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‫ما الأخبار في الإمارات العربية المتحدة‬Crown Prince of Abu Dhabi Sheikh Sheikh Mohammed bin Rashid Al Maktoum, UAE Vice President Mohamed bin Zayed Al Nahyan and Prime Minister and Ruler of DubaiWhat’s news in UAE?

“As it stands, Dubai is getting ready to host the Expo 2020 and the emirate is way ahead in terms of its readiness to host the mega event – taking place in the Middle East for the first time in the event’s more than 150 years of history,” said Avin Gidwani, CEO of BNC Network.56

Countdown to Expo 2020: United States joinsgrowing list of participating nationsThe United States and 14 other history. The Space Needle was builtcountries have announced they are for the 1962 World Expo in Seattle,participating in Expo 2020, bringing while TV made its debut in New Yorkthe number taking part close to 150. in 1939. Reem Al Hashimy, Minister ofThe developments came at what State for International Cooperationorganisers said was the biggest and Director General of Dubai Expogathering of nations in the four years 2020 Bureau, said it had been a day ofsince Dubai won the expo bid. great progress. Of the US decision sheAbout 180 countries, the number said: “We look forward to taking thisDubai hopes will participate in Expo further and to US corporations and2020, attended the International organisations being a part of ourParticipants Meeting in Dubai. Sheikh journey to 2020 and beyond.“ AmongHamdan bin Mohammed, Crown the other countries who announcedPrince of Dubai and Sheikh Abdullah their participation on Thursday arebin Zayed, Minister of Foreign Affairs Austria, Malaysia, Bangladesh, Cuba,and International Cooperation, Djibouti, Dominican Republic andattended. Mexico.The US has hosted two expos since Participation by Austria forms part ofthe foundation of the Bureau a long history for the nation of takingInternational des Expositions, the part in world expos, which dates backgoverning body of world expos, in to the Great Exhibition of 1851 in1931. It is home to some of the London. The UAE is Austria’s largestgreatest moments in world expo trading partner in the Gulf.The combined value of the Expo 2020 57 Dubai-related development projectshas touched $33 billion, according to a new report.

New report says projects will create 500,000 new jobs, with more than 2,000 structures being built The combined value of the Expo 2020-related development projects has touched US$33 billion, AED 121 billion, as the UAE begins the three-year countdown for the six-month-long mega global event that will kick-off on October 20th, 2020, according to BNC Network, the largest and most comprehensive project research and intelligence provider in the Middle East and North Africa, MENA, region.58



Engel & Völkers Aviation is about passion for aviation 35A Avenue J.F. Kennedy | 1855 Luxembourg Grand Duchy of Luxembourg Phone +352 26 47 58 35

Company ProfileEngel & Völkers Aviation Engel & Völkers Aviation is specialised in the brokerage of aircraft sales and acquisitions, and personally tailored charter flights around the world. The range of services the business division offers also includes expert legal and fiscal consultancy, aircraft management, financing tools, and insurance consultancy. usiness aviation is our profession. Business aircraft are our expertise: from small jets to long-range super jets. From business aircraft charter to aircraft purchase and sales. From aviation legal and tax consultancy to aircraft structured finance. Business aviation is tailor-made air travel, flying on demand, customized to your needs, with aircraft used exclusively by you, on your own schedule. No queuing in crowded airport terminals. It is personalized service in VIP terminals and lounges. Business aviation is about time and connectivity; you decide when, where, with whom. Connecting people. Offering the very best in safety and security – statistically proven! Engel & Völkers Aviation guides you under the trust and confidence of your local Engel & Völkers advisor, delivering trusted aviation expertise, whether to help you charter a plane for a single trip, or negotiate a long-term lease or aircraft purchase and adjacent consultancy. Engel & Völkers Aviation delivers professional aviation expertise for the premium client segment of Engel & Völkers’ high-end global property network, encompassing over 600 locations with some 8500 employees, in 33 countries spanning four continents. Engel & Völkers Aviation 35A Avenue J.F. Kennedy | 1855 Luxembourg Grand Duchy of Luxembourg Phone +352 26 47 58 35

nterview with Bart Boury, CEO of Bart Boury, is the CEO Engel & Völkers Aviation of Engel & Völkers Aviation, which is part 1. Mr Boury please tell us a bit more about of Engel & Völkers your company and what makes you so Group, a world leader special? in luxury lifestyles from desirable residences to Engel & Völkers Aviation is the most recent seaborne and airborne division under the reputed unique German adventures. It is this Engel & Völkers worldwide premium brand full-service capability and network, known for luxury real estate. We that makes the business provide professional aviation expertise for the a market leader. premium segment of clientele within and beyond our high-end, still growing, global real obvious and beyond any doubt; the same estate network, currently counting about people that can afford high-end property are 9.500 people in 34 countries over 4 the same potentials that can afford and may continents. need chartering from time to time a private jet, and, in the event of frequent use, that As an independent aviation brokerage and have already their aircraft or consider to consultancy, our center of competence has acquire a private jet. the know-how and freedom to provide genuinely impartial advice in all our domains What regards the wealthy Arab clients, the of activity: air charter, aircraft sales & Middle East is one of our target groups next to acquisitions and aviation consultancy (legal, Europe and North America. Engel & Völkers tax, finance, technical, etc.). We provide the real estate is since recently represented in finest business aircraft solutions. Dubai with a Metropolitan Market Center. Our experience is that it is difficult to penetrate to Our differentiation is simple: no other aviation that specific market as wealthy Arab potential brokerage wherever has the unique selling clients intend only to do business based on proposition of the unequal unique Engel & long standing trusted relationships, which we Völkers Aviation Brand and Network, including do not have yet in place in the Middle East. Private Office, other than Engel & Völkers Aviation. 3. Please tell us a bit more about your consulting services, nowadays wealthy 2. Engel & Völkers is known for its luxury real business people, who are thinking of buying estate business, in a way E&V’s premium an aircraft, don’t know much about aircraft clients can use your luxury aviation services administration (“not really within their to reach out fast and comfortable to their realm”), that’s when you kick in - correct? worldwide properties, so it’s a good combination. How has been your experience Buying an aircraft is one thing. Managing and so far with wealthy Arab clients ? operating an aircraft another thing. The technical, operational, administrative, legal, Indeed, the synergy between private/business fiscal and financial complexity of acquiring, aviation and our unequal unique premium managing and operating an aircraft requires brand and network of luxury real estate is specialization and professionalism. We have that knowledge and experience in house on all levels.62

