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LIFETIME MEMEBERSHIPS PLAYA HERMOSA, JACO, COSTA RICA PRIVATE OFFERING/ MARKETING STRATEGY THIS DOCUMENT DOES NOT CONSTITUTE AN OFFER TO SELL OR A SOLICITATION OF AN OFFER TO BUY A SECURITY Introduction Las Olas Hotel, Hostel & Beach Club, is a lifetime surf, nature, sport, and recreation destination. Playa Hermosa is a world renowned surf Mecca located in the central pacific coast of beautiful Costa Rica. Surrounded by rainforest hills, still imbedded within a wetland turtle & wild life sanctuary, Playa Hermosa shares an amazing 5 miles of golden sunset Pacific Coast views. With a focus on low impact, organic-living, Las Olas will facilitate a lifestyle that is sustainable while contributing to a positive progressive community that is in harmony with nature. Las Olas members and community members alike will benefit from the Las Olas philosophy of sustainability and, through creative branding, will impact the community at large. Fractional Ownership Fractional Ownership is presently one of the most attractive ways of owning vacation homes, corporate jets and luxury yachts. The method provides the opportunity to enjoy second home ownership at a fraction of the cost of a comparable vacation home. It is our pleasure to extend the private offer of fractional ownership to family and friends that have made Las Olas their second home. Fractional owners will become part of a family, business and community that will help facilitate their part time life in Costa Rica. Partner, Lifetime, and Annual Memberships There are three ways to gain Partnership, Membership or Affiliate Shares by investing in Las Olas: 1) Lifetime Partnership: 1% Owner’s Shares. • 20 Partnership shares are available. 2) Lifetime Membership Share. • There are 300 Lifetime Memberships available. 3) Annual Memberships • There are 3000 Annual Memberships available 1) Lifetime Partner Member By invitation only, 20 shares of 1% each will become available. The majority of shares will be held by the board of directors which are involved in day to day operations. Lifetime Partners will enjoy a profit share of 1% and be entitled to time share benefits, facility discounts and more. 2) Lifetime Member 300 people will enjoy special benefits, discounts, promotions, privileges and VIP status, and receive restricted fractional ownership dividends*. 1) Annual Membership 3,000 Affiliate card holders will be available to locals and visitors alike. Card holders will enjoy discounts and some benefits in conjunction with Las Olas Beach Club facility privileges. POINT SYSTEM The point exchange system is based on units measured in point value. Each point value unit can be exchanged for accommodations, discounts and services. Points are automatically awarded on a yearly basis according to member status. Maintenance Accommoda'ons Point Value Maintenance Fee Guest Sky Suites Ocean 22 90% discount 80% discount Sky Suites 20 90% discount 80% discount Suites Ocean 14 90% discount 80% discount Suites 12 90% discount 80% discount Beach Suites Ocean 10 90% discount 80% discount Beach Suites 8 90% discount 80% discount Sky Box 12 90% discount 80% discount Cabina 3 & 4 6 90% discount 80% discount Cabina 1 5 90% discount 80% discount Cabina 2 4 90% discount 80% discount Surf Tours 1 to 3 N/A N/A Surf InstrucGon 1 to 5 N/A N/A Surf Rental 1 N/A N/A Packages/Retreats 1 to 20 N/A N/A POINT TOTALS Partner Members 150 LifeGme Memebers 90 LAS OLAS IT’S THE LIFESTYLES……….. The Project The proposed project will consist of the following: 5 Luxury 2 Bedroom Sky Raw Lounge Suites Learning Center 7 Luxury 1 Bedroom SPA Suites Yoga Studio 8 Ground Level Suites Meeting room Reception area 30 board lockers Coffee shop, Bakery 3 terraces connecting to Retail/ Surf Shop the existing Main House, Restaurant Bistro which has 5 hostel rooms Total Occupancy: 107 guests Las Olas Services • Full Service Front Desk: The front-desk personnel will greet guests at Las Olas and process arrival needs. Flexible check in and check out times will be available upon request. Full concierge services include car rental reservations, local transportation arrangements, meetings, catering services, activity and tour booking such as surfing, yoga, mountain biking, sport fishing, kayaking, sightseeing, horseback riding, golf and more. Restaurant Members & their guests can enjoy the beach front bistro and bar which serves traditional Costa Rican and International cuisine 7:00 am to 9:00 pm daily. Arrangements