Fractional Ownership News

First SIPP-compliant fractional properties in Cyprus

A Cypriot developer is claiming to be the first in the country to offer fractional property that is compliant with UK self-invested pension plans (SIPPs), according to OPP.

Units at Sunset Springs Resort near Limassol are for sale through whole or fractional ownership, or as an investment-only SIPP product.

Developer Pure Cyprus Invest, part of the Petevinos Group, will offer fractional ownership through the SIPP purchase programme, and aims to affiliate with global exchange programme RCI.

“We see the pension transfer product as very popular in this marketplace at the moment,” said director Pam Prince. “Independent financial advisors are very active at the moment and we knew Cyprus would be acceptable to SIPP investors because it recognises UK trust law.”

The development will include hotel room and individual resort properties, all of which will be managed as commercial hotel property and can therefore be purchased through a SIPP. “We want to appeal to a wide audience including people who will need larger accommodation than the space provided by a typical hotel room,” said Prince.

The company says it has already sold around 50 units to lifestyle investors and is hoping to secure buyer finance through a bank. It is also working with HMC Funding to provide unsecured fractional loans.

www.purecyprusinvest.com

06/04/10
 

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