4. Let’s talk about your aircraft charter Our service accommodates as we’ve only onebrokerage, what are the most distant routes level of service: superlative. But the specificyou are covering and which routes are strategy to attract more wealthy Arab clientscurrently in high demand ? from the GCC must be based on gradual integration within the local culture. A hugeWe cover all possible routes and destinations emphasis on religion, connections and localworldwide, but currently, most of our ad hoc business practices is crucial to develop acharter flights are within or originating in personalized relationship of trust. This canEurope. We now also focus on the US market only be achieved by a local representation, byas this is still the most important business professionals in the aviation business that areaviation market. part of the Arab culture and have access to the Arab high-end network.5. Your E&V Air app is coming out soon onApp store, sort of “tap-to-book app” - how do 7. Finally: What’s the best piece of advise youyou see the trend of on-demand private jet have been given?charter flights ? A setback is never a bad experience, justI do not believe in an “überisation” of the on another one of life’s lessons (R. Branson).demand private/business jet market. The app Otherwise said: The one who never made awill facilitate the charter inquiry, but will not mistake never made anything.take over the full booking process as thesuperlative customized high quality service Mr Boury thank you for the interview.level we provide requires personal contact andtouch.6. What is your strategy to attract morewealthy Arab clients from the GCC, knowinglymany of them like to travel for city-breaks orshopping weekends within Europe (fast andcomfortable)? 63





First class service You usually purchase an aircraft to get business done. But the business of aircraft administration is likely not within your realm of expertise. You may find yourself in need of a trusted aviation consultant, knowledgeable about current regulations and trends, and with specialist expertise in a range of categories spanning finance and insurance to certification and asset management. With experienced aviation legal and tax specialists in house, as well as an extended professional partnership network, E&V Aviation is your trusted aviation consultant in: ▪ Aircraft registration ▪ Aircraft (structured) finance solutions ▪ Setup of tax efficient ownership – registration structure ▪ Aircraft type of operation ▪ Aircraft risk management – insurance ▪ Simulations of aircraft operating cost budgets ▪ Continuing airworthiness management (maintenance follow-up) ▪ Aircraft management and operation structures; As your reliable consultant and partner, we manage the details so you can concentrate on your journey. Aircraft operation and management E&V Aviation is committed not only to accompanying and informing your journey in selecting the type of aircraft to acquire. We can also assist you in analysing and negotiating proposals for aircraft operatorship and/or management by selected accredited premium partners, operators and/or aircraft management companies. Aircraft management enables you to take advantage of a business aviation management company’s own in-house flight operations team, giving you the capabilities of a full-fledge, certified staff and flight crew, without the overhead to manage equivalent staff and crew on your own. Beyond that, experienced professionals can help to ensure the highest standards of safety and technical assistance in the management of your aircraft. The regulatory and administrative headache of aircraft operations remains with them: from overseeing maintenance, training and supervising crew, and monitoring compliance to general travel support, planning, scheduling and dispatching. To ensure that you benefit from world-class service and commitment, and best-in-class expertise, rely on us to help you assess and select the right aircraft management firm to match your needs and ambitions. With experienced aviation legal and tax specialists In house, as well as an extended professional partner- ship network, E&V Aviation is your trusted aviation consultant in: • Aircraft registration • Aircraft (structured) finance solutions • Setup of tax efficient ownership – reg.- structure • Aircraft type of operation • Aircraft risk management – insurance • Simulations of aircraft operating cost budgets • Continuing aircraft maintenance follow-up • Aircraft management and operation structures66

Aircraft sales & acquisitionsAt a certain point, the rationale for purchasing an aircraft becomes greater than the recurring expense of chartering. A generalrule is that if you fly around 150 hours a year, charter is your best option. Between 150 and 250, you may wish to considerfractional or shared ownership. And skyward of that, it is time to start thinking about owning.If your need for business aircraft travel is frequent or routine, we can assist you in analysing opportunities for aircraft investment,aircraft financing (including operating leases), and aircraft operating cost budgets and calculations.To get started, the first, most basic questions you will want to be able to answer are what distances do you expect to betravelling? With how many people? And how often? Your response will help us determine with you if, for example, a CitationSovereign or similar class of aircraft might be the perfect fit for your frequent 1,500-mile excursions with around fiveaccompanying passengers on board.From there, with our extensive network in the used business aircraft market and with business aircraft manufacturers, inpartnership with professionals who have long-standing experience in aircraft trading, we can guide you through the acquisition ofan aircraft in a way that meets your needs and expectations in accordance with your budget, and can assist you in the selection ofaircraft management and operatorship. From pricing to lead generation to helping you close the deal, E&V Aviation acts as a shrewd partner every step of the way. If you are considering selling or up-or-downgrading your aircraft under a trade-in arrangement, the E&V network, particularly renowned for its global brokerage of prestigious real estate, offers you one of the world’s largest display windows routinely visited by the target audience most likely to be your potential buyer. Drawing on our expertise, we support you in the pricing and valuation of your aircraft and contract terms, helping to resolve maintenance and inspection issues, finance structures, and much more besides. From start to finish, we will analyse the market and prepare an aircraft appraisal with benchmarking for the aircraft owner. We will also market and manage the entire sales process of your aircraft through to closing, in partnership with long- standing professional experts, and assist you in any further aviation needs you may have thereafter. 67

