Abode2
第 二 家
The essential guide to the finest in luxury global property
LIVE AND 伦敦进行时 LET BUY L o o k i n g f o r C l u e s 解析买方经纪人
GOING GLOBAL 走向世界
STAYING ONE 引领先机 STEP AHEAD C a p i t a l G a i n s Ta x
Global Citizenship Scheme
资本利得税
Interior Intuition with Susan White 苏珊·怀特
全球移民方案
Olivia Cartier on the University of Life 奥俪维娅
Asia Volume 2 Issue 2
Citizenship Havens with Micha-Rose Emmett 米夏罗斯·埃美特
Southern California’s Premiere Guard Gated Golf Course Community
Short Drive to Malibu Short Drive to Los Angeles & LAX 24 Hour Guard Gated Entry Access to the historic Lake Sherwood Scenic Vistas & designated Open Space 2 World Class, Jack Nicklaus Signature Golf Courses Abundant Hiking Trails & Nature Preserves Nationally acclaimed public & private schools To arrange a private tour, contact sales office:
+1.805.373.5992 Obtain the Property Report required by Federal law and read it before signing anything. No Federal agency has judged the merits or value, if any, of this property. Nothing contained herein shall be construed as an offer to sell or a solicitation to buy in any state where prior registration is required. Availability of certain amenities is not assured, and may require a separate agreement and payment of additional fees. In the constant endeavor to maintain the quality of the Sherwood community, the developer reserves the right to modify maps, floor plans, exteriors, specifications, features, and product types without notice or obligation. Any models shown do not reflect a racial preference. If you have any questions regarding the Sherwood community, please contact the sales office of Sherwood Valley Realty, Inc. (License No. 01059113) at (805) 373-5992.
southern california luxury real estate
SHERWOODREALESTATE.COM
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Specialists in the search and acquisition of high calibre prime residential property in central London Defined by discretion and dedication - TOTALIS Prestige offer outstanding independent expertise in property investment strategies for high net worth individuals. We provide a bespoke service maximising advantageous purchase outcomes in a competitive market. • • • • • • •
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Oceans Outdoor The Ultimate in Stylish Outdoor Living
Oceans exclusive outdoor furniture spans the entire ‘wish-list’ range from seductive Sofa sets, desirable Dining Sets and Occasional Furniture through to contemporary poolside Sunloungers, Parasols, and discrete Patio Heating. The first UK company to originally import the revolutionary new style of All Weather Furniture, Oceans is a distinguished brand, known for producing stylish, award-winning design. Built on a reputation spanning 10 years in the vanguard of delivering innovation and design integrity the Oceans’ portfolio features over 200 products integrating collections in a range of styles and materials. Distinctive silhouettes are hand crafted into bespoke quality furnishings that enhance traditional, transitional and contemporary environments. Our ranges are available throughout Europe and our Overseas team can arrange shipments worldwide. For further details please email j.aylmer@oceansint.com
www.oceansrattanfurniture.com
+ 44 (0)1295 662200
info@oceansint.com
Non-Domiciles and Non-Residents – the great wealth conundrum {} FO L LO W I N G A S OM E W HAT S U R P R I S I N G CO N S E R VAT I V E V I C TO RY L AS T M O N T H , YO U W O U L D T H IN K T H AT “ NO N D O M S” A ND I N D E E D O V E RS E AS B U YE RS O F U K P RO P E R T Y CO U L D B RE AT H E A S I GH O F R E L I E F. U NF O R T U N AT E LY YO U W O U L D B E V E RY M U C H M I S TAK E N .
O V E RS E AS C L I E N TS – N O N - RE S I D E N TS / N O N - D O MI C I L E D Clearly as a non-resident or a Non-Dom, the benefit of owning a UK Property within your own pension fund provides you with options of where you would like to eventually retire without impacting on your tax status with the UK. Should Non Residents decide to sell their residential property in the future, the QNUPS is exempt from Non-Resident CGT brought in in April 2015. Assets within the QNUPS are also outside the scope of IHT. This is particularly poignant for Non Domiciles who have lived here for some time. After a long period of UK residence, the IHT position may be affected by the acquisition of “deemed domiciled” status.
The focus on Non Domiciles in particular is set to continue, with punitive tax regimes already in place, making investment into the UK, particularly property, cumbersome and complicated. TH E TAX STO RY SO FA R Overseas buyers now have SDLT, ATED, ATED related CGT, Non-Resident CGT and IHT to consider on their UK Property. For the internationally mobile, an investment vehicle that is equally flexible across many countries and territories would serve to simplify retirement and wealth preservation plans. W HAT I S A Q N UP S? A QNUPS (Qualifying Non-UK Pension Scheme) is a Pension that must be established overseas and is both recognised for tax purposes and regulated by the relevant authorities of the country in which it is established. Popular destinations for QNUPS include Guernsey, Malta, Gibraltar and Cyprus. Guernsey QNUPS
offer a potentially wider range of acceptable investments, including residential property and loans. QNUPS HAVE THEIR OWN SE T OF RULES, BUT THE MAIN DIFFERENCES BE T WEEN QNUPS AND UK PENSIONS ARE: • There is no Lifetime Limit on the amount held in a QNUPS (UK Pensions are currently capped at £1.25m) • QNUPS can invest in Residential Property • There is no tax relief on contributions. • You can take up to a maximum of 30% of the fund value tax free as a loan within your lifetime. LIKE UK PENSIONS, QNUPS OFFER THE F O L LO W I N G B E N E F I TS : • Exempt from Capital Gains Tax • Outside the scope of Inheritance Tax • Investment growth on UK assets would generally be subject to income tax of 20%
For more information contact Fliss Wallace, Cornerstone Tax +44 (0)1858 439 033 enquiries@ctatax.uk.com www.ctatax.uk.com
ARE T H E Y AL S O S U I TAB L E F O R U K D O M I C I L E D C L I E N TS ? Yes. QNUPS may be an option for clients seeking to build up a pension fund without being restricted by HMRC limits and regulations. They are particularly suitable for clients who are approaching the maximum Lifetime Limit of their UK Pension or wish to add residential property to their portfolio. CO RN E RS TO N E TAX AD V I S O R S As an Introducer Appointed Representative of LLP Services limited, a private owned financial services specialist, Cornerstone Tax Advisors are able to provide unique product solutions, specialist tax planning and assistance with pension administration for high net worth individuals. In their 10th year, Cornerstone are experts in property matters, able to advise on SDLT, CGT, IHT and ATED.
Temple Tax Solutions Limited trading as Cornerstone Tax is an Introducer Appointed Representative of LLP Services Limited which is authorised and regulated by the Financial Conduct Authority. LLP SERVICES LTD IS REGULATED AND AUTHORISED BY THE FINANCIAL CONDUCT AUTHORITY FCA No: 229382.
Editor’s Letter 编者寄语
We love getting feedback from our readers – where to buy, the latest developments, top investment tips. One recurring theme and a key concern for some however, is how best to navigate the pathway of a foreign property purchase. As we know buying in foreign climes doesn’t always come with cast iron guarantees. With this in mind, we’ve collated the best buy-wise tips from our investor experts…you. This is the hit-list result: 1. Look at the bigger picture – research macro factors such as a country’s political and economic situation. Investigate tourism statistics, stability of currency, as well as property growth trends and the government’s stance on foreign ownership. www. overseasguidescompanies.com and www.expat.hsbc. com are useful resources. 2. Know your legal rights – some emerging markets offer limited protection to overseas buyers, so find out what restrictions are put on foreign property holders, including the maximum length of stay, visa requirements and what appropriation rights the government holds in the region. 3. Appoint an independent solicitor – choose someone located in the country you’re buying who can represent you throughout your purchase. Make sure they aren’t associated with the property or the developer and are proficient in property transactions with foreigners.
我们热衷于倾听读者的反馈——买在哪里、最 新的开发区、顶尖的投资建议。一个关键且每 个海外投资者都反复思考的问题是：如何找到 海外投资的正确航向。众所周知，投资海外并 不总是像戴着一个安全帽。谨记着这一点， 我们从过往投资者那里整理出以下最佳的购买 意见： 1. 从宏观角度出发——调查宏观发展趋 势，例如一个国家的政治经济状况、旅游 业气象、货币稳定性、房地产增长趋势和 政府对外籍所有权的立场。访问网站www. overseasguidescompanies.com或www.expat. hsbc.com 可获得更多有用资讯。 2. 了解你的法律权利 ——一些新兴市场对外 籍买家提供有限的保护，所以，找出那些对 外籍房产所有权的制约是相当重要的，例如境 内最长逗留时间、签证要求和当地政府的批款 权利。
This Issue – Hot Picks 本期热点
Sun 阳光
3. 委派一个独立的律师 ——选择一个当地的律 师令其在整个购买过程中代表你，确保他们没 有和房产或房产开发商有任何联系，并且他们 最好能熟知外籍买家的房产购买过程。 4. 查看所有权证书 ——开发商有土地或房产的 完整所有权吗？如果这个房产是近二十年建造 的，你必须坚持查看其有效的开发许可证。
Bahamas - On location with 007 in this licence to chill archipelago 巴哈马群岛 - 去到007邦德最喜欢的 加勒比群岛
City 城市
4. Check the title deeds – does the developer have full title to the land or property? If the property has been built in the last twenty years, you should insist on seeing evidence that it has the correct planning consent.