can be made for special parties. Each share holder and affiliate will have the following discounts: Partners (P): 35% Annual (A): 25%; Lifetime (L): 35% Surfers (S): 10% Note: All guests eating with P, L, and A will receive 10% discount. Housekeeping: For a minimum fee, daily housekeeping service will be provided to ensure that the accommodations are always kept in excellent condition. Housekeeping services are not optional. Additionally, special services will be provided upon request and a fee charged based on the services provided. Maintenance: Las Olas Property Management will handle all maintenance, repairs, refurbishing, and landscaping. Maintenance personnel will be available to remedy problems and provide security. Pre-Arrival Shopping Service: Upon request, and based upon availability, guests can request that their pantry, bar and refrigerator be stocked with their favorite foods and beverages just prior to arrival. There will a minimum purchase requirement and a service fee of 20% of the total bill will be assessed. Surf Shop: Discounts are based on retail prices. Tours All tours will be offered at discounted rates. Yoga & Massage Studio: Owners will receive discounted rates on all classes and services through the wellness center. Car Rental: Based upon availability, Members will enjoy rental privileges of Las Olas vehicles for personal use. Personal Loan: Owners will be able to borrow against their investment at a set interest rate. DISCOUNTS Retail Locals Annual Food 10% 25% Rooms rack rate 10% 20% Drinks 10% 25% Alcohol 10% 25% Surf Rentals 20 per day/100 per week 15 per day/90 per week 10 per day/60 per week Surf Lockers 5 per day/30 per week 4 per day/25 per week 2 per day/10 per week Las Olas Merchandise 10% 30% Surf Shop Retail 5% 20% Sno and Jo 10% 30% Smoothies 10% 50% Coﬀee free reﬁlls Retreats 10% 20% Surf Tours 20% 30% Lessons $60 per person 50 per person 40 per person Transfers 10% 25% Massage 10% 20% Yoga 20% 40% Learning Center Classes 20% 40% Farmers Market 10% Car Rental N/A $60 Personal Loan N/A N/A Import/Export 5% 10% Property Management 5% 10% Real Estate community DISCOUNTS Life'me PARTNERS Food 35% 40% Rooms 25% 30% Drinks 35% 40% Alcohol 35% 40% Surf Rentals 5 per day/$30 5 per day/$30 Surf Lockers 1 per day/5 per week 1 per day/5 per week Las Olas Merchandise 50% 50% Surf Shop Retail 30% 30% Sno and Jo 40% 40% Smoothies 50% 50% Coﬀee free reﬁlls free reﬁlls Retreats 30% 30% Surf Tours 40% 40% Lessons 30 per person 30 per person Transfers 35% 35% Massage 30% 30% Yoga 50% 50% Learning Center Classes 50% 50% Farmers Market 20% 20% Car Rental $40 $40 Personal Loan 10% 10% Import/Export 20% 30% Property Management 20% 20% Real Estate Las Olas Related business: Bistro Las Olas Breakfast, Lunch and Dinner Raw Food Lounge Liquor License Surf Contest Streaming Las Olas Trading Co. Export: hardwood furniture, Rocking chairs, Art, bamboo frames, wood doors Import: Surf Products, Technology, used North American goods, beds, green products Las Olas Tours, Retreats and Adventures Surf Yoga Pilates Fishing Zip Line Canopy Weddings Mountain Biking River Rafting Surf Groups Horseback Riding Stand Up Paddle Private Parties ATV Tours Real Estate Wavehunters/ Kayaking Business Retreats Surfaris Usa Las Olas Real Estate Group Sales, Financing, and Property Management Surf and Eco Communities. Secret Spot Listings Las Olas Development Green Construction Builders Green Landscaping Architects Organic Interior Design Green Products Contractors Las Olas Learning & Wellness Center Yoga Music Pilates Dance Meditation Art Massage Spanish Martial Arts Team Building Las Olas Organics Produce & Plants Johnny’s Beer and Wine Ecotica Organic Market Sauce Olas Las Olas Surf Shop Custom Shaped Boards Games Retail Internet Rentals Phone Calls Tours Las Olas Art Gallery Furniture Photos Paintings Surf boards Las Olas Sno and Jo Ice Drinks Sandwhiches Bakery Pastries Coffee Snacks Drinks Las Olas Entertainment Group Photography Live Music Books & Videos Festivals Parties Webcam Las Olas Philanthropy Soulstice SurfRider Foundation Life Rolls On www.350.org Pura Vida No Pro Marketing Strategy Communications such as, and not limited to, direct electronic newsletters, rss feeds, blogs, optimized websites and landing pages, e-mail, social media, link exchange, entertainment, activity and real estate directories, worldwide Real Estate listings will be utilized to offer the project to present & future Las Olas partners, local community members, affiliates, potential