says Accra, the country’s capital, is the main retail hub for augment the current 30 000 square metres of formal international retailers and home to the modern shopping retail space. Since the completion of Accra Mall in malls in operation offering a diverse and buoyant 2007, surprisingly no formal retail shopping mall has informal retail landscape. He says A&C Square in 2005, been built. However, a number of small to medium followed by Accra Mall in 2007, set the pace for modern schemes are under construction in Accra, including retailing. A&C Square in the East Legon area of Accra is retail and ofce developments of Marina Mall, Nester largely a neighbourhood centre with a recent addition of Square, One Airport Square and Icon House in the substantial ofce space. Accra Mall changed the face of Airport area, Te Octagon in Ridge plus the Oxford retail considerably with 21 000 square metres of lettable Street Mall and hotel development in Oxford Street, area, anchored by Shoprite and Game. “Te success of in Osu. A&C Square in East Legon has confrmed the need for neighbourhood retail centres in Accra.” Menson says notable inclusions are Oxford Street Mall and Marina Mall, which are both expected to Melcom and Maxmart, local general merchant retail complete in the coming months, and One Airport stores, have capitalised on this emerging demand by Square, an ambitious Green Star compliant project opening stores in almost all the major areas of Accra. that will set the bar for environmental standards. In addition, numerous pipeline projects are in Koala, a local grocery retailer, has also responded the planning stages. These include some sizeable to this trend by recently opening another shop in the developments: West Hills, Project Sunrise and Gold Airport Residential Area to add to its fagship outlet in Coast City in Accra, Apolonia in Tema, King City Osu. in Takoradi (all mixed-use developments), Accra Mall extension retail development in Accra, and On a regional level, Kumasi and Takoradi, the next various developments in Kumasi. West Hills Mall, two most populous cities in Ghana, have no formal retail if completed by 2014, is anticipated to be the largest centres even though the fundamentals look right. Tere purpose-built mall in Accra ofering about 26 000 is a huge opportunity for frst time movers to develop square metres. shopping centres in these regions, says Bobie. Bobie says the retail occupier market has Space supply and development transformed in the last seven years with the entry of With Accra Mall and A&C being the only formal retail international retailers such as Shoprite, Game, Bata, centres available in the market, occupancy rates are near Hi-sense, Mr Price, Woolworths, TM Lewin and 100 percent. Stellar Deluxe, while KFC and Deli France are recent new additions to enter the Ghanaian market. Movenpick Hotel’s 2 000 square metre retail space ofering 26 shop units is also fully occupied by a variety “South African retailers currently dominate the of boutique shops while Shoprite’s solus unit on the international retailers but there are clear signs that western corridor of Accra is also self-occupied with no European and American retailers are also eyeing the available space to let. “Although there is a high demand market and with the right space we believe the market for retail space from both foreign and local occupiers, will become competitive and diverse in the very near supply of space has been sluggish,” says Bobie. future,” says Bobie. RESOURCES With a growing population of 2.5 million plus in Accra, the city has capacity for more retail centres to Property24 www.reimag.co.za Ofshore Handbook 2013 49
AFRICA BY ANGIE REDMOND Living The Life In Seychelles raditionally, the Seychelles islands have been experienced exciting revitalisation in the area of promoted as idyllic holiday destinations investment and fnance. Trather than hot spots for lucrative property investments. However, the past few years have Investment – Chief executive of the Seychelles seen a remarkable shift in perception. Real estate Investment Bureau, Sherin Renaud, has been in Seychelles is now increasingly sought after by quoted saying: “Our ultimate vision is to become private buyers, long-term tenants and developers the investment centre of the world.” As ambitious alike. Tis once sleepy island paradise – known for as that sounds, the country is already set to take a its holiday property - has grown leap forward in communications into a bustling hub of industry with the completion of the fibre- SEYCHELLES and tourism. optic submarine cable. This will provide a link between Seychelles Recently, Seychelles embraced to mainland Africa, enhancing the creation of its 116th island telecommunications and providing – t he Eden Isla nd lu x u r y improved Internet stability and marina estate. This ambitious speed. Additionally, the discovery of development saw a mass of land, ofshore oil and gas is contributing over 56 hectares, reclaimed to the modernisation of all port from the ocean. Feat uring • Population: 86 000 facilities. waterways, private beaches and • Language: French / English an international marina, Eden • Currency: Seychellois Rupee Finance – Tere has been an increase Island is fast becoming known as • Main Export: Cinnamon / in focus on the offshore financial Vanilla & Copra the archipelago’s ideal location sector, marked by plans to create for propert y investments.If • Capital City: Victoria a stock and securities exchange you’re interested in real estate in • Infation: 5.3% that allows the listing of foreign Seychelles but aren’t completely companies. Te government has also convinced that the country is the best place for you indicated that they will pass the Legal Practitioners to invest in property, read on. Act, making it legal for foreign lawyers to practice here. This is good news for investors channelling The Seychelles revival money into Seychelles who want a foreign law frm While an increase in foreign interest, largely presence in the country. due to Eden Island, has heralded a new era for RESOURCES the country’s real estate, Seychelles has also Eden Island 50 Ofshore Handbook 2013 www.reimag.co.za
