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CypriLifeTM ProActive ResortsConcept
Cyprilife ProActive Lifestyle Communities will provide a unique combination of outstanding facilities for the 55+ age group, which will make them a blueprint for community living in the 21st century. These luxury resorts, located in warm Mediterranean climates, will enable residents to live in a vibrant, stimulating environment, in harmony with their neighbours and the local communities at large.Each resort will consist of a carefully designed mix of self-catering en-suite studios, 1 and 2 bed apartments and 2 or 3 bed cottages ranging in price
from £90,000 to £240,000 and spread over a 25-30 acre site with beautifully landscaped gardens and communal areas. All the residences will be built to an extremely high and luxurious standard for independent living and conform to a design specification prepared by Locum Consulting, part of the Colliers CRE Group.
5 star Hotel facilities will be available for residents, guests and visitors with a health spa, a professionally staffed fitness centre, and indoor and outdoor pools. Catering will be to international cuisine standards under the management of professional dieticians. World class
medical facilities will be available in the resorts own
private hospital and the project specifications will be supervised by Colliers CRE Healthcare and Hotels divisions. Colliers CRE will also be responsible for advising on the appointment of hospital and hotel operators.
The communities will be designed to be
carbon neutral, minimising the impact on the environment and natural resources, using
solar and wind power,
recycling waste,
sustainable materials and
minimising energy usage wherever possible. Links with the local villages will be encouraged for voluntary activities.
In addition to 24/7 onsite care and support services, residents will have access to trained professional staff who will provide general health advice, including guidance on diet and exercise. The medical facilities will include state-of-the art surgical and cardiac facilities and will increase in size as the population ages. Operations, dental and cosmetic surgery will be offered as medical exports to ensure the viability of the hospital. The whole resort will be monitored by CCTV with emergency call facilities from all residences and public locations.
Social and sports facilities will include:
• A wide range of fitness, sport and leisure activities with professional instructors
• Tennis, Olympic size pool, Squash, Basketball, Golf Range
• Education links with local universities for full and part time students
• Self improvement groups with visiting speakers
• Onsite cinema and theatre
• Library and Meeting rooms
• Special interest clubs
• Health Spa and Gymnasium
Onsite communal and hotel facilities will include:• Large licensed restaurant with waiter service
• Coffee shops and pool bars
• Shopping arcade, farmerˇ¦s market, hairdressers, pharmacy, cash machine, postal services, and safety deposit boxes.
• 24/7 Concierge service
• Travel and Insurance services
• Chiropody, massage, Tai Chi, Pilates and other alternative therapies
• Communal golf buggies and people carriers
• Greenhouse, nursery garden and extensive gardens
• Wireless broadband, satellite TV and a fully equipped computer room
• Laundry service
• Multi denominational chapel
Locations
It is intended that the first villages will be in
Cyprus.
Cyprus enjoys a warm Southern Mediterranean climate with
300+ days of sun and is
easy to get to from all Northern European airports. The cost of living is substantially below that of the UK.
Cyprus benefits from spectacular scenery with large areas of unspoilt countryside and coastline while having little crime.
Cyprus ranks highly in favour of ex-pat destinations because of its favourable tax regime and EU benefits.
Market
Example UK: In the UK alone, the over 65 population is already more than 11m rising to an estimated 16m in 2020. One third of the population is over 55 and this will rise to half the population. More than 2m people want to retire overseas with demand being particularly strong in the 65-75 age group of active people, who believe they might require assistance within the next 5 years. Similar if not greater increases in this age group are forecast for Germany and all other North European countries.
Drivers
The burden on pensions and public expenditure is forcing a rethink of priorities, moving the emphasis to mandatory private pensions and facilities. Pensions for many people are going to be insufficient to maintain their lifestyle.
Competition
UK public facilities are over-stretched, under-funded and under-quality.
UK private facilities are expensive (up to £50,000 p.a. for extra care rooms)
Foreign facilities ˇV although popular in the U.S. and Australia, are few and far between in Europe with none that include our unique mix of retirement and pension integration, full medical and hotel facilities while taking full advantage of the Mediterranean healthy climate and lifestyle.
Project Planning ˇV Colliers CREDesign project
The project is being designed by a team drawn from top consultants in the retirement community fields from the UK, US and Australia. The design team will be led by Locum Consulting, part of the Colliers CRE group, and leaders in the field of resort design and healthcare consultancy.