clients, past guests and friends. Specialized tour package partners will be qualified and selected, thereby adding to our in house packages to broaden the scope of our core surfing business market. Given that Las Olas already boasts a niche target market of candidates who are interested in investing in the project, it is logical, practical and cost effective begin with an aggressive marketing campaigned aimed at this group. The current data base of previous clients, social media contacts and e mail contacts will be addressed accordingly and efforts will commence to build, expand and organize the existing client and leads list. The main objective is to exceed the client’s expectations for awareness of the scale of Las Olas from beach hostel to high end beach front boutique hotel. The prices of the Offer will encompass a grass roots start up price varying progressively as construction advances. Limited quantity will be offered in each tranche of the offering. TARGET MARKETS & INDUSTRIES • Costa Rican Investors – Those with the resources and a desire for a partial ownership vacation investment who wish enjoy a vacation home near the ocean. • Foreign Investors – North American and European baby boomers looking for a partial ownership vacation investment opportunity and/or possible residency. • Media – Build a comprehensive web presence through an information rich, interactive, user friendly web site that will become a vacation portal in Costa Rica. Collaboration with International Living to gain exposure to many International Markets Connect with the various media outlets in print, radio and TV to build awareness Use affiliate partnerships, SEO and social media strategies • Potential Partners- Nurture partnerships with real sports operators, local vendors, and internet marketers TACTIC OVERVIEW The key strategic initiatives we plan to implement are focused around the following objectives: Create Brand Awareness • Advertising • Web Presence • Direct Marketing • PR Programs • Improved overall community image • Consistent messaging Generate Leads • Events • Direct Mail • Advertising • Telemarketing • Electronic newsletter LIFETIME MEMBERSHIPS PLAYA HERMOSA - JACO, COSTA RICA THE OFFER / PRIVATE OFFERING THIS DOCUMENT DOES NOT CONSTITUTE AN OFFER TO SELL OR A SOLICITATION OF AN OFFER TO BUY A SECURITY PRIVATE OFFER (20) Las Olas Partner Members (P) (300) Las Olas Lifetime Members (L) Las Olas Lifetime Surf Club Current Partners/Members Jason Garris-Management Cameron Mott-Management Christian Roca-Management Ed Kim-Hotel/Legal David Stoehecker- Investments Jonni Benson-Real Estate Deleware Dave-Real Estate Kirk Hess- Real Estate Ethan Huemmer Megan Reindhart- Marketing Rodrigo Miranda- Tours Kyle Hayes-Philanthropy/Tours Marswell-Vibe/Tours Partnership, Lifetime & Annual Las Olas Surf Network Members We are offering the opportunity to own a piece of the Las Olas Dream. The business is growing into a 20 room boutique surf hotel, including a new three story building with an open rooftop deck, a new surf shop, learning center, health spa, and a real estate and property services office. Invest in Las Olas, Costa Rica, and your new home. The plan is to start building in six months and finish the project. Las Olas Is proud to announce the new member discount card, through which friends, visitors, and locals alike can enjoy ownership, VIP status, special privileges, awards, and discounts. Se which membership option fits your Las Olas lifestyle. Las Olas Annual Member The goal is to reach 3000 annual members by the end of the year. The onetime matriculation renewal for your Las Olas Annual Membership Annual Discount card is $50 and the annual renewal is $50 for a total initial premium of $100. Each year thereafter, the renewal fee will be $50. Each new member will receive complimentary Las Olas branded merchandise in conjunction with their membership. Las Olas Lifetime Member 300 Lifetime Memberships available Come join the surf club of the future! Help build and own a piece of the new Las Olas. Pre Public Project Launch October 31st Public Launch Thanksgiving November 27th Break Ground Start Date April 2012 Finish Date June 2012 *Grand Opening Soulstice Event 2013 Lifetime Memberships start at $6000 Pre Public Project Launch October 27th Buy Before Thanksgiving the cost is $5,000 plus you get a Las Olas custom shaped surfboard waiting for you in Costa Rica Or Three payments of $2,000 1st $2,000 by Thanksgiving 2nd $2,000 Ground Breaking April 2013 3rd $2,000 Finishing work April 2014 Public Project Launch Thanksgiving 5000 Las Olas Facebook friends and public Cost of Lifetime Members $6,500 Pay in full by January 1st the cost $5,500 plus a custom shaped Las Olas Surfboard or Three payments of $2,165 1st Payment by January 1st of $2,165 2nd Payment Ground Breaking April 2012 3rd Payment Finishing Work April 2013 Cost of Lifetime Membership beyond January 1st 2012 $7,000 Payment Plan $7000 1st payment $3000 deposit 2nd payment $2,000 Building Start Date 3rd payment $2,000 Finishing Work Cost of Lifetime membership beyond building start $7,500 Cost of Lifetime Membership after building is finished $8,000 Each Lifetime member will enjoy ownership, VIP status, special privileges, awards, and discounts. Your free annual week in the new Las Olas project. Refer to the points and discounts page in the business plan Memberships are refundable and transferable. Las Olas has first right of refusal on sales and transfers. Refunds are based on six month reimbursement of original purchase price. Up to 3 additional friends and family can be added to Lifetime Membership an additional $100 per member. Partner Member Partner memberships are for Las Olas employees and businesses that help direct Las Olas in a sustainable way. Partner membership cost starts at $25,000. After completion cost: $45,000 Partner memberships are by invitation only, please contact Jason or Cameron. Reallocation of funds date: July 1st 2012 Allocation of financing 1. New building $1,500,000 2. Shareholders debt $200,000 3. Old building $50,000 4. Working capital $50,000 Budget $1,800,000 3 Year Projection Income Centers 1st Year 2nd Year 3rd Year $ $ Hotel $ 80,000.00 92,000.00 101,200.00 $ $ Restaurant F&B $ 125,000.00 143,750.00 158,125.00 $ $ $ Real Estate 36,000.00 41,400.00 45,540.00 $ $ $ Retail 36,000.00 41,400.00 45,540.00 $ $ $ Tours 10,950.00 12,592.50 13,851.00 $ $ $ Rentals 14,600.00 16,790.00 18,459.00 $ $ $ Transfers 10,950.00 12,592.50 13,851.00 $ $ $ Yoga/Pilates 4,000.00 4,600.00 5,060.00 $ $ $ Massage 4,000.00 4,600.00 5,060.00 $ $ $ Philanthropy 3,000.00 3,450.00 3,795.00 $ $ $ Organics 2,000.00 2,300.00 2,530.00 Property $ $ $ Management 18,250.00 20,987.50 23,085.00 Share Management $ - $ - $ - $ $ $ Sno & Jo 36,000.00 41,400.00 45,540.00 $ $ $ Learning Center 10,950.00 12,592.50 13,851.00 $ $ $ Import/Export 12,000.00 13,800.00 15,180.00 $ $ $ Art / Furniture 6,000.00 6,900.00 7,590.00 $ $ $ Total Gross Income 409,700.00 471,155.00 518,270.50 ! Employees $ 43,200.00 $ 80,000.00 $ 100,000.00 - - - Power $ 8,000.00 $ 5,000.00 $ 5,000.00 - - - Phone/Internet $ 2,200.00 $ 2,200.00 $ 2,200.00 - - - ! SocialSecurity $ 11,000.00 $ 20,000.00 $ 25,000.00 - - - Taxes $ 4,000.00 $ 6,000.00 $ 7,000.00 - - Kia $ 6,000.00 $ 6,000.00 $ 6,000.00 - - - Maintenance $ 10,000.00 $ 14,000.00 $ 15,000.00 - - - Fuel/Septic $ 8,000.00 $ 12,000.00 $ 14,000.00 - - - Water $ 250.00 $ 300.00 $ 300.00 Total expenses $ 92,650.00 $ 145,500.00 $ 174,500.00 Best Gross Income 2006-2008 Wave Hunters 2007 $159,032 Hotel Rooms 2006 $68,173 Rentals 2006 $6,877 Tours 2008 $14,800 Merchandise 2008 $8,837 Commission 2007 $2,414 Restaurant 2008 $114,416 Best Gross Total $375,549 LIFETIME BOUTIQUE HOTEL, HOSTEL & BEACH CLUB PLAYA HERMOSA - JACO, COSTA RICA PURA VIDA FACTS / PRIVATE OFFERING THIS DOCUMENT DOES NOT CONSTITUTE AN OFFER TO SELL OR A SOLICITATION OF AN OFFER TO BUY A SECURITY PURA VIDA FACTS • In the Hermosa Beach area along the Central Pacific coast, real estate had doubled in value every year from 2005-2008. Condominiums at the 5 star Los Sueños Resort & Marina near Hermosa have gone from $200,000 to $1,300,000 in the last 6 years. Bill Gates (who bought Four Seasons in February 2007) and many other resort developers have purchased land as fast as they could with plans to build resorts in order to meet the sky rocketing demand for this area.. • Known as the “Switzerland of Latin America,” Costa Rica has enjoyed a stable business climate with its 170 year old democracy. • A United States Protection Treaty is in place (Costa Rica abolished its military in 1949). Instead of spending money on defense, they have spent it on education (95% literacy rate) and healthcare (first rate). • The Central American Free Trade Agreement (CAFTA) was voted for by the citizens of Costa Rica in 2008 and is bringing huge amounts of foreign capital, explosive growth and jobs into Costa Rica. • Dell, Intel, Wal-Mart and other U.S. companies have had facilities operating