Chelsea’s Super-Prime Charm Offensive
Laura Henderson Editor
我的邮箱 editor@abode2.com
@AbodeTwo
切尔西的万有引力
@Abode2第二家
www.abode2.com
Volume 2 Issue 2 // Abode2 Asia 9
Contributors Faith Glasgow
费丝·格拉斯哥
Faith is an award-winning journalist who writes on property and personal finance for Money Observer, Investors Chronicle and the Financial Times, among other publications. This issue takes her to the legendary Spanish golf retreat of La Manga to check out what luxury fairway living is all about.
费丝是一位获奖记者，专为Money Observer、Investors Chronicle和金融时报撰写房 地产和个人理财新闻。这期杂志把她带到具有传 奇色彩的西班牙高尔夫度假别墅，一线报导豪华 度假生活到底是什么样子。 最喜欢的地点？ 我在全世界都享受过极好的假日，尤其渴望再度 回到印度，但也无法忘记法国北部的诺曼底，因 为那里的食物真是太好吃了。
Favourite destination? I’ve had many fantastic holidays all over the world and would particularly love to go back to India, but I also love Normandy in northern France. The food is fantastic. Top property tip? For me, shared or fractional ownership is a stress-free way of owning a second-home.
顶尖房地产建议？ 对我来说，分享或部分所有权是一个无压力的第 二家投资方式。
Cheryl Markosky
谢丽尔·马科斯凯 谢丽尔是英国最领先的房地产新闻记者之一，在过去的 十三年里，她曾为星期日泰晤士报、每日电讯报、金融 时报和周日邮报撰写过文章。她也在许多杂志和数字图 书中发表自己的文章。
Cheryl Markosky is one of the UK’s leading property journalists contributing over the last 13 years to the Sunday Times, Daily Telegraph, Financial Times, and Mail on Sunday. She also writes for a number of magazines and digital titles.
最喜欢的地点？ 我在加勒比可爱的尼维斯岛上拥有一处房产，所以每 当有机会和家人在一起时，我们都会去到那里来消磨 美好时光。
Favourite destination? The lovely, small island of Nevis in the Caribbean – I own a house there and spend time there whenever I can with my family. Top property tip? You don’t need a big living or dining room in hot countries. But you do need a large outdoor terrace for relaxing in the shade.
顶尖房地产建议？ 置业于热带国家，你无需大的客厅或餐厅。但是，一个 超大室外阳台用作乘凉放松却是必须的。
Abode2 Managing Editor Laura Henderson Production Editor Colin Halliday
Features Editor Serena Templeton
Editorial Designer Kellie Mills
Asian Editor Eva Xinyi Ye
Marketing Manager Russell Rhys-Davies Web Editor Ben Watts
Advertising Sales Manager Jamie Ezekiel
Digital Media Executive Kelly Anne Moscrop
Circulation Manager Mark Jones
Abode2 is published bi-annually 双年刊 To subscribe please mail subscribe@abode2.com or call 0800 032 9367 订阅请发送邮件到 subscribe@abode2.com 或拨打电话 0800 032 9367 Published by Serious Publishing Chapel Business Centre Aylesbury Bucks HP22 5DW
Printed by the Wyndeham Group Fleet Street 8-12 New Bridge Street London EC4V 6AL
Distributed by COMAG (Conde Nast) Specialist Tavistock Works Tavistock Road West Drayton Middlesex UB7 7QH
© Serious Publishing Ltd 2015. All rights reserved. No part of this publication may be reproduced without prior permission from the publishers. While every effort has been made to ensure the accuracy of the information contained in this publication, the publisher cannot accept responsibility for any errors it may contain. Volume 2 Issue 2 // Abode2 Asia 11
Abode2 Contents 目录 18
Destination London
34
UK Education
14
38
Trending
French Fancy
the essential guide to the finest in luxury resort property
digital edition
Abode2
SeychelleS Seduction
9 WELCOME 编者寄语
在牛津的黄金时光
全球房地产新鲜事、新观点以及大事件
38 FRENCH FANCY法国印象
18 DESTINATION LONDON伦敦资讯 The UK capital’s prime growth districts
领略英国首都的高档住宅区
ibizA in the houSe T h e l o w - k e y l u re o f t h e W h i t e I s l e
FaIrways to HeaVen
RetiRe AbRoAd
Luxur y golf getaways in South Africa
T h e h o t t e s t o v e r s e a s l o c a t i o n s re v e a l e d
Island Living with India Hicks
John Hitchcox Making Moves on Mumbai
Bahamas Bound with Lenny Kravitz
12 Abode2 Asia // Volume 2 Issue 2
Volume 2 Issue 1
Prime-time learning in Oxford
16 TRENDING 市场气象
Property news and views from around the globe
Lu x u r y c a s t a w a y l i v i n g o n D e s ro c h e s I s l a n d
34 UK EDUCATION 英国留学
Coast and country retreats in Provence and the Côte d’Azur
相约在普罗旺斯与蔚蓝海岸
Abode2 Contents 目录
64
50
Destination Golf
54
Destination USA
Golden Visa Scheme
68
Design and Interiors
50 GOLDEN VISA SCHEME 黄金签证计划
68 DESIGN AND INTERIORS 室内艺术
Residency programme special report
苏珊·怀特室内设计生涯
欧洲移民计划的特别报道 54 DESTINATION USA 美国站 Luxury resort living in the Sunshine State
在阳光洲的奢享生活 64 DESTINATION GOLF 高尔夫胜地 Luxury fairway living with the La Manga Club
豪华高尔夫La Manga俱乐部
14 Abode2 Asia // Volume 2 Issue 2
Interior Intuition with Susan White
TRENDING | 市场动向
Texas Tops the Golf Charts WHILE MUCH OF THE USA BUNKERED DOWN during the last financial crisis,
high-country Texas grew in economic stature on a number of levels. Underpinned by a thriving tech sector and a healthy job market, one bumper growth area is that of golf real estate. Texans have always had a strong affinity to the game, so it’s perhaps little surprise that real estate communities, resorts and private clubs feature golf as a central component. Leading the way with strong investor ‘buy-in’, is the prestigious 72-hole Horseshoe Bay Resort in Texas Hill Country with the lush TPC Four Seasons fairways at Las Colinas in Dallas not far behind.
德州上榜高尔夫版图 尽管许多美国企业在上个金融危机中倒台，高海拔地区 的德州在许多领域的经济地位都有显著增长。其中一个 增长领域是高尔夫房地产，支撑着蓬勃发展的科技部门 和健康的就业市场。 德克萨斯人总是对游戏有着很强的兴趣，所以房地产 社区、度假村和私人俱乐部以高尔夫作为核心主题也不 足为奇。有着强大投资者引领“买进”之路的是著名的 72洞马蹄湾度假村，它在德克萨斯州山地区域，离在达 拉斯的Las Colinas郁郁葱葱的TPC四季球道不远处。
东京的 TOKYO’S UPTICK TREND 上升趋势 CBRE’S LATEST ASIA PACIFIC SURVEY REVEALS Asian intentions to invest in
property assets will remain strong this year with Tokyo being the most active market. The report also reveals that the risk appetite for prime core assets has risen. Major markets like Japan, China and Australia, remain the top investment destinations with other mature markets moving up the rankings. Outbound foreign property investment intention is also forecast to stay strong in the coming months.
Saudi Arabia has seen its residential property market expand rapidly over the last year due to increased demand boosted by government initiatives to pep up the housing sector. Residential prices in Riyadh have risen by 7%, according to the latest real estate research.
16 Abode2 Asia // Volume 2 Issue 2
沙特阿拉伯的住宅房地产市场在过去的一 年中快速扩张，这缘于政府对房地产行业 活力的提升增加了住宅的需求量。据最新 的房地产研究显示，利雅得的住宅价格上 升了7%。
世邦魏理仕的最新亚太调查显示今 年亚洲房地产投资意向将保持强 劲势态，而东京将成为最活跃的市 场。该报告还显示，主要核心资 产的风险偏好上升。主要市场如日 本、中国和澳大利亚仍保持在顶级 投资目的地，与其他成熟市场的 排名同期上涨。海外房地产投资 意向预计也将在未来几个月里保持 强劲。
Antilia, Mumbai, India owned by business magnate Mukesh Ambani, is officially the world’s most expensive property, with construction costs topping a record $1 billion. The twenty-seven story, 400,000-square foot skyscraper residence, named after a mythical island in the Atlantic, has three helicopter pads, a ‘health’ level, and reportedly requires about 600 staff to run it.
City Slicker THE CITY OF LONDON IS NOW FIRMLY part of the prime
Golden Nest Eggs NEARLY US$3 TRILLION OF THE WORLD’S private wealth is held in
central London residential property market as increased job creation, coupled with strong buyer demand, underpins property price growth. A number of economic and cultural factors have transformed the area into one of the capital’s most active prime residential areas, according to real estate voice Knight Frank. The company’s latest analysis shows that transaction levels in the district and surrounding area which runs from Farringdon in the West to Whitechapel in the east, were 19% higher in 2014 compared to 2013. Buy-sell activity further indicates that the area benefits from existing high quality property stock including Georgian terraces as well as period commercial buildings, some of which have already lent themselves to conversion into large scale, architectdesign residential developments.
owner-occupied residential properties, a value greater than the GDP of India - confirm Wealth-X and Sotheby’s International Realty. There are 211,275 ultra-high net worth (UHNW) individuals - defined as those with US$30 million and above in net assets - in the world and 79% of them own two or more residences. Some of the main hubs for luxury residential real estate are New York City, London and Hong Kong, but niche locations - such as Lugano, the Hamptons and rural areas around the world - are also gaining in popularity. The Report also forecasts the ongoing shift in the wealth creation cycle from the West to the East, and the growing significance of intergenerational wealth transfers which will have significant consequences on the luxury residential real estate market - with a noted emphasis on new-build developments and a change in investment grade cities.
