A smart and patient relative of mine got ripped off for $100K in CR on a real estate deal.
A new development was going in, ocean views, etc. He did lots of digging, went down there a few times to look things over, met the developers, met his next-parcel neighbor (an American accountant) who had already built.
He had to put $50K down in reserve, then later $50K to finalize...then came 2008 and the financial collapse and everyone disappeared.
No recourse, nada, hasta la gringo.
Was reading earlier this evening on line about real estate development. Some pricey pieces of land. Thanks for the info.
I don’t know the details of how they got conned. I think they were a little embarrassed. They had vacationed there several times and knew others who had retired there.
I honestly don’t know why they even wanted to retire there. They have children and grandchildren and eventually did retire near one of their daughters in Kentucky. They still travel all over, and spent around 5 months in Europe this year.