New Subscribe Link

We've been asked by a lot of people to put a 'Subscribe' link on the blog so they can keep up to date with what's going on with the blog without having to check back regularly.

It's taken us some time to get around to it, but we've finally managed to facilitate those who would like to be updated when the blog has new posts or anyone who would like to receive informative mailings about the overseas property industry from time to time.

You'll see the Subscribe button on the top right hand corner of the page, simply enter your email address in the box provided, click on 'Subscribe', fill in the resultant word given to prove you're not a spam robot and you'll get an email asking you to confirm that you wish to subscribe to the service.

If you have a spam filter of any description tell it to allow the following address through - contact@overseascafe.com - so that you can receive the confirmation email and the resulting updates from the site.

That's it, you're done, and you need never worry about missing posts on the blog again.

Flash Developments in Liquidation

The following story appears in the Sunday Business Post of May 30th:

"The developer behind a proposed €100 million resort in Cape Verde has said that the project will not be affected by the liquidation of one of his main firms.

The High Court last week appointed a liquidator to Flash Developments, which is headed by businessman Ciaran Maguire. It has received deposits from 200 Irish and British investors for apartments and villas in the planned Palm View resort on the west African island.

Maguire told The Sunday Business Post that all of the deposits were safe, despite the winding-up of Flash Developments.

He said that all the ‘‘contracts, development lands and credit lines’’ had been transferred to another company called the Ciaran Maguire Group.

Maguire said that Flash Developments was ‘‘simply a sales and marketing company’’ and that its liquidation would not have any effect on the development.

He said that 63 per cent of the initial 400 apartments had been sold, and the scheme would be completed next year.

A number of people who paid deposits to Flash Developments for properties have already sought the return of their money, while others are putting together an action group to try to recover their money, following a 16-month delay in starting the project.

Flash Developments went into liquidation last week following a court petition by Hays, an international recruitment firm which was owed money by the firm. The liquidator, KPMG accountant Kieran Wallace, is examining the company and its links with the Ciaran Maguire Group.

He is seeking all details relating to the Cape Verde project. Maguire said that Flash Developments had lost a significant sum of money due to a bond deal with a now defunct British company called Exchange Insurance.

While this prompted the liquidation of Flash Developments, he insisted that the project was going ahead.

He said that the first phase of the development was valued at €100million and would include apartments and a five-star hotel. Maguire said Flash had a 15-year licence with the Cape Verde government to build on the island, and would ultimately build developments valued at €1.8 billion over that time."

Answers to Queries put to Ciaran Maguire

Queries for Ciaran Maguire sent last week and replies (printed as received):

Query: Having posted your press release on our blog a number of inconsistencies have been pointed out to us. Firstly, the pictures provided with the press release were not even taken in Cape Verde, they were in fact taken in Brazil in 2008 and, most likely, lifted from the following website - http://picasaweb.google.com/lh/photo/JJeYtJdf6yzE49AraKSStg.

Answer: Firstly I am glad we are able to communicate about these issues. To answer your questions, in relation to the pictures of the machines you mentioned I requested pictures from the contractors of the machines that had arrived to Boa Vista from Santiago and they send me the pictures I forwarded to you and said these were the machines being used, however I am attaching pictures of works commencing when I was on site last week (one is attached to the blog post) which should clear up any miss understanding.

Query: It has also been pointed out that the new bonding company is the subject of some legal queries in the US, a Dunn and Bradstreet report apparently costs no more than £250 so you've been advised to look for a refund, particularly seeing as they appear to have missed the above.

Answer: In relation to the Dun and Bradstreet report costing £250, is that a joke, you come across as very smart so surely you can see that some one out there is on a sabotage mission. The report is a 50 page dossier on the company incorporating all the companies previous audits and existing assets which equate to 250,000,000 USD, can you honestly tell me that a company who needs to clarify every asset and put their name to a certified rating does this for £250, I am actually embarrassed for the uneducated person who suggested that.

Query: We've had a number of emails stating that there has been absolutely no work of any description carried out on the site on which you purport to be building the development - which is very disconcerting considering all that has gone before.

Answer: In relation to the works that are claimed have not been carried out, firstly you can see the pictures for yourself secondly the plot goes back 1 kilometer from the beach and obviously provisional works will always start from the site access road so if some one is walking past the from the beach it is possible the person will not see anything but he only has to walk up to the site and its there for all to see.

I hope you can understand my frustrations with a hand full of people who no matter what happens they will always have a negative opinion on Palm View, First they said we would never get the land which we have now done then they said we would never get the planning which we have now done and now they are saying that we will never start the project which we have now done. The latest thing they are saying is something about the credibility of our underwriters PCI in which they were given a credit rating of A which is currently a better credit rating than Ireland.

Query: We've also had a lot of queries about the Jacuma Beach Resort and the fact that the company from which you were to buy it, Paraisos do Brazil, claims you never came up with any money to pay for it and is now taking legal action against you.

Answer: In relation to Jacuma, we had signed a protocol of intentions to acquire Paraisos do Brasil and had the bond and credit ready to be get everything rolled out and get things started however it came up in our due diligence that condominiums 4 and 5 did NOT have full planning and having suffered the delays on Palm View I was not willing to go through that entire process again. You can verify this with IDEMA the planning authorities in Brazil and there is NO legal action taken against me as there are NO legal grounds.

