Property consultancy Advocate International says moves to put overseas property in Sipps could create mis-selling threats to IFAs because of local land ownership and tax regime issues.
The consultancy is highlighting the mis-selling threat after reviewing the situation facing British owners of second homes in Northern Cyprus. Greek Cypriots pushed out of their homes and off their land following the Turkish invasion in 1974 are using EU law to regain rightful ownership, with some cases already reported of British owners losing or about to lose their holiday homes through court decisions. “There is going to be carnage in Northern Cyprus,” says Peter Gamble, joint managing director. Interviews on the ground as part of Advocate International’s ongoing market research...
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