Residency in Nicaragua
At the height of a successful career in the computer industry, Michael left to pursue more pioneering opportunities in the emerging real estate markets of Central America.
In 1996, he and his business partner formed a company, Exotic Caye International, to provide loans to North Americans purchasing properties in Belize, Honduras, Costa Rica and throughout the region. As the need for capital outstripped the supply, the mortgage company was converted to an international bank under the jurisdiction of Belize. As Caye International Bank, it continues to provide mortgage services, but has expanded its services to encompass the full realm of financial products.
With a strong focus on consumer need, Michael accurately predicted the growing need for high quality, residential product for North American Baby Boomer retirees in the region. He led the group into real estate development and created a holding company called ECI Development for several properties including a resort on Ambergris Caye, Belize. The model pursued is based on the Del Webb Sun City active senior communities in the U.S. with a focus on serving these consumers in multiple countries and geographies in the region.
In August of 2000, ECI Development purchased 3.5 miles of Pacific Beachfront property due west of Managua, Nicaragua. This master planned community hosts world class infrastructure, a golf course, homes and condominium units. In February of 2006, the ECI Development group acquired 1100 acres and 3km of coastline in Costa Rica, setting the stage for expansion into this popular market. In 2008, they merged their Belize property with a much larger parcel including pool, tennis courts and fitness center and have begun to develop 200 condominiums units on Ambergris Caye, Belize. Most recently in 2012, ECI Development purchased a position in a new project in Panama adding over 700 acres and another mile of Pacific beach front to their holdings.