in Costa Rica since 1995. Electronics is the #1 export. The tourism Industry is flourishing and is the #2 industry. • Almost 1,000,000 North Americans, Canadians and Europeans are currently living in Costa Rica either full or part time. 20% of the population are expatriots. • Baby Boomers, the “Silver Tsunami” are just now starting to move to Costa Rica to retire due in part to the fact that the cost of living is lower than in the United States or Europe. They enjoy modern, first-rate medical and dental systems. There are 77 million Boomers in the U.S. alone retiring over the next 17 years and are set to inherit $100 billion, the largest transfer of wealth in the history of the world. • Costa Rican law allows foreigners to own free simple title to the land, with no restrictions, unlike Mexico and other countries. • Costa Rican Banks allow foreigners to obtain Mortgages and Financing. Through our banking contacts, we can get you 80% financing at great rates! • Costa Rica is the greenest and happiest country in the world, according to a new list that ranks nations by combining measures of their ecological footprint with the happiness of their citizens. • Britain is only halfway up the Happy Planet Index (HPI), calculated by the New Economics Foundation (NEF), in 74th place of 143 nations surveyed. The United States features in the 114th slot in the table. The top 10 is dominated by countries from Latin America, while African countries bulk out the bottom of the table. • The HPI measures how much of the Earth's resources nations use and how long and happy a life their citizens enjoy as a result. First calculated in 2006, the second edition adds data on almost all of the world's countries and now covers 99% of the world's population. • NEF says the HPI is a much better way of looking the success of countries than through standard measures of economic growth. The HPI shows, for example, that fast-growing economies such as the US, China and India were all greener and happier 20 years ago than they are today. • "The HPI suggests that the path we have been following is, without exception, unable to deliver all three goals: high life satisfaction, high life expectancy and 'one-planet living'," says Saamah Abdallah, NEF researcher and the report's lead author. "Instead we need a new development model that delivers good lives that don't cost the Earth for all." • Costa Ricans top the list because they report the highest life satisfaction in the world, they live slightly longer than Americans, yet have an ecological footprint that is less than a quarter the size. The country only narrowly fails to achieve the goal of what NEF calls "one-planet living": consuming its fair share of the Earth's natural resources. • The report says the differences between nations show that it is possible to live long, happy lives with much smaller ecological footprints than the highest-consuming nations. • The new HPI also provides the first ever analysis of trends over time for what are supposedly the world's most developed nations, the Organization for Economic Cooperation and Development (OECD). • OECD nations' HPI scores plummeted between 1960 and the late 1970s. Although there have been some gains since then, HPI scores were still higher in 1961 than in 2005. • Life satisfaction and life expectancy combined have increased 15% over the 45-year period for those living in the rich nations, but it has come at the cost of a 72% rise in their ecological footprint. And the three largest countries in the world – China, India and the US, which are aggressively pursuing growth- based development models – have all seen their HPI scores drop in that time. • The highest placed western nation is the Netherlands. People there live on average over a year longer than people in the US, and have similar levels of life satisfaction – yet their per capita ecological footprint is less than half the size. The Netherlands is therefore over twice as environmentally efficient at achieving good lives as the US, Nef says. • The report sets out a "Happy Planet Charter" calling for an unprecedented collective global effort to develop a "new narrative" of human progress, encourage good lives that don't cost the earth, and to reduce consumption in the highest- consuming nations – which it says is the biggest barrier to sustainable wellbeing. LIFETIME BOUTIQUE HOTEL, HOSTEL & BEACH CLUB PLAYA HERMOSA - JACO, COSTA RICA Q&A / PRIVATE OFFERING MEMBERSHIP OWNERSHIP THIS DOCUMENT DOES NOT CONSTITUTE AN