Harlequin property

Britain’s Serious Fraud Office is now investigating Essex-based Harlequin Group regarding its marketing of high-end Caribbean villas linked with a self-investing personal pension product.

Harlequin’s business was not regulated by the Financial Services Authority, which is now writing to all UK FAs requesting the details of any client who has invested in the scheme. At the same time, the Serious Fraud Office (SFO) and Essex Police are also requesting full details of the transactions involved from anyone who has invested in the Caribbean resort off-plan sales schemes.

The SFO would also like to hear from others inadvertently caught up in the scam, and states that they may request a full witness statement where necessary. It’s known that a subsidiary of Harlequin, Harlequin Properties Thailand, has caused problems and losses to expats in the resort town of Pattaya, using similar methods.

It’s believed that thousands of investors have poured their savings into off-plan purchases of condos and villas in the Caribbean and Thailand, many of whom are now in touch with the FSA. A legal challenge by a group of investors is expected, based on mis-selling of a financial product.

Harlequin CEO David Ames has denied misleading investors and promised that the developments in question will be finished, blaming contactors for the problems. However, investigation has revealed that, out of 3,000 promised homes, only 300 have as yet been completed and interest payments due to investors have now ceased.

Costa del Crash! Spain's property prices set to slump 50pc with British holiday homes on coasts 'worst hit'

• Up to 2million properties languishing on the market that cannot be sold
• 400,000 Britons either live in Spain or own a holiday home
• Experts warn house prices may not begin to recover for up to 15 years

Hundreds of thousands of Britons living in Spain or with holiday homes there risk being the worst hit as property prices  continue to plummet.
Analysts warn values could slump by another 50 per cent in the crisis-hit nation, with the biggest falls in coastal areas full of apartments and villas owned by those from the UK.
The slide threatens to be so bad that swathes of half-built or unsold holiday homes along the Mediterranean coast will simply have to be demolished as no-one wants them, even at rock-bottom prices.

Hit: Costa Malaga has always been a popular destination for British tourists but house prices are falling rapidly

Plummet: House prices in Marbella have already fallen 50 per cent

The warning came from RR de Acuna & Asociados, one of the country’s leading economic consultancies. It predicts the relentless gloom could stretch more than a decade – even up to 15 years – with falls of up to 50 per cent along the coast where around 400,000 Britons live or own homes.
Group vice-president Fernando Rodriguez de Acuna said: ‘The market is broken.
‘In places like Castellon [near Valencia], where over-development was mad, banks are not financing anything and there is a high prob- ability these properties will never be sold. They will have to be knocked down.

THE PROPERTY CRASH IN NUMBERS

• Spanish bank Santander slashed house prices by 60 per cent to clear backlog
• 800,000 houses are still on the market
• 250,000 are currently being built
• 300,000 homes have been foreclosed
• House prices in some areas not expected to recover for 15 years
• Houses in Marbella already fall 50 per cent

‘Banks are offering huge  discounts and nobody is calling. Marbella has already fallen by 50 per cent and prices are going down and down.’
The firm’s latest analysis suggests the total decline from peak to trough could end up at 75 per cent in some areas.
The downturn has blighted the retirement of Valerie Burch, from Brixham, Devon, who planned to sell her seafront duplex apartment in Caleta de Velez, east of Malaga.
It was worth £180,000 in 2008 but has dropped by a third to £120,000 by September. The 72-year-old said: ‘I am devastated. I was thinking of selling this year to help me in my retirement but I would never recoup my investment.’
Mr Rodriguez de Acuna said there were almost two million properties waiting to be sold, with ‘no progress at all’ over the last five years to clear up the backlog.
He expects the crisis to also hit the capital Madrid and major cities like Barcelona, with prices down 30 per cent and no pick-up until 2018.
‘There are 800,000 used homes on the market,’ he added.
‘Developers are sitting on a further 700,000 completed units.
Another 300,000 have been foreclosed and 150,000 are in foreclosure proceedings, and there are another 250,000 still under construction. It’s crazy.’
Spain was booming until the credit crunch of 2008, with hundreds of thousands of properties built every year.
But the country has been one of the worst hit by the eurozone crisis and has a shrinking economy with a jobless rate of more than 26 per cent.

How to spot the timeshare frauds.

Timeshare salesmen and agents have been sleazing their way across the hotspots of Spain for numerous years, using high pressure sales techniques to bully unwitting holidaymakers into purchasing something that they were never really entirely sure about in the first place.

However, now a new blight is causing current timeshare holders an even greater headache. Trying to locate a legitimate timeshare resales company on the internet is like attempting to find the proverbial needle in a haystack. Here are some things to look out for when buying and selling timeshare to keep the fraudsters at bay.

Buying timeshare

For those who understand the timeshare market and are comfortable with the financial commitment, there is still a great combination of value and luxury to be had by making the right purchases. However, like any financial investment, this should be done in your own sweet time.

If they approach you, it’s a no go

It doesn’t matter how the company say they got your details, if you haven’t dealt with them before then now is not a good time to take a chance.

