VIP World by Carlyle Communications Ltd

Inside Lifestyle upgrades: global opportunities from Switzerland to the Caribbean The Sport of Kings: Possessing the ultimate symbol of success Luxury watches Contemporary timepieces from timeless Swiss masters

STEALTH WEALTH

VOL 1 l NO 1

The devil in the details: the subtle face of contemporary affluence

travel wealth education culture overseas living sport

Join the party! In 2010 Highclere Thoroughbred Racing’s owners experienced the thrill of ownership at the highest level with prizemoney earnings of £1.3 Million and a record 42 winners on the board. This included a treble at Royal Ascot and Harbinger’s record-breaking victory in The King George and Queen Elizabeth II Diamond Stakes.

Share in our success To find out more about how you can become a Highclere owner, with shares starting from £4,250, please contact Harry Herbert or Alex Smith. Tel: 01488 669166 Fax: 01488 669278 e-mail: hherbert@highclere.co.uk alex@highclere.co.uk www.highclere.co.uk

28 Editor Cliff James Editorial Team Neil Walden Peter Morrin Jason Bloom Olivia Parisse Kathryn Fox Design & Print Production inkCap design Advertising Sales James Stone Peter Ritter Lucy Goldsmith Publishing Director Julian Bonny Finance Director Andrew Lidstone Subscriptions Manager Daisy Mills Published by Raellen Communications Ltd 2nd Floor, 145-157 St John Street London EC1V 4PY United Kingdom Tel: +44 208 777 8355 Fax: +44 208 776 2682

Editor’s Letter

t is a well-known truism that many blessings come in disguise, but less accepted is that enlightened affluence often goes unnoticed. Out of the Great Recession, the international fashion industry has been sifting through a mixed bag of blessings and blights as it grapples to redefine style. Whereas the more ostentatious labels had their glorious summer during the boom years, discretion is the dictum during the winter of discontent. As usual during such times, the timeless style of the haut monde reverts to its elegant, subtle and sophisticated roots. And so, the cover story of this edition of VIP World is an investigation into the tactical return of stealth wealth. At a time when elegant style is on the ascent, we review the most refined timepieces from the world’s master watchmakers, and delve into the realm of superior security solutions for keeping such objets d’art safe. And, with an increasing focus on the security of environmental investments, we examine a portfolio of lucrative opportunities to tackle climate change with Eco Global Markets. For those seeking a private retreat in tranquil climes, we explore a cornucopia of luxurious havens from the Maldives to Corsica, and discover a world of premier properties with Destination Clubs and Design Hotels. As many visitors inevitably fall in love with their travel destination, we investigate the opportunities for converting a vacation in the exquisite Swiss Alps and the balmy Caribbean into a permanent pleasure. Similarly, for those who yearn to have a stake in their own sporting pleasures, we look at the options for horseracing enthusiasts to invest in the ultimate status symbol - a thoroughbred racehorse - and provide a complete guide to the world’s premier racecourses. With a comprehensive preview of the eminent CNR Eurasia Boat Show in Istanbul, we also explore the prospects for yachting aficionados to invest in their own recreational pleasure. And finally, as part of our inclusive Mind, Body and Spirit section, we provide an in-depth enquiry into the life and works of the controversial philosopher Ayn Rand, whose central theory proposed that, “it is right to pursue one’s own happiness as one’s principal goal in life”. If Rand’s maxim is true, then this edition of VIP World provides an expedient route for achieving that primary goal.

Cliff James

Newsagents please contact W.E. Saarbach GmbH Tel +49 2233 79963

All rights reserved. All material in VIP World is wholly copyrighted and reproduction without the written permission of the publisher is strictly forbidden. The views expressed in this publication are entirely those of the authors and do not necessarily represent those of Raellen Communications Ltd. The information in this publication is carefully researched and produced in good faith. However, neither the publisher nor the editors accept responsibility for any errors

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Contents

cover story

Stealth Wealth

Shrewd, subtle and sophisticated wealth in the age of discretion sport

Simply the best… Racecourses

VIP World’s essential guide to the world’s premier racecourses

Racehorse ownership

VIP World’s step-by-step guide to owning the ultimate status symbol

Highclere Thoroughbred Racing

The Editor’s Pick for the leading racehorse ownership company travel

Destination Clubs

Luxury vacations: where you want, when you want

Design Hotels™

CEO Claus Sendlinger reveals the recipe for a successful hotel brand

Four of the Best

A select quartet of Design Hotel’s top hotels

Hôtel & Spa Des Pêcheurs

An exclusive retreat on the Island of the Famous

VIPWORLD

“Racehorse owners are well looked after at the races, with complimentary badges and in many instances, exclusive bars and viewing areas.”

