DC's Top 10 Up & Coming Neighborhoods

Washington DC and its metropolitan area have recently attracted quite a lot of attention. For one, the city was just named the top investment destination according to a 2009 survey of the world's top foreign real estate investors.


Secondly, the area is home to some of the nation's fastest growing and wealthiest counties like Loudoun County, Virginia which has grown faster than all but 4 counties and has the nation's highest median household income. Fairfax county, the metro area's most populous place ranked as the nation's second wealthiest county and nearby Howard county, MD grabbed the #3 spot.


Lastly, the DC area has been recognized for its robust and increasingly diversified economy, which held up quite well in spite of recent economic turbulence. Here, unemployment is around 4%--well below the national average.


With so much to offer, there's no wonder why DC has become the new place to be. Its proximity to Virgina, consistently listed as Forbes' most business-friendly state in the US, makes the metro area an attractive place to do business. But businesses want prestige and access to lawmakers, media groups, universities, lobbyists, and legal groups. Thus the central core of DC has become one of the hottest real estate markets in the world.


Within the past decade, DC's development has been explosive, but it's not nearly over. The city has begun one of the largest waterfront projects in US history. The project calls for developing thousands of acres of the underused property along the Washington Channel and Anacostia River. Ambitious revitalization plans for neighborhoods close to the central business district are already underway and have quickly attracted a host of investor interest.




1. H Street, NE (Atlas District):


This strip is the bustling heart of Washington's re-emerging East End. Located within walking distance of busy Union Station, affluent Capitol Hill, Gallaudet University, and the new NoMa business district, H Street is a busy thoroughfare teeming with artists, small businesses, and growing investor interest.


Within the past few years, the area has welcomed the reopening of the Atlas theater, H Street Playhouse, and has welcomed new bars, cafes, clubs, retail, and luxury condominiums such as the one in which former mayor Tony Williams resides.


What makes the area a perfect up and coming neighborhood for your investment is the wide availability of profitable opportunities. Commercial space and housing prices here are far cheaper than in other neighborhoods in Washington, at least for now. The city is moving fast on a plan to bring a street car line as well as other developments.



2. New Near Southeast (Capitol Riverfront District):


At the epicenter of Washington's master-planned waterfront community is Near Southeast. It's hard to believe that in less than 5 years, it was an under-used, blighted semi-industrial area.


Located south of the capitol and wedged between I-395, the Washington Navy Yard, and the Anacostia river, Near Southeast is an emerging community with a lot to offer. In just two years, the neighborhood welcomed new hotels, office buildings, including the US Dept. of Transportation's headquarters, the Washington Nationals' brand new ball park. Along with the additional thousands of new residents, Near Southeast has become a busy and vibrant area.


Future plans for the area include several major mixed retail, office, and housing communities, a revitalized waterfront park, and a possible light rail route.



Further information:
www.capitolriverfront.org




3. NoMa (North of Massachusetts Ave):

The area north and east of the capitol and Union Station has been fully transformed into a huge office park with a new Metro station, cheaper office rents than downtown, but proximity to Capitol Hill. With neighbors like CNN, CSPAN, XM Satellite Radio, and the future home of NPR, NoMa is becoming Washington's own media mecca.


Several projects are underway that will bring new office space, housing units, hotels, and retail by 2010. One of the largest projects in the planning stage includes the redevelopment of the city's largest wholesale and farmer's market.




4. Mt. Vernon Triangle (Convention Center East):


Bounded by the convention center to the west, Verizon Center (local professional sports) and Chinatown to the south, NoMa and I-395 to the East, Mt. Vernon Triangle is all about proximity. The area was created from former parking, used car, and vacant lots into a largely residential area. Several condominiums and a new Safeway grocery store have already opened, but so much more is to come. Once complete, thousands of new residents, mainly young professionals and students will inhabit the area, bringing with them a demand for more retail, restaurants, and entertainment.


5. Hill East (Stadium-Armory Area):


Wedged between Capitol Hill and the Anacostia River, Hill East is on its way to becoming one of the hottest places in town. Minutes from downtown, the neighborhood is home to RFK stadium, the DC Armory, Stadium Armory Metro.


Hill East is home to a planned mixed use waterfront community on the 67-acre campus of a former hospital. Plans call for a new waterfront park, offices, town homes, and retail. Meanwhile, investors can get in on the expanding demand for multi-family units.



