Category Archives: Overseas Property

News, Overseas Property, Property, Property & Construction

EDB Mauritius returns to London for another exciting edition of the Mauritius Property & Investment Forum

The Economic Development Board (EDB) Mauritius is set to return to London this spring, to host the second edition of the Property and Investment Forum, following the success of its 2023 event.

Taking place at the Conrad London St James Hotel in Westminster on Friday, May 31, 2024, this flagship event aims to provide valuable insights into the exciting growth and development opportunities on the island for Business Leaders, High-Net-Worth Individuals, and Property Investors.

Commencing at 09:30 hrs, the Property and Investment Forum will feature esteemed speakers from Mauritius – including government officials, leading real estate developers, legal experts, notaries, tax specialists, prominent banks, and management companies – enabling UK business leaders and investors to understand how the Island has maintained a strong economy in recent years compared to national markets.

Mauritius shines as a beacon of innovation, strategic foresight, and economic resilience. Positioned as the star and key of the India Ocean, the island stands as a testament to the transformative power of innovation and diversified economic strategies. Consistently recognized for its excellence, Mauritius boats impressive accolades, including ranking 13th worldwide and 1st in Africa for ease of doing business. Mauritius unwavering political stability and commitment to economic freedom further solidify its status as a premier destination for discerning investors and ambitious entrepreneurs.

The business opportunities in Mauritius are vast and varied, ranging from financial services, tourism, and real estate to emerging sectors such as information and communications technology, higher education, biotechnology, and renewable energy.

Committed to establishing Mauritius as a leading investment platform for economic growth, the Economic Development Board also plans to leverage the Forum to attract more UK citizens to the island.  For the period 2019 to September 2023, Mauritius has registered 91 million GBP in terms of Foreign Direct Investment from UK. As at date, more than 400 British have pledged interest in its Premium Visa and 395 as Retired Non-Citizens.

The Property and Investment Forums play a key role in enabling us to achieve this and in showcasing what life, business and investment could look like in Mauritius. We are, therefore, delighted to return to London this Spring – particularly following the success of our 2023 event – and look forward to educating more business leaders and investors on the opportunities available for personal and professional growth in Mauritius.”

To find out more about the EDB Mauritius Property and Investment Forum and to register your interest by clicking on the following link:

https://forms.edbmauritius.org/cn/al935/London

News, Overseas Property

Property buyers discover “West is Best” when it comes to homes in the Algarve

Holidaymakers and property buyers have long been drawn to Portugal’s Algarve, thanks to the region’s signature blend of sunshine, stunning scenery, top-rate amenities and welcoming atmosphere. However, while many buyers previously looked to the central Algarve to find the perfect holiday home, in recent years there has been a push further west. Gerry Fagan, the Irish entrepreneur who serves as Chairman of DDM and Reserva da Luz, explains:

“There has been a definite sense of ‘West is Best’ in recent years when it comes to property purchasers in the Algarve. Irish buyers, particularly, are heading west in search of more authentically Portuguese areas. They’re looking for the same high-quality standards that can be found in the central Algarve, but with greater authenticity and spectacular ocean views.”

The western Algarve certainly has much to attract both holidaymakers and property buyers. Its beaches include huge, family-friendly expanses of sand, such as Praia da Rocha, which features jet ski hire, an off-shore inflatable climbing experience and a pretty boardwalk with restaurants and shops. There are also smaller cove beaches, such as Praia da Dona Ana (a former candidate for “Best Beach Destination” at the World Travel Awards Europe), reached by descending dozens of wooden steps down the cliff face, but well worth the climb for the calm, clear waters that are perfect for swimming and snorkelling.

It’s not just the incredible beaches that attract holidaymakers and property buyers to the western Algarve. The area is also increasingly popular with those for whom sustainability is a priority. The western Algarve municipality of Lagos took third place in the Green Destinations Top 100 Story Awards at ITB Berlin 2024, having demonstrated significant commitment to recovering and valuing nature and making tourism an increasingly sustainable activity.