GET INTO RACEHORSE OWNERSHIP 34

Beach House Maldives

The Editor’s Pick for the ultimate vacation in the tranquil tropics

From Slovakia with love

A warm welcome in the heart of Europe Overseas Living

luxury watches

A Time for Luxury

Reviews of the world’s most exclusive wristwatches

Luxury timepieces

VIP World reviews the latest Swiss masterpieces from Cuervo y Sobrinos

The Business and Pleasure Paradise

Caribbean Eden

wealth

Investment opportunities in the Turks and Caicos Islands

The island architecture of Ron Shaw, President of RA Shaw Designs

Buy A Holiday Home In Switzerland

Peter Bloemsma talks about living the Swiss Dream

Alpine Clarity

Dr Roger M. Cadosch provides a legal guide to owning that perfect Swiss home

Living in Paradise

Edenarc 1800 – Alpine apartments in the ski capital of Europe

Eurovea Vision

Redefining the standards of urban life in Bratislava events

Empire of the Seas

A preview of the Eurasia Boat Show in Istanbul

The House of BUBEN&ZÖRWEG

The epitome of stylish design: fine timepieces and elegant security solutions

The Future is Green

CEO Perry Smith discusses profitable investments with Eco Global Markets

Ethical Investment

Profit-making with a clear conscience

mind, body and spirit

Icons – Ayn Rand

Immoral idealist? The controversial prophet of rational selfishness

The IB Boarding School

The academic benefits of an international boarding school education

The Perfect Match

Wendy Seinturier’s bespoke matchmaking consultancy for busy professionals

Clever Cuisine

Tasty tips for keeping fit and focussed on business trips

VIPWORLD

Stealth Wealth: Subtle style in the age of discretion

The bling is dead, flamboyance is finished, the ostentatious logo is outmoded and the too-conspicuous is too crude. In the precarious state of the current economy, the consensus among the trendsetting elite is universal: less is more. Peter Morrin takes a look at the re-emergence of the shrewd, subtle and sophisticated world of stealth wealth.

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Stealth Wealth Cover Story

he Great Recession of recent years has generated a boom in new fashions and attitudes that has seen social commentators struggle to keep up with the pace of developments. From ‘conspicuous austerity’ and the ‘Scuppie’ to the rise of the ‘recessionista’, it seems that mass affluent consumers are redefining their tastes and investing their wealth in secret style instead of lavish swank. It is not that affluence can no longer be enjoyed in the age of austerity, but rather that expensive tastes are more gratifying when they are discreet enough to be recognised only by those in the know. Stealth wealth, as this crafty code has become known, is about private pleasure rather than public pretentiousness. The term appears to have been coined back in 1991, during the last major world recession, and recurs as a fashionable trend with the regularity of an economic cycle. In times of public hardship, so the theory goes, it is a badge of refinement not to flaunt one’s wealth while others are suffering. This does not necessarily mean spending less, but spending in a more sophisticated and discerning manner. Ostentation appears tacky and insensitive during periods of public austerity. Even in China, which is set to become the world’s second largest consumer of luxury goods by 2015, the taste for conspicuous

The bling is dead: Ostentation appears tacky and insensitive during periods of public austerity.

consumption has soured. Concern for the country’s increasing income inequality has led the Chinese government to ban all outdoor advertising that promotes ostentatious and extravagant excess. Faced with the threat of a 30,000 yuan ($4,600) fine, companies are now forbidden to use advertising slogans that include the phrases: ‘supreme’, ‘royal’, ‘luxury’, or ‘high-class’ – all of which are considered ‘socially unhealthy’.

