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An offshore firm to finance vacation home mortgages in Belize, Nicaragua, and Panama has been created in Belize and incorporated in Panama. Called Caribbean Mortgage Corp., it targets financially sound American & European borrowers financing secondary residences in the 3 countries. Such homes are hard to finance from the buyers' homelands. Central American banks, meanwhile, often lack the liquidity and know-how needed to finance such properties. CMC will require a 20 % down payment and charge interest rates of around 1.2-14% in dollars for up to 10 years in most cases. Besides making a return oil the interest-rate spread., CMC may be able to make  money by buying out the seller at the cash price and financing the buyer at the higher finance price. In Ambergris Cay, Belize, for example, a. condo would be priced at $150,000 cash or $165,000 for terms. After the 20 %, CMC will have an immediate $15,000 gain.  CMC has been structured to avoid being either a passive foreign investment company or a controlled foreign investment company under the U.S. Internal Revenue Code. It also is subject to subpart F exclusion. We advise U.S. readers considering investing to seek legal advice on the potential tax risks,  CMC has two classes of shares. Voting "A" share blocks equivalent to 4.9 % of all voting stock are being sold for $30,000 and half shares for $15,000.  Special rules apply in the event U.S. spouses, parents, children or grandchildren want to buy multiple A blocks. Voting A shares are subordinated, meaning there is a higher risk but also a potential higher return.

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Contact Butterfield, Reimer, and Associates, 1632 Buttorwood Bay Blvd., P.O. Box 2098, BII-1 000, Belize City; tel. (501-2)34274,fiax34306, buttcr@btl.net by Vivian Lewis 

Reprinted front Global Investing, P.O. Box 1945, Fort Collins, CO 80522-1.945; tel. (800) 388-4237, fax (970)221,-3964.

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Budget Travel: Swedish restaurangskolar -  budget gourmet meals

US$1 equals 7.45 kronor Dining in Sweden is expensive, but you call find delicious meals at affordable prices by dining at restaurattskolar (cooking schools).  These training schools are filled with high-school students who will be chefs, bakers, and restaurant workers. The schools are usually in their own separate buildings, designed as attractive restaurants with private parking. In addition to attending regularly required school courses, the students learn how to n and compose menus, decorate tables, cook both gourmet and ordinary and present food artistically.

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My Swedish cousins introduced to two such schools: one in Has-sleholm, in the southern province of Skare, and the other in the nearby city of Kristianstad. The day of my first visit to the restaurangskolar in Hassleholm, a member of a visiting national cooking team had planned the, menu. Entrées included such delicacies as smoked reindeer steaks with creme fraiche and red caviar, gravlax with mustard, French-style sauce, and marinated mixed ""greens. Each entrée comes with a crisp green salad, freshly baked rolls, potato cakes, vegetables, Swedish version of baked Alaska-all for only 55-70 kronor'

The day's menu always includes a less expensive but hardy meal, called dagens husmanshost (daily homefare) for those who prefer home-style food. Fillet of cod, along with boiled potatoes, a salad, a battered roll., a beverage, and a dessert, costs 45 kronor. 

The Kristianstad cooking school was just as pleasing. One of its best entr6cs was an elaborate eel diner-an autumn specialty in the southern part of the country-that included eel soup with bread, butter, and cheese; boiled eel with mustard sauce; and baked eel with. remoulade sauce and mashed potatoes, plus a beverage and apple cake topped with vanilla sauce. This specialty cost 72 kronor. Regular entrees cost between 42 and 57 kronor. 

by Janet Park 
 

Entrepreneurs Abroad - Beyond Paris: country living in la belle France

(Also see: EscapeArtist France - Click Here -

US$1 equals 6.2 francs 
The sagging French franc makes France a great place to consider travel ing, investing, or even living this year. Contributor David Morgan has made this country home for the last few months. Here he profiles an attractive opportunity for readers with an entrepreneurial bent. 

Now is a smart time to buy property in France and turn it into an income-producing venture. 

That's what Tony and Ruth Cox did. They've opened a country guesthouse, or gite, in the peaceful village of La Barre de Moulismes, about 35 miles from Poiters. 

The Coxes bought their two story stone farmhouse with an attached barn and 20 acres for $50,000. Renovations to convert the house were minimal and affordable, says Tony. "The renovations haven't cost us much, because I've done most of the work myself." Building supplies here are slightly cheaper than back home in Britain, he says, especially wood products. 

Getting your own gite
The Poitou-Charentes area boasts beautiful, historic property everything from cottages to cháteaux-for sale at reasonable prices. It is also one of the most picturesque areas in the country-an important feature to remember when you're looking for property that might double as a guesthouse. The closer the region is to a city area will an airport or train, the better. And this region-filled with wooded glens and flowering meadows, narrow lanes built by the Romans, and bridges designed by the Goths-is only three hours by train from Paris. 