I understand that there is a lot of frustrations in the current market place and a lot of investors have lost money in investing in the over seas property but I have done everything to protect my clients and investors and will continue to do so, if them hand full of un educated people who continue to try tarnish my name and Palm View actually done some proper due diligence and spoke to Cape Verde government officials, respected lawyers, UK brokers and finance houses and underwriters they will actually find that Palm View is one of the safest investments around at present.

Again I appreciate you coming directly to me with these questions.

Ciarán Maguire

Chairman & President

CastleBaggot House,

Baldonnell,

Dublin 22.

Ph: +353 1 6251542

Ph: +353 1 6251544

web: www.ciaranmaguiregroup.com

www.palmview.ie

Seminar on Investing in the US - May 19th

A seminar on US Property opportunities for investors and their financial advisors is to be held in Dublin.

The seminar, which will outline the current investment climate in the US among other topics, is to be held in the Herbert Park Hotel, Ballsbridge, Dublin on Wednesday, 19th May 2010 between 5.30 and 7pm.

The seminar will explore why there are those who consider the US to currently be an excellent opportunity for both personal and pension fund investments. It is being hosted by ClearSky Capital whose directors promise to share their own experience as well as bringing independent experts to highlight the benefits of investing in, and opportunities currently available in, the US market.

ClearSky Capital claims to be the first property investment company of its kind in Ireland offering the opportunity to invest privately in the US property market. It is an Irish/American company that partners with clients from purchase right through to sale and also offers a full property management service.

Advance registration for the seminars is necessary in order to attend. You can register online at www.clearskycapital.com or telephone Orlagh at 01 514 3780.

Topics and speakers:

“Global Market Fundamentals” – what you haven’t been told!

Brendan Slein, Global Reach Securities Ltd

“A Unique Window of Opportunity” – an experienced investors view.

Tom Ryan, Chairman & CEO Ryan International Corporation and Vice President – The Ireland United States Council for Commerce and Industry

“How you can use your Pension fund to invest in US property”

Richard O’Farrell, SSAS Pension Advisor, IFG Group plc

“Personal and Pension Investment – the opportunities”

Ciaran Hynes, Managing Director, ClearSky Capital Ltd.

The seminar will be followed by an informal panel discussion/Q&A.

For further information please contact ClearSky Capital on 01 514 3780.

Seminar on Property Investment in Brazil - June 24th

Just received the following message from the Brazilian Embassy:

"The Embassy of Brazil in Ireland will hold a whole day seminar on Commercial Properties and Investment Opportunities in Brazil, on 24th June, at the Royal College of Physicians, 6 Kildare Street, Dublin 2.

Several experts will address attractive real estate and investment opportunities for a target audience composed of developers, investors, financiers from investment banks, private banks, private equity firms, infrastructure funds and construction companies.

Political and economic stability, competent and transparent legal and regulatory framework, strong banking system, dynamic trade sector and a domestic-driven economic growth made Brazil resilient to world recession and rich in attractive business opportunities. With a forecasted economic growth rate of 5-6% for 2010, the discovery of the Pre-Salt Oil Layer, the upcoming major sports events taking place in Brazil, such as 2016 Olympic Games, have created additional demands that need to be satisfied in the near future.

Brazil's $1.3 trillion GDP is bigger than those of India and Russia, and its per-capita income is nearly twice that of China. Recent discoveries by Brazil's state oil company made the country one of the world's largest energy-producing country which will fuel growth for many years to come. In 2009, despite the sharp contraction of capital flows, Brazil attracted $25.9bn of foreign domestic investment, and should reach more than $35bn this year.

Topics to include:

Sites for development of low and middle income housing, construction of shopping centers and resorts, profitable bio-fuel investments and attractive infrastructure projects.

For further information, contact: The Embassy of Brazil in Dublin, commercial@brazil.ie or ring +353 1 416-1216."

Erroneous Ryanair Cancellation Announcement

The ash cloud, oh my God, the ash cloud - would it ever simply move off and leave us alone?

I had an interesting encounter with the big baddie at the weekend.

We were to travel from Gothenburg in Sweden back to Ireland via Stansted. Having nothing better to do we decided to make our way to Gothenburg City Airport early to return our car and have a bite to eat at the airport before takeoff. There had been no indications of any delays or cancellations so we were pretty comfortable in the knowledge that we were to leave as scheduled. Travelling back to Ireland was, literally, a problem for another day.

Having checked in my bag and had something to eat we still had some time still to spare so I decided to check my email. Imagine my surprise to receive the following:

Important Information Regarding your Flight

Dear Customer   We sincerely apologise for the cancellation of your flight departing the 08 May 2010 The flight has been cancelled because of the closure of Spanish/French airspace due to the ash cloud caused by the volcanic eruption in Iceland   TO REBOOK FREE ONLINE:  Click on the link below to rebook to the same destination airport on an alternative flight free of charge, subject to availability. Customers can access this link up to the 11/05/2010 for travel on flights up to the 20/05/2010.  PLEASE NOTE: If your booking has a return flight included and you have already checked in for this flight you will NOT be able to transfer your flight to a different departure airport online.  If you wish to do this you will need to call our reservation centre on the following number. Alternatively, go to the airport ticket desk and they will transfer you onto an alternative flight.  We have instructed airports that passengers affected by these flight cancellations may not be able to check-in online and therefore airport staff will reissue boarding passes at the airport free of charge.  TO APPLY FOR A REFUND ONLINE:  Customers who are booked on any of the below flights, who wish to cancel and claim a full refund on the unused flight(s) can do so directly by clicking on the link below and entering the required details. Refunds will be processed in 30 working days back to the form of payment used to pay for the booking. 