Brash flamboyance

Moreover, it is not only the stagnating global economic climate that has brought stealth wealth back into vogue for the affluent classes. Other events have conspired to cast a hostile media spotlight on the callow excesses of those in the public eye – and encouraged a culture that ridicules vulgar displays of wealth. In the UK, for example, the Daily Telegraph’s 2009 revelations of MPs’ extravagant expense claims dominated the media for several months. From Douglas Hogg MP’s alleged claims for cleaning a moat around his house, to Sir Peter Viggers’ infamous Swedishstyle manor house for ducks, the media’s condemnation of such excesses aroused a cultural antipathy towards brash flamboyance. Similarly, the ‘Arab Spring’ uprisings throughout North Africa have revealed the gaudy tastes and garish decor of former dictators, which in turn has inspired a counter trend for ‘conspicuous austerity’ among the world’s affluent. From pet tigers and gold bathrooms in the marble palaces of the overthrown Tunisian President Ben Ali, to the leopard-skin rugs and gold ‘mermaid-shaped’ sofas of Colonel Gaddafi’s mansions, one of the greatest lessons from the Arab Spring has been that of style: despots are never discreet with their wealth. To avoid ridicule in this brave new world, high-net-worth individuals must be discerning with their tastes. Whether the causes lie in the global recession or the undignified exposure of tawdry dictators, recent research supports the case for this renewed trend for stealth wealth. According to MasterCard, there are

VIPWORLD

Cover Story Stealth Wealth

“Stealth wealth does not mean a diminution of luxury or quality, merely a recognition of where it truly resides.” seven million ‘mass affluent’ consumers in the UK (i.e. those earning between £35,000 and £70,000 p.a.), and this segment is rapidly growing. Investigating the spending habits of this segment, MasterCard found that the majority use their wealth in a much more judicious way than they did in the flashy 1990s and early 2000s. John Bushby, General Manager of MasterCard Northern Europe, says the results demonstrate a cultural shift towards discreet consumption. “As Britain’s mass affluent segment grows and matures,” he explains, “we are witnessing an overall shift from a wealth that is flashy, excessive and over the top, to one that is more considered, measured and unseen.” An alternative theory about the rise of stealth wealth comes from the indomitable style queen and fashion editor, Lucia Van Der Post. Writing in the New Statesman, Van Der Post suggests that as a society becomes more democratic and affluent, money is less useful as a measure of differentiating between different types of people. If wealth can be obtained by a big win on the National Lottery or Who Wants To Be A Millionaire?, then something more transcendental than a Coutts bank account is needed to distinguish the sophisticated sheep from the gaudy goats. “Stealth wealth does not mean a diminution of luxury or quality, merely a recognition of where it truly resides,” says Van Der Post. “The problem today, as the economist James Sproule put it, ‘is not that you don’t have enough; it’s that other people have too much’. The difference is that whilst any old vulgar fool can spend millions on expensive objects, spending money the new way takes more than dosh, it takes insider knowledge, know-how, sophistication.” In other words, if wealth is available to all and sundry, stealth wealth is the quintessential quality that separates the deserving from the undeserving, the authentic from the inauthentic. 12

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Gucci saw an increase in sales after reducing the size of the logo on its handbags.

In the days before social mobility, of course, there was no such conflict and the wealth of aristocrats was supposed to be flaunted. “It was perfectly permissible for old luxury to be conspicuous,” says Van Der Post. “That was part of the point.” In fact, conspicuous wealth was enforced by royal decree. Throughout the world, various sumptuary laws made sure that luxury goods were restricted to the affluent classes and that people did not shop above their station. In England and its American colonies, it was illegal for people of low rank to wear furs, gold and expensive fabrics until the 17th century. In China, only members of royal dynasties were allowed to wear silk, and even in 19th century Japan, strict regulations dictated the style, fabrics and colour of clothing that could be worn by the feudal classes. It is perhaps understandable, then, that the emerging middle classes flaunted their new wealth with such conspicuous abandon. The term ‘conspicuous consumption’ was invented by the economist Thorstein Veblen in 1899 to describe the extravagant spending habits of the 19th century’s nouveau riche. A clear difference between the old aristocracy and the new bourgeoisie, according to Veblen, was that the uncouth ‘new rich’ employed their wealth conspicuously to display their improved social status and spending power, whereas the established rich had no reason to show off their wealth to their peers.