Search online or by brochure

Reputable companies will have at least some of their listings available online or by brochure. This way you can work out what is available and at what cost without having to talk to a salesman or woman.

Check their name

Always do your homework on a company before doing business with them. A good way of checking their reputation is to search the discussion and forum results on Google for feedback on the company’s services.

Tell them precisely what you are interested in

When you make your first enquiry, be sure that you know what you are looking for. Do not give them an opportunity to force a timeshare on you that you’re not interested in. If they make you a proposal, be firm in stating that you will get back to them rather than vice versa. Make sure that their conveyancing fees are detailed in full and explain that you will not pay a penny more than what you have just been quoted.

Never part with your details until deeds are in your possession

Once you settle on a deal, be sure to cover yourself against fraud. Never part with cash until you have received official documentation and always have a lawyer check the paperwork over. If you must give your details to the agent before completion, a credit card is the best bet.

Selling timeshare

This is where things have started to get really ugly in recent years. With the recession resulting in people tightening their belts, many saw selling on their timeshare as a wise move to generate some extra cash. This desperation has been fully capitalised on by faceless fraudsters who will scam hundreds of pounds from timeshare owners in listing fees and facilitation costs. Make sure you’re not caught out.

Consider the sale

Talk to other people who own timeshares and communicate on the independent <a href="http://www.timesharetalk.co.uk/" target="_blank">Timesharetalk</a> forum. Is there actually a market for your timeshare? If other people are having difficulties selling similar timeshare weeks or points then the listing fee charged by timeshare resales companies may not be worth it.

Understand the value of your timeshare

There is precious little chance that your timeshare has appreciated in value and if a timeshare agent tells you they can sell it for more than face value, they are probably lying in a bid to get you to list with them. Don’t get reeled in, as if you agree your timeshare could sell for a sizeable figure, the agent will have greater scope with which to charge you a hugely over-inflated listing fee.

Take time to think

If you tell an agent you would like time to consider whether to sell with their company, make sure you follow through and end the call. Dishonest companies will at this point start to offer you lower rates, tell you that a buyer is waiting or declare that there is an important deadline coming up that you may miss. If they do any of the above then you’ll know not to call back.

Check their advertising

Take a thorough look at the website of the company you intend to sell through. Are they properly showcasing available timeshares? If you don’t feel your timeshare will receive sufficient advertising then look elsewhere.

Pay once only and don’t pay over the odds

You should only ever pay one listing fee and it should never be more than you expect to receive for your timeshare. Compare the quoted price with other timeshare holders on Timesharetalk.

Be prepared to wait

Even the most reputable timeshare resales companies may have trouble shifting your timeshare as the market is not as strong as it once was. However, they should keep you updated on any progress and should never ask you for more money. A timeshare in Spain can be difficult to shift but if you list with reputable, long-standing companies that are accredited members of the RDO (formerly the OTE), TATOC and ARDA then you will give yourself the best chance of moving it on. It pays to do your research when it comes to timeshare sales, so be careful out there!
 

Written by: Nick Woolnough

for: Eye on spain.

Creepy crawlie food.

A BAR and restaurant in Valladolid has hit international headlines for serving up insects in hummus, guacamole and yoghurt.

Bar Passion, owned and run by Esteban – who calls himself Marco Negroni – offers 'delights' such as rhino beetle in Mediterranean hummus, spicy grasshoppers in guacamole and leaf-eating ants in aloe vera yoghurt.

Negroni began adding such dishes to his menu after a holiday in Thailand six years ago, when he saw insects such as scorpions, crickets and grasshoppers being sold 'as though they were bags of potatoes' on the markets in Bangkok.

His first unusual offering was mini-toasts with imperial Thai scorpion, olive oil, tomato and grated cheese.

These recipes proved to be a huge success and he now imports hermetically-sealed bags of dried insects from London and Thailand for his cooking.

Negroni says they are very crunchy with a spicy flavour.

Customers frequently try his dishes out of curiosity and those who enjoy them range from teenagers to the elderly.

Although Bar Passion offers typically-Spanish tapas and dishes from all over the world, it is the insect recipes which have turned out to be the most popular.

The owner says he serves beer from 250 countries, particularly recommending the Vietnamese variety.

He has travelled practically the entire world and collects culinary skills wherever he goes.

Most recent destinations include Papua New Guinea, Fiji, the Philippines, the USA and several African countries.

Darragh MacAnthony!

For anybody who has invested money in this project and have lost their faith after the decision of the Judge  Beatriz Fernandez to drop the case due to a lack of jurisdiction, it is possible to bring the case in UK and take to court Darragh MacAnthony once and for all.

For anybody who may be affected by this you may contact CPC Holding for further information.

Tel: 0191 386 2487

Moving to Spain: Do's and Don'ts

Would you like to move to Spain? Every year, large numbers of expats and immigrants opt for a life abroad on the Iberian Peninsula – oftentimes running into the same troubles. Here is a quick list of do’s and don’ts which you should definitely consider before your move to Spain.