Aircraft Trading From start to finish, we will analyse the market and prepare an aircraft appraisal with benchmarking for the aircraft owner. We will also market and manage the entire sales process of your aircraft through to closing, in partnership with long-standing professional experts, and assist you in any further aviation needs you may have thereafter. Extract of our Sales portfolio include: Gulfstream G200 - Bombardier Challenger 300 - Bombardier Global 5000 - Piaggio Avanti II (PA180) - Hawker 900XP - Hawker 4000Hawker 4000ASKING PRICE: US$ 2,200,000 Hawker Beechcraft’s Hawker 4000, more commonly known as the Hawker Horizon, has been serving its owners well sin it went into service in 2005.Hawker Beechcraft had high hopes for this private jet – they designed it to meet the high standards of comfort and performance required in the super mid-sized category of aircraft. To give the 4000 a competitive edge, Hawker Beechcraft selected a carbon fiber fuselage, making the 4000 the first business jet to use one. Hawker 4000’s closest competitor, the Challenger 300, is so similar in many areas that it seems the two private jets were designed with the other mind.



Aircraft charter Whether you require a simple one-way or round trip, or need to cater for multiple destinations with a coterie of business partners, colleagues or family members on board, your Engel & Völkers advisor is on hand to connect you to all destinations of the world. With our air charter tool called E&V Air, soon available as a mobile app and currently being updated, we can offer instant quotes for your personal itinerary in each business aircraft category. If convinced, you can request a free firm quote, which includes all amenities to suit your specific trip requirements. Through E&V advisors, online, or via the mobile app: E&V Air ensures that your wishes take flight! Engel & Völkers Aviation collaborates with an exclusive yet comprehensive selection of business aircraft operators worldwide, putting a global fleet of state-of-the-art aircraft at your disposal – for every capacity, for all ranges and for any budget. Our quality system selects and operates only within the scope of legal charter operations with accredited, compliant aircraft operators who ensure the highest standards of safety at all times. The experts in the Engel & Völkers Aviation air charter brokerage back office will coordinate and fine-tune your trip in accordance with your agenda and personal needs, to include a helicopter and limousine service, should they be required.70



An approachable, professional,commercial and responsive law firmproviding excellent value and support to our clients, both domestic and international.

he firm provides a wide range of services across six targeted groups: real estate, retail andleisure, financial services, TMT, sports individuals and HK One (HNW). It provides legalservices combined with detailed sector knowledge to an international, corporate andpersonal client base. These range from national and global organisations, SME’s and ownermanaged businesses through to family offices, entrepreneurs and their funders and high-networth individuals.Principal areas of work Howard Kennedy comprises of five departments: corporate andcommercial, dispute resolution, employment, private client and family and real estate.Corporate & Commercial The department’s Dispute Resolution The department’s services include;services include; M&A, capital markets with a general commercial litigation, real estate disputeparticular focus on venture capital trusts and resolution, media litigation, arbitration and mediation,enterprise investment schemes, AIM, corporate defamation and human rights, business crime andreal estate, intellectual property, commercial regulatory and personal injury.contracts, business advisory and tax, businessrecovery and reconstruction, financial Private Client & Family The department’s servicesregulation, immigration and international include; contentious trusts and probate, tax planning,banking and finance. estate planning, establishment of trusts both in the UK and offshore, Court of Protection work, marriage andEmployment The department’s services include; partnerships, divorce and break up, work and issuesboard level advice, discrimination and involving children.harassment, confidentiality and businessprotection, disciplinary and grievance issues, Real Estate The department’s services include;international workforce issues, TUPE, Tribunal planning, construction, development, commercialand High Court claims, redundancy and investment, finance, real estate disputes, businessreorganisation programmes, employment occupation, plot sales and residential real estatecontract preparation, whistleblowing and policy acquisition and disposals and leaseholdguidance. enfranchisement.Sector Groups The firm operates six cross Clients The firm provides a full range of personal anddepartmental groups; real estate, retail and business services to an established client baseleisure, financial services, TMT, sports comprising national and international organisations,individuals and HK One (HNW). These draw on SME and OME businesses, entrepreneurs, their fundersexpertise from across all the legal disciplines and high net worth individuals. Clients include:within the firm. The combined knowledge of the Ballymore Properties Limited, Galliard Homes, Melroselawyers within these sector teams offers deep Plc, City & Docklands, Sydney & London Propertiesinsight into the industries in which the clients Limited, Allied Irish Bank, Santander UK plc, Grangeoperate. This enables us to provide timely, Hotels, Mills & Boon, Pandora, Yum! and Pizza Hut.relevant and commercial advice to meet theirspecific needs. International Howard Kennedy is the UK member of two global networks Meritas and Lawyers AssociatedHoward Kennedy LLP. Worldwide (LAW). The firm has built up close workingNo. 1 London Bridge, relationships with the firms in these networks but it isLondon not limited by them. Outside these networks the firmUK SE1 9BG maintains relationships with wide range of firms thatTel +44 (0)20 3755 6000 have relevant skills that is useful to its client base. TheFax +44 (0)20 3650 7000 firm works with these firms globally and offer a centralDX 144370 Southwark 4 hub for inward investment into the UK for their clients.www.howardkennedy.com 73