Today, according to Van Der Post, such divisions still exist, although the dividing lines are drawn between subtle and vulgar luxuries rather than old or new money. “You will note that snobbery has not been removed from the matter of luxury,” she says. “More that new, subtler, more complicated snobbisms have arisen.” Unwritten sumptuary guidelines have replaced the old feudal laws. In a world turned upside down, stealth wealth now denotes authentic class.

Scaling down

So, what are the attributes of this potent, yet discrete, new trend? As its name suggests, the signs are covert and the indicators furtive. Expensive purchases from top-of-the-range stores are more likely to be taken home in plain paper bags rather than branded shopping bags. Whereas prominent designer logos have traditionally been an indicator of wealth and status, many brands are now scaling down the size of their world-famous insignias on goods and clothing – and are reaping the benefits of this low-key approach. Gucci’s parent company, PPR, announced that its profits increased by 87 percent after it reduced the size of its logos on handbags. “Our groups are moving toward fewer logos, more discreet luxury,” explained PPR Chairman, Francois-Henri Pinault. “It’s a question of adapting our ranges very rapidly to this new perception of luxury: a luxury which is more subtle, more sophisticated –

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Cover Story Stealth Wealth

“If you spend your money on the right things, you’re telling the world that you’re not just rich, you’re also enlightened.” which is what we are doing.” Luxury department stores, such as Harvey Nichols, have observed a rise in demand for stealth wealth products, as more of their clients are purchasing unobtrusive brands. “The recession has meant customers are looking away from the obvious, visible labels towards the more understated,” explained a Harvey Nichols spokesperson. “We have noticed a move towards more subtle labels, such as Chloe and Alexander Wang.” Indeed, the name of Alexander Wang is frequently banded around whenever the subject of stealth wealth is raised. This Taiwanese-American designer has made a name for himself by creating a casual, grungy and impeccably distressed style of downtown clothing. Expensive and yet conveying an impression of simplicity, Wang’s designs exemplify the concept of ‘conspicuous austerity’. His paint-spattered Doodle Print jeans, for example, are said to be a favourite of that doyenne of stealth wealth chic, Michelle Obama.

Well informed

Although Lucia Van Der Post would most certainly disagree, bargain-hunting does appear to be another aspect of this modern vogue for sophisticated simplicity. According to the research from MasterCard, of the seven million mass affluent consumers in the UK, the majority of those surveyed said that they carefully investigated internet price comparison sites and personal recommendations before buying a product. “We know from our ongoing research that mass affluent consumers are well informed ‘cherry pickers’,” says John Bushby, General Manger at MasterCard Northern Europe. “They demand leading products and are careful in their approach to spending, showing a determination to get the best value for money from all their purchases.” Consequently, the term ‘recessionista’ has 14

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Custom made suits are a must for the Stealth Wealth shopper.

been coined to describe a shrewd bargainhunter who nonetheless manages to dress stylishly on a budget. Perhaps one of the most practical recommendations for the successful stealth wealth consumer is the personal shopper. As purchasing habits become more sophisticated, it becomes a full-time job to keep up to date with developing trends. To be on the inside track, the consumer needs to know they are discovering designers and styles long before the masses. “Personal shoppers are a must,” explains fashion and retail expert Hitha Prabhakar, “as are stylists and consultants who seek out the best custom-made suits, one-of-a kind watches or difficult-to-find shoes.” In the frenetic world of shrewd luxury, a personal shopper is the only sure-fire way of knowing that you are, actually, in the know. Another characteristic that sets the stealth wealth consumer apart from their conspicuous counterpart is the ethical and environmental perspective to their pursuits. The ‘Scuppie’ – or ‘Socially conscious urban professional’ – is a much more contemporary and socially responsible version of the 1980’s ‘yuppie’. According to the MasterCard research on the mass affluent consumer segment: “The majority see their money as a means to the end of unethical living. More than one in three (35%) believe that it is increasingly important to use their wealth

