New Overseas Investment Scheme

The latest opportunity to lure anyone thinking about venturing into overseas property ownership to hit the UK market has arrived. Neither fractional ownership nor a vacation club, this is a property fund which no management obligations or fees and just requires a one-off payment at the start. The US-influenced idea is the latest in a string of options for those keen to invest in overseas properties. Worldwide Private Residences will build up a portfolio of 30 luxury properties each valued at circa £1.35 million. Each investor will have a minimum of five weeks personal usage per annum (longer than some allowances with vacation clubs). The fund would last for ten years at the end of which the assets will be liquidated and investors will receive 70% of the gains. Those in charge of the fund are anticipating buying houses in golf, spa, ski, sun, beach and city locations in order to cover all tastes and needs. The first property in the fund is a four bed home overlooking the 18th fairway of the Smurfitt course at The K Club in Ireland. Other destinations planned include Aspen, New York, Tuscany and the Caymans. The subscription price, which starts at £150,000, is expected to cover both the costs of buying properties as well as the costs of local taxation and utility bills for up to six years, after which the fund would remortgage the properties to cover additional operating costs as required. Pure International are the exclusive agent for the fund. Director Sean Collins says: 'In my opinion it has potential for exceptional growth coupled with the right to enjoy five weeks holiday rental every year.'