AFRICA BY GAYE DE VILLIERS New Economic Gains In Zambia ambia’s real estate sector is on course for drawn expansion plan across all cities and towns but growth, says Inutu Zaloumis, Managing recent moves by the Zambian government to address ZDirector of Pam Golding Properties this are posed to stimulate further growth of the real Zambia. “Zambia is widely tipped to record sustained estate sector.” economic growth of approximately seven percent over the next few years, but the manner in which Zaloumis says increased investments from major the country’s real estate sector is transforming the economies such as China, South Africa and the face of the nation is as good as United States as well as sustained ZAMBIA any barometer for the economic investment in the mining and turnaround currently underway. agriculture sectors are ensuring Although economic growth that the demand for residential, softened somewhat from 2010 at commercial as well as industrial 7.6 percent, it remained efcient at property is on the upswing. 6.6 percent year in year out in 2011 The capital city has seen steady as growth was underpinned largely investment in both the retail and by agriculture, manufacturing, commercial sector in the last five construction and transport. This years and while this may be on the year, Zambia is set to beneft from decline in Lusaka, other towns and • Population: 13.5 million the $700 million Eurobond, which cities are opening up for similar • Language: English will be used for infrastructure investments. • Currency: Zambian Kwacha development across the country. • Main Export: Copper Cathodes “One of the major projects currently • Capital City: Lusaka “Steady year-on-year economic underway includes the US$100 •Infation: 6.4% growth and investment in the real million redevelopment of Society estate sector have resulted in the House in the capital city’s centre. creation of jobs, increased access to housing, retail, Sitting imposingly in the hub of Lusaka, Society commercial and industrial property as well as an House is set for a major refurbishment that, once increase in foreign direct investment for a forward- complete in 2014, will set the tone for regeneration moving economy and real estate sector. Tere are still of the capital city’s skyline. Te redesign of Society challenges in the implementation of a deliberate, well- House, which will see it comprise a 160-room four- www.reimag.co.za Ofshore Handbook 2013 51
AFRICA star Holiday Inn hotel, conferencing, office space, into when it comes to retail and commercial property a retail mall and a 1 100 car parking garage. The and Zambia is seeing these as two key growth areas for building will have 8 000 square metres of retail space the local real estate sector in 2012 going into 2013.” coupled with 6 000 square metres of office space, putting it right at the pulse of the city centre. Adds Zaloumis: “In 2012, Lusaka’s retail and commercial sector saw a total of 33 000 square metres She says in Lusaka, the development of Roma Park of retail built with ofce space at approximately is underway and looks to establish a new blueprint 10 000 square metres including the developments for economic, social and infrastructure growth in along Thabo Mbeki Road and Addis Ababa Zambia. At project maturity, the development will Roundabout. Tese developments have been a timely exceed US $100 million in investments. Launched response to the absence of ofce parks and structured in 2011, the 217 acre development is a mixed- retail space in the country. While there has certainly use development that encompasses residential, been growth in Lusaka with a number of shopping commercial and industrial properties, including a complexes and ofce blocks being developed but in shopping centre, big-box retail space, restaurant and 2012, Lusaka does not expect as much growth as the conferencing facilities, warehousing, manufacturing last few years due to a large portion of the demand and ofce space. having being met already. However as other parts of the country begin to open up; the growth of the “Tis growth in the real estate sector is not restricted property sector will continue to rise. to the capital city. There is significant investment going into the North-Western Province which will see “Despite Zambia’s significant strides in the real approximately 3 500 new residential units developed estate sector, there still remains a gap between the as investors such as First Quantum Minerals invest demand and actual supply of structured retail and further into their mining operations in the province. office