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Expat Investor : September 2007
NEWS September 2007 EXPAT INVESTOR 3 Cyprus property price hike widely anticipated Banco Halifax Hispania opens in Mallorca THE EUROPEAN Union's (EU) endorsement of Cyprus joining the eurocurrency zone will cause property prices on the Mediterranean island to increase by around 35% over the next twelve months. UK-based Morpheus Investments,which specialises in southern Cypriot property development, is expecting demand for properties to rise rapidly. The company predicts that the property market can then expect "steady, incremental growth throughout 2008." Dani Maxton, Managing Director, comments: "Savvy overseas property buyers are moving quickly to take advantage of low property prices that will rise following Cyprus' Eurozone membership on January Fast Facts 77121 Fast Facts 77123 Fast Facts 77120 Fast Facts 77122 BANCO Halifax Hispania has opened a new branch in Puerto Pollenca, one of Mallorca's most popular resorts for British tourists. The Bank says its team of English and Spanish speaking colleagues based in Puerto Pollenca will provide British expats with help and guidance on all aspects of buying a second home in Spain. Banco Halifax Hispania currently has 21 branches throughout Spain. It plans to open three more new branches away from mainland Spain during 2007 on the Canary Islands in Tenerife and Fuerteventura and on Menorca. Fast Facts 77002 1st 2008. Property prices in southern Cyprus are already rising by 20-- 25% each year. Extra demand created by the Eurozone membership will add at least 10% to these annual increases." A British-based legal system, low taxes, booming property prices, new marinas and international airports have led to Southern Cyprus becoming a property hot spot. " The adoption of the euro is good news for these buyers. They will benefit from greater capital appreciation on property prices, which will become even stronger as Cyprus' property market takes an even footing with that of other Eurozone member countries." Standard Bank's new structured growth solutions STANDARD BANK has launched the latest in its series of Structured Growth Solutions, offering investors a choice of two products. The first allows investors to track three globally diversified portfolios to receive enhanced returns based on the potential performance of the best of the three portfolios through an attractive look-back feature. This re- launch now includes a euro class. The second product, says the Bank, is a new 'auto-callable' structure paying coupons based on the performance of three blue chip companies such that exceptional short-term returns are possible even in a neutral market. John Coyle, Managing Director, Standard Bank Isle of Man, tells Expat Investor, "Global Portfolio Picker proved very popular when we launched it earlier this year. Demand continues and we are delighted to announce the launch of series two of this product, this time with the inclusion of a euro class which we believe adds further appeal to IFAs. Additionally, Blue Chip Booster is a new product targeting more sophisticated investors looking for yield pick-up in a neutral market without undue risk to capital. A key attraction is the product's potential for early maturity with a high internal rate of return." Interested investors can read more detail about these launches within the feature on the Isle of Man on page 17. Friends Provident International unveils UltimaSave FRIENDS Provident International (FPI) has launched UltimaSave, a regular contribution savings plan -- developed specifically for UK expats resident in the European Economic Area (EEA) and residents of Gibraltar, the Channel Islands and the Isle of Man. UltimaSave, says FPI, offers almost 70 funds -- at least half of which are euro denominated. To meet investor demand the range of funds available includes several property funds, offering a broad mix of property types, geographical exposure and the potential to access the more under- developed global property market. Also included are funds specialising in alternative investments such as sustainable energy and precious metals, and funds with a more territory-focused approach, Iberia and Greece for example. In addition, there is a range of lower-risk funds for the more cautious investor. The funds, confirms FPI, are managed by leading Asset Managers such as F&C, Morgan Stanley, Invesco, Investec, JP Morgan, Thames River and MLIIF. UltimaSave's key features include its availability in three currencies -- euro, sterling and US dollar; terms from 10 to 25 years; a loyalty bonus -- after five years' continuous investment; contribution holiday option after three or more full years' contributions; the facility to add life cover to satisfy qualification criteria in various EEA jurisdictions; escalation option -- contributions and guaranteed minimum death benefit can increase annually at a level chosen at outset; and investors can choose to have their portfolio professionally managed on their behalf.
July August 2007