时髦都市人
房地产与投资保值
伦敦金融城现已成为伦敦住宅地产的首要市场，这缘于持 续增长的就业驱动，又加上强劲的买家需求，支撑起房地 产价格的增长。许多经济和文化因素也加助了该地区成为 资本最活跃的黄金住宅区， 据莱坊分析。 公司的最新分析显示，区域及周边地区的交易水平从位 于西部的法灵顿到位于东部的怀特查佩尔，2014年的房价 比2013年增加了19%。 买卖活动又进一步表明了该地区受益于现有的高品质 房地产，其中包括乔治王时代艺术风格的露台以及商业建 筑，其中一些已经将自己转换成大规模的建筑设计与住宅 发展项目。
世界上近3万亿美元的私人财富在自有住宅，这是数值大于印度国内生产 总值——Wealth-X和苏富比国际物业表示认同。世界上有211275人持有超 高净值 (UHNW)——这个标准定义为那些净资产有3千万美元及以上的人 群——他们中有79%人拥有两套及更多的住宅。 一些豪华住宅房主要坐落于纽约中心、伦敦和香港，也有很特别的位 置，例如卢加诺、汉普顿和世界各地的农村地区——它们同样也受到了 人们的欢迎。 报告还预测了财富创造周期将持续从从西方转移到东方，财富转移在 很大程度上会对豪华住宅房地产市场产生显著影响——例如新建楼盘开 发及投资级城市的变化。
坐落于孟买的安提利亚——印度商业大亨 穆凯什•安巴尼旗下的住宅项目，正式成为 世界上最昂贵的房地产建筑，建筑成本高 达创纪录的10亿美元。这个27层楼、40万平 方英尺的摩天大楼被命名为大西洋的一个 神秘岛屿，它有着三个直升飞机起降场、 一层健身房，据报道称大约需要600名员工 来运行它。
A hundred Bordeaux châteaux are now in Chinese hands, underlining the Asian giant’s unquenchable thirst for property in this legendary French wine-making region. The Chinese, who are now the principal export market for Bordeaux wines, ahead of Britain, started buying up the region’s châteaux in 2010 to meet growing domestic demand for its vintages.
一百个波尔多酒庄现已被中国买家收购， 这突显出亚洲投资者对传奇的法国酿酒地区 有着止不住的追求。中国现已成为波尔多 葡萄酒的主要出口市场，远超英国，他们自 年开始购买该地区的酒庄来满足国内对葡萄 酒日益增长的需求。
Volume 2 Issue 2 // Abode2 Asia 17
DESTINATION LONDON |
Looking for Clues Rupert Collingwood of the London Management Company explains why ‘on the ground’ expertise can make all the difference to foreign buyers in the search for the ideal home
G
o back just a handful of years and the only people using buying agents were cash-rich time-poor celebrities on the hunt for their second, third or even fourth ‘ideal’ home. These days, having a well-trained pair of eyes and ears to guide you through the purchase process is increasingly common with property investors realising the gains to be made from having an expert onside to secure them the house of their dreams.
Expert representation In the UK, the Estate Agent (Realtor) is there to serve the interests of the seller. As property is for most, a significant investment - ensuring that the buyer is also represented by a professional who understands the market and the purchase process is important.
Local knowledge Understanding the differences between individual neighbourhoods in London requires on the ground expertise both from an investment and lifestyle perspective - but being able to provide details on potential issues such as rights of way and tenancies, or new traffic routes is equally important.
First through the door Property in the capital sells in a heartbeat. Staying one step ahead of the competition can make all the difference in securing your chosen house. An experienced buying agent will have an extensive network of contacts and established relationships with estate agencies, developers, mortgage brokers, banks and other key providers. 18 Abode2 Asia // Volume 2 Issue 2
‘Off Market’ access The temptation to buy ‘off market’ is high owing to the exclusivity it can afford the buyer. ‘Off market’ opportunities do however command a premium. A buyer’s agent can assess listings on a case by case basis to ensure that those opportunities are genuine ones.
Peace of Mind A buyer’s agent is responsible for all due diligence aspects of the purchase process, including negotiations with planning authorities, contractors and suppliers. As such, all essential touch points are covered from short-listing homes for viewing through to exchange of contracts and sale completion. Contact: The London Management Company +44 20 7193 5580 to discuss your property requirements or visit www.thelondonmanagementcompany.com
WHY USE A BUYING AGENT? • • • • •
Access to a wider choice of properties (many not even advertised). A tailored source of suitable property with excellent prospects for capital growth. A means of fine-tuning your property portfolio by buying in growth areas. Due diligence information and on-the-ground expertise. A professional negotiator in place to secure the right price. Volume 2 Issue 2 // Abode2 Asia 19
DESTINATION LONDON |
Staying One Step Ahead The taxation of property investments in the UK has changed significantly in recent times. Investors should make sure that they obtain the most up to date tax advice on issues relating to real estate, preferably prior to purchasing, writes David Hannah
Is it true that Overseas Buyers now have to pay Capital Gains Tax on their UK properties? YES. New proposals for non-residents owning (or buying) UK Residential property have now come into force. From April 2015, non-UK Residents selling UK residential property will be subject to Capital Gains Tax (CGT) on future sale: • Regardless of value • To gains made after April 2015 • At a CGT rate of up to 28% (see following) 20 Abode2 Asia // Volume 2 Issue 2
YOUR GIFT TO HMRC IS A BRAND NEW AUDI R8V10: THE COST OF CGT CAN BE LARGER THAN YOU THINK
Rates of Tax • Individuals – Up to 28% • Trusts – 28% • Companies – 20%
What does this mean? Take a home in South Kensington, bought or valued in April 2015 at £5m, owned by a Non-Resident Chinese individual. Applying industry predictions of growth between 7-8%** per annum, it is sold in April 2025 for £10m. The Capital Gains Tax accrued in just 10 years (£5m) will be taxed at 28% = £1.4m This is the same as buying the UK Government a brand new Audi R8 V10 Plus for every year of ownership!*
Paying the Tax You will only have 30 days to: • Notify HMRC of the Sale • Calculate the Gain • Submit a Return • Pay the Tax Due BUT: If you already submit a UK self-assessment Tax Return, then you can submit your Return and tax calculation: • After the end of the Tax Year (5th April) as normal • Pay the tax on the normal due date (31st January after the Tax Year)
Tax advice for those affected For those already owning UK Property, alternative ownership structures are available that will take clients out of the CGT regime, but action is needed as soon as possible to ensure no additional tax is incurred. For Prime London Properties, CGT is accruing into the £100’s a day.