complexes in the country. The population With many projects either under construction or still in Zambia was reported at 11.97 million people in being planned, annual copper production is estimated 2009, according to the International Monetary Fund to reach 1.5 million tonnes within the next four years. (IMF). In 2015, Zambia’s population is expected to Projects in the formative stage include Konkola Deep be 13.57 million people. Tis, coupled with consistent Mine, Mindola Synchlinorium, the Chambishi South investments into the country, poses a challenge to ore body, and the US$1-billion Kalumbila Mine run developers as demand and the need for structured by First Quantum Minerals. Others are Lumwana and residential estates will increase on the back of Chambishi mines and the Kansanshi Copper Smelter. population growth. Tese investments will spill into the development of retail, commercial and industrial real estate as the “From an investment perspective, in Zambia, the province looks to provide a self-sustained economy return on investment for property is around 7% to for its population. “There is likely to be increased 11%, and the capital appreciation has slowed down interest in the commercial sector on the Copperbelt from 10% to around 5%. The price for houses has and North-Western provinces due to the existing remained flat in Lusaka, but land prices are still absence of structured retail property and as a result of appreciating. Interest rates have come down from 20% the economic growth registered in other parts of the to 17%,” says Zaloumis. RESOURCES country. Areas such as the Copperbelt and North- Western provinces still have not been heavily invested Pam Golding 52 Ofshore Handbook 2013 www.reimag.co.za
Roma Park provides investment opportunities Residential Estates Shopping Malls Value Retail Lifestyle and Luxury Centre Commercial Park and Office Blocks L Light Industrial Local Business Manufacturing Centres Warehousing Roma Park is an unprecedented opportunity to invest in Lusaka, Zambia, one of Africa’s fastest developing urbanised cities!
AFRICA BY ANGIE REDMOND AFRICA Where Are The Property Markets In Zimbabwe? imbabwe is home to the Victoria Falls, one doubtful in an environment of weak consumer spending. of the natural wonders of the world, the Te Mall of Zimbabwe, a major new development with Zstone enclosures of Great 68 000 sq m of retail space, is due to see Zimbabwe - remnants of a past construction commence in early 2013, ZIMBABWE empire - and to herds of elephant and with completion slated for 2014. other game roaming vast stretches of wilderness. It is also, slowly, on the Industrial market road to recovery economically, despite Demand for industrial space has many challenges, but where are the reduced in recent years, as Zimbabwe opportunities? has become more of a consumer of imported goods than a manufacturing Ofce market country. Vacancies are increasing • Population: 12.8 million Te take-up of ofce space has been and rents are depressed. Tenant • Language: English / Shona poor as a result of the depressed viability is questionable in the current & Ndebele economic climate in Zimbabwe. difcult economy, putting at risk the • Currency: Dollar & Rand Occupiers are struggling to meet rent security of income streams. Industrial • Main Export: Tobacco and service charges, and the levels of investments are considered the least • Capital City: Harare arrears are generally high. Vacancies attractive of all sectors and the recent • Infation: 5% have increased, in some buildings to sales that have taken place have been over 30%. More than a year after it entirely for owner-occupation. came on stream, the 12 000 sq m of ofce space in the Joina City development in Harare remains over 50% Residential market unlet. Two signifcant ofce developments, the Celestial Te absence of long-term mortgage/loan fnancing has Park and the Old Mutual project, with a combined restricted residential market activity. Some financial lettable area of 26 000 sq m, are currently underway institutions have been able to secure external lines of along Borrowdale Road and should be completed within credit to support mortgages for private purchases, but the next twelve months. the secured loans have been for relatively small amounts over short periods, eg 10 years at rates of 15-18% per Retail market annum, thus making them expensive for borrowers. Retail space remains in high demand, both in the CBD Nevertheless, the market has seen price increases of up and suburban locations. Tere has been an uplift in retail to 25% during 2012. RESOURCES prime rents for new lettings in Harare of about 60% during 2012, but the sustainability of the achieved rents is Bulawayo News 54 Ofshore Handbook 2013 www.reimag.co.za