6. St. Elizabeth's/Poplar Point:


The area includes Poplar Point, an underutilized waterfront park and the 300+ acre campus of one of America's most famous mental asylums--St. Elizabeth's. The project began with the redevelopment of the larger neighborhood in order to bring a new metro center at Congress Heights, a new shopping center, and new home communities.


Now the Dept. of Homeland security will bring its headquarters and thousands of employees to the St. Elizabeth's campus. The master plan calls for development of remaining land, affording newcomers breathtaking views of the Anacostia River and downtown.


Unfortunately, funding has slowed the Poplar Point project, which city officials had hoped would attract a new soccer-specific stadium for the DC United. No officials aren't expecting any major changes to the site until after 2010.




7. New York Avenue East (Brentwood, Landgon & Ivy City):


Nearly 55,000 vehicles use New York Avenue each day making it one of Washington's busiest thoroughfares. Commuters, visitors, travelers, and truckers pass by the area giving you access to a large potential consumer market


For years, the area has been home to the headquarters of BET (Black Entertainment Television) and Washington Times, but now it's attracted a slew of new neighbors. Within the last 5 years, the it has welcomed the city's only Home Depot, as well as new hotels such as a Fairfield Inn.


A number of new projects are scheduled for this area just East of NoMa, South of Rhode Island Avenue Metro station, and West of the National Arboretum including: re-development of the old Hecht's building, one of the city's finest examples of Art Deco, a new Arbor Square mixed-use project, and the revitalization of adjacent semi-industrial streets.


8. Petworth, NW:


Already one of DC's densest and most diverse places, new projects have been launched to revitalize the main thoroughfares of Georgia Avenue NW. The area is increasingly host to multi-family unit investment projects. Located in an area bounded by Howard University to the South, Walter Reed Army Medical Center to the North and four major hospitals to the East, this area is one of DC's most popular up and coming neighborhoods.


Petworth is in the heart of two major redevelopment projects--McMillan Reservoir and the campus of Armed Force Retirement Home. Both areas will host new mixed-use areas with thousands of housing units, office space, and retail.


9. Southwest Waterfront:


Originally redeveloped in the 1960s, the city has once again decided to improve its first waterfront community. Located south of I-395 and north of Fort McNair and the National War College, this neighborhood is overlooked and underdeveloped, giving you great investment opportunities.


You'll enjoy the excellent skyline views, the proximity to Reagan National Airport, Downtown, East Potomac Park golf course, and the New Nationals' stadium.


SW Waterfront is already home to the city's open-air seafood market, one of the city's favorite seafood restaurants, the new 5-star Mandarin Oriental hotel, as well as a handful of clubs and shops. As part of the city's massive waterfront project, it will soon undergo drastic change. Plans call for a revitalized Waterside Mall, a new waterfront promenade, an aquarium, new hotels, shops, housing, and office space.



10. 14th Street/Columbia Heights, NW:



In just 2 years, Columbia Heights quickly became one of DC's most sought after neighborhoods. For a long time, it's been home to the city's largest El Salvadoran communities, the largest Ethiopian Community outside of Ethiopia, as well as an increasingly young, professional class.


Recent developments brought many new cafes, restaurants, and retail. In 2007, the area welcomed the city's first Target store and other large retailers. Since then, several condominium projects have been built but trends show that future development will mainly stem from refitting homes into multi-family units.

Photos Courtesy of DC.gov

Panama's Colon Free Zone Gives You Access to the World

In a land where economic growth overshadows the gloomy world economic outlook, Panama's Colon Free Zone (CFZ) is the perfect place for your business to thrive. While the US saw a record annual decline in retail sales last year, both annual and fourth quarter 2008 statistics were up over 10% in Panama. Thanks to the $ 5 B canal expansion project, future economic prosperity is almost certain - specifically for the CFZ.




Located on Panama's northern coast, where the canal meets the pristine Caribbean shoreline, the CFZ offers unparalleled access to world consumers. With over $ 7 B in trading activity, Colon is home to the second largest duty-free port in the world:


- Hong Kong is the largest importer of CFZ goods, giving you direct access to the growing Chinese consumer market


- Roughly 15,000 Panama Canal Tourists spend money on duty-free goods in Colon


- Over 1 million conventional tourists visit Colon each year and the free zone is the top attraction


- Proximity to Panama City (a scenic 45-minute drive), with the largest banking center in Latin America


The Colon Free Zone is treated as a special administrative region of Panama, one of the world's most business-friendly countries. Any foreign individual or corporation may operate here by presenting the necessary applications (found here), evidence of incorporation, and additional references (usually from a bank). Your main options include:


- Seek a 20-year land lease and build-to-suit (warehouse, etc.)


