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To: Pugs who wrote (40810)	2/6/1998 11:33:00 AM
From: tonto	Respond to of 55532

Friday February 6, 10:45 am Eastern Time Company Press Release Dominican Republic Removes Restrictions on Foreign Ownership of Real Estate SANTO DOMINGO, Dominican Republic--(BUSINESS WIRE)--Feb. 6, 1998-- The Dominican Republic has repealed a 50 year old law requiring that foreigners obtain prior government approval and comply with numerous requirements and formal procedures before acquiring real estate in that country. Now, American companies -- from franchisors to manufacturers and pharmaceutical companies -- and other foreign entities may purchase or invest in real estate in the Dominican Republic on the same terms as Dominicans. Ricardo A. Pellerano, a partner in the Santo Domingo law firm of Pellerano & Herrera, stated that the new change in Dominican law ''makes real estate transactions much easier and less costly than they were in the past.'' In essence, Pellerano declared, the new law ''removes a substantial impediment to foreign ownership of real estate in the Dominican Republic.'' The new law continues the Dominican Republic's recent trend of encouraging greater foreign investment in the country. According to Pellerano, over the past several years the Dominican government has enacted a new Foreign Investment Law, which opened previously forbidden or restricted areas of economic activity to foreign investment, and new Tariff, Tax, and Labor Codes. The Dominican Republic, located in the Caribbean southeast of Florida and northwest of South America, is strategically placed for American manufacturers and distributors because it provides direct economic access to North American and Latin American markets. Its size -- only Cuba is a larger country in the Caribbean -- and geographic location also make it a convenient place from which to launch trade and investment with Europe. Pellerano & Herrera is the largest law firm in the Dominican Republic. The firm regularly represents American businesses and other investors is transactions in the Dominican Republic and throughout the Caribbean and Latin America. Contact: Pellerano & Herrera Annie M. Luna, 809/541-5200 Steven A. Meyerowitz, 516/261-9476