AFRICA BY GAYE DE VILLIERS Meet Mauritius Embrace the island style auritius is situated 800 kms east of Population: 1 250 000. Madagascar and comprises the main Language: English (ofcial) although the English is Misland and twenty adjacent islets. It has Creole English; French, Hindi, Urdu. a land total of 1 800 sq km. Te island of Mauritius Capital City: Port-Louis (pop. 140 000) is volcanic in origin, fringed by coral reefs. Te dry, lowland coast has mangrove swamps and wooded “Finding the right location for a leisure property savannah with abundant lagoons and sandy beaches. where you can enjoy holidays for many years to come Over 40% of the population inhabit the western – with instant access to a broad range of activities urban strip. and amenities to delight every member of the family, is a priority for many buyers. Afordability The climate is humid and subtropical with is of course another key factor and the new phase of considerable variation between winter and residences at Anahita resort in Mauritius meets all summer. Most rain falls during the summer these criteria, at prices within reach of a wider cross- months, November to March. Mauritius lies section of home buyers and with a host of activities within the Indian cyclone belt. and facilities ready to be enjoyed the moment you 56 Ofshore Handbook 2013 www.reimag.co.za
move in. Previously, the average price of property owners will be able to reach Grand Baie, a popular achieved in this luxurious resort was in the region tourist region, without going through Port Louis. of €1.3 million, making the new phase of residences Developments are increasingly becoming green, a very appealing,” says Dr Andrew Golding, CE of critical element in a developing environment. A new the Pam Golding Property group. airport is being built and this will increase tourism and a large increase in the retail environment has Factors such as residency and an attractive tax seen South African retail businesses entering the regime have made Mauritius rather resilient to Mauritian market. the dip the rest of the world experienced from 2008 in the property market. With limited land Mauritius has always had a conservative banking available for development, the next few years will environment, which has proven in its favour. With see a shortage of stock, so the property market in tax rates of 15 percent onshore and between 0-3 Mauritius is set to remain strong. Infrastructure percent for offshore investments and no capital is continuously being developed and upgraded, gains/dividend taxes, there is a continued increase the road network is improving and tourists and in families looking to relocate there. www.reimag.co.za Ofshore Handbook 2013 57
AFRICA Opportunities for investment centre, well-being and fitness centres, floodlit Familiar brands such as Woolworths, Pick ‘n Pay, tennis courts, children’s and teen’s clubs, boutiques Nando’s and many others allow South Africans to and shops and a full concierge service. feel at home. “We fnd that the developments we market also have many permanent residents and The latest development phase is located in a with the recently launched Le Parc neighbourhood named ‘Amalthea’ de Mont Choisy, we anticipate and comprises around 40 percent of the owners MAURITIUS 40 two- and three-bedroom will be residents, and its central lodges priced from €490 000, 12 location in the heart of Grand two- and three-bedroom duplexes Baie makes it ideally located for priced from €630 000, and 11 foreigners. Te Le Parc de Mont three-bedroom villas priced from Choisy estate has a beautiful €790 000. The units range in size 3.2km white sand beach and with from 147 to 201 square metres and 1200 acres of land so well located are sold on a freehold ownership and with golf, beach and a country basis. All the residential units are • Population: 1.3 million club with gyms, pools, spas and located within a pedestrianised • Language: French children’s facilities, will be ideal and landscaped neighbourhood • Currency: Mauritian Rupee for a family holiday, retirees and accessible only by golf cart and • Main Export: Tuna those wanting to relocate now or bordered by the first, eighth and • Capital City: Port Louis in the future,” says Golding. ninth holes of the golf course. •Infation: 4.5% At ‘Anahita Mauritius’, an Integrated Mauritius ofers a diverse range Resort Scheme on six kilometres of shoreline along the of attractive options for investors and the property largest lagoon in Mauritius, a new phase of luxury market is set to continue growing from strength villas, lodges and duplexes have been launched. to strength. Inaugurated in June 2008, 213-hectare Anahita is located in Beau Champ, on the east coast of the island, offering a wide variety of recreational, cultural and social activities readily available and with over 200 residential units already sold and developed. Anahita includes the Four Seasons Resort Mauritius with spectacular views over an extensive lagoon and its own private island, an 18-hole Ernie Els signature golf course with a clubhouse, a double infnity edge swimming pool adjacent to the beach, RESOURCES seven restaurants, yacht club with various Pam Golding water sport activities, PADI diving 58 Ofshore Handbook 2013 www.reimag.co.za