nterview with Antonia Torr Head of Immigration Services at Howard Kennedy LLP, London 1. Are citizenship programmes a new concept? The concept of acquiring citizenship through investment is not a new one – many countries now offer some sort of citizenship investment programme. The United Kingdom's programme is often referred to as the \"Tier 1 (Investor)\" programme and is particularly attractive to high net worth individuals, from the Middle East, who wish to acquire a second passport. The benefit of such programmes is that it helps to attract foreign direct investment. 2. What are the benefits of a second passport? Having a second passport (i.e. a second nationality) can have a number of benefits. For a number of high net worth investors, the prospect of having a second passport from a stable country such as the UK can be particularly advantageous, especially if there is the potential for political turmoil back home. This can become all the more important if an investor has any family members that they need to 4. Are there any restrictions for the Tier 1 (Investor) look after. category? In addition to the security that can come from a second passport it can also provide increased global mobility and As a Tier 1 (Investor) you cannot invest in a company that is international freedom. Many passports can have quite engaged in property investment, property management or restrictive visa-free travel options – a passport from the property development. The UK government require the United Kingdom can open up so many opportunities when it investment to be made into either UK Government bonds or comes to increased mobility. According to into UK trading companies that are active in sectors other www.passportindex.org, the British passport has a global than property ranking of 3 in terms of being one of the most powerful passports in the world (when it comes to global mobility). Finally, most high net worth investors who come into the 5. Has Brexit had any impact on the Tier 1 (Investor) United Kingdom do so because they have children and they programme? would like their children to have an education in the United Kingdom. On 23 June 2016, 51.9% of the participating UK electorate voted to leave the European Union. This vote has since 3. What are the requirements of the Tier 1 (Investor) become known as \"Brexit\". The Brexit vote has not really programme? had much of an impact on the Tier 1 (Investor) rules or requirements but there have been some other effects which The UK Tier 1 (Investor) programme requires non-EU relate to the Tier 1 (Investor) category. nationals to invest a minimum of £2 million into UK The first notable side effect of the Brexit vote is that it has government bonds or into active UK trading companies. caused some high net worth clients to pull out of other There is no English language requirement and no European citizenship investment programmes. A significant maintenance requirement. If you invest the minimum number of high-net worth individuals, usually from the amount of £2 million then an applicant would be eligible for Middle East, were investing into programmes such as Malta Indefinite Leave to Remain (also known as settlement) after or Portugal with the end objective of entering the UK as an 5 years in the United Kingdom. If the investment is EU national. Once the Brexit vote was announced, we heard increased to £5 million then this period is reduced to 3 years stories of individuals leaving those programmes to then and an increase to £10 million sees the residence enter the UK Tier 1 (Investor) programme. This was requirement reduced to 2 years. reflected in the slight increase in the number of applications made between 23 June 2016 and the present day. The fact that the value of the pound has also dropped may have also reinvigorated interest in this visa category – after all, the old adage \"buy when things are down and sell when things are up\" is the philosophy of many an investor.74

Brexit has caused some market volatility and sotherefore Tier 1 (Investors) have to be cautious whenlooking at the value of their investments – despite thepotential long term gains that could arise. A failure tomonitor their investments throughout the whole term oftheir visa can result in future extension or settlementsapplications being refused. For example, for those whohold investor visas under the pre-November 2014 rules(otherwise known as the £1 million investor category)would have been subject to a \"topping up\" requirement.Such investors would have placed 75% of the £1 millioninvestment into UK bonds or UK trading companies andwould have to have topped the market value of thoseshares if the value dropped below the 75% mark. Brexitis one such event that could cause the drop in themarket value of such investments.Any investor who have a visa issued to them post-November 2014 (i.e. have invested at least £2 million)would not have to worry about the top up provision assuch (as this was no longer applied) but can still getcaught out when it comes to selling investments andthen re-investing the gross proceeds.Therefore all Tier 1 (Investors) must keep a weather eyeon the value of the investments and what they do withthem.6. Are there any upcoming changes to the Tier 1(Investor) programme?At the moment there are not any proposed changes tothe Tier 1 (Investor) programme but, as with mostthings, if you want to guarantee access to the UK underthe current Tier 1 (Investor) requirements then you willneed to submit an application as soon as possible.Antonia we thank you for the interview. 75

Emily Mailer Head of HK One No. 1 London Bridge, London UK SE1 9BG Tel +44 (0)20 3755 5584 Fax +44 (0)20 3650 6935 Emily’s background primarily relates to advising High Net Worth individuals in relation to their Wills, trusts and Estate planning, having been a member of the firm for 15 years. As an experienced private client solicitor, Emily has a Recent experiences broad practice with specific expertise in the following areas: Acting for the attorney of a high net worth individual who no longer had capacity to • Advising individuals and their families regarding make changes to her Will or make disputes concerning Wills, estates and trusts, on substantial lifetime gifts to family matters such as the validity of Wills, claims relating members – this required careful to the removal of executors or trustees, or negotiation with other family members in allegations such as breach of trust. order to make a successful application to the Court of Protection for an order to • In an ageing population, providing advice to execute a new Will and authorise families where a family member may no longer be substantial lifetime gifts for inheritance tax able to manage their affairs by reason of incapacity planning purposes. and where necessary making an application to the Court of Protection. Acting for the executors of a well-known artist in the course of both the • Providing advice to families regarding the administration of his estate and in the transmission of wealth between generations. context of claims brought by family members for reasonable financial Emily offers a bespoke service to individuals and provision from the estate. their wider family members and, when resolving disputes, takes a commercial and pragmatic view to Acting for television personalities, achieve a resolution. entertainers and actors and others in the music industry in relation to their Wills and For more information about HK One estate planning, to ensure successful please visit HKOne.com transmission of wealth between generations of a family as well as recognising the specific requirements for these individuals, for example, their intellectual property rights and wider reputation management.76