Who are Cornerstone? Cornerstone Tax is a proactive tax advisory firm, specialising in property taxation in the UK. Now in our 10th year, we pride ourselves on being at the cutting edge of developments in all areas of property tax including: • Stamp Duty Land Tax • ATED “the Mansion Tax” • Inheritance Tax • Capital Gains Tax Contact Us: Tel 01858 439 033 enquiries@ctatax.uk.com www.ctatax.uk.com @cornerstone_tax *Source 2015 Geneva Motor Show ** Source Savills UK Volume 2 Issue 2 // Abode2 Asia 21
H O M E TO LO N D O N ’ S M O ST EXC LU SI V E PRO PE RT I E S
• LONDON RESIDENTIAL SALES • LONDON RESIDENTIAL LETTINGS • ACQUISITIONS • NEW DEVELOPMENTS • ASSET MANAGEMENT • PROPERTY MANAGEMENT
Established 1897
RODS EESTAT STATEESS HHAARRRODS Ֆᮖൠӗᐲ൪↓䗾ࡽᡰᵚᴹⲴ䴰≲㦓ᲟDŽ ሩ㤡ഭⲴ㋮㤡Ӫ༛㘼䀰ˈ Ֆᮖൠӗᐲ൪↓䗾ࡽᡰᵚᴹⲴ䴰≲㦓ᲟDŽ ሩ㤡ഭⲴ㋮㤡Ӫ༛㘼䀰ˈ Ֆᮖᱟ㡂䘲㠚൘Ⲵᇦഝ˗ ሩ⎧ཆ୶ᇒᶕ䈤ˈ Ֆᮖࡉᱟ䠁㶽᮷ॆ䟽䭷઼ Ֆᮖᱟ㡂䘲㠚൘Ⲵᇦഝ˗ ሩ⎧ཆ୶ᇒᶕ䈤ˈ Ֆᮖࡉᱟ䠁㶽᮷ॆ䟽䭷઼ 䉉ൠӗᐲ൪㑱㦓Ⲵޣ䭞ˈ ⨶ᜣᣅ䍴ⴞⲴൠDŽ 䉉ൠӗᐲ൪㑱㦓Ⲵޣ䭞ˈ ⨶ᜣᣅ䍴ⴞⲴൠDŽ ѪᛘᨀуъⲴ䬰ǃ 』䍱৺䍝Ҡᴽ࣑ˈ ѪᛘᨀуъⲴ䬰ǃ 』䍱৺䍝Ҡᴽ࣑ˈ ᑖᛘ亶⮕ՖᮖՈ䍘৺䎵Ո䍘տᆵྒॾ仾㤳DŽ ᑖᛘ亶⮕ՖᮖՈ䍘৺䎵Ո䍘տᆵྒॾ仾㤳DŽ HarrodsEstatesо㖇ᗧ૱⡼਼ާⲴ⨳ޘ㿶䟾оṬተˈ Estatesо㖇ᗧ૱⡼਼ާⲴ⨳ޘ㿶䟾оṬተˈ ⢩࡛䇮・Ҷѝь Harrods ⢩࡛䇮・Ҷѝь ৺״㖇ᯟ䈒ᴽ࣑ਠǃ 㘫䈁Ӫઈԕ৺Პ䙊䈍亮䰞DŽ ᰐ䇪ᛘᶕ㠚օᯩˈ ৺״㖇ᯟ䈒ᴽ࣑ਠǃ 㘫䈁Ӫઈԕ৺Პ䙊䈍亮䰞DŽ ᰐ䇪ᛘᶕ㠚օᯩˈ ᡁԜ䜭㜭Ѫᛘ⧠Ֆᮖᴰ⤜аᰐҼⲴ㋮૱ᆵ䛨DŽ ᡁԜ䜭㜭Ѫᛘ⧠Ֆᮖᴰ⤜аᰐҼⲴ㋮૱ᆵ䛨DŽ
㖇ᗧൠӗㄝ䈊Ѫᛘᴽ࣑ 㖇ᗧൠӗㄝ䈊Ѫᛘᴽ࣑ 㖇ᗧൠӗ⿹⵰㖇ᗧⲮ䍗Ⲵᴽ࣑ᇇᰘˈ 䘀⭘㖇ᗧ䳶ഒᰇл 㖇ᗧൠӗ⿹⵰㖇ᗧⲮ䍗Ⲵᴽ࣑ᇇᰘˈ 䘀⭘㖇ᗧ䳶ഒᰇл ᡰᴹⲴ䜘䰘о䇮ᯭˈ Ѫ亮ᇒᨀᆼ㖾Ո䍘Ⲵᴽ࣑ˈ वᤜ㖇ᗧⲴᇔ䇮䇑䜘䰘The 䇑䜘䰘TheStudio Studio ᡰᴹⲴ䜘䰘о䇮ᯭˈ Ѫ亮ᇒᨀᆼ㖾Ո䍘Ⲵᴽ࣑ˈ वᤜ㖇ᗧⲴᇔ䇮 㖇ᗧⲴ⿱Ӫሬ䍝ഒ䱏 ByAppointment˗ Appointment˗ ԕ৺㖇ᗧ 㖇ᗧⲴ⿱Ӫሬ䍝ഒ䱏 By ԕ৺㖇ᗧ ⽬ᇮᴽ࣑HarrodsConciergeDŽ ConciergeDŽ ᡰᴹ㖇ᗧൠӗⲴᇒᡧሶ㠚ࣘ⌘ᡀѪ ⽬ᇮᴽ࣑Harrods ᡰᴹ㖇ᗧൠӗⲴᇒᡧሶ㠚ࣘ⌘ᡀѪ 㖇ᗧሺӛ䇑ࡂHarrods HarrodsRewards RewardsⲴᘐᇎ亮ᇒˈ Ⲵᘐᇎ亮ᇒˈ 㖇ᗧሺӛ䇑ࡂ ᒦਟ〟㍟എ侸〟࠶DŽ ᒦਟ〟㍟എ侸〟࠶DŽ
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DESTINATION LONDON |
Going Global
The desire for flexibility and mobility, to respond to the demands of globalisation, is driving many investors into citizenship programmes. By Micha-Rose Emmett, Managing Director at CS Global Partners
I
ndividuals looking to complement their existing wealth protection and investment growth strategies, improve their personal security, increase confidentiality in their personal affairs, or to travel globally at short notice, could benefit significantly from alternative citizenship and a second passport. Currently the most popular opportunities are offered by the jurisdictions of St. Kitts and Nevis, Dominica, and Grenada. St. Kitts and Nevis established the first economic citizenship programme in 1984. The Commonwealth of Dominica followed suit in 1993. Grenada introduced its programme in 2013. The popularity of these programmes is unparalleled, because they offer a seamless application process completed within 90 days; with no residence requirement, no business or education criteria and no risk to the client’s investment, as the investment is only made after application approval has been granted.
ST KITTS AND NEVIS The oldest, most trusted citizenship by investment programme with no residency requirement, in exchange for an investment made into the country, St Kitts and Nevis citizens enjoy visa free travel to 132 countries, including the UK, the Schengen Area, Hong Kong and Singapore; as well as, a secure means of protecting ones assets and wealth, not to mention a highly useful second passport for individuals and their family for future generations. A contribution made to the Sugar Industry 24 Abode2 Asia // Volume 2 Issue 2
Diversification Fund (SIDF) starting from US$250,000, or an investment into an approved real estate project of US$400,000 (plus government fees) is required. In respect of the real estate option, applicants are strongly advised to undertake an independent valuation of the property they wish to purchase under the programme.
DOMINICA
Dominica’s Citizenship by Investment Programme is the most affordable option, requiring a single applicant to make an economic contribution of US$100,000 to the country’s Government Fund, the Economic Diversification Fund and in exchange, the applicant, and their family will obtain full citizenship of the country for life. A recently introduced real estate option requires a minimum investment requirement of US$200,000. Dominican citizens also enjoy visa free to 90 countries including the UK, Hong Kong and Singapore too.
GRENADA The Grenada Citizenship by Investment Programme welcomes individuals of good character in return for an investment either in the form of an approved real estate investment of US$350,000 as a minimum (plus government fees), or a minimum donation to Grenada’s National Transformation Fund of US$200,000 (for up to four family members). Similarly to the other programmes, Grenada citizens also enjoy visa free travel to over 110 countries, and since April 2015 Grenada has become one of only five countries in the world to offer visa-free access to China. For more information contact: info@csglobalpartners.com www.csglobalpartners.com Tel: (0044) 207 318 4343 Volume 2 Issue 2 // Abode2 Asia 25
DESTINATION LONDON |
LIVEand LET BUY Has the PCL property market re-energised itself to any great degree post-election? Yes. As the election approached there was a natural period of inactivity whilst potential buyers awaited the outcome which would determine whether policies such as mansion tax would be implemented or not. The election result was a very positive one for prime central London property and the impact of buyers who had been holding back becoming active was immediately felt. Although demand has increased post-election it will take some time to have significant impact on transaction levels and pricing so there is still a window of opportunity for buyers to take advantage. The seemingly endless uncertainty over Greece and the Eurozone continues to make the bricks and mortar of prime London an attractive investment given its’ consistent history of high capital growth over the medium to long term.
Which locations are generating the most interest from HNW foreign buyers?
HNW buyers tend to want to purchase in the well-established and most sought after postcodes. There will always be ‘up and coming’ areas predicted for above average price rises in the short term, but all too often those predictions are not fulfilled. Prime areas offer the best stability in a soft market place and the most dramatic gains in a rising market. HNW clients want property in neighbourhoods that already offer the high level amenities they expect on their doorstep rather than where they will hopefully 26 Abode2 Asia // Volume 2 Issue 2
arrive. The constant demand within prestigious postcodes creates fierce competition for the best properties which is when the advantages Irvine & Cole’s experience, expertise, and relationships bring are at their greatest. In terms of specific locations North Mayfair has seen largescale foreign investment and Grosvenor are also investing heavily in the area. The vast development project now underway at the former Earls Court Exhibition site has attracted landlord investors resulting in higher than usual prices rises which will likely continue over the near future. Numerous riverside developments in central London have achieved excellent prices partly fuelled by overseas buyers from markets where new build property and buying ‘off plan’ appeals.