Slightly bemused, I had my partner go around the corner to check (Gothenburg City airport isn't exactly Heathrow) where the lady on information said that it was "an IT mistake" on the part of Ryanair. The flight, she said, was definitely running - and on time at that.  

A pretty serious "IT mistake" it has to be said. If we had got the email before we left the hotel we would still be busily running around Gothenburg looking for accommodation and re-booking flights to Ireland.

Is the dreaded ash cloud not enough of a distraction for air travellers without Ryanair's IT system firing out cancellation notices willy-nilly?

I sent full details of my problems with the notification by email - but I wouldn't be holding my breath for a reply from Mick and Co. 

Ciaran Maguire Group Announces Granting of Planning Permission in Boa Vista

This communication was received earlier today from Ciaran Maguire (documents were attached and are available should anybody wish to see them - email info@OverseasCafe.com - the picture to the left is referred to in the text below):

"I have attached documentation for your perusal. I understand that you have a keen interest in Palm View Resort.

The documents attached outline that SDTIBM (Tourism Development Corporation of the island of Boa Vista and Maio) representing the Cape Verde Government, have signed a declaration forming a partnership between SDTIBM and Ciaran Maguire Group for the development of the tourist development project under the name Palm View Resort.

I can confirm that the tourist development project under the name Palm View Resort in Chaves North on a plot of 451,669m2 has detailed planning granted under the POT-Chaves regulations for a build environment of 51,5333,68 m2 with the Palm View Resort master plan being within the environmental build allowance. The agreement between SDTIBM and Ciaran Maguire Group under the POT-Chaves regulations authorizes Ciaran Maguire Group to carry out the construction of Palm View Resort.

I would also like to convey that the private purchase contract has been signed off by the two largest and most respected law firms in Cape Verde. The legal report shows that the Palm View Resort purchase contract duly fulfills with the Cape Verde legislation in force. The law firms have also confirmed that they deem there be no obstruction in signing the purchase contract having undertaken the due diligence.

I have also attached pictures of the machines now on site, I was supposed to be there for the PR event on the 19th of April when the machines arrived to Boa Vista however due to the disruption with the airlines I have had to postpone my trip until the 3rd of May, I can confirm however that machines have arrived and works have commenced on Palm View Resort despite the very clear and disruptive sabotage campaign against my Company. Under difficult circumstances I have delivered and most importantly protected my client’s investment.

I think it is very important to note that I have signed a contract with a new bond company Provident Capital Indemnity (PCI) to underwrite the Palm View Resort and I am very proud to say that the Palm View Resort is the ONLY development in the world to have the Guaranteed Rental fully bonded with the financial market place in London hailing the brokering of the deal as a “pioneering product that will change the overseas property market for good”. I understand that the previous bond company we entered into a contract with has now gone into administration that is why I personally outlayed in excess of €100,000 on carrying out a full financial report on PCI via Dun and Bradstreet, a market leader in carrying out financial reports on Finance and Insurance houses and the report shows that PCI have assets in excess 250,000,000 USD and deem to be very secure as an underwriter for Palm View Resort.

On a personal note I would like to say that on the back of works commencing on Palm View Resort, I will be creating 25 new positions based in Dublin within my Company and a further 15 positions in the first quarter of next year as well as 1300 positions for the construction of the resort. I believe that we need to back entrepreneurs and avoid putting obstacles in their paths as we are fundamental to getting Ireland back on its feet.

I anticipate your next question to be” what about the clients looking for refunds etc”, I would like to take this opportunity to outline the actual facts rather than uneducated guesses that appear on forums. As I mentioned the previous bond company we entered into a partnership with has now gone into administration and effectively taken nearly a million euro of clients premiums and it is these clients who are looking for refunds even though there money has gone to Exchange Bond and NOT my Company. I have given the clients an undertaking that I will personally repay their deposit even though Begbies Traynor (Administrators appointed for Exchange bond) have formally informed me via a written letter that I received a few days ago that I will not receive any compensation for the loss of nearly 1 million euro as the first people to get the assets of the company will be the banks (surprise,surprise). I made a commitment to these clients and I will refund all clients however this can be a 4or 5 month process as Ciaran Maguire Group’s credit line facility is structured to be tied into stages of construction.

I think it is worth pointing out and I hope you agree that with all the unethical codes of business our country is practicing between the banks, the Developers and the politicians that I am being extremely harshly judged. I set about building a stunning development in a stunning location and through very difficult times have achieved my objectives and formed strategic relationships with the Government of a country that I believe to be the European Caribbean and believe is destined to become the number one sun destination for Europeans over the next ten years, and since signing our partnership agreement, Ciaran Maguire Group will become the biggest developer in that region.