Antonia TorrHead of Immigration Services No. 1 London Bridge, London UK SE1 9BG Tel +44 (0)20 3755 5835 Fax +44 (0)20 3650 6770Antonia assisted a number of Tier 1 (Investor) Antonia has extensive experience in UKMigrants from the UAE and China and has immigration law specialising in both businesssuccessfully obtained multiple Tier 1 and private client migration.(Entrepreneur) visas for numerous clients Possessing an excellent track record with clientsfrom the Asian sub-continent. based both in the UK and abroad, Antonia has assisted a great many clients in obtaining theirAlthough Antonia was born in the UK, she has investor, entrepreneur or sole representativespent most of her life in Africa, Australia and visa. In addition, she has given in-depth adviceCanada giving her a real insight into to those who wish to sponsor migrants whetherinternational migration and relocation. it be through the family route or under a work permit scheme. Her ability to properly assessBusiness Immigration her client’s needs along side the requirementsThe United Kingdom continues to be an of the Immigration Rules mean that she is ableattractive destination for business. Seeking to achieve the best possible outcome for herdetailed and accurate advice prior to investing clients.or relocating to the UK is crucial to ensuring Experienced in complex human rights issues,that any move is efficient and effective. Antonia has appeared before the First and Upper Tier Tribunals on numerous occasionsAntonia’s team have extensive technical thereby establishing her reputation as a highlyexperience in advising those who wish to effective advocate.come to the UK to invest, to set up a new Antonia regularly advises private individuals andbusiness or simply would like to come and businesses and is known for providing pragmaticwork for an existing enterprise. and technically accurate solutions to complex legal problems.You can rely on Howard Kennedy to providean innovative solution to your business needsthrough our immigration, tax and corporatedepartments. 77

HK One: The legal concierge service for high net worth individuals offering a multi-disciplinary approach drawing on the extensive resources of Howard Kennedy dispute resolution HK One is uniquely positioned financial distress to offer you a comprehensive and employment multi-disciplinary range of services ip and data protection to help you protect, manage and grow your business and my investments investments now and to plan for reputation management the future. corporate tax immigration \"Whatever time zone you are in, HKOne will ensure that your The UK’s position as a global centre for business, as well as having one wealth, family, home and business of the highest standards of living in are protected\". the world, a thriving market and advantageous tax regime for you as a high earner, may understandably be attracting you to invest here. HK One’s immigration team, working closely with their exclusive contacts and other teams across the firm, have extensive experience helping clients relocate their business to the UK and advising on the many other issues associated with UK immigration.78



Company portrait Quinta Properties Savills - Leading real estate agent in Quinta do experience on the local market and anyone in who Lago, Vale do Lobo and Central Algarve for over 20 knows QP Savills and has dealt with Alison, Kerstin, years. QP Savills deal with some of the most and their team will know they are passionate about exclusive and exciting properties in and around property and providing a truly first class service to Quinta do Lago and Vale do Lobo. As the local all of their clients. Their 20 years of experience in Savills associates, they have access to over 700 the local property market also enables them to owned and associate Savills offices worldwide, and independently recommend legal, architectural, more than 30,000 people in over 60 countries financial and construction and design professionals throughout the Americas, Europe, Asia Pacific, who meet the highest standards. QP Savills are Africa and the Middle East. With this exceptional registered with the Portuguese authorities as back-up, they are well placed to help vendors sell licensed agents, meeting stringent standards their property. For buyers their local property themselves and their multinational team are fluent portfolio features over 200 properties alone. In in English, German, French and Portuguese to addition to that they offer in-depth knowledge and mention just a few.80

Q&A withMaria Nobre de Carvalho from Quinta Properties

nterview with Maria Nobre de Carvalho from Quinta Properties 1. QP Savills has become the leading real Maria sounds more American than estate agent in Quinta do Lago, Vale do Lobo local. As a child she grew up in and Central Algarve, please tell us a bit more Macao, studied in Lisbon and the and what makes you so special? United States, went on to get her Masters Degree in Marketing and has We deal, and have dealt, with some of the lived and travelled extensively with most exclusive and exciting properties in and her career. Her role at QP is to take around Quinta do Lago and Vale do Lobo for their marketing efforts to ever the last 20 years. As the local Savills loftier levels and ensure QP remains associates, they have access to over 700 leaders in all things marketing. owned and associate Savills offices worldwide, and more than 30,000 people in over 60 2. Portugal has been named recently the 5th countries throughout the Americas, Europe, safest country in the world, in uncertain times Asia Pacific, Africa and the Middle East. With with Brexit, volatile markets, etc, surely a this exceptional back-up, they are well placed safe choice for Arabian high-net-worth to help vendors sell their property. For buyers families to purchase a nice holiday home in their local property portfolio features over 200 Portugal, what has been your experience so properties alone. far with overseas clients? We make it our business to support our While our client base has been mostly clients, to explain all the options, procedures northern European, with a big focus on the UK and pitfalls and to carefully guide them market (60%), we have certainly seen an through the entire process from purchasing, increased interest from overseas clients. owning and selling property in the area. Our Indirectly, Brexit is having an effect on the goal is to help them meet their goal - and market as the Pound continues to loose its make the process not only enjoyable and value during the somewhat chaotic memorable but also making sure we protect negotiations in Brussels and our clients seem their best interests while achieving objectives. disinclined to take their money out of this Euro based property market. Our clients feel Anyone who knows QP Savills and has dealt their Euro based assets are a “safe bet” and as the predominant reasons to buy continue to with Kerstin, Alison, and our team will know be lifestyle, decisions to own a property here seem elementary. that we are passionate about property and New buyers to the market (40%) are also influenced by the fluctuation in the currencies. providing a truly first class service to all of our Todays buyers are sophisticated and well informed and many, who have been flirting clients. Our 20 years of experience in the local with a purchase, have decided not to wait for the Pound to decrease any further and make property market also enables us to that purchase now. The Golden Visa Program is of course a major attraction point for independently recommend legal, investors, although the Algarve has not been sought-after by this type of buyer. However, architectural, financial and construction and this situation however is sure to change with the appearance of new and very interested design professionals who meet the highest projects and developments in the south of Portugal. standards.82

