This is a test

Gaining financial security is the main reason why most people turn to international property investment. Property has been, and will continue to be, one of the most solid long term investments available. Investing in property represents the ‘best reward versus risk investment’ you can make. It’s commonly known that pension & investment funds have been giving poor returns since the stock market turbulence of 2003. So whilst other investments are failing to excite, international property investment continues to deliver higher than ever returns. Therefore, leaving your hard earned cash in the bank to collect interest, may not be the best option.
 
Property can sometimes be a difficult investment to manage; many in-experienced property investors make basic errors turning their investments into a financial burden, rather than an asset. These errors can be easily avoided with the right advice and assistance.
 
Basic mistakes many novice investors make, include:

Paying too much
Not doing enough research
Buying in the wrong areas
Not having secure entry and exit strategies in place

These errors can be avoided with the support and advice of a reputable property investment company. Compass Worldwide Properties (www.compasswp.com) currently helps its client to avoid these mistakes by negotiating good discounts, carrying out extensive due diligence checks and helping people devise a secure investment property strategy.
 
COMPASS WORLDWIDE PROPERTIES – POINTING YOU IN THE RIGHT DIRECTION

Bulgaria is a country roughly the size of England. It is situated in the South Eastern part of mainland Europe and covers an area of 110,994 square kilometres. It is bound in the east by the Black Sea; in the north by the River Danube and Romania; in the south by Turkey and Greece and in the west by the Federal Republic of Yugoslavia and Macedonia. It is, therefore, strategically located at the crossroads between Northern and Southern Europe and between Europe and Asia. The population is estimated at over 8 million and as one of the most rapidly advancing nations in Europe; Bulgaria has become a byword for international property investment. Bulgaria has a Continental climate with short Springs, hot Summers (average temp 20 to 30°C), long sunny Autumns and ski resort Winters (average temp 3°C but often dropping to -30C).

Within Bulgaria there is much to draw foreign visitors and investors alike, from 354km of Black Sea coastline, to 37,000km of hiking paths in the mountains, to a ski scene that rivals the Alps in beauty whilst being far cheaper. The World Trade Organisation forecasts that by 2010 the country will be visited by 20 million tourists annually, making it one of the world’s most promising international tourist destinations.

Bulgaria traces its foundation as a state to 681 AD. After a period of 500 years as part of the Ottoman Empire, Bulgaria became an independent principality in 1878 and a Kingdom in 1908. The Bulgarian People’s Republic was proclaimed on 15 September 1946. Following the demise of the Communist regime in November 1989 and the establishment of democracy, the country has now been restyled the Republic of Bulgaria. The present day Bulgarian economy has essentially been shaped by the industrial network put in place during the communist years when Bulgaria was an integral part of the Council for Mutual Economic Assistance (CMEA) group of nations. This period saw Bulgaria move away from being a country with a primarily agricultural base to being one of the prime producers of chemicals, steel, electrical components and computers.

Within the property market, Bulgaria is turning towards higher quality developments; only granting permission to the highest-quality projects, and taking care to protect the national parks and natural resources which have proven such an attraction. The cost of living in Bulgaria is one of the lowest in Europe.

Sofia: population 1,200,000 capital and main commercial centre. Plovdiv: population 338,300, second most important town. Varna: population 320,670, one of two principal ports. Bourgas: population 209,480, one of two principal ports. Rousse: population 178,440, important town. Stara Zagora: population 167,710, important town Pleven: population 149,180. Dobrich: population 100,000. Sliven: population 136,150, important town. Shumen: population 104,480, important town.

Situated in the north-west corner of Africa, with an area of 446,550 square kilometres, Morocco has both a Mediterranean and an Atlantic coastline. The dominant feature of the country is the Atlas Mountain range. The population is estimated at almost 29 million, and is growing at about 3.3% per annum. The economy is dependent on agriculture and employs 50% of the population. During the summer months (June to September) temperatures inland can reach around 38ºC and the towns situated on the coast usually average around 22ºC to 27ºC. The average temperature during the winter months (November to May) is 15ºC.

Morocco has many attractions, from the chaotic city of Marrakech to the quiet Berber villages of the Atlas Mountains. The climate is excellent and it is becoming an increasingly popular tourist destination. Marrakech is home to many attractions including the nation’s best golf courses and hotels, and has the Atlas Mountains on its doorstep. Casablanca is the biggest freight port, followed by Tangier.