I understand that some clients have lost money through Exchange Bond but I personally have been left with bonds with a value of nearly 10 million euro that is now worthless to me. I will still undertake to refund every one of our clients as it is morally the right thing to do. The clients that have stayed with Palm View Resort have done so because they know me personally and knew despite the adversity I would deliver and subsequently since the commencement of construction and the introduction of the new bond company, there investment has now increased by approx 27%.

As a leading entrepreneur of this country who wants to create success and new opportunities as well as creating employment I would urge you to support Palm View Resort. I do understand that you have to ask certain questions and by all means ask any relevant questions, but myself and my personal associates do find some of the comments posted on the forums highly offensive as my only objective is to build Palm View Resort and I am now happy to say that despite the delays and frustrations the first 6 blocks, 28 villas and the Palm View hotel looks set for completion by the end of December 2011.

I would also like to say that as part of the partnership agreement I have with the SDTIBM, I will be constructing a new school for the island as well as hundreds of social homes. Ciaran Maguire Group looks forward to a very fruitful relationship with the Cape Verde Government as well as the people of Cape Verde. Our plans and partnership agreements means we will be developing in Cape Verde for the next 15 years.

On a final note I would like to comment on an issue that appeared in the national paper and indeed your forum in regards to an outstanding issue I have with a recruitment agency, without going into to much detail, the amount in question is very nominal but I refuse to pay something that is simply not justified and in this case the agency provided me with someone that was sacked after 16 business days for theft within the company. The agency still requested a full payment on their invoice which I contested, I offered a payment which I deemed to be fair however it was rejected and subsequently the matter went before a court and the courts agreed with my case and a settlement payment has been finalized. I think its worth pointing out that on the day this story appeared in the press and subsequently blasted all over the forums, I was actually signing contracts with the builders for the commencement of construction on Palm view, an agreement worth tens of millions and which as outlined above will create new opportunities and many new jobs as I will be implementing Irish project managers and engineers on the project. This deal was greeted with great joy and optimism in Cape Verde however there was “nothing” positive written or said back in Ireland and I believe that the constant negativity being displayed not just about my project but anybody who dares to be successful in these current times will have a major impact on this countries entrepreneurs. I was invited to the entrepreneur expo in the RDS on Friday last were I met with Gavin Duffy who has extensive experience working within the press and as a key note speaker, he emphasized the damage the negative press was having on our country and actually urged entrepreneurs to remain focused and avoid reading the constant negative press.

I do recognize that some mistakes have been made on Palm View however this was due to my Company receiving assurances that final planning would be granted within 3 months of commercializing Palm View and it has subsequently taken 22 months which is frustrating for everyone and then the moving of the location which was done for no other reason than we were informed that if we moved to the south of the island there was less red tape and planning would be finalizes sooner than on the plot on Chaves, this turned out not to be the case but we were informed of this directly from the head of State Patrimony in Cape Verde, again I have to stress that our objective was to commence works on Palm View and to develop a Resort in what I believe to be a stunning location and to create success for our investors and for my Company which we have now managed to do.

I welcome any more relevant questions and hope that the outlined good news story reaches your audience. God only knows this good news is long over due.

Kind Regards

Ciarán Maguire

Chairman & President

CastleBaggot House,
Baldonnell,
Dublin 22.

Ph: +353 1 6251542

Ph: +353 1 6251544

web: http://www.ciaranmaguiregroup.com

http://www.palmview.ie"

Anthony Joyce to Seek Client Refunds from Flash Developments

Anthony Joyce is on the case of another high profile overseas property development, namely the Palm View Resort in Cape Verde, sold by Flash Developments and run by Ciaran Maguire. You'll see previous posts about Mr. Maguire and his 'Palm View Resort' development here.

Joyce, who has made somewhat of a name for himself in this niche industry - having taken on such high profile overseas property cases as Kuvera, Larionovo and Simple Overseas Properties - has been appointed by a group of Irish and British investors to recover their funds from Flash Developments and its owner, Ciarán Maguire. Joyce is looking for investors to come on board so that the cost of any action can be spread out among as many affected investors as possible.

Joyce's contact number is 00353 (0)1 4545 000 and the website is www.anthonyjoyce.ie.

Polaris World in Talks with its Creditors

It would have been nice to have a 'feelgood' story for the beginning of 2010, but I'm afraid it's not to be. The big news in the overseas property world over the Christmas period has not been rocketing sales, instead it has been the revelation that Spanish developer, Polaris World, is in talks with its creditors to avoid administration proceedings.

The developer is most famous for its connection to 18-time golf Major winner, Jack Nicklaus, with its courses referred to as the “Nicklaus Golf Trail”. The site claims: "Polaris World presents the Nicklaus Golf Trail, a circuit which will boast 8 courses within a radius of 25 km and the best golf experience in Europe. With 4 courses already up and running, 2 with work in progress and 2 in the planning stages, unique in the world and exclusive to Polaris World."

A number of newspapers, websites and blogs have carried the story that the company has asked the court that several of its companies be allowed to access the three months given in the Spanish Insolvency Act in order to allow it to renegotiate its debts. The company sought this protection in Murcia on December 22nd 2009.