How can using the services of buyer’s agent make that step-change difference to a client’s purchase outcome? It is difficult to overestimate or quantify the difference a quality buying agent can make on a property purchase. At Irvine & Cole we use our relationships, experience, and knowledge to secure the perfect property on the best possible terms for our clients. Obviously our experience in negotiations enable us to maximize savings on purchase level but there are so many other areas beyond that where we save client’s cost and improve their returns, such as; on related professional fees, reduced risk of abortive costs, rental costs, travel costs (particularly for overseas clients), and the efficiency we deliver usually means clients are soon benefiting from a rising market rather than suffering the cost of it. Local knowledge and experience in areas such as planning permission, leases, service charges, improvement and extension potential, market history and trends enable us to ensure clients avoid the pitfalls and maximize their returns to a level way beyond what they would achieve on their own. Beyond the financial benefits, efficiency and convenience we deliver and perhaps most important of all, is the impact on quality of life in so many areas the right property brings. The superior outcome we invariably ensure can make an immeasurable difference for a lifetime. For more information, visit www.irvineandcole.com Tel: +44 207 316 3029 Volume 2 Issue 2 // Abode2 Asia 27
DESTINATION LONDON |
Riding High, Digging Deep With space at a premium, prime central London developers are having to innovate to accumulate. Faith Glasgow talks to Steven Aldridge of City Scope Developments about his PCL projects
T
he traditional prime central London property market – Belgravia, Mayfair, Kensington, Knightsbridge, Chelsea – has become very much a law unto itself. Over the last 25 years or so, it has increasingly been buoyed up through good times and bad by its image among wealthy international buyers as highly desirable and extremely safe. The developers who cater for the requirements of that market are working in an extraordinary niche. Steven Aldridge, 28 Abode2 Asia // Volume 2 Issue 2
WHEN THERE ARE CONCERNS ELSEWHERE IN THE WORLD, WEALTHY PEOPLE WANT TO PUT THEIR MONEY INTO CENTRAL LONDON PROPERTY BECAUSE THE DEMAND IS ALWAYS THERE
managing director of City Scope Developments, is a casebook example. ‘I’ve been a developer in prime central London since 1999,’ he says. ‘My expertise is specifically in that area, so I’m comfortable with the pricing and the nature of the market. If I worked anywhere else now, it would take me a long time to understand that market as well as I understand this one.’ As he explains, this is a unique environment because it’s so strongly perceived as a safe haven for global investors’ money: ‘even when the wider UK market collapsed in 2008, we didn’t see a dramatic reduction in demand, just less activity for a while.’ Prices in the PCL enclave have risen by 150% over ten years to the end of 2014, compared with just 57% in the wider London market, according to LonRes/Nationwide figures. In general, house prices tend to move cyclically – but Aldridge sees no indication that the strength of Prime Central London (PCL) is coming to an end any time soon. ‘I think Volume 2 Issue 2 // Abode2 Asia 29
DESTINATION LONDON |
the boom will continue for a number of years. When there are concerns elsewhere in the world, wealthy people want to put their money into central London property because the demand is always there,’ he says. ‘Historically we have seen a level of turnover as people move around, and that still goes on in areas such as Chelsea and South Kensington. But in the prime central heartlands such as Knightsbridge and Belgravia, global buyers just buy and hold making demand even higher.’ At present, however, Aldridge is still finding opportunities where he is able to add significant value, particularly by
30 Abode2 Asia // Volume 2 Issue 2
ONCE BARON MILFORD’S PRIVATE RESIDENCE NOW YOUR MAYFAIR ADDRESS AT A FRACTION OF THE COST
Within its exclusive and intimate setting, this luxury appointed, fully staffed, quintessential Mayfair property is first to offer a financially compelling fractional ownership residential option, which provides an array of lifestyle choices for the time you require in London each year. • One or two bedroom furnished apartments, personally attended to and complete with fully integrated property management • Individual and Corporate fractional interests from £117,000
With a limited number of memberships remaining, your London apartment awaits. Visit : Open daily 9 am - 5 pm Phone : +44 (0)20 7950 5528 Email : yourabode@47parkstreet.com Web : www.47parkstreet.com/abode2 Data Protection: Your personal information and details will be stored in a database controlled by MVCI Europe Limited and may be used and transferred outside the EU to Marriott Vacation Club International companies and their approved agents worldwide (including but not limited to, countries with a lower or higher level of data protection standards) to administer this promotion and to advise you of other offers. To exercise your data protection rights of opposition, access, rectification and deletion, you may write to the Consumer Affairs Manager at: MVCI Europe Ltd, Barnard’s Inn, 86 Fetter Lane, London, EC4A 1EN, UK. IPL-14-004.THIS ADVERTISING MATERIAL IS BEING USED FOR THE PURPOSE OF SOLICITING THE SALE OF FRACTIONAL RESIDENCE CLUB MEMBERSHIP. Subject to applicable terms and conditions. This is neither an offer to sell nor a solicitation to buy to residents in jurisdictions in which registration requirements have not been fulfilled or where marketing or sale of fractional residence club membership is prohibited and your eligibility and the membership clubs available for purchase will depend upon the jurisdiction of your residency. Prices are subject to change. Key information is available upon request by contacting 47 Park Street Grand Residences by Marriott, Mayfair, London, W1K 7EB, United Kingdom or email yourabode@47parkstreet.com.Marriott Vacation Club International and the programs and products provided under the Grand Residences by Marriott brand are not owned, developed, or sold by Marriott International, Inc. Marriott Vacation Club International uses the Marriott marks under license from Marriott International, Inc. and its affiliates. © Copyright 2014, Marriott Vacation Club International. All rights reserved.
DESTINATION LONDON |
developing downwards. ‘I like houses where we can increase the square footage by digging down into the basement, ideally adding a couple of floors below ground,’ he says. With house prices at around £2,500/square foot in these areas, the addition of an extra thousand square feet – even at lower prices below ground – makes sense. ‘We use this second level for a really nice wine room, gym, cinema or media room where there’s no need for natural light.’ More commonly, his finds are in reasonable condition but have no basement. His project in Jubilee Place in Chelsea, a five-floor renovation about to go onto the market at around £8 million, is just such a one. Specialist and highly experienced contractors are a must – not least because Aldridge has to convince the local authorities that he knows exactly what he’s doing in structural terms in order to get permission for his ambitious plans. But in ultra-prime London, where buyers will pay the earth for extra space and a superlative specification, it’s an investment that is clearly paying off For more information visit: www.cityscopedevelopments.com 32 Abode2 Asia // Volume 2 Issue 2
London
Invest with confidence Benefit from our extensive research and due diligence. Carefully sourced properties in the best locations. For more information call 0844 800 6661 or email london@ipsbmv.com
Why invest in London? • Prices continue to rise - up 6.4% year on year • Properties sell quickly - just 5.2 weeks • London rentals set to increase by 5.8% per annum! • Demand for London property is set to outstrip supply by 36% p.a. over the next 10 years • Average London apartments rent out at £1,248 p.c.m.
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T: 0844 800 6661
UK EDUCATION |
City of Spires Cartier Education provides private customised educational tours in the UK. Olivia Cartier, director of Cartier Education reports
F
amous the world over for its Red Brick University and academic pedigree, Oxford is one of the most desirable cities for those looking to study abroad. Oxford City College has a long and prestigious history, where students can immerse themselves in British aristocratic culture, history and academia. The College not only provides a dynamic learning environment for students, but also world-class facilities, with excellent transport links, 1 hour and 15 minutes from central London, 1 hour and 55 minutes from Cambridge, with the beautiful town of Bath just an 1 hour and 30 minutes away.
Reasons to choose Oxford: • Perfect combination of study and play fusing academia and extra-curricular interests • Interactive teaching methodologies for learning English. • High standard of teaching, with access to overseas scholarships including Cambridge and Imperial • London’s historic sites in close proximity: the London Eye, Big Ben, Westminster Abbey For more details, please contact: info@cartieredu.com www.cartieredu.com Tel +86-400-853-3000 Cartier Education London office: 205B Camberwell New Road, Oval, London, United Kingdom, SE5 0TJ 34 Abode2 Asia // Volume 2 Issue 2
TOUR DETAILS • Trip cost: RMB 39980/person • Cost includes: return airline tickets, accommodation, some meals, English course fee, British quality tourist fee, £10 phone credit, transport within the UK and scheduled tourist attractions • Cost does not include: additional personal consumption, travel/ticket costs outside the scheduled attractions, passport costs or visa service fee • Age requirement: 12 years+ full-time education
Volume 2 Issue 2 // Abode2 Asia 35
UK EDUCATION | 英国留学
36 Abode2 Asia // Volume 2 Issue 2
Volume 2 Issue 2 // Abode2 Asia 37
VINEYARD LIVING |
THE GRAPE ESCAPE As a new wave of foreign investment washes over France, Laura Henderson assesses the latest craving for vintage real estate
N
ow is apparently a good time to try your hand at wine making, with estates in France being snapped up for a ‘relative’ song, although we’re talking upwards of £600,000 for anything halfway decent. It’s a far cry from the early days in Languedoc, when Midi vintners first began exporting barrel-size quantities of vin de table to undiscriminating traders. The quality surge from New World wines and consumer demand for a better quality tipple however, have revolutionised both the economics of the industry and the region’s real estate fortunes. Many appellations are now upping their profile explains Martine Sahunet of Cabinet Bedin: “The Pays de Rhone has been quiet, but is now picking up. The Medoc is also active as is the Grand Libournais. We’ve had enquiries from as far afield as China and the States.” In the Gironde, which includes the prestigious Saint Emilion and Pomerol districts, in the past two
38 Abode2 Asia // Volume 2 Issue 2
years Chinese investors have bought upwards of 50 vineyard estates – mainly 20+ hectare estates in less prestigious areas for £1.5m-4m. Smaller estates with 3-12 hectares of vines are now selling for around £750,000, while full production vineyards of over 100 hectares start around £3.5m. Estate values, explains Carol Young of prestige agents Bordeaux and Beyond are dictated by location, the quality of terroir and the wine produced, as well as the type of property and whether they are established producers for the wine: £500,000 is really a minimum budget for an estate, plus the finance necessary to purchase stock and operating costs for the first eighteen months. This is because the seasonal cycle from producing and harvesting to bottling generally takes that long. Operating costs can be calculated on an average of between £3,000 and £4,000 per hectare, although it takes a good three years for new vines to make decent wine.” Providing a ‘handholding service’ for newcomers, 50% of Montpellier based Vignobles Investissement’s clients are from overseas. “The main stumbling block is technical expertise,” explains wine consultant Adam Dakin, “although companies like us help purchasers to source personnel and advise on equipment.” 20-40 hectares Dakin adds, with a vigneron’s house will set you back around £1m: “but prices can easily go beyond £4m depending on location and quality of vines.” Volume 2 Issue 2 // Abode2 Asia 39
VINEYARD LIVING |
GRAPE ESCAPE BASICS Values for wine-producing properties have gone up 10% in the past 10 years.