Morocco’s close association with France (it was ruled by the French from 1912 to 1956) means that it has long been popular with French buyers. As yet though, worldwide buyers are still to discover Morocco’s charms in any great numbers. However, this is changing as increasingly professional practices are beginning to appear and instil a greater confidence in the buying process. Morocco’s popularity as the most exotic short-haul destination available to Western Europeans is starting to have an impact on property prices as well as the tourist industry.

Morocco enjoys financial stability and economic reform is firmly on the Government’s agenda. The Moroccan Government is keen to attract foreign investment and has provided a number of incentives to encourage foreigners to invest. Foreigners may invest in any sector available to Moroccans. The Investment Promotion and Protection Agreement and Double Taxation Agreement allow for the protection of existing and future investments.

Casablanca: population 5,000,000, industrial and trading centre and main seaport. Rabat: population 634,000, capital and seat of the Moroccan Government; its twin, Sale: population 677,000, lies just across the river. Marrakech: population 750,000, is the market town of the south, noted for its carpets. Tangier: population 562,000, commercial centre, and seaport for the northern region. Fez: population 775,000, religious, university and commercial centre, noted for its handicrafts. Meknes: population 623,000 important agricultural market town. Oujda: population 680,000, administrative and commercial centre in the north-eastern region, on the border with Algeria. Agadir: population 603,000, winter tourist centre in the south and important fishing port.

Romania is a country in South-eastern Europe. It shares a border with Hungary and Serbia to the west, Ukraine and Moldova to the northeast, and Bulgaria to the south. Romania has a stretch of sea coast along the Black Sea, and the eastern and southern Carpathian Mountains run through its centre. The population is estimated at around 23 million, of whom 55% live in urban areas. Romania’s climate is temperate continental, with cold winters and hot summers, and often with short springs and autumns. The Black Sea coastal area enjoys mild winters and cool summers. The average summer temperature is around 22°C to 24°C; the winter average is -3°C to 0°C.

Romania has the majestic castles, medieval towns, great hiking, wildlife, and cheap skiing of much of the undiscovered former Eastern Bloc. The primary focal point is the capital Bucharest which lies on the Wallachian plains, between the Carpathian foothills and the Danube River. The Carpathian Mountains run north-south, almost as far as Bucharest, before turning west. There are fertile plains, gentle hills, prime agricultural land, and numerous vineyards. The Danube delta, rich in fauna and flora, has been designated a special protected area by the United Nations Educational, Scientific and Cultural Organisation (UNESCO). The medieval Saxon towns of Brasov and Sighisoara are of great tourist appeal. Their Transylvanian hill location and association with everybody’s favourite Vampire has put them firmly on the tourist map. Resort towns such as Constanta, Romania’s largest port and second largest city, Mamaia, Eforie Nord, Neptun-Olimp and Costinesti are popular with tourists in the summer months.

The modern state of Romania was formed by the merging of the Danubian principalities of Moldavia and Wallachia in 1859. The state united with Transylvania in 1918. A flourishing period characterised the decades between the two World Wars. On 30 December 1948 the People’s Republic of Romania, which later became the Socialist Republic of Romania, was proclaimed. Following the revolution of December 1989, Romania returned to democracy. Its capital and largest city is Bucharest, the sixth largest city in the European Union (EU). Romania joined NATO on March 29, 2004, and the EU on January 1, 2007. Romania has the seventh largest population and the ninth largest territory in the EU.

Bucharest: population 2,250,000 is the capital and the main commercial and political centre. Constanta: population 348,000, the principal port on the Black Sea. Galati: population 326,000, a major port on the Danube. Iasi: population 341,000. Cluj-Napoca: population 332,000. Timisoara: population 322,000. Brasov: population 322,000. Craiova: population 307,000.

Brazil is South America’s biggest and most influential country and takes up almost half the continent. It is one of the world’s economic giants (BRIC country ref Goldman Sachs 2003) and is revered for its football prowess, coffee production and carnival. With a coastline that is 4650 miles long, life is a beach for locals and tourists alike. People are the essence of the country, and while Brazil is home to a multitude of ethnic groups of varying economic status, there are some characteristics that everyone shares - energy and passion.

Brazil’s landscape is as diverse as the people who inhabit it. Few tourists venture far from Brazil’s spectacular beaches but a trip into the interior reveals a different Brazil, one with a great deal to offer the visitor. As well as the world’s biggest rainforest in the Amazon, Brazil boasts many wilderness areas including the wildlife rich wetlands of the Pantanal, the canyons and caves of the Chapada Diamentina, and the Mata Atlântica (Atlantic forest) which runs for much of the length of Brazil’s coastline.