If you've currently got a deposit on a property in Polaris World now might be a good time to check with your solicitor what your options are depending on the outcome of this situation.

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Attention Dubai Clients of Larionovo and Profile

Solicitor, Anthony Joyce, has been in touch with the site to say that he is currently looking for clients of both Ennis based Larionovo and its Dubai based sister company, Profile.

Larionovo, of course, went into liquidation in November 2008, but its former clients are undeterred. They have now formed The Dubai Action Group to fight their corner against what they feel is the unjust way in which they have been treated. Developments in which worried investors bought include: Eagle Heights, Bermuda Views, Stadium Point and Profile Residences; all are developments within the landmark proposed Sports City project. Other developments in which investors had become involved include: International City, Snowdome Residences, 050 Waterfront and the Island of Ireland in the, now infamous, World development 20 minutes off the coast of the Emirate.

Such was the volume of property sold by Larionovo, the Group currently has 200 members signed up with a further 100 who have been in contact and shown an interest in joining. The Group is currently recruiting new members with a view to instigating legal action. The Group will close before any action is taken and no new members will then be allowed to join.

The group has appointed Joyce to undertake litigation on behalf of the purchasers in relation to parties involved in the projects both in Ireland and in Dubai. Readers of the blog will be aware that Joyce has experience in recovering funds for overseas property owners, having taken a high profile legal action against Irish agent Kuvera regarding developments it was promoting in India. In July, Joyce used the new facility in the Commercial Court to secure property assets, company shares and cash for the Kuvera Action Group just eight weeks after injunctions were issued. A legal action is also currently in motion against the indemnity insurance that covered Kuvera’s legal adviser, Seymour Major. Action in India is also progressing.

See here for further information on the Dubai action.

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Larionovo & Profile Clients Fear Money is Gone

A report in today's Irish Independent claims that investors in Ennis based Larionovo - which shut down a year ago - and its sister company in Dubai, Profile Properties LLC, fear that their investments are now gone forever.

From the piece:

"A group of small Irish investors who bought into a dream property scheme in Dubai now fear that as much as €20m of their money could be lost.

The Concerned Dubai Sports City Investors Group, which hopes to recruit hundreds of members, bought off-plan apartments through the now defunct Larionovo property agents. They are worried that as much as €20m - cash many hoped would fund their retirements - is caught up in Dubai.

The group is building up a war chest to help fund a campaign to retrieve their deposits.

...

A meeting of the group last week in the Citywest Hotel in Dublin heard that they have no idea if building work has even started on some apartments, such is the difficulty in getting information from developers. Some recently received letters telling them the project had been put 'on hold'."

The CEO of Dubai Sports City complex is U. Balasubramaniam (often referred to as Bala Subramanian or simply Bala), who can be heard here describing the progress of the project up to April 25th, 2007, at which stage he was quite bullish about the prospects of everything finishing on time.

According to the report above, however, the wheels would appear to have come off the wagon since that time as the credit crunch eventually hit Dubai with its full force. If you are to visit the Dubai Sports City website, however, you'd be hard pressed to tell that things were not as they should be.

The full article from the Irish Independent can be read here.

Jim Moore and Instant Access Properties Back in Action

This is from some time ago (February 2009), but worth noting nonetheless. Andrew Penman, of Penman and Sommerlad Investigate, which runs on the Mirror website, has been on the tail of Jim Moore, a name that will be familiar to many, but perhaps not to others. The guy was responsible for the phenomenally successful (for him) but spectacularly unsuccessful (for his clients) companies such as Inside Track, which mass-sold (or more correctly miss-sold) thousands of over-priced apartment units, most of which now lie empty, around the UK. Inside Track spawned another, equally useless, offspring called Instant Access Properties, which has now resurfaced as IAP Global.

I'll let Penman take over here:

"With property company IAP Global running seminars (aka recruiting sessions) nationwide, the following might prove a timely alert.

It's from a retired couple who were badly stung by IAP's predecessor, Instant Access Properties.

Both are the brainchild, if that's the right word, of former perfume salesman turned buy-to-let property guru Jim Moore. Not that many of the thousands of victims who raided their savings to attend his Inside Track property seminars or invest through his Instant Access Properties will consider him a guru.

Both companies are now bust, which isn't stopping Jim. He's back with IAP Global. Before you decide to fall for the dream of becoming a 'property millionaire', it's worth reading this tale we received today from a chap we'll just call Clive."

Read Clive's story here.

In case you've had dealings with any of these, here's another piece from Penman on the seamless handover of information from the Instant Access Properties scam to another con-operation, European Mediation (who've been mentioned before on this blog with reference to Fortuna Estates and Oanna) and then onto another entity called missoldinvestments.com.

Suffice to say, buyer beware - the overseas property industry (and the property industry in general) is still, essentially, completely unregulated. A simple Google search on any of the entities above would get you a huge amount of information, unfortunately, normally too late.