OFFER TO SELL OR A SOLICITATION OF AN OFFER TO BUY A SECURITY Membership Shares Ownership QUESTIONS AND ANSWERS What is a Las Olas Membership Shares Ownership? Membership Shares Ownership is evidenced by stock certificates representing ownership of a Costa Rican corporation. Each share holder can vacation at Las Olas throughout the year, as often as he/she wishes, subject to the share holder ownership reservation policies and procedures. Why is Membership Shares Ownership being offered? • To provide ownership at a price that is a fraction of the cost of a comparable vacation home • To enhance the vacation experience by offering a variety of services • To remove the burden of vacation home management Who establishes the assessments and controls the affairs of the Las Olas? Day to day business affairs will be conducted by Las Olas Management. An advisory board of directors will be composed of 1% owners. How is ownership in the Membership Shares Ownership evidenced? Each share holder will receive a stock certificate representing ownership in the corporation. How many shares will be sold? (30) Shares Las Olas 1% Beach Club Lifetime Owners (160) Las Olas Beach Club Lifetime Members shares Which members of the owner’s family have owner privileges? All family members have privileges during planned vacation periods. Spouses, domestic partners and dependent children under age 25 who are living at home or who are full-time students have full casita use privileges on a space available basis. May Membership Shares Ownership arrange guest privileges? Owners may invite “Designated Lodging Guests” to use their confirmed Planned Vacation periods paying a guest lodging fee. Do Membership Shares Ownership pay housekeeping charges when they stay at the casitas? Yes. A housekeeping fee will be charged for each visit; presently $20.00 per day for owners and $30.00 per day for designated lodging guests staying in luxury casitas, and $10.00 and $20.00, if you stay in an existing cabin. Can a Membership Shares Ownership be resold? Yes. Like any other form of corporate stock certificate, a Owner’s interest can be sold or transferred by the Owner. There will be a 10% owner transfer paid to the Las Olas Corporation. What will a Fractional Owner receive upon the resale of his or her Ownership interest? The net proceeds from the sale of the stock after commissions, taxes and transfer fees. Process and terms, for sale of Owner shares, memberships and affiliations. Owner shares: Only resold back to Las Olas Corporation at 20% discount of market value. Memberships: Money back with a 20% discount price at market value. Affiliations: Forfeited by non renewal or cancellation of affiliation. FAQ Regarding Las Olas Ownership Why is the fractional ownership therein being purchased through a Costa Rican corporation? A Costa Rican corporation, or anonymous society (hereafter referred to as S.A.) is the usual and customary entity in Costa Rica used for acquiring and owning real estate. Costa Rica imposes a 4% transfer tax and costs on real estate transfers (which includes the transfer tax, registration rights and other related tax stamps), but there is no comparable tax on the transfer of shares in an S.A. The Developer has transferred title to each casita and each membership ownership to an S.A. and has absorbed the initial real estate tax on that transfer. When the owner of an S.A. decides to sell his interest, the transfer tax will not be imposed on the transfer of the shares in the S.A. What does “S.A.” mean? S.A. means Sociedad Anonima (Anonymous Society). Although there is no exact match with any U.S. corporation, the S.A. is most similar to the U.S. Corporation. The S.A. will have to pay a minimum of 10% fixed income tax rate on any income generated within the territorial boundaries of Costa Rica in addition to a fixed corporate tax which amounts to U.S. $100.00/year and maintenance cost such as filling of a tax return. What is a membership ownership? A fractional ownership is where one owner, the S.A., owns an undivided interest in Las Olas with other S.A.s, entitling all of the owners of Las Olas to the use, enjoyment of its services. It is an interest in real estate and is freely transferable. A Co-Ownership Agreement governs the relationship of the S.A.s. If the owner of the S.A. is a United States citizen, will there be any taxes due under the Internal Revenue Code? U.S. citizens should consult with their own tax advisors.
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