for good and that having a high personal income makes them more socially and ethically aware.” Whether by investing in charitable or socially responsible schemes, or buying into the alternative luxury, vegan-friendly accessories of designer Stella McCartney, the stealth-wealth conscious are considered more ethically ‘enlightened’ than the conspicuous consumer. Giving something back to society, so the theory goes, confirms their place in a more sophisticated class. “New luxury,” says Lucia Van Der Post, “is for the pure of mind – for those who are anti-branding and progreen; who do not want the products around them to carry an instantly recognisable label that speaks of some big corporation in the background… If you spend your money on the right things, you’re telling the world that you’re not just rich, you’re also enlightened.” By any stretch of the imagination, not all stealth wealth consumption can be described as ethical, green or even ‘enlightened’. However, in the current climate of public austerity, there is a real risk that conspicuous consumption may be seen as insensitive, if not downright gauche and vulgar. Stealth wealth, in contrast, is a guilt-free route to spending money in a down economy. Besides, there is the secret pleasure of knowing that expensive tastes can be discreet enough to be recognised only by those in the know. Less can, most definitely, be more. n

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Luxury Watches Review

A Time for

Luxury As the ultimate mark of distinction, a wristwatch can indicate more about a personâ&#x20AC;&#x2122;s tastes and temperament than might be expected. From classically refined to athletic and sporty, Peter Morrin reviews a range of exclusive timepieces from the worldâ&#x20AC;&#x2122;s deluxe watchmakers.

Technomarine UF6 Magnum Deep Blue The blue titanium carbide-coated case of this TechnoMarine masterpiece delicately changes its tones with a fine play of light, and expresses subtlety to perfection. With sharp features and clean-cut design, this Swiss-made chronograph reflects the impertinent elegance of its owner. Price 1400 CHF 16

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Fortis B-42 Flieger Chronograph

With a steel watchcase topped by a scratch-resistant, doublecoated sapphire crystal glass, the Fortis B-42 is a unique micromechanical masterpiece. Functionally designed with a day and date display, the white luminous markers of this chronograph ensure clarity and good legibility, even under diffused light. Price 10130 CHF

Breguet Classique Hora Mundi

Stunningly presented in a finely crafted 44mm case, the Hora Mundi is available in both 18-carat rose gold and platinum 950. Displaying a beautifully crafted globe, the Hora Mundi features an instant-jump display system on its decorative bezel to indicate time zones around the world. Price 92000 CHF

Vacheron Constantin Patrimony Traditionelle Worldtime

Perfectly designed for the world traveller, the new Patrimony Traditionelle World Time is the latest tour de force from Geneva-based Vacheron Constantin. Despite its complex construction, this iconic model is extremely user-friendly and ingeniously indicates the worldâ&#x20AC;&#x2122;s 37 time zones in one glance. Price 23500 CHF

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Luxury Watches Review

IWC Portofino Hand-Wound Eight Days

Within the sophisticated round case of this classical wristwatch, is a state-of-the-art 59210 calibre, designed to ensure this timepiece stores enough energy for a full nine days, while maintaining absolute accuracy. Precise, discreet and tastefully elegant, the IWC is exquisitely decorated with Geneva stripes. Price 18100 CHF

Perrelet Turbine Poker

This stylish model from Perrelet invites wearers to play poker on-the-go, as playing cards are reshuffled beneath the 12-blade wheel with each wrist movement. With a water resistance of 5 ATM and a 44mm steel, DLCcoated case, the Turbine Poker is an elegant and entertaining work of art. Price 19500 CHF

Parmigiani Tonda 1950

Sleek, slender and classically refined, the new Tonda 1950 meets the highest standards of comfort and readability. In rose gold or white gold, this immaculately refined timepiece features a nickel silver main plate and benefits from an extra-flat self-winding movement, with an autonomy of 42 hours. Price 19500 CHF 18

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Review Luxury Watches

Technomarine Cruise Ceramic Chroma Ladiesâ&#x20AC;&#x2122; Watch

With an immaculate ceramic case and a comfortable silicon strap, the Swiss-made Chroma is the ultimate item of chic chronographic jewellery. The dial indexes are finely enhanced with an array of 33 diamonds, and its nautically inspired design combines a sporting personality with a sophisticated aesthetic. Price 2100 CHF

Breguet Marine Chronograph Ladiesâ&#x20AC;&#x2122; Watch Available in 18-carat rose, yellow and white gold casings, the Marine Chronograph is the latest in a long line of classical timepieces from the watchmakers who served Napoleon, Marie-Antoinette and Winston Churchill. With guilloche engraving and a fluted caseband, the Marine is an aesthetically flawless work of art. Price 34300 CHF