NOW FOR THE DETAIL

Brazil covers almost half of the South American continent and it is bordered to the north, west and south by all South American countries except Chile and Ecuador; to the east is the Atlantic. It is the fifth largest country in the world with an area of 8,511,965 square kilometres. Despite its vast expanse of territory, Brazil’s population is concentrated in the major cities of its coast. The population is estimated at over 178 million and around 83% live in urban areas.

The climate varies - winter conditions, from May to October, in Sao Paulo and Rio de Janeiro are similar to those of a British summer.In the southernmost states they are similar to a British Autumn. In the summer (November to April), conditions all over the country are tropical and temperatures can reach 40ºC. In the north, January to April is a season of tropical rains, while in the north-east, around Pernambuco, the rainy season is usually April to July. Most Brazilians take their summer holiday between mid-December to end-February. Business stops for a week either side of Carnival, usually in late February or early March.

The urban sprawls of Rio de Janeiro and Sao Paulo dominate the southern coast. Further north, towns such as Salvador and João Pessoa retain the colonial atmosphere of the early Portuguese settlers. The great interior, much of which is covered by the rainforest basin of the Amazon, remains sparsely settled. Rio de Janeiro remains a major draw due to the long history of tourism and the obvious appeal of the city itself. At 248,000 square Kilometres São Paulo State is about the size of Great Britain. The metropolitan area of São Paulo has a population of around 19 million and comprises some highly industrialised towns São Andre, São Bernardo do Campo, São Caetano do Sul, Diadema and Maua where a large proportion of the country’s automotive industry is concentrated. With some 60,000 companies based there, São Paulo has the largest industrial complex in Latin America. The State of Minas Gerais has the second largest economy in Brazil. It has one of the largest cattle herds and is the country’s main centre for milk production and dairy products. Its other main sectors are mining and steel. The other main area is Bahia on the North East coast. The area has some stunning beaches and a balmy tropical climate. Almost half of Brazil’s territory is covered by the basin of the Amazon River and its tributaries, a region that is one of the world’s largest rainforest ecologies.

Brazil emerged from twenty-one years of military rule in 1985 and has had four Presidents since. The dominant theme throughout this time has been the economy and the issue of hyper-inflation was finally defeated in the 1990’s with the introduction of a new currency, the Real (R$), at parity to the US Dollar.

São Paulo: population 34,000,000. Minas Gerais: population 16,500,000. Rio de Janeiro: 13,300,000. Bahia: population 12,400,000. Rio Grande do Sul: population 9,500,000. Paraná: population 8,700,000. Pernambuco: 7,400,000. Ceará: population 6,600,000.

New York, London, Paris, Tokyo, Beijing, Milan, Berlin, Moscow - within a decade we will be adding Dubai to the list of the world most important cities.

Dubai is the fastest growing city of the modern world, equalled only by the large Chinese cities. The phenomenal evolution of the city of Dubai is unprecedented.

One of the seven realms that make up the United Arab Emirates, Dubai is an important tourist destination and port (Jebel Ali). It is developing as a hub for service industries such as IT and finance, with the new Dubai International Financial Centre (DIFC).

Having expanded along both banks of the Creek, Dubai is divided into two parts - Deira on the northern side and Bur Dubai to the south. Each has its share of stunning public buildings, shopping malls, hotels, office towers, banks, hospitals, schools, apartments and villas. Dubai is blessed with golden sunshine and silvery beaches, world class golf facilities and an upcoming Sports City.

The Dubai government has set up industry specific Free Zones throughout the city including;

• Dubai Internet City, now combined with Dubai Media City as part of TECOM (Dubai Technology, Electronic Commerce and Media Free Zone Authority) is one such zone whose members include IT firms such as EMC Corporation, Oracle Corporation, Microsoft, IBM, and media organisations such as MBC, CNN, Reuters, ARY and AP.

• Dubai Knowledge Village (KV) is an education and training hub set up to complement the Free Zones other two clusters, Dubai Internet City and Dubai Media City, by providing the facilities to train the clusters’ future knowledge workers.

The property boom is driven by mega projects, such as The Palm, The World, Dubai Marina, the Burj Dubai Complex, Business Bay and Dubailand. The government’s decision to diversify from a trade based but oil reliant economy to one that is service and tourism oriented has made real estate more valuable, resulting in the property boom.

Overseas buyers can purchase Brazilian residential or commercial property without major restrictions. Active encouragement and incentives for foreign investment mean you can own 100% of land and property. However, there are a few limitations or fees applicable for some specific areas such as marine land, islands, rural land or areas near Brazil’s international borders.