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FINANCE BY ANDREW RISSIK If You Want Better Than Your Bank Don’t use your bank e live in a world of free markets and seem complicated to the average person in the street. vast choice. However, many people Money, like anything else traded, is a commodity Wcontinue to tolerate sub-standard that has a varying price tag depending on supply and service, extortionate fees and costly consequences demand. The USD is currently the base currency of delayed transactions when using their banks to against which all other currencies are valued, so the transfer funds internationally. ZAR/GBP rate will tie back behind the scenes to the relative value of each of these currencies against When investing ofshore you want as much of your the USD. hard-earned cash to arrive on the other side when making an international money transfer. Exchange rates quoted on websites and in the media are typically the interbank rates and these Currency transfers, FX, Forex, foreign exchange, represent the mid-market point between the buy international money transfers, you name it - and sell prices of the relevant currency pair. So the contrary to popular belief - really are very simple frst lesson to note is that you will never get the rate to execute. Because there is a buy and a sell price, you see quoted in the media. Te market is also moving separated by what we call margin or spread, it may continually, therefore, the rate you heard on the radio 60 Ofshore Handbook 2013 www.reimag.co.za
whilst driving to work can - and most likely will be account. We know the systems and all we do is process - very diferent when you decide to make a currency foreign currency transfers and guarantee cleared purchase during your lunch break. funds within two working days, it’s that simple. In the South African scenario, where we have a very complex There are 3 important elements to any exchange control framework, our skilled consultants transaction. They are cost, expertise and have all the answers to the questions that may have been customer service. left unanswered by your local bank. How to beat the bank? Simple answer, don’t use the bank, use a forex Customer service brokerage. Our consultants do one thing only, and that is to trade and process international money transfers. Tey are So why use us and not the bank? quick, efcient and very friendly. Te most important Better rates than the banks. aspect of service is how we deal with a mistake when we make one; after all we are only human. Our business We buy large volumes of currency and like any growth is highly dependent on repeat business and commodity we get a big price advantage. We take a referrals, so we don’t leave customer service to chance. smaller margin than the bank, which means big savings for you, the customer, and hopefully an increase in loyal So next time you or your business needs to make an customers result for us. international payment that is simple, secure and fast; please use Sable FX. You will enjoy the experience. Expertise RESOURCES In a world of instant access, you do not want to wait 10 Sable Group days before your money lands in the benefciary’s bank www.reimag.co.za Ofshore Handbook 2013 61
LEGAL MOVES BY ALEXANDRA BURGER WHAT IF THERE WAS A WAY THAT YOU COULD TAKE THE RISK OUT OF RESIDENTIAL PROPERTY LETTING? Today, some 2.3 million people rent property in South Africa. There is huge potential in the rental property market – but every landlord or estate agent will tell you that there are also risks associated with letting residential property. What if there was a way that you could take all the legwork out of the letting process, and alleviate the risks at the same time? Rentshield has introduced a new, first-to-market, “zero deposit” residential letting tool that helps landlords and estate agents manage their property portfolios more efficiently and effectively. Benefits to landlords: • Eviction costs: Rentshield covers legal costs up to R50 000 for the eviction of a non- paying tenant. They also manage the eviction process. • Loss of rental income due to eviction: In line with the Consumer Protection Act, tenant eviction is a lengthy process, often taking as long as three months. Rentshield protects the landlord against loss of income during this time, offering coverage of up to three month’s rent. • Loss of rental income due to absconding tenant: In the event of a tenant absconding from the property before the stipulated rental period is complete, Rentshield will cover up to one month’s rent. • Unpaid accounts and malicious damage: Utilities payable by the tenant that are in Protect Your Assets arrears, such as electrical bills, as well as malicious damage caused to the property by the tenant, will be covered by Rentshield up to a combined amount of one month’s rent. Know the law before you invest • Damages caused to property: Rentshield will cover up to one month’s rent for damages to the property caused by the tenant. • Peace of mind: You can rest assured that Rentshield will take care of all the legwork nternational property investments should be importantly what is the nature of the desired return associated with property letting. considered in light of both the needs of the investor from the investment ie are they looking for income, Iand the situation of the property. capital returns, dividends or distributions from a property fund. From the investors perspective a number of factors should be considered: where are they tax resident, Is the investor’s intention to develop or hold property The cost of Rentshield is included in the total monthly rental paid by the tenant. To qualify, tenants must be South are they natural persons or juristic persons and most for the long term to receive rental income (and capital African citizens and be able to afford the rent. All leases protected by Rentshield must be a minimum of 12 months. For more information, visit: www.rentshield.co.za or call 0861 DEPOST / 0861 376748. 62 Ofshore Handbook 2013 www.reimag.co.za
