If you have a tale to tell or an opinion about buying or living abroad, send us an email (
liz.rowlinson@
aplaceinthesun.com) or write to the address in the front of the magazine. We look forward to hearing from you...
LEGAL NOTEBOOK
“I’ve got 34k back from a Cape Verde developer who failed to deliver”
It’s that all-too-common state of affairs: the off-plan project that doesn’t materialize in time. After buying a two-bedroom apartment for £76k on a resort on Sal in 2008, Rick Powell from Leeds (left) was starting to despair. But he reports on a good result.
After deciding I wanted a hands-free rental investment abroad I’d researched the Cape Verde market well, realized the area was up and coming, and took the risk that comes with an early-stage purchase. The contract for my off-plan apartment
specifi ed 2010 completion and although I saw the next-door resort being completed by the same company – and got regular newsletters about that – it soon became clear that my development was hugely behind schedule. I’d already paid out £34k in four instalments so when demands for the fi nal payment were being made – and yet it was clear the project would be about two years late – I’d just about had enough. Fed up with being fobbed up by the
developer [who cannot be identifi ed for legal reasons] trying to put a positive spin on the delay – it was down to “fi ne-tuning”
improvements on its fi ve-star credentials – I sought legal advice. When the Law Society were unable to help
(with an overseas matter) I turned to Judicare, who I’d heard were helping buyers recoup their monies abroad. It took nearly two years for them to get my
money back but in November [2011] I got the full sum back, with fi ve per cent interest paid. It has cost me £4k in legal fees and has been
a stressful four years but Judicare were great at keeping me informed throughout and I wouldn’t have got back any of that without them. I would really recommend trying them. Rick Powell, Guiseley, W.Yorks
Judicare specialize in the recovery of investments in land and property abroad and are currently working on 200 cases in 14 countries (
www.judicarerecovery.com).
INHERITANCE ISSUES
I am thinking about buying a property abroad but am worried about the inheritance issues. I have two children and don’t want to leave them with an inheritance tax issue or problems when inheriting abroad. I have read that putting the property into the name of a UK company can get around inheritance tax abroad and can save me a lot of money. Is this correct?
Mr Robert Owste from Bristol
It is refreshing you are thinking about this already. All too often people think about this after they have already bought the property and therefore have lost some of the opportunities available to them (or fi nd the cost of fi xing their bad decision prohibitively expensive).
The form of ownership is probably the most important decision that you can make when buying a property. There are often many options available to you. In some countries you have fewer options than others and the advantages and disadvantages are different. The important thing to remember is that there is no “one size fi ts all” solution. The right answer for one person can be a disaster for somebody else. The best solution in one country may be a disaster, or even impossible, in another country. Owning an overseas property in the name of a UK company (where allowed) can have its advantages and undoubtedly it can be a great way of saving taxes, particularly Capital Gains Tax and Inheritance Tax. However, there may be other simpler and cheaper ways of making similar tax savings which don’t have some of the disadvantages that company ownership has. I suggest that you take specialised advice on this and your particular circumstances before making any decision.
Peter Esders, Chebsey & Co,
www.chebsey.com
6
aplaceinthesun.com
INBOX
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