- Lease commercial space from the CFZ Administration


- Purchase existing commercial space from the CFZ Administration


- Purchase existing commercial space from another company (requires CFZ Administration approval)


The benefits of operating in the free zone are quite obvious:


- No commercial license required


- No minimum amount of start-up capital


- No taxes on imports and re-exports


- No corporate income taxes


- Sales of your goods are always tax-free


- Tax credits applicable if a Panamanian employee quota is met


If you thought doing business anywhere in Panama was seamless and inexpensive, then you'd be even more amazed at all that the CFZ has to offer. Along with a booming economy in a safe, strategic locale, the CFZ is unmatched anywhere else in the Americas.

Andorra Opens Up to Foreign Investment

Long known for its great ski slopes and low taxes, Andorra is one of Europe's least popular investment destinations. Located between Spain and France in the Pyrenees, the small, landlocked principality has grown into one of Europe's playgrounds for the wealthy.


Like other countries, Andorra has recently had to cope with budget deficits, mounting bank debts, and economic contraction for the first time in over 2 decades. In light of a decline in both investors and tourists, Andorra seeks to change its image from an "uncooperative tax haven" to a simple investment destination. Now investors have been given an investment opportunity of a lifetime. For the first time in Andorra's 700-year history, the government released its plan to open land, specifically ski slopes, to private investment.


What's New:


- Foreigners can now own up to 49% of Andorran companies (in luxury clothing, real estate, and skiing industries).

- 100% foreign ownership of companies in 200 industries (mainly technology-based) as
Andorra seeks to quickly diversify.


Top 10 Reasons for Investing in Andorra:



- Andorra currently boasts over 10 million annual visitors

- Andorra is the 3rd most popular ski destination
among Britons (after only France and Austria and ahead of Switzerland).

- Americans have yet to discover Andorra as a ski destination.

- Vacationing in Andorra is considered a bargain compared to popular French,
Swiss, and Austrian ski destinations.

- Andorra is a shopper's paradise, luring visitors with it's duty-free high-end retail.

- Andorra is rather small with little available development space making real estate investment very lucrative.

- As a non-EU member, Andorra has voluntarily signed the 2008 EU Savings Tax Directive and pledged cooperation in countering money laundering.

- Andorra is very stable and has been free from war, political unrest, or major economic turmoil during its entire history.

- With a population of just 80,000 and a high quality of life, crime and poverty are both virtually inexistant.

- Low taxes.


Andorran Company Formation


Incorporating in Andorra can be one of the most seamless and inexpensive experiences in Europe. The clear advantages to incorporating here are that most companies pay no corporate or capital gains taxes. Nonetheless, your company is required to have 2shareholders (including a 67% Andorran shareholder) as well as a minimum of 30,000 Euros in capital. But, if you're seeking access to Europe's increasingly popular ski destination and new playground for the wealthy, it's well worth it.


For further information, please visit the Andorra Investment Guide (In French).

Gibraltar: Europe's Next Playground for the Wealthy

With its stunning scenery, strategic location, low taxes, and strong banking sector--Gibraltar is briskly attracting more tourist and investment money. For centuries, the British overseas territory at the tip of southern Spain has been known for its iconic rock at the crossroads of the Atlantic and Mediterranean, and Africa and Europe. In recent years, it's become overlooked and undervalued affording investors big opportunities.


Tourism


One reason why Gibraltar is a great investment destination is because it has yet to become popular with American visitors. In less than 5 years, tourism has surged from 5 million to over 8 million visitors, yet Americans made up less than 5% of that total.


Surveys show that the 1,400-foot high rock, one of the legendary "Pillars of Hercules" is the main tourist attraction; however, with tax-free shopping, a Mediterranean climate, Barbary apes, 6th century Moorish ruins, and easy international access, Gibraltar is easy to love. As cruising proves to be a cheaper and a more popular way for Americans to see Europe, Gibraltar will continue to serve as a port of call for most western Mediterranean cruises.