3. The Portugal Golden Visa Program has live in Portugal, based on the investor’s Goldenproven to be the most popular scheme in Visa, through a family reunion application, whichEurope with Investors attracted to its should be made as from the moment the Goldenflexibility and benefits. An investment of Visa for the investor is approved.EUR500,000 in real-estate in Portugal will gain Once in possession of the Golden Visa, investorsa residency permit for a family including are allowed to travel within the Schengendependent children – please tell us a bit more. countries without the need to apply for a visa for each country to be visited. It is possible to stay inIt is now almost four years since the Golden the Schengen area for 90 days in each period ofVisa programme was launched. According to 180 days.recent information released, from October2012 to 30 April 2016, 3,295, Golden Visas 4. Coming back to our audience – wealthy Arabwhere issued. The Golden Visas were granted families – it would make more sense for them toto nationals from China (around 80% of the purchase a home via a company vehicleGolden Visas issued), Russia, Brazil, Lebanon (company owned property). You also act as aand South Africa. The regime has already company manager, please tell us more about it.generated an investment in Portugal of morethan EUR 2 billion. There were also issued QP Savills do not act as a company manager, however most the properties we sell are5,034 residence permits to Golden Visa holders' company owned. We have a lot of experiencefamily members. From the alternative ways of with this type of purchase and are extremely wellinvestment chosen by investors to obtain the placed to advise and recommend the bestGolden Visa, the acquisition of real estate has services to meet our clients needs individually.been the preferred way and the most requestedareas to invest are in Lisbon (e.g. Parque das 5. What is your strategy towards attractingNações) and its neighbourhood areas of Estoril, more wealthy Arab families from the GCC withinCascais and in the Algarve. The investors who the next 3-4 years?obtain the Golden Visa may also qualify aspotential beneficiaries of the Non-Habitual I believe the strategy continues to be the same –Residents tax residence regime. Through the to provide excellence in our service, whilebeneficial tax regime for Non-Habitual Residents guiding our clients , explaining all the options,and the Golden Visa regime, Portugal is a very procedures and pitfalls through the entireattractive country to live and invest in, both for process from purchasing, owning and sellingEuropean and non-European nationals. property in the area. The country is one of the safest and most peaceful in the world and theThe requirements should be met throughout a promotion of the Algarve has been carried out byminimum period of five years, counting from the RTA (Tourism Board of the Algarve) and thethe date the residence card is issued for the Program Portugal IN, internationally to attractfirst time. The first residence card (Golden foreign investors to Portugal.Visa) is valid for one year and should beapplied for with the Portuguese Foreign 6. Finally, one last question: what’s the bestServices during the first 90 days of presence in piece of advice you’ve been given?Portugal. This residence card may then berenewed for successive periods of two years, I would say quite a few advices have stuck withprovided that the conditions are maintained. me over the years and have proven to be spotTo be able to renew the Golden Visa, its on. In business, however, one I particularly likeholder should stay at least seven days in and try to follow, is ‘always hire people who arePortugal during the first year of validity and at even better than you’. Not an easy one for a lotleast 14 days during each of the subsequent of people, but if you surround yourself with thetwo-year renewal periods. The investor’s best, you become better. And there is nowherefamily members are also allowed to enter and to go but up. We thank you for the interview. 83



Magnificent Luxury Villa in Vale do Lobo Price EUR 20.000.000

Ground breaking new property, beautifully located on anelevated site above the prestigious Vale do Lobo Golf & BeachResort, with stunning views over the lake, golf courses and outtowards the sea. This property, a first of its kind in the Algarvehas over 2000 m2 of built area which has been designed andconstructed to the highest standard, including awe-inspiringarchitectural features and finished to perfection. Reference: 85322QP Build size: 2,014 m2 Type: Villa Bedrooms: 9 Location: Vale do Lobo Ownership: UK Co Plot size: 3,173 m2 Price: € 20,000,00086

The exterior is contemporary, and the property is set over fourlevels including an infinity swimming pool with spectacularwaterfall. The very top level is privy to a terrace lounge,complete with a state of the art fire pit, perfect for eveningsspent watching the sun set with a cool drink.The award winning interiors are stylish and incredibly inviting,fusing sleek designs with sumptuous, fashionable furnishings.Nine fabulous bedroom suites, impressive reception areas,cinema, bar/lounge and a wellness area, complete with a Gym,Sauna and treatment room, all contribute to creating a trulyspectacular villa with something for everyone. In additionthere is staff accommodation and plenty of garaging. 87