The purchase process can take several months but vines don’t stop growing. It’s important to have an arrangement in place with the vendor to farm the estate before you officially take over.
It’s worth paying a premium for an estate with good vines and an established reputation.
20 hectares will make around 130,000 bottles of wine.
40 Abode2 Asia // Volume 2 Issue 2
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DESTINATION FRANCE |
Golden Heart of the French Riviera
A
ncient walls still surround the wonderful beachside resort of St Tropez. In the heart of the French Riviera, this vibrant and exciting place was once a hidden-away fisherman’s harbour. But fifty years ago, the cinema legend Brigitte Bardot was filmed here; overnight it was transformed into one of the most exciting and vibrant places to visit on the French Riviera. Here world-famous designers have their boutiques, you will find the best in gourmet food and hot nightlife, as well as the wonderful beaches - for this village has all the amenities of a capital city. Just a short drive from Nice or Cannes, St Tropez is the place to see or be seen – mega-yachts sit at the waters’ edge with their occupants just waiting to taste the treats available on shore. Exclusive properties are hidden in the wooded hillsides behind St Tropez – here extensive villas open out on to delectable swimming pools with views down to the sea and over the Gulf. But once the heat of summer has passed and the visitors have gone, it retains the allure of old and the views over the Côte d’Azur remain unchanged. For more information, please visit www.leggettfrance.com or contact Joanna Leggett. 42 Abode2 Asia // Volume 2 Issue 2
LEGGETT PRESTIGE
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Head Office: Leggett Immobilier, La Maison du Chapitre, Route de Riberac 24340 La Rochebeaucourt France. All prices include agency fees.
VINEYARD LIVING |
BORDEAUX BOUNTY With renewed interest from overseas buyers for vineyard property – the Bordeaux region of France is leading by example, says Chantal Nollet of French agents Leggett Immobilier
L
eggett Immobilier one of the leading names in the sale of French Vineyards forecasts continuing strong international buyer demand moving into 2015. Heading up the Bordeaux wine team is the agency’s vineyard expert Chantal Nollet. She comments: “Since 2013 we’ve seen a buoyant and dynamic market with Bordeaux and surrounding regions especially St Emilion proving especially popular. Vineyard values remain attractive with little price movement over the last couple of years - prices averaging 200,000 € per hectare for AOC St Emilion and 85,000 € per hectare for satellite estates around St Emilion.” She continues; “Both domestic and international demand
44 Abode2 Asia // Volume 2 Issue 2
VINEYARD ESSENTIALS •
There are important tax advantages to owning agricultural land in France
•
St Emilion is the oldest active wine producing area in the Bordeaux region dating back to Roman times
•
Merlot and Cabernet Franc are the two most important grape varieties in St Emilion.
•
St Emilion is the last of the major Bordeaux appellations to finish harvesting each year.
for vineyards remains high, with Chinese clients homing in on higher-yield properties up to 50 million Euros. A fine example is the beautiful estate of Saint Pierre on the market at €6.36 million. The property sits on the edge of Saint Emilion in AOC Côte de Castillon and offers the possibility of purchasing neighbouring vineyards in the AOC St Emilion. Just 2 kms from the centre of Saint Emilion the agency has another beautiful property producing AOC Montagne Saint Emilion from its 6 hectares of vines. The property includes a stunning 18th Century maison de maître with 4 bedrooms. The estate produces an average of 40,000 bottles of wine a year, successfully marketed via three different labels. It has an asking price of €3.15 million. To find out more about wine estates in the Bordeaux region contact Chantal Nollet on 0033 (0)5 53 56 62 54 or visit www.leggettprestige.com Volume 2 Issue 2 // Abode2 Asia 45
VINEYARD LIVING |
LANGUEDOC BY DOMAINE Annelise Bosshard of prestige agents AB Real Estate explains why foreign buyers are homing in on Languedoc Roussillon for a vintage property purchase
Which terroirs in the Languedoc are attracting foreign buyer interest at present and why? There are already quite a few wineries in the area owned by foreigners. The region is home to many different terroirs, and a diverse variety of grapes. More often than not, it’s down to the size of the land as well as the attractiveness of the site and buildings that influence a client’s decision to invest. Many buyers are also attracted by the competitive prices, compared to other regions of France. 46 Abode2 Asia // Volume 2 Issue 2
Making your
Move to France less taxing
France: 0810 23 84 23 - UK: 08451 23 84 23 Email: info@kentingtons.com - Web: www.kentingtons.com
VINEYARD LIVING |
How do vineyard estate prices compare with Bordeaux and neighbouring Provence? The area is not as well-known as its wine producing neighbours and this has had an impact on property prices. The quality of the wines has nevertheless shown consistent improvement over the last 15 years with increasing volumes being exported abroad in particular to Asia, especially China. We’re also expecting to see Chinese clients buying wineries here soon. Once they discover the area and how competitively priced real estate can be, we are likely to see more investment. What advice would you give prospective buyers looking to take on a working vineyard estate as a new business? The business side is just one aspect but a very important part of the decision making process. Most buyers aspire to produce high quality wine and to sell under their own label. Improving the quality of the wine goes hand in hand with further investment in the winery, especially in the cave equipment. Whether a buyer succeeds or not will depend mainly on an ability to keep existing clients and develop new markets. What do buyers need to know about the buying process? Property prices advertised normally include the agency fee, so the only additional costs are the Notary fees which are around 7-8% of the purchase price. Once an offer has been accepted, the assigned Notaire draws up a preliminary contract (compromis de vente). Once this has been signed by the seller they cannot pull out of the sale without incurring penalty costs. The buyer has 7 days within which they can withdraw from the sale without needing to give a specific reason. The Notaire prepares the final sale contract (Acte de vente) and carries out all the necessary searches and surveys. This usually takes around 3 months. A sale is not deemed complete until the funds have been cleared into the Notaire’s account. 48 Abode2 Asia // Volume 2 Issue 2
Where Would you like to live in Provence? Stone investment in association with Provence Homes is delighted to present some of the most beautiful properties for sale in this sought-after region. Specialising in the luxury real estate market, our local knowledge and expertise will help find you the property of your dreams. Provence is a halcyon blend of tradition, nature, gastronomy, art and culture; historic towns, vintage villages, lavender fields and vineyards, all combined with a year-round warm climate. Property styles run the gamut from traditional farmhouses, maisons de campagne and period homes to bespoke-design villas with frontline sea views. The region also boasts unrivalled access with Avignon and Aix en Provence TGV stations and Marseille Provence International Airport with daily flights from across Europe.
Stone inveStment Mr Pierre Monville | + 33 6 16 64 16 04 | p.monville@stoneinvestment.fr 64, rue Grignan - 13001 Marseille - France | www.stoneinvestment.fr
GOLDEN VISA TRIANGLE |
Sunny Side Up
Y
OUR LUXURY PROPERTY is a specialist real estate company dealing exclusively with luxury property sales in the Algarve – the southernmost province of Portugal – and specifically in the The Golden Triangle area. Each property is selected for the quality of its services, its noble materials and its outstanding location between mountains and sea, not far from golden beaches and golf courses that are among the most famous in the world. “YLP” is dedicated to providing clients with expert support in all aspects of buying and selling property in Portugal and offers an extensive portfolio of professional real estate services that include: traditional and online marketing, construction and refurbishment, architecture and legal advice. As a “YLP” client you will have the undivided attention of a dedicated and highly qualified team as well as access to the very best real estate resources at every step. Registered with the Portuguese authorities as a fully licensed real estate agency, YLP promotes a discrete, ethical and highly proficient service, founded upon the values of trust, honesty and professionalism. Our staff speak fluent English, Portuguese and French. We would like to take this opportunity to invite you to visit our website www.yourluxuryproperty.com and browse our privileged portfolio of exclusive, luxury properties at your leisure. YOUR LUXURY PROPERTY - The real estate agency for Special Clients
50 Abode2 Asia // Volume 2 Issue 2
Y
A L G A RV E
YOUR LUXURY PROPERT Y The Real Estate Agency for Special Clients in the Algarve
www.yourluxuryproperty.com • E info@yourluxuryproperty.com • M +351 912 355 330 EN FR PT
GOLDEN VISA TRIANGLE |
Portugal Golden Visa Scheme Do I get four Golden Visas for this?” jokes Yili Chen as estate agent Nuno Durao shows him round a €2m ($2.8m) apartment in the seaside town of Cascais. The 28-year-old, who prefers to be called Li, is from Shenzhen in southern China. He has been lured to Portugal by its Golden Residence Permit programme.
T
he programme gives foreign investors who spend €500,000 on a property here the right to live in Portugal. They are also free to travel around all the EU countries in the Schengen area and after six years they can apply for Portuguese citizenship. Li, who got married last year, wants to send his children to European universities. He is also concerned about what the financial future may hold for China, so he is looking to invest in Europe. “You cannot put all your eggs in the same bucket. So we try to put something in Europe and this is a very good opportunity. We can earn some money and also get the visa,” says Li. 52 Abode2 Asia // Volume 2 Issue 2
Since the residence scheme began in 2012, the Portuguese government says it has issued 734 so-called “Golden Visas” and that’s generated more than €440m. Not all of that has come from property sales though, because foreign investors can also get a Golden Visa by investing a million euros in capital or creating 10 jobs in Portugal. Brian Tang, from Hong Kong, got a Golden Visa last year. He says demand is so high in China, that he’s opened a branch of his immigration agency CBIEC (www.cbiec.pt), in Lisbon, to put people like Li in touch with Portuguese estate agents. “There’s a huge appetite from China coming over to Portugal. 80% of the applicants are Chinese,” says Brian Tang. He says part of the appeal is the flexibility. Foreigners only have to be in Portugal for seven days in the first year of residency.