Besides commercial cruisers, the increase in luxury yachters will bring many wealthy visitors en route between the US and the Mediterranean.


Real Estate

At under 4 square miles, slightly larger than Central Park, Gibraltar has limited space for development. Consequently, developers have scooped up most of the available land. In the last 5 years, the peninsula has been awash in development of scenic, luxury communities such as Ocean Village. This year, Gibraltar witnessed its biggest decline in property values since 1992 (merely 4.4%), presenting new property investment opportunities.

According to Louis Montegriffo, the director of major development consultancy firm BMI Group, Gibraltar could see a 35-40% rise in property values in 5 years. Unlike other European destinations for the wealthy like Monte Carlo, St. Tropez, and Cannes, home prices in Gibraltar are half as expensive.


Offshore Banking


Gibraltar may have kept a relatively low profile as an offshore banking destination, but its banks have amassed increasing assets of more than $ 12 B:

- Close Brothers Sets up Bank in Gibraltar Tax Haven.


- Wealth Management Firms Have Big Plans for Gibraltar.

Although the EU's 2005 Savings Tax Directive makes it more difficult for Europeans to take advantage of offshore banking, Gibraltar is serious about combatting money laundering, keeping taxes low, and promoting confidentiality.

The IMF lauded Gibraltar's anti-money laundering tactics and overall regulatory system in a 2007 report.

In order to maintain privacy while continuing anti-money laundering measures, Gibraltar has given EU residents the option of a witholding tax on bank interest payments.

Establishing your offshore account in Gibraltar means no taxes on capital gains. Lloyd's TSB Offshore Bank provides a great service to offshore account seekers:


- Lloyd's has a AAA credit rating (Moody's), the highest for any bank in the world

- Lloyd's emerged from the global financial crisis better than most large banks.

- Low annual fees (under $ 10) and low minimums to open accounts.


Company Formation


Setting up a tax-exempt* corporation provides a seamless experience:

- The filing and incorporation process takes just 2-3 days

- Requires just 1 minimum shareholder and director

- Legal entities can be corporate directors

- Minimum capital requirements (optional authorized capital, 100 GBP paid up share capital, 1 GBP paid up capital)

- Other requirements include a registered agent, registered office, and annual tax returns.





*Chief Minister Caruana's 2002 decree which allows tax exempt corporations with up to 15% company personnel taxes. Click here for information on company formation, trusts, limited partnerships, trademarks and patents, and yacht registry. Photos courtesy of Gibraltar Tourist Office.

Move Over Switzerland: Luxembourg and Liechtenstein Are Europe's New Centers of Wealth, Private Banking

Last year, Luxembourg and Liechtenstein became the first countries in the world where per capita incomes surpassed six figures with $ 103,000 and $ 106,000 respectively. See World's Wealthiest Countries. It comes as no surprise as the duchy and principality have recently attracted billions in new offshore money.



The larger of the two, Luxembourg has a half million people and borders Belgium, France, and Germany. Well integrated with the EU community, Luxembourg was one of the original EU members, having long maintained an economic alliance with Belgium and the Netherlands (Benelux). Nearly a quarter of the economy is now directly related to offshore banking and the financial industry.



With over 200 offshore banks and over $800 B in assets, Luxembourg has recently become Europe's top private banking destination, beating Switzerland for the first time in history. Like Switzerland, Luxembourg is perceived as very safe and stable.



Americans without companies registered in Luxembourg can enjoy the tax-free privileges of offshore banking. Because of the 2005 EU Tax Savings Directive, residents of Luxembourg and most EU countries are subject to Luxembourg's extremely high taxes. Opening an offshore account here comes with standard requirements including: a valid passport (and copies), a bank reference, and utility bills.



Liechtenstein



After Panama, Liechtenstein is known for upholding the strictest bank privacy laws in the world. Some Germans often joke that Swiss bankers bite their tongues, but in Liechtenstein they cut them off.



Unlike Luxembourg, Liechtenstein did not sign the EU Tax Savings Directive, thus it had previously attracted more money from EU nations. Now things have changed as the EU has put a lot of pressure on Liechtenstein to release tax information on Germans and British tax refugees. Perhaps, Liechtenstein is still a great tax haven for Americans and Canadians, but no longer for Europeans.



Prince Hans-Adam II, one of the wealthiest world leaders with over $5 B owns LGT Bank, the country's largest. The bank has been subject to frequent German tax evasion investigations in recent years and its banks have drawn international scorn.