Using an Agent

A good agent is important when you buy a property in Brazil. Being the fifth largest country in the world, local knowledge can be invaluable. In addition they can recommend all related professional services you will require to make a safe, reliable purchase.

Making an Offer

When you have decided upon a property in Brazil a verbal offer will need to be made through the agent and often some negotiations will follow. At this stage a lawyer should be appointed by you to formalise your final agreed price and to oversee purchase proceedings, including deposit or reservation payments. You may also decide to have a survey undertaken depending on the age and condition of the property or to determine the size of the plot. With off-plan purchases, the price is often fixed and dependent upon the current phase of construction. The buying procedure may vary slightly according to which developer you are purchasing from so when buying on a new development, you will need to ask for specific procedures relating to the development.

Appointing a Lawyer

It is wise to appoint a lawyer who is fluent in your language so that you fully understand all the legalities and proceedings. A good lawyer will carry out all necessary checks on the property or land in Brazil and fulfil the legal requirements of the sale.

Your lawyer will:

• Check the current owners have the correct title to the property
• Check for any charges and liabilities still owed on the property
• Check your contract and advise you on the obligations for both parties
• Help you through the payment / funds transfer
• Ensure the property is registered in your name
• Deal with the land registration

The property registry system in Brazil is well developed and safe and real estate registration in Brazil is carried out by private notary publics. All property is registered at one single registry, which records details of the entire commercial history and the physical identification of each property. It is obviously very important to ensure that any property you buy has a clear title. Access to registry information is available to the public and includes relevant details on ownership, mortgages and other pending debts.

Brazilian ID number

You will need a Brazilian ID number called a CPF in order to buy property. This can be obtained through any Brazilian consulate, certain banks, your lawyer, or through a reputable estate agent. You will normally need to provide a copy of your passport and an officially translated copy of your birth or marriage certificate.

Costs

Total transaction costs including stamp duty, fees etc can average at between 3 to 9% of the purchase price. These costs may differ according to location, type of property and the area/state you buy in. If it takes a significant amount of work to establish title and ownership, the costs could amount to more.

Funds are sent directly from your own bank to the seller’s bank account in Brazil, via the Central Bank of Brazil. The bank records your funds entering into the country and in order to release the funds, the seller must present the contract to the bank. There are generally no limitations to returning funds overseas provided they were originally registered with the Central Bank at the time of purchase.

Mortgages

The mortgage market is underdeveloped in Brazil and as yet foreigners cannot obtain a mortgage in Brazil. Buyers usually arrange alternative financing in their own countries. In 2005 about 50,000 mortgages were granted to Brazilian nationals but at high rates. However it is fair to expect mortgages to become more readily available in the future, as banks continue to develop their products. Some developers of new-build and off-plan developments offer instalment plans from 1 to 9 years. The charges applicable vary according to developer and repayments are usually index linked.

The Caribbean has long been a popular tourist destination for holidaymakers from Europe and America. However a holiday is one thing, buying a property is a greater commitment which will require far more local knowledge. Located in the Caribbean, north of Trinidad and Tobago, Saint Lucia is one of the Windward Islands and is 44km long and 22km wide, covering an area of approximately 616 square km.

Saint Lucia’s climate is tropical, although moderated by north east trade winds. The dry season extends from January to April, with a rainy season from May to August, the average temperature varies from 25°C to 29°C. The island has a population of approx 152,000, one third of whom live in the capital city of Castries. Saint Lucia gained independence from Britain in 1979. The official language in Saint Lucia is English although a French based patois is commonly spoken.

The perfect white beaches, lush backdrop and inviting climate have made Saint Lucia a popular wedding destination with an average of 10 weddings a day on the island every year. In 2006 at the World Travel Awards it was also named the number one honeymoon destination in the world. Both these facts highlight just what a fabulous destination Saint Lucia is.

Apart from the sun worshipping, there are a myriad of activities which can keep you and your family entertained for weeks. Golf, watersports, health clubs, spas, restaurants, shopping to name but a few. If you are still not convinced that Saint Lucia is the place for you, consider these additional nuggets of information; Tourism numbers are growing every year with over 700,000 visitors passing through in 2006, which is good news for the economy and excellent news if you wish to rent out your property.  The government is stable and there is no VAT, no capitals gains tax and no estate duties, affording the island almost tax-haven status.

If you fall in love with Saint Lucia, your heart and head will both be satisified!