Located in the world class resort of Vale do Lobo, this is an enviable acquisition as an incredible family residence or a desirable and luxurious holiday retreat. The Portuguese NHR program and citizenship options make this estate even more attractive. • Ground breaking design • 6 car garage • Combinations of the quality of materials used and sheer size are new to the • Lift • Algarve • Heated swimming pool • 9 bedroom suites • Outdoor kitchen with large outside dining & entertaining areas • Open plan reception rooms • Beautifully landscaped gardens • Separate formal dining room • Stunning golf and sea views • Stylish study • Under-floor heating • Games room and bar • Air conditioning • Cinema • Security system • Sauna and steam room, Gym/dance studio • Automatic gates • Staff accommodation with living room, kitchenette, bathroom • EPC rating: B88

WORLD CLASS DESTINATIONS LUXURY REAL ESTATEQuinta do Lago is one of the most As the chosen associates of Savillsexciting and exclusive resorts in since 1997 we deal with some ofEurope and understandably boasts the most exclusive property in thesome of the most spectacular villas Algarve, especially in and aroundin the Algarve. With miles of Quinta do Lago and Vale do Lobo.golden beaches and the pristine Our business is to support you andAtlantic Ocean, undulating pine to carefully guide you through theforests and some of the best golf entire process from purchasing tocourses in the world. selling properties in the Algarve. QUINTA DO LAGO VALE DO LOBO QP Quinta Properties QP Vale do Lobo Properties Avenida da Gondra, Quinta do Lago Avenida do Mar, Vale do Lobo 8135-162 Almancil, Algarve - Portugal 8135-034 Almancil, Algarve – Telephone: +351 289 396 073 Portugal Fax: +351 289 398 086 Telephone: +351 289 009 810 Mail: [email protected] Mail: [email protected] coordinates: 37.059791 -8.022429 Office coordinates: 37.061037 -8.056945



Brand New Luxurious State of the Art Villa in Quinta do Lago Price: EUR 8.850.000

Captivating new private villa located in the heartof the prestigious Quinta do Lago development,minutes from the Ria Formosa nature reserve andthe golden beaches of the Atlantic ocean. Reference: 83640QP Traditional yet with elegant Type: Villa contemporary interiors, this property Location: Quinta do Lago is incredibly well built, using the very Plot size: 2,770 m2 best materials and top finishes, the Build size: 969 m2 villa is spread over three levels and Bedrooms: 7 incorporates seven spacious bedroom Ownership: Portuguese Co suites. Price: € 8,850,00092

A beautiful entrance hall leads into two beautiful receptionrooms that extend onto pergola covered terraces, perfectlyframing the impressive landscaped gardens and magnificentgolf views. A stylish and open-plan kitchen and dining room, anextra office or TV room, as well as two exquisite bedroomsuites, complete the ground floor.On the first floor, the two main bedroom suites are bright andspacious offering fabulous views over the pristine fairways.The basement is also impressive, with two further bedroomsuites, a large games room, and bar, a gym, cinema, laundryroom as well as a double garage. Outside the stylish exteriorterraces and barbecue area overlook the generous, swimmingpool and impeccable grounds. 93

This super luxurious property is fully controlled by a home management system. Built with incredible attention to detail and located in what must be one of the most prestigious locations in the Algarve, this really is a wonderful opportunity to own your dream home. Quinta do Lago is a prestigious resort with a variety of exclusive amenities, including world-class golf, professional sporting facilities, unique entertainment, fabulous restaurants, and a fantastic beach.94

The Golden Visa (a special residence card) was created with the aim of attracting foreign investors tolive and invest in Portugal. For the purposes of obtaining the Golden Visa, the applicant should meet atleast one of the following conditions:• A transfer of capital to Portugal of at least EUR 1m• Creation of at least 10 new jobs in Portugal• Acquisition of real estate in Portugal with a value of, at least, EUR 500,000.• Acquisition of real estate in Portugal, where construction ended at least 30 years ago, or is located in an urban regeneration area and carry out renovation works on the purchased real estate, amounting to a global value equal to, or greater than, EUR 350,000; or• A transfer of capital equal to, or greater than, EUR 350,000, that is aimed at developing and enhancing research activities developed by public or private scientific institutions, integrated into the national scientific and technological system; or• A transfer of capital equal to, or greater than, EUR 250,000, that is aimed at the investment or support of artistic production, recovery or maintenance of national cultural heritage, through certain recognised institutions; or• A transfer of capital equal to, or greater than, EUR 500,000, aimed at buying into investment funds or venture capital geared to the capitalisation of small and medium enterprises who, for this purpose, present the respective viable capitalisation planThe individual may invest directly or through a company with its registered head office in Portugal, provided that itmeets one of the above requirements. However, when the investment is made through a company, the investmentamount considered for the purposes of granting a Golden Visa will be proportional to the share capital held by theapplicant. For the purposes of meeting the criteria relating to the acquisition of real estate, the following situationsare also admissible:• Co-ownership of the real estate, with each co-owner making an investment of a minim of € 500,000;• Making only promissory contracts of purchase before the initial application for the Golden Visa, provided that a deposit of a minimum of € 500.000 is paid. However, at renewal stage (i.e. after one year), the purchase of the property must have been completed;• (Bank) financing of the acquisition of the property for the purchase price in excess of € 500,000;• Rental or letting of the property for commercial, agricultural and tourism purposes. 95

