Bilanz Homes, Switzerland’s real estate magazine just published a very interesting article on some of the world’s most interesting tax havens worth to by a property. Switzerland itself is one of the investment friendliest countries in the world so Swiss citizens more likely looking for a place to escape the cold and wet winter weather, but where they still enjoy financial advantages.

Countries on that list who are offering a very mild and warm climate, white sandy beaches with palm trees and a relaxing lifestyle are St. Kitts, Bahamas , Croatia and Malta just to name a few. St. Kitts for example features a very tax friendly climate for foreigners. The 168 square miles big island, part of the British Commonwealth, is a independent country located in the northern group of the Antilles and only approx. 2000km south-east of Miami, Florida. Besides its stunning beaches and crystal blue water it also offers no income tax, no capital gain tax and no inheritance tax. When purchasing a property, there is a 6% stamp duty of the sales price and further 0.2% to be paid into a state insurance fond. The annual property tax is 0.2% of the market value. A nice side effect when buying in St. Kitts is that you will be able to become resident when buying real estate worth more than $400’000. So without a doubt, this is really of interest if you are living in a country where it’s of great advantage to be able to hold dual citizenship so traveling for example will become easier.

One of the rising stars in Europe as being a tax haven is Malta, a small island in the Mediterranean Sea south-west of Italy. The small country with a population of round about 400’000 and with one of the lowest GDP’s in Europe joint the EU in 2004 and the Euro zone in January 2008. Furthermore its part of the Schengen Country. Malta has a unique tax infrastructure featuring very interesting fiscal incentives not only for individuals but also for organizations. Malta has no value added tax and no sales tax. A 5% transfer duty has to be paid when purchasing real estate on the island. There are also no regularly recurring taxes or fees on properties. Officially, you don’t generate income with real estate so there is also no income tax to be paid. A foreign individual who takes tax residence in Malta, is taxed at 15% on the income brought into Malta, whilst organizations that set up a real office in Malta, although still attract a corporate tax of 35%, the foreign shareholders are refunded 30% of the tax within 20 days. Malta is also named “little Hollywood” because its ideal for filming and many box office movies have been shot on the island. The country offers a variety of incentives for aviation and vessel industry. Wetag is offering one of the most sought-after luxury properties on Malta. The townhouse like villa or palazzo is located in Rabat and features stunning interior design by Schembri Design Studio, boasting all luxurious amenities of these days. High end finishing’s and a great setting with the possibility to have also your own office in house make this property a rare find on the island. With all these above mentioned advantages combined with 300 days of sunshine all year round, Malta has seen a huge influx of high net worth individuals, organizations and foreign investment.

Posted By: Peter Rabitz

According to a recently published study by Forbes, European country of Austria is the best retirement haven. Forbes also states that there is no overall paradise and each country is unique. The ranking is based on a variety of criteria ranging from safety to retiree-friendly visa requirements to decent medical care. Earlier this year, Vienna already gained first place in a ranking for cities offering the best quality of lifestyle so the country’s ranking doesn’t come by surprise. Austria scores with high standards in lifestyle and medical service. The countries private clinics are world-class. The charming architecture in Vienna impresses thousands of tourists each year and some choose the city to stay there for a longer time. Thailand holds the second position for being the best place for retirees considering its comfortable warm climate and best buys for quality health care at reasonable cost within Asia. Thailand is perfect for living on modest budgets. Thailand also features great upscale living with exciting architecture. Dolce Vita in Bella Italia makes Italy come in third. Without a doubt, Italy is well known for its famous food with its olive oil, grilled vegetables and homemade pasta as well as all the beautiful cities with its old and charming architecture, but what is quite new to me, it also scored with the less known fact that it is supposed to have one of the world’s best health care systems. One of the most sought-after regions to life is Tuscany with its famous Tuscan style villas and farm houses. The unappreciated 4th place is taken by Panama. Well known for its low taxes, the country also offers year-round sun, massive discounts for seniors, quality private hospitals, a dollar economy and great accessibility from the US and Europe. Panama City is also considered safest of all Central American cities and last but not least it’s a great business centre in Central America not only because of the famous Panama Canal. Real estate is considered good deal with high standards. The list of the 10 Best Retirement Havens is continued by Ireland, Australia, France, Malaysia, Spain and Canada. I am just wondering what place Switzerland comes in, but maybe the overall quite higher cost of living are the fault to have Switzerland not making it in the top ten.

Posted By: Peter Rabitz

Como, especially Lake Como is well-known world wide not only because of its dream like setting, but more likely because of its very famous resident, George Clooney, who is living part-time in his beautiful period time villa in Cernobbio, a village right on the western shore of Lake Como and opposite the city of Como. However, the region of Lake Como is also known for its large period style mansions either direct on the lake or nestled on the hills surrounding the lake with beautiful panoramic views.

Just recently, I came across a fascinating remodeling of a former monastery located in the outskirts of the city of Como which has been converted into a residential complex where the young architecture firm JM Architecture connected two adjacent units into a stunning duplex apartment.

The shape of the original units is clearly enhanced by the different pitched ceiling direction as well as by their different heights. The architect and owner of JM Architecture, Jacopo Mascheroni, thought to keep the shell intact, maintaining the entire length of the unit open and invading the space minimally. In a result to that, he placed an enclosed box on one side containing a small bedroom and two bathrooms. The rest of the unit is dominated by a huge open space featuring all the main functions of the home. When entering the home through the main entry, the very small foyer creates a sense of compression before entering the main gallery where the spacious open living space features a grandiose living area, open kitchen and dining, all separated from the master bedroom by a lacquered block. A great gimmick is a video projector who is screening pictures on the wall above the kitchen. To allow the maximum projection surface, the upper kitchen cabinets are hidden behind the wall and slide down with a motorized system. An almost sculptural element of the home is the staircase, which is an assembled steel beam with open treads made by a cantilever steel plate covered in wood. Jacopo Mascheroni explains further characteristics and details of its work: “Canadian maple has been carefully selected for the hardwood floors, and since maple wood isn’t stable with radiant floor heating, the floor planks were custom built with 2.5mm Canadian maple top and back layers on a particle board. The 20cm width of the floor planks modulate the position of all the elements, from the walls to the millwork. The floor planks also run up the master suite wall, which is lit by an upper light cove.

All perimeter walls and ceilings hide an additional layer of thermal insulation and the bathrooms are equipped with radiant panels in the ceiling. The walls adjacent to other units have been covered with a led layer to give additional acoustical insulation. Glacier white Corian is used for counter tops and sinks in the kitchen, laundry room and bathrooms, for the bath-tub, showers and parts of the bathroom walls. The house is fully automated and is managed by a server located in the studio on the second level. Everything has been custom designed, including the entire kitchen, bathroom sinks, beds, dining table, desks and bath-tub.”

Without a doubt, this duplex is a great example of Italian design and architecture skills and is fascinating by its minimalistic style and ingenuity.

Posted By: Peter Rabitz