Try to find out who is behind the company with whom you are considering investing your money. This will never be easy if they are a con organisation, so this should ring alarm bells for a start. If you do a bit of sleuthing around their website and documentation you'll often find hints, however. For instance, if you take a look at the following page in the IAP Global website you'll find the following statement:

“Rousing speech from Jim Moore!. I am open to options. I am very interested in high earning/high growth property/land fund. I consider property a safer investment than stocks and shares.”

Most of these con-men (they are predominantly men, but you should also be wary of the fairer sex as a few have also been implicated) are serial offenders, so you may well find a lot of information about them on the internet before you run the risk of losing your hard earned cash to their nefarious schemes.

New AIPP Annual 'Investor Advice' Document

The AIPP (the UK based Association of International Property Professionals) has released its latest 'Green Cross Code' document, outlining what overseas property buyers should, and more importantly, should not, do when looking to purchase a property

The association certainly has been busy with positive initiatives recently. On top of a new newsletter promoting stories of a positive nature in the overseas property market, the AIPP has just recently also released a new version of its annual consumer guide, entitled ‘Buying Overseas Property Safely’.

There are a number of informative pieces in the guide, including the ‘top five’ pitfalls to avoid. Being honest, the pitfalls to avoid in purchasing an overseas property seldom, if ever, change, but there is no harm in having a look at some of them from time to time in any case. The ones who have made it to AIPP’s top five are, unsurprisingly, led by the need for an independent legal representative. If you avoid this step you’re simply looking for trouble so there is no surprise that it floats to the top of nearly every ‘How to’ or ‘Things to Avoid’ list when it comes to overseas property.

The guide also warns about the dangers of signing contracts too early, advice specifically aimed at stopping clients from signing binding contracts at property exhibitions. While you could argue that this particular problem is hardly critical at the moment, considering the paucity of property exhibitions these days, it’s good to know for future reference nonetheless.

The whole area of having a developer in breach of contract, one which is certainly a live issue at the moment, is also raised. The guide points out that, without sufficient legal input from your end you may get a contract that protects the interests of the developer, but not yours. The advice is to have your solicitor check through conditions of the contract, the type of guarantee of property delivery - if any - that is involved, and the circumstances in which you will be entitled to compensation. The advice is, admittedly, a little late for a lot of buyers, but it is still an area about which people should be aware and it is important to check out your contract’s provisions if you have not already done so.

Unreleastic budgeting is also addressed. Again, this advice is a bit late for many people, but will be very apt for others who are considering purchasing property, investment or otherwise, at lending rates that are currently as low as they can get. For such mortgages the only way is up, so investors should be very wary of this when making their calculations.

Finally the ‘5 Pitfalls to Avoid’ piece finishes with the ownership of land. It seems pretty obvious, but you’d be surprised how often it causes huge problems. Avoiding pitfall number one should normally suffice, but it is still important to note that the person who claims to be selling a piece of land or property, doesn’t necessarily always have the legal right to do so.

For further information on the AIPP guide visit www.aipp.org.uk.

US Property Investment Seminars - 5th to 8th October

Had enough of the bad news? Then you should probably take a break from it all and find out how the bad news currently prevalent in the market could be of assistance to you, particularly if you're still in a position to purchase investment property in the US.

Dublin based ClearSky Capital will be holding a number of seminars around the country over the coming week. The seminars take place from Tuesday October 6th to Thursday October 8th in Galway, Limerick, Waterford, Cork and Dublin (see the bottom of this blog for exact dates, times and venues).

Topics & Speakers

An Overview of US Property Market Fundamentals with Particular Case Studies on Boston, MA & Rochester, NY

Ciaran Hynes, Managing Director, Clear Sky Capital, Dublin

A Look at Relevant Taxation & Accounting Issues in the US for Irish Investors.

Including benefits of:

A. Capital gains roll over

B. Annual depreciation

C. Irish US Tax Treaty

Peter Avila, Accounting & Taxation Consultant, Boston, MA, USA

The 8 Key Steps to Buying and owning property in the US

Todd Fessenden, Operations Director, Clear Sky Capital, Boston, USA

Investing through your SSAS or SSIP pension fund – Building future wealth through focused property investment & development

David J Topian, President, Westminister Real Estate Advisors, LLC - Rochester, NY

Buying through a partnership fund or on your own – what’s right for you?

Ciaran Hynes, Managing Director, Clear Sky Capital, Dublin

Todd Fessenden, Operations Director, Clear Sky Capital, Boston, MA

Questions & Answers Session

Dates, Venues and Times

Tuesday 6th October 2009

Waterford - Tower Hotel Waterford - 12.30pm – 2.00pm

Cork - Silver Springs, Moran Hotel - 6.30pm – 8pm

Wednesday 7th October 2009

Limerick - Clarion Hotel, Steamboat Quay - 12.30pm – 2.00pm

Galway - Radisson Hotel - 6.30pm – 8pm

Thursday 8th October 2009

Dublin - Herbert Park Hotel, Ballsbridge - 12.30pm – 2.00pm

Dublin - Herbert Park Hotel, Ballsbridge - 6.30pm – 8pm

In order to guarantee space at the seminars ClearSky Capital ask that you register in advance.

When registering, please mention that you heard about the seminars on OverseasCafe.com.

Register online now or phone 01 514 3780.