Ten minutes from Lagos, Reserva da Luz showcases why the western Algarve is such a hit. The large, elevated, south-facing plots deliver panoramic views of the Atlantic Ocean. Buyers can build personalised detached homes that suit their specific needs, with full planning permission already granted. The pretty village of Praia da Luz, which is packed with shops, supermarkets, restaurants, healthcare clinics and all essential amenities, is within walking distance of Reserva da Luz. The nearest golf course is just five minutes away, while Lagos’ Marina and stunning Meia Praia beach are just 10 minutes away. Faro International Airport, which provides direct flights to a huge range of destinations in Ireland, the UK and Europe (as well as further afield) is a 50-minute drive from Reserva da Luz.

The western Algarve is also known for its superb golfing facilities and its gastronomic scene. Courses such as Penina Golf Course, which was the first 18-hole golf course in the Algarve, and the Sir Henry Cotton Championship Course, which has previously hosted the Portuguese Open, attract golfers from across the globe. Those who’ve worked up a hearty appetite on the fairways can enjoy fresh, seasonal produce at a wide range of outstanding local restaurants or opt for something fancier at one of four Michelin star restaurants in the Lagos area.

For those interested in finding out more about the Portuguese lifestyle and property ownership in the Algarve, the Moving to Portugal Show and Seminars will take place in Dublin on 18th April 2024. The free-to-attend show will be held at the Herbert Park Hotel, Ballsbridge Terrace, Ballsbridge, Dublin 4, running from 11:00 am to 7:30 pm on 18th April. Attendees can book their free tickets online in advance. In addition to the Algarve, the show will serve anyone interested in buying property in Portugal or Madeira, whether as a holiday home, a primary residence or an investment. The expert speakers will also cover the tax, pension and legal aspects of moving to Portugal and starting a new life in the sunshine.

“Moving to Portugal – whether to the western Algarve or any other part of the country – can provide a significant lifestyle upgrade. Making such a move involves plenty of research into practical arrangements. At the Moving to Portugal Show and Seminars, we aim to provide a concentrated dose of information to enable anyone interested in buying property in Portugal or in moving there to be fully informed.”

Christina Hippisley, General Manager of the Portuguese Chamber of Commerce

News, Overseas Property

Investing in Cyprus: A Secure Retreat Amidst Regional Challenges

Cyprus Property Experts Offer Reassurance as Island Maintains Safety and Stability

As the Israel-Gaza conflict unfolds, potential property investors in Cyprus may harbour concerns about the safety and stability of the island. However, leading Cypriot property expert, Chris Michael, asserts that despite its proximity to Israel and Palestinian territories, Cyprus remains a secure and stable haven for real estate investment.

  • Cyprus maintains a ‘high’ state of peace according to the 2023 Global Peace Index
  • Foreign sales account for 46% of property sales in Cyprus
  • Cyprus real estate has seen a 45% increase since 2019

Global Peace Index Highlights Cyprus Stability

According to the 2023 Global Peace Index, Cyprus maintains a ‘high’ state of peace, placing it alongside other sought-after investment locations such as Spain, Italy, and Germany. In contrast, France is recorded as being in a ‘medium’ state of peace. This distinction underscores Cyprus’s unwavering commitment to maintaining a peaceful environment, providing an additional layer of assurance for prospective property investors.

Chris Michael commented:

“I find the 2023 Global Peace Index’s acknowledgment of Cyprus’s ‘high’ state of peace to be highly significant for prospective property investors. This places Cyprus in esteemed company alongside other desirable investment locations like Spain, Italy, and Germany.”

“The contrast with France, which is recorded as being in a ‘medium’ state of peace, accentuates Cyprus’s unwavering commitment to fostering and preserving a peaceful environment. This endorsement adds an extra layer of assurance for those considering property investment in Cyprus, reaffirming the island’s stability and attractiveness in the real estate market.”

Rising Momentum in Cyprus Real Estate

According to a recent study, foreign sales accounted for an impressive 46% of property transactions in 2023, the highest proportion since 2007, signalling trust in both the island’s safety and potential as an investment location. Paphos emerged as the most favoured city among foreign investors, followed by Limassol, Larnaca, Nicosia, and Famagusta. 

Notably, the first two months of this year saw a total of 1,069 sales, marking a remarkable 31% increase compared to the previous year. The Cypriot market has seen continued growth with property sales increasing by 45% since 2019.