dvertorial Top Law firm Cyprus:Polycarpos Philippou & AssociatesUnique approach to client careWe are passionate about providing our clients with the bestlegal advice, guidance and support Imaginative outlookWe are a full service law firm with over 30 years of • Real Estateexperience. Through our global network of trusted • Family Lawassociates we offer a truly international service and • Criminal Defenceaccommodate transactions and offer services in • Wills, Probate & Estate Planningmore than 10 jurisdictions. From our offices in • Administrative LawPaphos and Nicosia we offer our national services • Civil Litigationall over Cyprus. • Residence Permit & CitizenshipWe have the experience and expertise to provide • Corporate & Commercial Servicestop advice and the culture to put quality of service • Landlord & Tenantahead of easy profit. We offer a wide range of both • Employment Lawpersonal legal services as well as cutting edge • Trustscommercial services for our business clients. Someof our clients include international funds, high net-worth individuals and international corporateorganizations.With an open and honest approach, our emphasis isto provide quality, tailored legal advice toindividuals and corporate entities.Paphos Office Address (main office): Nicosia Office Address:Corner of Neof. Nikolaides Ave &Theo Kolokotronis Street, Athalassas Avenue 170, 4th Floor,Onisiforou Centre, 2nd Floor, Office 401, 2025 Strovolos,8011 Paphos - Cyprus Nicosia, CyprusT. +357 26 822 122F. +357 26 822 125E. [email protected]



minutes withMarina Vernicos

nterview with Marina A photograph can give an entirely differentVernicos impression. Viewer perception can be a factor, but more often this is because photographs are both aPlease tell us a bit about your company and what direct record created by the world and anmakes it so special? interpretation created by the photographer’sMarina Vernicos as a company stands for choices, whether conscious or unconscious. In otherphotography, fashion and the art of giving. And that words, photographs are both document and art.is what I believe makes it so special and Would you agree with that?distinguishable. My photography focuses mainly on Photography is a medium for documenting,capturing seascapes and landscapes mostly of my understanding and also interpreting the world. It is acountry, Greece, as well as other countries. form of representation, shaped by a series ofIn the past 3 years I’ve been exploring the world of decisions made by the photographer For meaerial photography. Luckily we live in an era where photographs combine the factor of documentationtechnology evolves rapidly. In recent years drones always filtered by the artist’s subjectivity.have dynamically entered the art world ofphotography and I was captivated by it. Aerial Is photography more expressive than other arts?photography excites me as it enables me to see the Photography is the best way to express myself. Iworld from a completely different perspective, take photos my whole life. My photography reflectswhich expresses me and my philosophy. It’s a the way I see things and is a means of expressing mydifferent point of view, which enables me to capture feelings. Each image captures my experiences, mybeauty in a different scale where up until few years travels, my dreams and my precious memories. So ifago I could only capture with a helicopter. My you ask me, the answer is yes.company also includes Marina Vernicos Collectionwhich consists of fashion items - both accessories Your photography are displayed all over the worldand clothes-with my photos from various places inGreece printed on them. The launch of Marina in museums and luxury hotels, what are your nextVernicos Collection is an attempt to promote mycountry abroad but also to support my non-profit projects?organization CREAID. There are unique accessoriesfilled with love, luck and hope to help children in It is true that until recently my work was displayedneed. My photography and Marina VernicosCollection are available online at in museums and galleries or published in photowww.marinavernicos.com. books. Now I move one step forward by making myEvery artist has a message, what is it you are tryingto express with your photography? photography available online atPhotography is the expression of a personal point ofview and state of mind and each picture reflects the www.marinavernicos.com for anyone who wants toartist’s feelings. As an artist I want my work tocreate a positive vibe to the viewer. I want my make an order. My photographs are printed inpictures to reflect the serenity and beauty of what Icapture and the happiness that I feel. That’s the plexiglass. The printing method that we use for thereason why I insist in capturing various landscapesof my country, Greece, which is in my opinion -and artwork, is the UV direct print. Non glows or otherafter having travelled to 115 countries around theworld- the most beautiful and stunning place on adhesives are used between the print and theearth. plexiglass. At the end, a 3mm black glossy plexiglass is mounted on the backside to protect the print and support the hanging system’s installation. My next projects include two photo coffee table books; one from TeNeues Editions for Sani Hotel at Halkidiki and one for Mykonos, in collaboration with the island’s mayor. I also continue to expand my fashion line, Marina Vernicos Collection. The collection includes clothes, bathing suits, backpacks, waterproof pouches, tote bags, espadrilles, silk scarves, beach towels, iPhone cases as well as a limited edition fur collection. Finally one last question: What’s the best piece of advice you’ve been given? My family has always been my reference point and for any advice I was always turned to my parents, who passed me the values to stand on my own feet, to be positive, creative, to understand people and love my country. These are the values I am now -as a mother- trying to pass to my own children.

Marina Vernicos was born in Athens, Greece. She studied Communications and Photography at Emerson College of Boston and Business Administration at Harvard Extension School. Since 2001, she has showcased a number of solo and group exhibitions in distinguished galleries and museums around the world, such as the museum of Cycladic Art in Greece, Museum of Louvre and Eiffel Tower in Paris, Hangaram Art Museum in Korea, London, Monaco and NY.She has been awarded the prizes “SandroBotticelli” at the Palazzo GiucciardiBongianni, Florence and in France “LaGrand Exposition Universelle” at the EiffelTower. She has collaborated on photoprojects with companies such as Mercedes,Perrier, Napapijri, Folli Follie, Sani Resortand was selected as an ambassador forHermès. Her work can also be seen indistinguished hotels such as the Amanzoeand Nikki Beach Resort & Spa in Greeceand Turkey.She has published four books. She is thefounder and President of CREAID(www.creaid.com) a non-profit orga-nization with a targeted humanitarianmandate, served through creativity andart. She has created her own line ofaccessories and clothes under the name“Marina Vernicos”.