Volume 2 Issue 2 // Abode2 Asia 53
DESTINATION USA |
New York Stories Stylish condos and super-scraper apartments are challenging the real estate status quo in the Big Apple with foreign buyers leading the way. Laura Henderson of Abode2 luxury property magazine reports
W
ind back the clock to prime time ‘Sex and the City’ days and you may recall Carrie nursing her ice-pink Cosmopolitan and moaning about the prospect of having to buy her beloved apartment: “I’m a New Yorker,” she ranted. “I rent.” Pre-2008 most NYC residents were of a similar mind-set. They were buying into the market by the hour and for good reason: prices were shooting up. Seven years on from the financial crisis and the US economy is on the up although The Case-Shiller home price index still puts property prices in the Big Apple at 20% below their 2006 peak. Green shoots growth is primarily focused around the city’s elite Downtown district which continues to draw HNW investment thanks to a potent combination of must-have features: limited space, a wealthy investor pool and one-of-a-kind property. “The
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city has never really solved the housing shortage that began after WWII,” explains property consultant Alan Curran, “added to which, there’s a steady influx of buyers who just love the lifestyle on offer.” Room to negotiate, coupled with lower interest rates are also making for ‘favourable conditions’ for overseas buyers.” “The number of foreign buyers has doubled in the past two years,” confirms Jonathan Miller of research consultancy Radar Logic, figures backed by the National Association of Realtors, which report nearly one in five realtors have sold a home to an international client in the past year, with a third of this lucrative market from Europe: “The city is also attracting buyers who have lost faith in other US hot spots like Florida, with a bolthole in New York seen as a prudent investment that’s likely to hold its value.” Increase in demand, adds Curran, has also been fuelled by a building boomlet of high-rise luxury condominiums in soughtafter districts: “Historically over 75% of available real estate stock in NYC was only available for purchase in cooperative buildings, which in most instances preclude buyers from other countries who don’t have credit histories in the US or who don’t intend to use their apartments as primary residences. Condominiums and apart-hotels by contrast, have no such restrictions.” The sheer number of new developments coming on stream, Volume 2 Issue 2 // Abode2 Asia 55
DESTINATION USA |
Curran adds, also reveals a shift in the appetites and aspirations of buyers for whom a building’s design has become its investment pedigree. More than a dozen high profile projects have recently broken ground ranging from hi-style, minimalism and superscraper lofts by celebrity names such as Rafael Vinoly and Frank Gehry to smaller but equally fashionable Art Nouveau projects with attitude. “New York has a long history of rich people wanting to live in the clouds,” says Chris Fry of luxury agents Elegran. “When the city’s first luxury residential towers were built in the 19th century, they were marketed as technological triumphs, packed with hotel-style extras. We’re now seeing a natural progression, with technology matched by architectural and interior design priorities. Some projects are nothing more than flash expressions of vanity, while others fulfil a dual-role, offering a muchneeded break from the classic street front, as well as meeting the demands of today’s ‘work-hard play-hard’ buyers and the environment they inhabit.” 432 Park Avenue is the latest example of a race skyward among luxury residential developers. This residential tower under construction in Manhattan will have plenty of opulent amenities to draw well-heeled investors: The units, which start at $7 million, feature private elevator landings, 12.5-foot ceilings, separate servant entrances, heated bathroom floors and the option to buy additional climate-controlled wine cellars and guest apartments. The building will have a 75-foot-long pool, a private restaurant for residents, room service and catering, even chauffeur service. But for all of the over-the-top features, the stand-out feature set to attract buyers will be its height, jutting 1,396 feet into the air over midtown Manhattan upon completion in 2015. Developed by CIM Group and Macklowe Properties, it will be New York City’s third-tallest behind One World Trade Centre and the Empire State Building. “432 is a prime example of developers taking multifamily buildings to staggering new heights,” explains Emmanuel Dessin of Exit Realty Landmark. “They’re vying for the prestige that translates into larger returns on investment while delivering the breath taking views buyers are seeking. But they are also doing it because they can build that tall and capitalize on the land.” 56 Abode2 Asia // Volume 2 Issue 2
Pioneering hospitality For stays in hand-picked New York homes.
Your own front door key in New York. There’s a new way to experience what it feels like, before you invest in a property. We believe that hospitality and homes go hand in hand. That’s why we designed a service to give the world onefinestay. We’ve found the best homes in the greatest cities, and we take care of everything for your stay. Already invested in a New York property? Learn how our members make the most of their home. Call Erin and the team on +1 212 729 1985 onefinestay.com
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DESTINATION USA | 美国站
The Art of Luxe Living T
he Art Lux Home was built in 2008 just north of Manhattan in Armonk, an exclusive area of New York’s Westchester County. This impressive 6,800 sqft residence is set on 3.94 private acres of tranquillity, with tree-top aspects, natural rock cropping and a waterfront view of a private lake that is shared by just a few other homes. A real ‘foodie’ town, Armonk has many places where one can wine and dine, while the house is also within walking distance of one of Westchester’s finest country clubs and golf courses – the Whippoorwill Club. This is a 500-acre estate occupying one of the highest points in the towns of New Castle and North Castle, the most exclusive parts of Westchester. The Art Lux Home is a four-storey house built into the natural rock in order to preserve the site’s natural beauty and has lake views throughout. The detailing includes blue stonework, a copper-front arched roof, stained cedar siding and a patio with built-in barbeque, cropped into the rock, that overlooks the lake. Inside, the floating staircase of cherry wood was handmade by craftsmen at the site, and the large windows throughout the 58 Abode2 Asia // Volume 2 Issue 2
板——高达30英尺，在多甲板与露天台上可享受到坐在树
home capture the natural light, the view of the stars, the sunset, the sunrise, falling leaves, winter snow, spring flowers and summer swims. The luxury of the home is continued in its open floor plans, its high ceilings – up to 30 feet – throughout, the multi decks and patios with tree-top views, the natural rock cropping and lake escapes in its own back yard. Or is it in the chief kitchen, the tiger wood engineered floors, the marble, the California closets throughout and the radiant heating in the kitchen, family room, basements, five bathrooms and two powder rooms? The Art Lux home has it all: luxury, the beauty of nature, the water and the location… all fashioned into one work of living art.
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DESTINATION USA |
Bahamas Bound Just a short flight from pleasure-seeking Nassau, the pristine fairways of the Abaco Club on Great Abaco are tempting stay-and-play buyers with a new line in luxury real estate. James Matthews of Abode2 magazine pays a visit
E
ver since Columbus returned home from the tropics with tales of the region’s warm, gentle climate and its beautiful, natural environment, the Bahamas have been a dream destination for people from all over the world. Most come to escape the cold slap of winter, to dip their toes in crystal-clear waters, and to shed every article of clothing they can while relaxing and soaking-in the sun. Here, all the cares of the world just seem to fade away - to be replaced by lazy days on the beach, rum cocktails with colourful umbrellas in them, seafood so fresh it’s still flapping, and leisure activities made all the more exciting by the majestic presence of royal palms. In short, it’s paradise. And of all the wonderful properties 60 Abode2 Asia // Volume 2 Issue 2
in this sunny part of the world, there’s one that does paradise just a little better than the rest: The Abaco Club on Winding Bay. For years a Ritz-Carlton Destination Club, the resort is now owned and operated by Southworth -one of the world’s leading resort and residential real estate firms. What was a magnificent property to start with is now in the process of becoming even better, with a multimillion-dollar investment that will see a new golf practice facility, along with a new marina and limited edition collection of luxury homes. “The Club has everything money can’t buy,” explains David Southworth, President and CEO of Southworth Development. “It’s a gorgeous setting, with a well thought-out master plan and a passionate club membership. It’s a perfect complement to our existing properties and we look forward to taking this world-class facility to an even higher level.” What makes The Club a world-class facility? For starters, it’s a one-of-a-kind setting, located on the most charming of the Bahamas’ Outer Islands - Great Abaco - and graced by a 2.5-mile powder-soft beach that stretches as far as the eye can see. It’s a place you never, ever want to leave. Fortunately, homeowners here don’t have to. Residences are magnificent, and come in varying designs and sizes, ranging from cosy cabanas and charming cottages to stately villas and grand Volume 2 Issue 2 // Abode2 Asia 61
DESTINATION USA |
BUYING IN THE BAHAMAS • • • •
There are no restrictions on foreigners buying freehold property in the Bahamas. Legal fees range from 1.0% - 2.5% of the property purchase price. There is no inheritance tax, Capital Gains Tax (CGT) or wealth tax. Foreign owners can apply for residency status. Preferential consideration of applications for permanent residence is given to investors and to qualified owners of residential property valued in excess of US$500,000.
