the Dominican Republic. After a record 10.4% in arrivals in July, August turned in another strong month with 9.7%, according to statistics compiled by the Central Bank.
In August 2015, 465,806 non-resident air arrivals were up 41,091 compared to the same month in 2014. The number of non-resident foreign tourists was 396,091, up 8.9%, equal to 32,445 more tourists. The number of Dominican non-resident arrivals was 69,175, up 14.2%, or 8,646 more visitors this August compared to last year.
Central Bank analysts concluded that the increase in visitors was due to the improvements in the US economy and strategies implemented by the Ministry of Tourism working closely with the private sector to consolidate the DR’s leading position in tourism in the Caribbean.
From January to August 2015, resident and non-resident arrivals totaled 4,254,119.
Most tourists arrived via Punta Cana International Airport with 66.6% of total foreigner air arrivals, for 2,261,546 arrivals from January to August 2015, up 8.5% compared to the same period last year.
During a special event, the Dominican-German Chamber of Commerce announced their new board of the directors in which Christoph Sieger, partner at Guzmán Ariza law firm, and Fabio Guzmán Saladín, General Manager at Editora Judicial, were elected as president and vicepresident, respectively.
Changes in the board of directors were revealed in a special statement sent by Frauke Pfaff, executive director of the Dominican-German Chamber of Commerce.
This decision is valid until the next general assembly that will be held on February 2016, as established in their ordinary calendar.
The Legal 500 Latin America 2015 survey, for two consecutive years, ranked Guzmán Ariza as a Top Tier Firm in real estate and tourism in the Dominican Republic, and has chosen name partner Fabio Guzmán Ariza as a “Leading Lawyer” in the field. The firm also received recommendations in Corporate and Finance and Dispute Resolution.
Twelve Guzmán Ariza lawyers have also been recommended in The Legal 500 Latin America editorial: in real estate and tourism, Fabio Guzmán Ariza, Christoph Sieger, Julio Brea Guzmán, Rubén García and César Calderón. In the corporate and finance practice, Fabio Guzmán Ariza, Alberto Reyes, Alfredo Guzmán and Fabio Guzmán-Saladín. In dispute resolution, Fabio Guzmán Ariza, Aura Celeste Fernández, Alberto Reyes, Rhadaisis Espinal, Manuel Bonnelly and Fabio Guzmán-Saladín.
Central Bank Governor, Hector Valdez Albizu, said that July 2015 was a record month for non-resident travel to the Dominican Republic.
A record of 568,323 visitors, including foreigners and non-resident Dominicans (10.4% annual growth) arrived in the country in July 2015. Travel in August 2015 is also showing a strong increase of 9.7%. Based on the strong summer month figures, Valdez is forecasting a record year for Dominican tourism. It is also worth mentioning that tourism will receive an additional boost later this year with the maritime arrivals via the Carnival Amber Cove port in Puerto Plata, scheduled to open on 6 October 2015.
Central Bank governor, Hector Valdez Albizu, said that the economy showed economic growth of 7.5% in July despite the significant 10.6% fall in the growth of exports, compared to last year.
Valdez highlighted the 6.5% accumulated growth of GDP for January-July, low accumulated inflation of 1.17%, an US$18 million surplus in the government Current Account, international reserves sufficient to cover 3.3 months of imports, record highs in tourism figures, good performance of remittances, free zone sector, farm exports and foreign direct investment.
Valdez Albizu said that July’s most dynamic economic sectors were mining with 33.8% growth and construction with 16.4% growth. He added that both the public and private construction sector invested mainly in low-cost housing solutions, highway infrastructure, school buildings and hospitals. He also mentioned financial growth of 13.1%, commerce 9.8% and local manufacturing was 6.9% among other areas of growth.
The Ministry of Industry and Commerce has announced that the National Export Free Zones Council (CNZFE) has approved 12 new companies in the free zones and the establishment of another free zone park.
According to a press release, in order to set up a free zone company these new companies have made an investment of an estimated RD$2,261.9 million and will generate 1,845 new direct jobs and will make around US$12.1 million in foreign currency for the country. They will be located in several parts of the country.
The new free zone is estimated to invest around RD$172.9 million and create 1,212 new jobs.
Dominican imports reached a record US$8.47 billion in the first half of the year. This is 2.7% more than last year, according to statistics released by the National Statistics Office (ONE).
Dominicans purchased US$358.4 million in vehicles, that is 33.3% more than in 2014. Pharmaceutical purchases were also up 15.8% totaling US$233.2 million. The country spent US$139.4 million on telecoms equipment.