Taxes here are relatively low compared to other European nations as both income and corporate local and national tax rates are between 18-20%. Asset taxes are low, between 0.162% and 0.85 %.



What makes both Luxembourg and Liechtenstein great investment destinations isn't just because of the banks. Both countries have wealthy and highly educated consumer bases, and are close to larger neighboring economies (i.e. Germany and France), without all the restrictions, restraints, and high taxes.

Mauritius Is Paradise for Business

Mauritius is not only a safe and business-friendly nation, it's a true hidden gem amongst the world's best up and coming investment destinations. Located just east of Madagascar in the India Ocean, this island nation is close to several emerging markets in both Africa and Asia. In fact, Mauritius is considered India's top investment destination attracting over $ 10 B in various sectors of the economy. With strong manufacturing, agricultural, financial, and tourism industries, it has become a very well-diversified economy. As such, Mauritius has maintained a brisk annual economic growth rate of roughly 5% since the government implemented economic reforms over 30 years ago. This year, however, the country expects to witness an astounding 5.6% growth rate. In light of growing trade relations with China and India, more economic growth is sure to follow.



Over the last 10 years, Mauritius has become an offshore hot spot, having already registered more than 32,000 offshore entities. Non-resident Indians have increasingly used the entities for tax shelter. Since the entities are also a way to funnel international money into India, the Indian government allows the practice to continue uninterrupted.



Offshore company formation is inexpensive and seamless. Forming such an entity (GBC I) costs just $ 2,000 with only $1,500 in annual fees. There's a competitive tax rate of no more than 15%, but you'd be eligible for an 80% foreign tax credit. Since the process takes less than 10 business days, the World Bank's "Doing Business Survey 2009" ranked Mauritius as the world's 25th easiest place in which to do business, the highest ranking in Africa and the Indian Ocean region.




The country's offshore banking law allows licensed banks to accept deposits from and lend to foreign clients without exchange controls. In fact, some of the world's largest banks have a significant offshore presence in Mauritius including HSBC, Barclays, and Standard Chartered Bank.



Earlier this year, Mauritius' principal stock exchange, the SEMDEX.MDEX hit an all time high. The index attracted a 170% increase in investment over last year as foreign money sought a safe haven. As a correction has just occurred along with other world markets, it might soon be time to consider investing.



Unlike the real estate slump affecting most of the Western world, Mauritius is still benefiting from strong demand in its housing market. One of the country's newest and largest housing developments, Villa Valriche, just reported that it has sold nearly all of its million dollar properties. The truth is that highly desired tropical islands such as Mauritius, Bermuda, Tahiti, etc. always have a high demand for housing, even during global real estate slumps. That's why huge Indian developer, Omaxe made a deal to build another new home project in Mauritius.



Businesses can take advantage of easy access to some duty-free goods and access technological infrastructure. For one, a customs-free zone for re-exportable goods (Mauritius Freeport) is located in Port Louis, the capital. In addition, the island's Cyber City was launched a few years ago to provide a huge telecommunications network to businesses over both satellites and fiber optics -- truly at the forefront of information technology. Unlike other small islands with limited and expensive resources and technological infrastructure, Mauritius is a place where your business will thrive.



Since Mark Twain visited the island and said, "You gather the idea that Mauritius was made first and then heaven..." There are certainly many reasons for visiting Mauritius. That's why nearly 900,000 tourists visited the island, a 100% increase from ten years earlier. Besides its beautiful beaches, proximity to pristine coral reefs, and excellent weather, Mauritius offers tourists casino gaming. As gambling is either illegal or very limited in India and most of East Africa, Mauritius could become the playground to new money in the developing region. Now luxury has arrived in Mauritius with yesterday's opening of the Four Seasons Resort at Anahita. The resort features an 18-hole golf course, a private island and lagoon, and nearly 11 acres of beachfront property.



Mauritius is a stable, well-located, highly developed and business-friendly piece of paradise that is waiting for you. Here, you'll find an easy and inexpensive incorporation process, access to everything your business needs and a booming economy. Simply put, it's hard to find another tropical island quite like this one.