“These recent trends show a significant surge in Cyprus real estate, capturing the interest of holidaymakers and investors alike. The market is experiencing unprecedented growth not seen since 2008, with foreign investment now constituting nearly half of all real estate ventures in Cyprus.”

“The study also identifies Russia and the UK as the dominant groups of foreign nationals showing keen interest in purchasing property in Cyprus and showing no sign of slowing down.”

The enduring appeal of Cyprus for real estate investment can be attributed to its attractive tax system, sun-soaked locales, and promising work opportunities. Even in the face of regional concerns, Cyprus stands as a resilient and immensely popular destination for those seeking real estate investment opportunities. 

Middle East, News, Overseas Property

12 months on for the pair revolutionising the UAE property market

When it comes to flooring their competitors, Property Check boasts an impressive first year in the UAE housing market, saving buyers on average a staggering 49,920 AED (£10,000+) with its disruptive model.

Based in Dubai, the brand launched in 2022 and is the brainchild of UK entrepreneur, Liam Ketley and Australian business partner Michael Widgery, who combine state-of-the art technology with a no-nonsense approach that’s proved a winner with clients across the UAE.

Their unique approach is to give buyers a detailed report of all the repairs a home needs and identify future issues. What’s more the company can turn around an in-depth report within 24 hours saving buyers thousands.

That’s why it’s no surprise they have been ranked the number one property inspection agency in the UAE.

Said co-founder, Ketley: “Our first year has gone better than our wildest dreams and we have smashed the UAE real estate market. That’s because Property Check is a product that buyers have been crying out for.

“When you consider we find around 287 faults per property check and save buyers almost 50,000 AED on average, plus you get our full report in 24 hours, you can see why. And it’s much needed here as there are so many new builds and little regulation, so it can be a minefield for buyers, renters, and landlords, if they don’t do proper checks.”

Ketley knows the problems only too well as his own experience inspired the business after he moved into a new apartment and his water tank burst, flooding the flat.

“I realised that a proper inspection would have found the problem and cost around Dh50 (£11.00) to fix, but it ended up costing more than Dh5,000 (£1,000+) and I had no bathroom for two weeks! The upside is I saw a gap in the market and launched Property Check with Michael,” he added.

The company is the first to use industry-leading technology such as thermal imaging, endoscopic cameras and moisture meters that they describe as being an ‘MRI scan for homes’ with prices starting from just Dh999.

“We created our own inspection software that allows us to carry out the world’s most-detailed property inspection and document issues in real time. We cover thousands of data points every single day. It is the only software on earth built for Middle East homes and is available nowhere else globally,” said a proud Ketley.

Another innovation loved by buyers, landlords and renters alike, is their hallmark Property Report Cards, which are unique, fully filterable, interactive and use everyday language.

“Everything we do is built around convenience and simplicity for the customer. It’s easy to book online or by phone and we create UAE bespoke digital reports within 24 hours,” added Widgery.

“There’s also no disruption to customers. They don’t need to be there when we do inspections and there’s no damage or moving things around. It’s perfect for a busy market like the UAE.”

Their pricing policy (inspections start from Dh999 – £216.00 GBP) is also a winner and can save customers thousands as well as revealing any safety issues.

“Inspectors find around 300 issues on average, ranging from the cosmetic to the more serious. If it’s not perfect, we report it. For example, something like poorly sealed windows can add a considerable amount to your air conditioning bill and it’s good to know that before you move in or are negotiating,” added Widgery.

So, what’s next for the two former ad men?

“The Property Check team is in demand, so we will be getting bigger and better as more and more people find out about us and recommend us. We are continually recruiting, and we have big plans,” added Widgery.

“We will be launching a new app that we’re confident will disrupt the estate agency model in the UAE and have a few more surprises up our sleeves which will continue our ethos of providing the best customer service with the latest tech. Watch this space!”

 

Finance and Banking, Global Mobility, News, Overseas Property, Retirement

Why moving to Italy could be good for your wallet  

  • Tax breaks provide incentives for workers, retirees and high net worth individuals
  • Financial attractions are complemented by lifestyle benefits
  • Moving to Italy Show in London on 28th November to provide full details

Moving to Italy could be a seriously smart move for workers, retirees and high net worth individuals (HNWIs) looking to make their money stretch further. According to the Italian Chamber of Commerce and Industry for the UK, there are three special tax regimes that are serving to attract a diverse range of individuals from different backgrounds to Italy.