oceanfront estates. Each home is within steps of the beach, and each is meticulously appointed. Wake to the sound of crashing waves, stroll to the golf course or spa, or just relax on your private deck and look out over the calm, turquoise sea while the Abaco parrots chirp their warm morning welcome. It’s an atmosphere of quiet sophistication, where you, your family and friends can enjoy total relaxation when you want it - and a wealth of amenities when outdoor activity is top of the ‘to do’ list. Created to be a true sporting club, the resort’s 18-hole Scottish-style links golf course is perennially ranked as the finest course in The Bahamas. For non-golfing residents, water sports galore vie for your time each day — from kayaking, sailing and snorkeling to bone fishing and deep-sea fishing or spending time on the tennis courts. While the pristine white sand beach may beckon, you can always steal away to toast the sunset at Buster’s Beach Bar and sample the exquisite local cuisine at the resort’s fine-dining restaurant The Cliff House - the makings of a day that you won’t want to see come to an end. 62 Abode2 Asia // Volume 2 Issue 2
“ an island enclave for a privileged few” “ an island enclave for a privileged few”
thereserveexuma.com thereserveexuma.com “ an island enclave for a privileged few”
thereserveexuma.com
Heather Peterson T: 242.393.8630 I C: 242.477.7223 I heather@cbbahamas.com
DESTINATION GOLF |
FAIRWAY TO HEAVEN 城市、装饰与王室 The resort of La Manga on the Costa Calida in south eastern Spain has carved a unique niche for itself as a golfing mecca. Faith Glasgow pays a visit
T
he La Manga Club has a cosmopolitan feel to it. That’s in large part to ease of access for an international community of owners and holiday tenants, with flights to nearby Alicante and Murcia airports; world-class sports facilities, including three 18-hole golf courses and a 28-court tennis centre; and a broad range of accommodation options across the resort’s 38 residential communities, each of which has its own individual character. Jackie Mycroft of property agent Elysium Properties and herself a La Manga resident of many years’ standing, knows all about the club’s attractions. She has worked as an estate agent there for almost ten years, running her own highly successful business since 2009. 64 Abode2 Asia // Volume 2 Issue 2
Strokesofofgenius genius Strokes Strokes of genius “BEST NEW COURSE IN SOUTH AFRICA” Golf Digest 2007 “BEST “BEST NEW NEW COURSE COURSE INSOUTH SOUTH AFRICA” AFRICA” –––Golf GolfDigest Digest2007 2007 “BEST NEW COURSE ININ SOUTH AFRICA” – Golf Digest 2007 “BEST NEW COURSE IN SOUTH AFRICA” – Golf–Digest 2007 2012 “TOP 10 GOLF COURSES IN SOUTH AFRICA” Golf Digest “TOP “TOP 10GOLF GOLF COURSES COURSES INSOUTH SOUTH AFRICA” AFRICA” – –Golf GolfDigest Digest2012 2012 “TOP 1010 GOLF COURSES ININ SOUTH AFRICA” – Golf Digest 2012 “TOP“FIVE 10 GOLF COURSES IN SOUTH AFRICA” – Golfer Golf Digest 2012 STAR GOLF EXPERIENCE” Compleat 2007-2012 “FIVE “FIVE STAR STAR GOLF GOLF EXPERIENCE” EXPERIENCE” –––Compleat CompleatGolfer Golfer2007-2012 2007-2012 “FIVE STAR GOLF EXPERIENCE” – Compleat Golfer 2007-2012 “FIVE STAR GOLF EXPERIENCE” –&Compleat Golfer 2007-2012 “BEST CLUB RECEPTION VENUE IN S.A. 2010 2011” African Bridal Industry Academy Award “BEST “BEST CLUB CLUB RECEPTION RECEPTION VENUE VENUE INS.A. S.A. 2010 2010 &&2011” 2011” –––African AfricanBridal BridalIndustry IndustryAcademy AcademyAward Award “BEST CLUB RECEPTION VENUE ININ S.A. 2010 & 2011” – African Bridal Industry Academy Award “BEST CLUB RECEPTION VENUE IN S.A. 2010 & 2011” – African Bridal Industry Academy Award
Tel: +27 (0)42 200 4500 E-mail: golf@stfrancislinks.com Web: www.stfrancislinks.com ‘St Francis Links’ Tel: Tel:+27 +27(0)42 (0)42200 2004500 4500 ·· ·E-mail: E-mail:golf@stfrancislinks.com golf@stfrancislinks.com·· ·Web: Web:www.stfrancislinks.com www.stfrancislinks.com·· · ‘St ‘StFrancis FrancisLinks’ Links’ Tel: +27 (0)42 200 4500 · E-mail: golf@stfrancislinks.com · Web: www.stfrancislinks.com · ‘St Francis Links’ Tel: +27 (0)42 200 4500 · E-mail: golf@stfrancislinks.com · Web: www.stfrancislinks.com · ‘St Francis Links’
DESTINATION DESTINATIONLONDON GOLF |
‘For a start, property supply here is so limited. There is very little building going on and very little building land left now; and because the resort is surrounded on three sides by a parque regional (protected nature reserve), the potential for future expansion is very restricted.’ Security is another benefit. ‘La Manga is one of the safest places in the world, with crime normally very, very rare. It’s also a big selling point for the many holidaymakers who rent La Manga properties.’ Owners also like the way the resort is run. They pay a ‘general fee’ to maintain the resort infrastructure, but in addition each community sets and levies its own management fee which pays for that community’s facilities, and all owners have a say in its allocation. The popularity of the club with holidaymakers is such that eight weeks of high-season rental income (or 10-12 weeks through the year) will generally cover all annual running costs. Summer 2014 saw ‘an explosion of property sales’; while this July Jackie sold the firm’s most expensive villa ever – a £4.5 million villa overlooking the golf course and the sea, with four ensuite bedrooms, a library, cinema and staff accommodation. With stock ranging from £100,000 apartments to highly exclusive fairway villas from £600,000, she says it is easy to help clients make the right choice of view, location, facilities and property specification. ‘Buyers have often been two or three times on holiday, and they think they know the club – but they don’t really, so I take them on a tour of the whole site, all the different villa areas and communities. That way they understand exactly what the options are.’ La Manga’s winning formula suggests it’s set to continue attracting new buyers and retaining existing owners for many more decades to come.
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The promise of our resort lies in its name. ‘Elysian’ means paradise and that’s exactly what our resort is… a romantic haven where you can enjoy the privacy of a luxury villa with its own private pool set in a lush, tropical Balinese garden. Close the gate, slide into the pool, chill out, relax and enjoy everything we have to offer. Your private villa comes with Apple TV, an iPod and Bose Sound System, a complimentary laptop or iPad plus free Wi-Fi internet access, 24 hour guest service and round-the-clock in room dining. When you choose to venture outside your gate, we have the renown Rush Bamboo Restaurant to tempt your taste buds and The Elysian Spa to revive body and soul. And within a few minutes walk, you can immerse yourself in the lively pleasures found in Bali’s trendiest suburb yet always knowing that there is peaceful haven to return to.
Why would you settle for a hotel room when you can have your own private villa?
Jl. Sari Dewi 18, Seminyak, Kuta, Bali, Indonesia 80361 • T +62 361 730999 • F +62 361 737509 E info@theelysian.com • www.theelysian.com
DESIGN AND INTERIORS |
Fifty Shades of White
Interior architect Susan White creates bespoke homes for her clients – and fires their enthusiasm for design in the process
I
f you’ve ever been seduced by a property’s charming exterior, only to find a warren of cramped rooms and wasted space inside, the chances are you’ve sighed and walked away; the prospect of creating the home you really wanted from such unpromising material just seemed too daunting. But the reality is that if you can afford to remodel the innards of your home, an interior architect such as Susan White will deliver the goods. Her work might involve opening up the unused spaces of a two-bedroom apartment to provide a bigger living area, or, at the other end of the spectrum, working within the shell of a cavernous Grade II listed property to create a dream family home from scratch. Interior architecture, which involves structural internal projects of up to 18 months, isn’t as well known in the UK as it is in the US; it’s more likely that British homeowners will turn to conventional architectural firms, who may themselves employ specialist interior architects. ‘But it’s very different from straight interior design,’ stresses Susan. ‘We need to know about load-bearing walls, staircase design and construction, plumbing considerations and
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electrics, as well as lighting, fabrics and finishes.’ Susan White runs Iggi Interior Design from rural Surrey, though her clientele is largely based in prime central London. But she came to the business via a circuitous route, abandoning a university course in criminal law to secure a placement alongside her sister, a set designer at Shepperton Studios – work that she found she loved. To take her design aspirations further, she took a foundation course and an interior architecture degree, and set up her own businesses – Phoenix, focusing on designing show homes, and Iggi, which takes on top-end architectural projects for private clients. It’s clearly a tremendous balancing act to work very closely with wealthy clients as well as with architects, and all the other contractors involved. So what’s the single most important factor in the process? ‘Listening to the client and getting the brief right,’ replies Susan unhesitatingly. ‘A lot of work therefore goes into not only the style but the parameters of the job – kids, pets or staff; room, space and lighting requirements, and of course the budget.’ Susan’s own taste is for the cutting edge, and she is always on the lookout for new ideas. ‘I like anything brand-new, so I go to a lot of overseas shows and manipulate ideas for the UK market.’ Her enthusiasm is clearly infectious. Not only does she scour Europe and beyond for inspiration, but she persuades the clients to come with her to the exhibitions, ‘so they can get excited about it with us’. And it works: ‘Most end up wanting to be interior designers by the end of the project...’
Volume 2 Issue 2 // Abode2 Asia 69
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