Archive for March, 2010

77 Great Estates attends the “Luxury Real Estate” conference in Rome 2010

March 23, 2010

 

The 5th Annual Luxury Real Estate International Conference was recently held at the Ambasciatori Palace in Rome, Italy.

It gathered Top Real Estate Firms from 9 different countries including USA (Aspen, New York, Beverly Hills, Los Angeles, California & San Francisco amongst others), CanadaFrench Polynesia (Bora Bora), Italy (Florence, Spoleto & Sicily amongst others), UK (London & Berkshire), Spain (Marbella & Palma de Mallorca amongst otehrs), Portugal, Netherlands, Israel & Malta.

The conference was hosted by John Brian Losh, Chairman and CEO of Luxury Real Estate, a membership-driven luxury brokerage assemblage based in Washington, USA.  The network includes the most prominent global luxury brokers and meets 3 times each year, nationally and internationally, to discuss current real estate trends.

The recent conference in Rome covered multiple topics of great interest to those who serve the high net-worth demographic.  An ongoing theme, covered at each of the conferences, is the state of luxury market around the world.  Discussions focused on what strategies are most effective in the current world economy, ways to build business and establish connections in international markets and using social media tools to impact one’s real estate business.

Dr Carl Peralta of 77 Great Estates followed the conference with networking events in Rome and in Milan.  Once in Milan, he ate in the presence of A.C. Milan’s president Adriano Galliani at Giannino.

For further information, kindly contact 77 Great Estates on (00356) 2125 2455; (00356) 9944 7444; skype: info.77greatestates or info@77GreatEstates.com.

Advertisements

EU Residency in Malta now available to non-EU citizens

March 17, 2010

To top it all, Malta offers huge tax advantages for Permanent Residents and our correspondent firm of attorneys in Malta, Hugh Peralta & Associates, will guide you through the best structure to achieve your goals.

 Neels Pretorius a South African whose family is now based in Malta states that “whilst many remain in South Africa because we love it and feel huge belonging and are committed to the country’s success, the present economic, social and political situation leaves many of us uncertain with what the future will hold in store for us, and indeed for the country.  For the security of our families and ourselves both financially and physically, most of us have researched alternative countries where to relocate to individually or with our families.”

 The problem with most options relating to foreign Residency is that many countries – unlike Malta – now have very strict immigration laws; it is very costly and also demands an allocation of time spent in that country to sustain that country’s Residency requirements (usually at least 3 months of each year and normally 6 months of each year).

 What you need to know is that Malta is situated just 90km south of Sicily off the Italian coastline practically in the dead centre of the Mediterranean featuring one of the best climates available and sporting almost zero violent crime.  The country is made up of 3 islands namely, Malta, Gozo and Comino covering a total area of 316 sq km but still more than enough space to house an international airport and a superb sports club featuring tennis, squash, cricket, gym, billiards, swimming pool and a 18 hole golf course!

 Malta has a hugely rich history of colonization, thousands of years old, including that of the Knights of St John for nearly 300 years.  The most recent was that by Britain which enjoyed a happy rule for over 160 years until Maltese independence in 1964.  This has ensured English as the other official language to Maltese and its place at the language of business which makes communication very easy indeed.  The spectacular wealth of historical buildings are everywhere to be seen and are preserved meticulously.

 In 2004, Malta was accepted into the European Union (EU), and the “Euro” is its currency.  It is included in the Schengen Treaty, ending internal border checkpoints between 26 countries – this has opened up huge commercial and social opportunities.  Having adopted the best of the Mediterranean lifestyle, Malta now has all the benefits of the EU coupled with its “tax efficient” status making it hugely attractive for investors looking for fiscal benefits and also a social magical lifestyle.

 With fantastic education (Verdala English International School, San Anton, San Andreas); virtually non existent violent crime; excellent medical services and facilities; wonderful Mediterranean food, drink and lifestyle; inviting warm crystal clear aquamarine sea and characteristic rocky ledges as well as fine sandy beaches (a rarity in the Med), you must now be asking yourself, “what’s the catch”?

 There is none.

 The Malta Permanent Residence Scheme is a most attractive residence scheme currently available to individuals seeking to transfer their tax residence from high-tax countries to overseas lower-tax jurisdictions such as Malta.  Of course this is being said over and above other social/political considerations – in case Malta is also an attractive destination.

 The country offers a wide variety of residential properties; same type that might be of interest to the typical SA buyer include marina apartments and penthouses, converted farmhouses in the countryside, houses of character and palazzos in the quaint villages, luxury villas.  Selling prices range from €60,000 to €8,000,000.  Long lets are comparatively cheap, some residences can be rented for 0.2% of selling price per month.

 Mr Pretorius stated as follows: I have personally relocated my family to Malta at the beginning of 2009 on the permanent residency scheme; I can take you through it!   From our personal experience, living cost is on par with what we are used to in South Africa, example:

  • Accommodation:  Rent 5 bedroomed House of Character with swimming pool, Wi Fi Internet, Sky HDTV – €1,700 PM
  • Motor cars: 2010 VW Polo – €18,000, 2010 Mercedes A 160 CVT – €29,000
  • Private Medical Insurance (similar to Discovery Health) – €200 PM for a family of 4

 The financial qualifications are very easy to satisfy.  Permanent residents are entitled to the following benefits:

  • No minimum stay requirements
  • No need to purchase property – only a minimum annual rent of €4,230.   The option to buy property at a minimum of €69,881 removes the leasing requirements
  • No inheritance/wealth taxes or rates and taxes on property
  • No minimum investment requirements
  • A low minimum annual tax liability of a mere €4,150 (approx. R42,000)
  • No world-wide income/wealth tax – tax only paid at 15% on income remitted to and kept in Malta

 We offer:

  • to meet you at Malta’s airport;
  • arrange bookings (with a discount) at a local hotel;
  • local real estate expertise;
  • in-house lawyers;
  • public notary (drafting of the preliminary agreement/sales contract and registration of same);
  • excellent relationships with:

the local authorities; banks for account opening, investments, trusts formation and finance requirements; private medical insurance companies such as BUPA, medical specialists such as pediatricians, GPs and dentists; motor dealerships and car rental companies; and schools for children;

  • in-house expertise in obtaining the requisite residency permits for the clients (and their pets!) as well as the permit required to buy real estate here.

 Most importantly maybe, an understanding of South African circumstances, culture and tastes, wants and needs in general.

 We basically hand hold you and show you the identified properties according to your wish list and assist with the services as mentioned above.

 In less than 4 months you could become a Permanent Resident of Malta and have free movement in and out of the 26 countries in Europe that have signed the Schengen Treaty (no more visas!).  The only time you need to visit Malta (and still keep your Permanent Residency) is upon signing of confirmation documents once your application has been accepted, i.e. you can stay living in South Africa if you want!   For the initial 5 years, visas are issued and renewed annually; thereafter permanent.

 To find out more come in for a FREE confidential consultation and in 2 months you could find yourself in the Mediterranean.  Contact us on the details below and we will arrange for your initial briefing appointment.  Alternatively all correspondence can take place telephonically/Skype (info.77GreatEstates) or via email with no need to meet.  Therefore, kindly do not hesitate to contact Dr Carl Peralta in Malta on (00356) 9944 7444 or carl@77GreatEstates.com or Mr Neels Pretorius in South Africa on +27(0)836991932  and Malta on (00356) 9933 1140 or sa@77GreatEstates.com.

 Until then, visit our website www.77GreatEstates.com and blog where we trust you will find most of the answers that you are looking for.