Do try to find an employer in Spain before you actually move, and try to save up as much money as possible. This might sound trivial, but it will make things a lot easier if you move to Spain with an employment contract in your pocket instead of having to look for a job in the middle of the turbulent (and expensive) act of relocating to another country.

Do realize the importance of your decision and its consequences. In most cases, leaving your home country behind and starting a new life abroadis a huge step for everyone, one that changes almost everything about your life in a very short time. Make sure you are ready for this step. You will always have doubts about whether or not you are going to actually manage, or be worried about how things might work out. This is absolutely normal. Try to be as sure of your decision as possible before making it. If you would just like to see what life abroad is like without serious intentions of staying permanently or at least for a couple of years, leaving everything for good and just taking a chance is probably not the wisest idea.

Do prepare as thoroughly as possible. Try to think of everything that you will be confronted with during your new life, be it immigration legislation, the bus schedule in your city, whether or not pharmacies in Spain carry a certain kind of medication you regularly take, or how to dress in the workplace. Preparation is one of the most important aspects of relocating to another country, and living abroad in Spain is no different in this regard.

On to the don’ts: Don’t ever think moving abroad will not be a huge change for you, personally and professionally. Obviously, this is the other side of the “do” above. One of the biggest mistakes expats can make is assume that everything will be just like home. Even if many things in Spain are handled in a similar way to that in your home country, there are hundreds of little pitfalls, traps, and simple misunderstandings that will make everything more complicated if you take things too easy.

Another important don’t: Don’t bring everything, but carefully select what you want to bring. It is useless trying to ship all your belongings over to your new home. Sure, take the things that are most dear to your heart, be it clothing, furniture, books, or records, but also let go of stuff you can easily replace or simply will not need in your new surrounding – and that will surely amount to be a lot. Find out beforehand if everything you are sure you cannot live without is available in Spain, and take that which you think you cannot find a replacement for. On a similar note, don’t just come with just a backpack full of clothes either: buying everything you might need for your household from scratch will be a enormous strain on your budget!

One of the biggest don’ts probably seems very obvious to everyone who has spent time abroad, but is still a regular regret of many newcomers to the expat lifestyle: Don’t assume that English or limited knowledge of Spanish hastily acquired in a weekend course will be enough to get by. True, English is very widely spoken, particularly in business and academia, and has emerged to be the dominant international language in our globalized world. It is also true that the best way of learning a language is picking it up from native speakers. Still, you will always run into the pesky language barrier if you do not thoroughly prepare for your new life abroad by getting some knowledge of Spanish beforehand. This obviously applies to any country in the world; if you do not learn the language, you will never feel truly comfortable and at home.

Making a new home for yourself is everything but simple, but is probably going to be an unforgettable, treasured experience for you – make it a positive one by taking care of the small and large details of it all!

Written by: InterNations

Foreign buyers keep buying homes in Spain as regulations change in 2013.

Foreign buyers are increasingly more attracted to houses on the market in Spain because of the possibility of having a second home in a warmer area that will only cost more or less half or even a third of the original asking prices that were seen in 2008.
 
The Public Works Ministry stated that 8,803 houses were purchased by foreigners in the third quarter, a jump of 18 percent from a year ago. This is consistent with the growth in this area in the last five quarters.
 
In the first and second quarters of 2012 we saw an increase of 16.2 and 15.3 percent consecutively. This is great for the market because of the vast quantity of homes sitting around unsold since the crash in 2008, and the government is taking advantage of the situation by promoting sales and tax improvements to non-residents and foreign buyers.
 
 
Resident cards for foreign buyers seem to be working
To target the Chinese and Russian markets, mainly, the government is considering giving residence cards on a temporary basis to non-residents that buy homes worth more than 160,000 euros. Also, we have experience a growth on Egyptians placing inquiries after being attracted by the news. So, it seems that the new measure encourage overseas buyers.
 
The most Desirable areas
The most desirable areas for foreigners are Girona, Barcelona, the Balearic Islands, Malaga, and Alicante, which is where we have seen the highest concentration of purchases, however, the Ministry did not give out a list of where exactly the foreigners are coming from for the third quarter.
 
 
Still Not Enough
We still saw an overall decline in sales between July and September of 1.17 percent (75,642 homes in total) due to a seven percent drop in the two quarters before. Homes being resold performed a bit better, seeing an increase of 1.7 percent from a year ago, but new houses didn’t fare as well, experiencing a drop of 6.7 percent. All in all, in the past year, we saw a 5.1 % (229,351 homes) drop from the year before.
 
New regulations in 2013
For one, mortgage tax benefits for families have been taken away, and the VAT increase on new homes at the start of 2013 did not help a market that has been in a slump for 5 years already. In addition, Spain’s unemployment rate is a staggering 25%, and as banks try to recover from the mistakes made during the boom, they have increasingly more difficult credit conditions for potential buyers
 
This all demonstrates to us that even though home prices keep falling, the market is still not really recovering due to these other pressing factors. The Ministry stated that overall this drop was the worst since the last quarter of 2010.