Aiming to attract highly skilled employees and entrepreneurial self-employed individuals, the “impatriate” tax regime applies to taxpayers who commit to move their tax residency to Italy for at least two years. They have to work mainly from Italy, with business trips abroad not exceeding 183 days per year. The reward for those who take up the offer is a 70% income tax exemption. For individuals who move their residence to one of the Southern Italian regions (Abruzzo, Molise, Campania, Puglia, Basilicata, Calabria, Sardinia and Sicily), that exemption bumps up to 90%.

The impatriate tax regime runs for five years, with the possibility to extend it for a further five years at a reduced 50% income tax exemption rate. The extension is an option for those who have a child under the age of 18 or who purchase a residential property in Italy at any time during the year before they become tax resident there or the five years after.

That said, it’s important that potential immigrants stay up to date with the latest financial incentives. At present, the Italian government is reviewing and reforming its taxation system, including the impatriate tax regime. Alessandro Belluzzo, President, Italian Chamber of Commerce and Industry for the UK, has warned that the percentage of tax benefit currently offered may reduce and that the conditions necessary to access it may alter, though nothing has been approved so far.

“Draft taxation reforms that have been published in Italy indicate that the impatriate tax regime may be changing in the near future. Yet there is no indication that the scheme will end. As such, anyone considering making a move to Italy needs to keep up with the latest legislation and factor that into their plans.”

Alessandro Belluzzo, President, Italian Chamber of Commerce and Industry for the UK

The Moving to Italy Show taking place in London on 28th November 2023 is the ideal place to access the latest information. Expert speakers will be delivering presentations and seminars, while exhibitors will be on hand with information on the latest financial and legal aspects of moving to Italy. Free to attend, the event will take place at the Royal Automobile Club, Pall Mall, with tickets bookable online in advance.

Tax incentives for pensioners and HNWIs moving to Italy are unlikely to be affected by the current taxation reforms, according to Belluzzo, who points out that there has been nothing to indicate these two schemes will be impacted.

The crux of the pensioners’ tax regime is a 7% flat rate tax on foreign-sourced pension income, as well as on all other foreign-sourced income and gains. Italian-sourced income and gains are subject to ordinary income tax under the scheme, which applies for a maximum of 10 years from the tax year of the transfer. However, it doesn’t apply to the entire country – the scheme is aimed at those moving to certain areas of southern Italy, namely any municipality in Abruzzo, Basilicata, Calabria, Molise, Puglia, Sardinia or Sicily that has a population of fewer than 20,000 residents.

For HNWIs, the “new tax residents” (NTRs) regime aims to make a move to tax residence in Italy financially rewarding. Under the scheme, HNWIs can pay an annual lump sum tax of €100,000 for up to 15 years on any foreign-source income, as well as capital gains realised on foreign investments and other foreign asset disposals. No Italian wealth taxes will apply to those assets and there is no requirement to report assets held abroad in the tax return (the “Fiscal Monitoring”) nor to disclose them in any way to the Italian tax authorities. Italian-sourced income and capital gains continue to be subject to ordinary Italian tax rules.

There are further benefits for HNWIs in relation to inheritance and gift taxation. NTRs are subject to Italian inheritance and/or gift tax only on assets and rights existing in Italy upon the date of their succession/gift. No Italian inheritance or gift tax will apply on assets outside of Italy.

The NTR regime can extend to one or more qualifying family members, as well, with a very broad definition of what constitutes family. Each family member on the scheme pays an annual flat tax of €25,000.

“For all tax incentives, there are of course fine details to be explored and understood. This is why access to specialist legal and financial experts, such as those at the Moving to Italy Show in November, is an essential part of exploring the benefits of relocating.”

Alessandro Belluzzo, President, Italian Chamber of Commerce and Industry for the UK

 

For more information, please contact the Italian Chamber of Commerce and Industry for the UK: www.italchamind.org.uk, email csanfratello@italchamind.org.uk or telephone 0207 495 8191.