Lawyers in Cyprus – Reviews – SIPP Developments – Completed on 7th December 2009.
DEVELOPERS OFFER SIPP DEVELOPMENTS TO HELP REVIVE PROPERTY MARKETS
After we at A&G Kouzali Cyprus Lawyers reviewed the global property market, we found that SIPP (Self Invested Personal Pension) appears to be the way forward for Developers selling their properties. Some SIPPs offered by a few specific financial institutes, allow consumers to invest in overseas buy-to-let property. This gives the consumer tax free profit and continuous income for their future (See our articles on SIPP & Harlequin Hotel & Resort Developments).
However, developers cannot take for granted that their developments are SIPP compliant and can automatically be sold as a SIPP product. This has to been planned in a careful strategic way under certain regulations as not to blemish the whole SIPP concept. Developers must have official confirmation that their projects are SIPP approved before they sell it as SIPP product. Otherwise, this can cause investors to obtain very heavy tax bills.
Many investors are transferring their pensions into SIPPs in order to take advantage of the overseas investments giving them high tax free income revenues. Normal pensions on a whole are suffering so much under the current global financial struggle and SIPP is a kind of protection against any deductions or drops in rates that occur in normal pensions as you control your money in a SIPP not the Government.
It may be seen that many developers will now offer their developments as an SIPP package but you have to be aware and check that your investment is officially SIPP approved before you agree to purchase.
For more information on SIPP or SIPP approved projects visit us at www.lawcyprus.org
PUBLISHED BY A&G KOUZALI LAW OFFICE ON 7TH DECEMBER 2009.
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