You can pick up a great bargain if you take the time to look around. Tony Cox told us about a property for sale by the owner in MontmorilIon: a 100-year-old stone cottage in need of massive renovation. The building is 15 feet by 65 feet but divided into four rooms of about 15 feet in length. There is an adjoining potting shed and a storage area (each about 8 feet in length). The property sits on 12,000 square feet of land with hedges and fruit trees. The price is FfrlO,000. Contact Tony for details. 

If you prefer, you may work with one of several real-estate agents. Here are a few properties for sale and information on who's offering them: 

A two-bedroom, two-bathroom house in a stone setting with a court yard and attached barn and workshop. There is a living room, a dining room, a foyer, and a laundry room. The house features exposed beams and a bread oven as well, all for Ffr 250,000. 

A farmhouse with group of outside buildings. The main consists of a living room, a dining room, a stone sink, four bedrooms, each with a bathroom, insulated walls, electrical heat, and an adjoining guesthouse. The grounds have two very big barns, two stone barbecues, and swimming pool (needs restoration). The price: Ffr955,000. 

A two bedroom, one bathroom home with a front courtyard, a work shop, and a cellar. The kitchen has a bread oven, and there is a wood burning stove. The house also has a living room, a dining room, and several other buildings on the grounds that can be converted into studios, sheds, guesthouses. The price is Fft$128,000. 

by David Morgan 

Contacts

Tony and Ruth Cox; tel.(33-5)4991-97-08 Agence du Pliteau, Claudine Haie,41, Rue de la Marne 86000, Poitiers, tel. (33-5)49-88-81-10
Century 21, Isabelle Allal, 2 Rue Boncenne, 86000 Poitiers, tel. ( 33-5)49-50-04-05, fax -49-50-97 41, portable: (33-6)09-72-74-28
Denoue Immobilier, Jean René Departout, 12 Place Alphonse, Lepetit 493 - 86012 Poitiers Cedex; tel. (33-5)49-55-33-11, fax -49-37-00-88
IMO Group, Jean Tabourdeau, rue Gaston Hulin - B.P.4, 86001 Poitiers Cedex; tel. (33-5)49-88-10-1 fax-49-55-17-19

The French tax man
You must pay two types of local property taxes in France. These impóts locaux are required whether you are a French citizen or a foreign resident and whether the property is a first or second home. 

Residential: Taxe d' habitation is required of anyone residing on property in France-owners, tenants, and even so-called "rent-free" 

inhabitants. It is calculated by the land registry (Service du Cadastre) and based on the average rental value of a property in the previous year. Levied by the town where the property is located, it's usually payable in the autumn. If the property is your main home, you can make deductions for dependants. These are calculated as a percentage of the rental value. (Caution: If you reside in a property on France on Jan. 1, you must pay residential tax for the entire year regardless of how long you live there during the year.) 

Real estate: Taxe fonciére is required only if you're the owner of French property. It is similar to the property tax (rates) levied in most countries. It's payable even if the property isn't inhabited, provided its furnished and habitable. New & restored buildings used as main or second homes are exempt from real-estate tax for two years from January 1st following the completion date. Applications for exemptions from real-estate tax must be made to the local tax office (centre des impóts foncíers) before December 31st for exemption the following year.

Gite for cheap
Room and board for International Living subscribers will cost only C135 per person-for an entire week. That's about $215, though Tony prefers you pay in pounds sterling. That's cheaper for me than staying at home. But you must call by June 30th to make your reservations. I expect he'll be fully booked soon. 

By train from Paris, take the TGV from Gare Montparnasse to Poitiers. There, buy a ticket for Montmorillon. Make arrangements with Tony beforehand to pick you up. 

By road from Poitiers, take the N147 toward Limoges and continue for about 35 miles until you arrive in Moulismes. Drive through Moulismes and continue on for a quarter of a mile; then take the first right. The sign says L'Isle Jourdain (road number D729). After about a mile, take a right onto a country lane. Follow this for another mile to the "T" junction at the village entrance, turn right, and drive about 400 yards. 

The gite is the last house on the right. 

France forever
You first need to obtain a long-stay visa (visa de long s6jour) from the French Consulate around four to five months before your departure date and a residence permit (carte de s6jour) within one week after your arrival. 

If you plan to retire to France, you must provide proof that you have sufficient funds to support yourself and any dependants, equivalent to the minimum wage (Ffr 6,249.62), without working. 

If you want to start your own business, it will require a special license if you are not an EU national. Do not make any agreements or sign any contracts until you have received approval. The good news is that France encourages small businesses; the bad news is that France is famous for awkward bureaucracy. Contact the Confédération pour la Défense des Cornmercants et Artisans (CDCA), Le Capoulie, 6 Rue Magoelone, 34000 Montpellier, tel. (33-67)58-24-90, a group that fights for the rights of small businessman in France. Lastly, if you live in France for three consecutive years, you can apply for full French citizenship. Contact the French Consulate, 4101 Reservoir Road, N. W., Washington DC, USA tel. (202)944-6549.