Build project
Construction will be by public tender and professional project managers from Colliers CRE will supervise the engineering and construction. Colliers CRE will make regular reports on progress to shareholders and investors.
Consultants - Laing BuissonLaing & Buisson conducts an active programme of consultancy and research projects for large and small client organisations engaged in purchasing, providing or investing in health, community care and childcare services. Clients span all sectors, private, voluntary and public but the range of work is restricted exclusively to health, community care and childcare; Laing & Buisson's particular areas of expertise.
Consultants - Paul RenshawPaul Renshaw has been in the care home business for 20 years, both as an owner and more recently as founder of the West Sussex Forum, which has been foremost in lobbying government for reforms and improvements in the care sector.
Staffing
The General Manager will be supported by:
• Medical Chief Executive with responsibility for medical and nursing staff, facilities and equipment
• Executive Chef with responsibility for catering and restaurant staff
• Finance Manager with responsibility for finance and administration staff
• Facilities Manager with responsibility for maintenance, gardening and cleaning staff
• Sports and Recreational Manager with responsibility for personal trainers, facilities and equipment
• Social and Events Manager
• Marketing Manager with responsibility for PR and Sales
PRICE LIST
TYPE DESCRIPTION/(Internal Area)/PRE-LAUNCH PRICE 1 Sept 2008/LAUNCH PRICE 1 Jan 2009/PRICE 1 Jun 2009
A Studio 60m2 £144,000 £165,600 £182,160.0
B 1 bed Apartment 75m2 £180,000 £207,000 £227,700.0
BR 1 bed Apartment 75m2 with roof terrace 50m2 £190,000 £218,500 £240,350.0
C 2 bed Apartment 90m2 £216,000 £248,400 £273,240.0
CR 2 bed Apartment 90m2 with roof terrace 70m2 £226,000 £259,900 £285,890.0
D 2 bed bungalow 100m2 £240,000 £276,000 £303,600.0
E Extra Care Studio 50m2 £144,000 £165,600 £182,160.0F Furnishing Packages from £2,500
Prices are in Pounds Sterling and not subject to currency changes.
All information contained in this brochure is subject to change. E&OE.
Property Purchase OptionsTerms: Residential and Investor residences available from £140,000 - £240,000 freehold
„X Reservation fee of 5%
„X Deposit of 50% payable on contract within 45 days
„X Completion Balance of 45% can be deferred to mortgage (see below)
„X Interest paid on deposits at 6% pa for three years from date of deposit payable on completion
„X Income paid on purchase price of 6%, 8% and 10% for the first 3 years of operation respectively paid annually in arrears
„X Special Bonus of 6% paid after 6 years from date of deposit if no withdrawals made
„X Guaranteed Buyback at original purchase price up to 3 years from completion
„X Guaranteed TitleMortgages: Non Status Developer Mortgages will be available for 10 years of 45% LTV at 7.70% APR*
Status Mortgages will be available for up to 15 years of 75% LTV at 8.25% APR*
* Current ratesInterest & CSPV Ltd will be located in zero-tax jurisdiction and can provide major tax advantages
Income: for investors. Interest on Deposits and Income from the resort will be paid into CSPV. The CSPV trustees will use its resources to create more ProActive Resorts, enhancing and maintaining the ethic of social investment. CSPV Investments will be managed to provide a minimum of 30% liquidity to enable investors to draw out funds as required. No charge will be made to investors for deposits. Early withdrawals will be subject to an administration charge of 2% of funds.
Pensions: A uniquely designed pension wrapper brings for the first time a union of retirement property and financial planning. Investment in Cyprilife Resorts can be made through SIPPS or QROPS and income returned to the pension plan free of tax. Financial planning consultants are available for individual advice.
For European taxpayers not intending to move abroad, Self Invested Pension Plan Schemes (SIPPS) may be used to purchase the property as a commercial investment by purchasing shares in Cyprilife Property Holdings Ltd (CPH), a Cyprus International Business Company that will hold the title of the property as security.
For European citizens intending to move abroad, we offer an HMRC Qualified Recognised Offshore Pension Scheme (QROPS), which may also invest in CSPV. Transfers from existing pension schemes can be accepted to the QROPS. Please ask for our QROPS brochure if you are expecting to move abroad for more than 5 tax years.