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File your Tax Returns before October 31st

Not meaning to depress you or anything, but this is the first day of October, which means the filing date for tax returns for 2008 - October 31st 2009 - is just around the corner. Seamus Keating has been in touch to remind us that his company can assist in meeting filing obligations using a comprehensive tax compliance and planning service.

Keating says to remember that, as an Irish resident, one is obliged to return all sources of income including both Irish and overseas property rental income even where there may be a net loss or where funds have not been remitted to Ireland.

Keating also reminds us that the new tax on ‘second properties’ (in Ireland) of €200 Euro per property was due to be paid by September 30th. There is another month to pay up before a penalty of 20 Euro per property per month becomes payable. Only 15% of people have paid the tax thus far so we can see a significant windfall accruing to Revenue once they start to delve into this issue in some detail. The easiest way to pay is at www.nppr.ie.

Many thanks to Seamus Keating for the updated information. Seamus is registered as a tax agent with both the Irish and UK authorities. He can look after filing tax returns whether you are an employee or self employed and look after the complete process regarding all aspects of income tax, capital gains and gift or inheritance tax.

For further information contact:

Seamus Keating Investments Limited

Fitzwilliam Hall, Fitzwilliam Place, Dublin 2

Phone: +353-1-6698569

email: seamus@SKinvestments.ie

web: www.SKinvestments.ie

Google Sponsor's UK What House Awards '09

Google, one of the world’s biggest companies, is sponsoring this year’s What House? Awards . The ceremony is widely recognized as the ‘Oscars’ of the house building industry and will take place at The Grosvenor House hotel in London on November 20th .

The What House? Awards, in their 28th year, are the most prestigious and long established in the UK house building industry. They unveil exciting, dynamic new developers, delivering pioneering projects to their local markets, as well as highlighting the innovations of the industry’s major players who build across the country. Recognising this hugely important role Tailored Home (www.tailoredhome.net) are also sponsoring three of this year’s categories – Best House, Best Small Housing Association and Best Large Housing Association.

The editorial director of Showhouse and annual host of the What House? Awards, said: “It is fantastic to have Google, one of the world’s biggest brands, on board as a sponsor. It is a tribute both to the search engine giant’s commitment to working with the house building industry to drive traffic, leads and sales, and to the reputation of the What House? Awards, recognised as the ultimate new homes accolades.”

Ben Wood, head of property at Google, said: "Google are delighted to be associated with the What House? Awards and look forward to further strengthening our relationships with the UK house building industry.”

Google is the latest in a line of prestigious sponsors, all leaders in their fields, to sign up for the Awards, rewarding the very best new homes in Britain.

Despite an incredibly difficult year with new sites mothballed and reductions in build numbers, What House? Awards judges are reporting entries across 23 categories. As the company explains “Last year’s Awards ceremony was still a great occasion, rewarding the best, if a little less celebratory than usual, given the widespread redundancies in the industry. There are still huge economic problems to overcome and housing issues to resolve, but we have got a great feeling that this year’s Awards could prove a seminal moment in the new homes recovery, with some great house builders and homes in the mix for awards and the marketing opportunities they give the industry going into 2010, backed by a phenomenal line up of sponsors supporting this fantastic event.”

For ticket information for the awards please contact Derek Smith ds@globespanmedia.com. Tel: 0044-207-002-8300 or go to www.whathouse.co.uk/awards to download a booking form.

Ask About Money Forum Loses the Plot

Well, it's taken some time, but it was bound to happen eventually - and it has come to pass. OverseasCafe has been banned from the Ask About Money (AAM) Overseas Property Forum. We bit our tongues on the state of this section of the much renowned investment forum for a long time - but eventually the dam burst - and the inevitable banning ensued.

It's a pity really, it was quite a good forum once upon a time. People with genuine queries went there in the hopes of getting them answered. People who had put down deposits on properties abroad went there to query why the companies with which they had been dealing had suddenly disappeared - with their money. Those who were having problems getting developers to finish properties to the standard promised made sure that everybody else knew the score. If guaranteed returns were guaranteed to do nothing more than disappear then you would find someone writing about it there. It was used as a forum to enable those most vulnerable in the whole overseas property pyramid scheme - the misfortunate investor at the bottom of the pile - to gain some traction in an otherwise arcane, unregulated and unyielding industry. In its prime it was a vibrant and excellent example of what a forum can be and that to which many fora (forums, take your pick) should aspire.

Then it all changed. Most likely because of the popularity of the forum, agents and developers didn't like having their names in lights for all the wrong reasons - heaven forbid people should know how they actually ran their businesses - so they did what all good companies do - they threatened legal action. It's a natural, and very cheap, reaction to such blatant bad publicity - get your big-shot lawyers to send threatening letters and hey-presto - 99% of forums couldn't be bothered with the hassle and will remove their posts as quickly as they were put up there. And unfortunately AAM was no different.

All this legal traffic eventually became a bit tedious for the Mods at AAM though. For a start they don't really consider overseas property purchases to be 'investment' per se. It's always been treated as the idiot child of the forum - it had to be there but if it was going to cause nuisance then it would be severely reprimanded. No credence was ever given to the fact that overseas property is the least regulated investment in the spectrum, in what has proven to be a pretty miserably regulated industry to begin with, so it perhaps needs more, rather than less, assistance from those in a position of power such as the Great Ones at AAM.