Investors Are Turning to Djibouti

Most people have never heard of Djibouti and even more couldn't locate it on a map. Thanks to its strategic location and accessibility, the country is well on its way to becoming Africa's top investment destination. Wedged between Ethiopia, Somalia, Eritrea, the Red Sea, and the Gulf of Aden Djibouti has a thriving harbor which supports its inland neighbors. With airline connections to Paris, London, Dubai, Addis Ababa, Jeddah, and Nairobi and its proximity to the wealthy gulf states, foreign investors are betting that Djibouti will become a business and shipping hub for Northeast Africa. As a result, Djibouti's economy is growing and there are planned developments in the works, such as the intercontinental bridge, the Djibouti-Ethiopia railway, and an airport expansion. The country also boasts stability and one of the world's most business-friendly environments.

Safety and Stability

Although the US State Department gives Djibouti a high crime threat index, the truth is that crime rates here are still far lower than what they are in the US. According to INTERPOL data, the murder rate here is one-third lower, robberies are 75% lower and rapes are over 85% lower than rates in the US.

Unlike its neighbors that have been wrought with conflict over the past few decades, Djibouti has remained relatively stable since independence in 1977. Its stability has made it the chief recipient of regional investment dollars. If safety is still your concern, it's certainly worth mentioning that both France and the US have maintained military presence here--both undoubtedly realize Djibouti's strategic importance.

Foreign Direct Investment

Djibouti's government strongly encourages investment in national industries and has pursued open economic policies. You'll find very few business regulations and even fewer restrictions on foreign direct investments. Investors have noticed that the government is quick to respond and is extremely cooperative. Consequently, investment here has been explosive. Since 2000, the economy has been growing at a brisk 5% average annual rate and foreign direct investment has ballooned from $ 3 M to $176 M. Officials expect GDP growth to be closer to 7% in 2008 and for foreign direct investment to continue to grow.

In 1995, Djibouti was declared a free-export processing zone and has since seen a host of new investment projects:

- Dubai International has poured over $2.2B in the construction of a deepwater port and oil terminal at Port Dorale, the management of Djibouti Port, Djibouti International Airport, and the Djibouti Free Zone (through Jafza International), including the country's first and only 5-star hotel.

- Dubai Customs World has built Glafi Post, a checkpoint on Djibouti's border with Ethiopia. It's now the busiest transit point for land-locked Ethiopian cargo trucks headed to and from the port of Djibouti.

- Italian consortium Consta-Joint-Venture will contribute 50M euros for the restoration and upgrade of the Djibouti-Ethiopia Railway.

- Kuwaiti Al-Ghanim & Sons Group plans to partly invest in both the Djibouti-Ethiopia railroad and in desalination plants in the country.

- Qatari Diar Real Investment Co (Qatar Investment Authority) plans to construct a 300,000 sq ft. mixed-use project in Djibouti city.

- Dubai-based Middle East Development, LLC released its plans to construct a Red Sea bridge linking Djibouti and Yemen. The $200 B project is scheduled to be completed in 15 years and will be 28 kilometers long. San Francisco-based Bechtel has also expressed interest in participating in the project.

- In close relation to the transcontinental bridge construction, Al-Nour Holding company CEO Tariq Bin Laden has conceptualized the Al-Nour (Al-Noor) twin cities on either side of the bridge. The ultra modern cities will be full of glass skyscrapers, beachfront communities, and superb infrastructure. The project's goals include an integrated regional economy.

- Washington, DC-based Emerging Capital Partners (ECP) has invested more than $30 M to develop one of the largest salt reserve mines in both Djibouti and the world.

- IFC and Reykjavik Energy (Iceland) have signed a contract for the development and exploration of Djibouti's geothermal energy resources.

The government has identified key sectors that it hopes would attract foreign investment: port, tourism, manufacturing, and telecom. You'll be happy to know that you can receive assistance at the National Investment Promotion Agency (ANPI, for its French name), whose goal is to become a one-stop shop for all your foreign investment needs (Click here for further details). As a member state of the Multilateral Investment Guarantee Agency and a recipient of Overseas Private Investment Corporation programs, Djibouti offers investors up to $400 M in insurance against non-commercial risks. Furthermore, investments of more than $280,000 are eligible for exemptions of license and registration fees, as well as property and corporate taxes.

As you can see, Djibouti is in its beginning stages of long term development and economic growth. With investments from wealthy Gulf states and through the government's attractive business climate, the country has a long way to go to realize its full potential.

Photos courtesy of Tourism Encyclopaedia Britannica.