Property purchased through a SIPPS or QROPS may not be used by the investor without paying a commercial rent, but a reciprocal contract will allow the use of an identical property.
Independent advice should always be taken.
Payment Plan:
Reservation 5% refundable until contract
Deposit 50% on contract within 45 days of reservation
Interest paid - 6% pa for 3 years paid into CSPV.
Completion 45% with optional mortgage
Priority on the residential waiting list in order of reservation dateIncome: Guaranteed Interest of 6% pa will be paid on the Deposit for three years until completion.
Guaranteed Income after completion can be paid into CSPV annually in arrears, after the resort opens, of:
Year 1 6% on the Purchase Price
Year 2 8% “
Year 3 10% “
Thereafter 50% of the net profit of the resort for life
Bonus: A bonus of 6% pa will be paid to investors that leave their Interest and Income in CSPV for the first 6 years from date of deposit.
Example: An investor buys at the average price of £192,175 and will receive
Interest in first three years, 6% pa on the deposit £17,296
Income in first three years of operation on price £46,122
Income Bonus after six years £11,415
Total Earnings £74,833
Return on Purchase Price 38.9%
Occupancy: Forecast to be not less than 80% in third year of operation with waiting list by end year three.
Pre-launch prices are set at least 15% below launch price. Each early investor will be contacted in date order of reservation deposit received and may choose from the properties available for location, floor, sun or view facing as applicable.
Fees
Annual management fees payable by all owners are expected to be £200 per month and will include the maintenance of all communal parts, security and refuse collection. Owners who take up residence will also pay fees starting at £3000 pa, depending on the level of care required. The basic charge will include use of all facilities, 24/7 medical assistance, annual medical and dental checks. For those residents requiring more care, fees will range up to £30,000 pa for constant nursing, which is roughly half the UK norm for this quality of facility.
Purchasersˇ¦ Exit Strategy
CSPV will operate a guaranteed buyback policy at the purchase price after completion and for up to three years after completion.Interest and Income paid into CSPV may be withdrawn at any time after completion but investors that leave this money in CSPV for the full 6 years will be paid a special bonus of not less than 6% pa on the cumulative amount.
Alternative purchase plans are available, including equity release on UK property, fractional ownership and part purchase, part rental or mortgage options. Please enquire for more details.
Making your Pension Work for You!We have created new and unique funding options for overseas investment properties by bringing together, for the first time, SIPPS and QROPS in a tax efficient vehicle that preserves savings and puts your pension fund to work instead of your hard-earned cash. After all, the money in your pension fund is yours; why should you not be able to use it?
In recent times, pension funds have been hit by stock market downturns; property price falls, lower gilt edged bonds - all the staple investments of prudent fund managers. Since April 2006, it has become easier to oversee the management of your pension fund and now we bring you the ultimate investment that boosts your pension fund, preserves your cash and takes full advantage of the tax benefits of a pension.
Cyprilife Resorts is the first investment to allow you to use these fully compliant mechanisms whether you intend to move overseas or not. If you are intending to retire abroad, let us help you transfer your current pension to QROPS - an HMRC Qualified Recognised Offshore Pension Scheme - and get the benefits:
• All contributions are net of income tax and are grossed up to your highest rate• Use your pension fund to purchase the property• Up to 30% lump sum on retirement• NO NEED to buy an annuity• Full balance available to your beneficiaries• Up to 25% may be borrowed from your fund at market rates• Bank loans up to 50% can be obtained using your fund as security • Make Additional Voluntary Contributions tax free • Receive income and make payments without HMRC reporting (after 5 tax years abroad)If you intend to stay in your home country, we have the answer for you by allowing you to purchase your property with your SIPPS (Self Invested Personal Pension Scheme) with some of the benefits outlined above.
• Use your Pension to Purchase your Property• Keep your cash savings intactOur unique combination of Pension Funding and Mortgages with Guaranteed Income means you can pay just 5% down and let your pension do the work!
Summary of Key Benefits• Transfers from older forms of pensions, e.g., final salary or frozen, can be made to either SIPPS or QROPS
• QROPS holders that are non UK tax resident for 5 full years do not have their transactions reported to HMRC
• QROPS holders are not required to buy an annuity and may draw down flexibly from their pension.
• QROPS balance of funds and investments are passed to beneficiaries tax free
• SIPPS and QROPS may invest in the property holding company and/or the SPV thereby providing no direct benefit in kind to the pension holder