Regardless, the Mods started introducing posting guidelines that essentially strangled the forum to death. Visiting it now is like passing through an old Wild West prospecting town after the gold rush - there is tumbleweed drifting down the deserted streets where once there was the vitality and virility of public opinion and debate. You essentially can't breathe a word about anything worth mentioning on the forum, so anyone of any consequence either got banned or left of their own volition.

In our case the disenchantment with the forum had been growing for some time. Shortly before the banning a completely innocuous thread about a book on the overseas property industry, on which we had posted a number of comments, disappeared completely without a mention of why this should happen. There was certainly nothing in the thread that, even in the newly regulated environment of the AAM overseas property section, could be found in breach. Some Mod obviously decided it simply shouldn't be there - as AAM Mods seem to do.

Our banning came in relation to another relatively innocuous posting that yet another overseas property agent, Property Secrets, had gone to the wall. The poster put in as an aside that: "This overseas forum is itself looking like it is going under! first it was consigned to a sub thread of property investment and now there is virtually no one posting any more. Have we all deserted at the bust? Is there anyone still out there? Where are all the regular posters!"

Well, that was it. The tongue biting could be entertained no longer. The question was out there and it had to be answered, so it was, in a frank and forthright manner (you won't find it there now, of course, the Mods at AAM are much too thin-skinned to leave criticism of the way they run their empire exist online).

We received a severe dressing down from the chief Mod via Private Message (PM) - apparently all this sort of stuff must be done in private, no dirty laundry washing in public. We sought to disagree with said chief Mod's interpretation of what the general public should be entitled to expect from the most powerful financial services forum in the country. We offered to have the debate on the issue publicly, which wasn't even entertained, and we were accused (as you'll see on the picture accompanying this blog) of being offensive. I can assure you we were not offensive in any way, but we did have an opinion we wished to express. Being offensive in AAM parlance is, apparently, speaking your mind and this is not to be entertained under any circumstance. It is an environment that seems uncomfortably close to the Communist ethos of suffocating the truth rather than the Democracy one would expect to find embraced by any forum seeking to deliver worthy debate on the topics that matter.

In any case, that is the price of having an opinion on AAM it would appear. It is somewhat of a standing joke in Irish forum communities that most other forums were started because people were banned from AAM for expressing an opinion that differed from that of the AAM Mods. Hopefully some good will come to pass from this incident and someone will set up an overseas property forum that will actually serve the community rather than being subservient to the opinions and desires of those who set it up.

It is a great shame though, AAM had the ideal platform, and for a time, served the overseas property community very well.

AAM Overseas Property Forum - RIP 2009

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Property Secrets Calls Time

We're interrupting our annual summer hols, unfortunately to inform you of another overseas property agent that has bitten the dust. Those of you who have visited the Property Secrets website since August 11th will have noticed that the company is no more. You'll be greeted by the following message:

Dear Property Secrets members,

I regret to inform you that Visium Group, the owner of PropertySecrets.net, has closed its doors for further business and ceased trading as of Tuesday 11th August. In the end the recession has been too deep and too long to survive.

It is intended, however, that the Property Secrets website publishing business will continue as unaffected as possible, ensuring all advertising and membership commitments are met during this process.

This includes continually updated property investment advice, research and services currently available on the Property Secrets website, but does not include support for any previous investment property sold through Property Secrets.

i-PropertyAssets clients are advised to contact their letting and management partners directly or make alternative arrangements.

Notices to creditors will be issued over the next few days, notifying them of a meeting to be held on 8th September at the offices of the proposed insolvency practitioner, Walletts (click to download a pdf of the letter of notification of the creditor meeting).

In the meantime, a core team will remain to continue to provide a live website and collect outstanding payments such that amounts owing to staff and creditors can be met as best as possible, and that the value of the website and publishing business can be maintained should a potential purchaser be found by the insolvency practitioners.

Any statements of interest in purchasing some or all of the business assets of Visium Group Ltd should be directed to Walletts using the contact details on the letter of notification of creditor meeting.

On behalf of the directors of Visium Group I'd like to say thank you to all our customers, partners and staff for the last 10 years, and we wish you all the best of luck with your investments.

Best wishes

Neil Lewis, Peter Bennett, Simon Shepherd, Jez Touch

Directors

Visium Group Ltd

Simple Overseas Properties' Clients Threaten Legal Action

Irish overseas property investment company, Simple Overseas Properties (SOP), is facing court action from a number of its investors for allegedly taking deposits on developments in Morocco which were not subsequently passed to the developer.

The developments, called Asilah Marina Golf and Asilah Beach Resort, are two of a number of Mediterranean coastal Moroccan developments that the agency was promoting in Ireland at the height of the boom.

Click here for full story on the website.

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No Place in the Sun - Book on Overseas Property

If you've an interest in overseas property and you're looking for an easy read this summer you might be interested in the latest release from former overseas property agent, John Mulligan.

There's a pretty good review of the book on the website here, it might help you make up your mind whether it's likely to be something that is of interest to you or not.

The book retails for €9.95 and can be found in all good bookshops or by visiting http://www.noplaceinthesun.com/.