WHAT IF THERE WAS A WAY THAT YOU COULD TAKE THE RISK OUT OF RESIDENTIAL PROPERTY LETTING? Today, some 2.3 million people rent property in South Africa. There is huge potential in the rental property market – but every landlord or estate agent will tell you that there are also risks associated with letting residential property. What if there was a way that you could take all the legwork out of the letting process, and alleviate the risks at the same time? Rentshield has introduced a new, first-to-market, “zero deposit” residential letting tool that helps landlords and estate agents manage their property portfolios more efficiently and effectively. Benefits to landlords: • Eviction costs: Rentshield covers legal costs up to R50 000 for the eviction of a non- paying tenant. They also manage the eviction process. • Loss of rental income due to eviction: In line with the Consumer Protection Act, tenant eviction is a lengthy process, often taking as long as three months. Rentshield protects the landlord against loss of income during this time, offering coverage of up to three month’s rent. • Loss of rental income due to absconding tenant: In the event of a tenant absconding from the property before the stipulated rental period is complete, Rentshield will cover up to one month’s rent. • Unpaid accounts and malicious damage: Utilities payable by the tenant that are in arrears, such as electrical bills, as well as malicious damage caused to the property by the tenant, will be covered by Rentshield up to a combined amount of one month’s rent. • Damages caused to property: Rentshield will cover up to one month’s rent for damages to the property caused by the tenant. • Peace of mind: You can rest assured that Rentshield will take care of all the legwork associated with property letting. The cost of Rentshield is included in the total monthly rental paid by the tenant. To qualify, tenants must be South African citizens and be able to afford the rent. All leases protected by Rentshield must be a minimum of 12 months. For more information, visit: www.rentshield.co.za or call 0861 DEPOST / 0861 376748.
LEGAL MOVES appreciation over the long run)? Or is the intention Taxation is, of course, a primary concern and to trade the property in the short term to make capital advice should be sought in the country in which gains and possibly rental income? Alternatively, the property is situated. Each country (and certain is the investor looking to invest in a collective states within, for example, the USA) have diferent investment scheme, some of these may be readily treatment of taxation on property rentals. In some tradeable and others can be in closed ended countries there are advantages to being a non- structures ie the investment is locked in for a resident holding property, eg in the UK one can number of years (for example fve years). apply for Non-Resident Landlord status. Fees are an important aspect to consider, whether Te income could also be in the form of dividends these are legal fees on acquisitions, or lending and or other distributions and these may attract property management costs. Te costs of a suitable withholding taxes which means the holding property holding structure eg a trust and/or a structure should, if possible, be in a jurisdiction company or similar vehicle are important. Funds which has the relevant double taxation treaties to could result in layering of fees and it’s essential to ask reduce the withholding tax. about all the fees from upfront to ongoing fees, any performance fees and fees on exit. Disposing of the asset will most likely result in capital gains tax (or income tax) and there may All collective investment/pooling schemes be other duties payable locally. If one is trading in marketed to the general public should be regulated property, income tax could be payable. Te various and sold through promoters with appropriate collective investment scheme options should advise licensing. the taxation payable both on distributions and on redeeming the assets. Generally if one holds foreign Certain countries eg Australia blacklist particular shares for fve years or more, capital gains rather than offshore jurisdictions. Effectively this means one income tax will be applicable. should not endeavor to hold property through a company in this jurisdiction. In practice there will be Real Estate Investment Trust (“REITs”) are a many options for holding vehicles and issues such as popular way to invest in property because they are cost, long-term estate planning, and asset protection readily tradeable and standardised worldwide. will play a role in choosing both a structure and a REITs have their own particular tax treatment. jurisdiction. Please note that when owning property in your Tere is a plethora of diferent structuring options name in certain countries, you may be subject to including, for example, trusts, limited liability estate duty at the local rate. For example, in the companies, limited partnerships, property unit UK, when one owns UK situs assets in excess of a trusts, segregated portfolio companies to name certain amount, UK estate duty at 40% would be a few and a whole host of collective investment payable (which is far in excess of SA estate duty schemes. Generally, one should stick with a tried levied at 20%). and trusted structure for the country in which the RESOURCES property is situated. Amicorp 64 Ofshore Handbook 2013 www.reimag.co.za
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