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Luxury Watches Review

Editor’s Choice

The GMT by Greubel Forsey

A monarch among timepieces, the ingeniously conceived and immaculately crafted GMT by Greubel Forsey is the pièce de résistance of modern wristwatches. After exploring and developing new mechanisms in the world of the tourbillion, master watchmakers Robert Greubel and Stephen Forsey have created a highly-wrought work of art that defies common conventions. In addition to a second time zone, the face side also displays a fasinating, three-dimensional representation of the rotating globe, providing a unique overview of zones all over the world. The caseback displays a beautifully ornate worldtime disc, exhibiting the names of 24 cities, each representing a different time zone. With a 18k gold dial, a white gold case and a hand-sewn black alligator leather strap, the GMT by Greubel Forsey is a chronometric masterpiece, perfect for those who travel widely and appreciate artistic and technical excellence. Price 51000 CHF

The Greubel Forsey GMT watch front (left) and reverse (below)

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Luxury Watches Cuervo y Sobrinos

The only Swiss luxury watch with a true Latin legacy

Cuervo y Sobrinos Robusto Buceador Manjuari 1882

he exquisite Robusto Buceador Manjuari enhances the brand’s esteemed origins, while leading the way with Swiss innovation and technology. Located in the picturesque town of Capolago in southern Switzerland, the ingeniously creative watchmakers at Cuervo y Sobrinos have taken inspiration from the Caribbean island of Cuba for their latest masterpiece. The extraordinary manjuari – a fish that pervades the flawless waters – has been a distinctive stimulus for the Robusto Buceador Manjuari luxury watch. Looking much more like a crocodile than a fish, the manjuari is as unique and original as the underwater watch par excellence from Cuervo y Sobrinos. Sharing its name with the ancient Caribbean symbol of the sea, a great deal is to be expected of the new watch from Cuervo y Sobrinos. Strong, sporty and capable of descending to great depths, the Robusto Buceador Manjuari is not a typical timepiece – and its inspiration is equally exceptional. Regarded with affectionate respect by the Cuban people, the s|pectacular shape of this unique manjuari fish is engraved on Cuba’s one-peso coins – an engraving that Cuervo y Sobrinos has etched with equal affection on the back of every Manjuari watch. Choosing a Cuban symbol for the title of its new creation, Cuervo y Sobrinos has evidently taken on a great responsibility. Right from the beginning of the creative process, the company with Cuban roots had set extremely high technical and aesthetic standards for its new release. The end result far surpasses the expectation. Stunningly attractive and very comfortable to wear thanks to its super-soft natural rubber strap, the Manjuari combines a range of avant-garde techniques and technologies. With modular steel, titanium and a natural rubber case, the Robusto Buceador Manjuari has an exceptionally high waterproofing capability and performs down to 1882 feet – 1882 also being the year that the Cuervo y Sobrinos brand was established. With a screw crown, maximum legibility and movements with two time-zones, the outstanding features of the Manjuari ensures that this luxury watch is an iconic wrist piece that will give a unique thrill and absolute satisfaction in simply wearing it. Suggested retail price CHF 5,600 (not inc VAT)

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Cuervo y Sobrinos Luxury Watches

A luxury brand of international repute, Cuervo y Sobrinos has been producing its outstanding watch collection in Switzerland since 1882. Its contemporary timepieces remain true to the brandâ&#x20AC;&#x2122;s enduring forte for flawless technology and fascinating design. Cuervo y Sobrinos blends together pureness, avant-gardism and Art DĂŠco with an innovative spirit, technical expertise and the best of superior Swiss watchmaking. Historiador Retrograde

nce again, Cuervo y Sobrinos has blended its outstanding knowledge of classic watch technology and its passion for craftsmanship into a superb new timepiece. The incomparable Historiador Retrograde is manifestly inspired by the refined cosmopolitan sensibility that was the quintessential essence of Havana in the 1940s. Distinctive and elegant, the Historiador Retrograde case is a reproduction of an iconic and original Cuervo y Sobrinos model produced in the 1940s and 1950s. Classic and timeless, the watch is instantly recognisable by the unique silhouette and design of the lugs. A rich Clous de Paris dial is paired with outstanding cobalt blue hands, which perfectly embodies the meticulous approach and watch-making expertise of Cuervo y Sobrinos. The Historiador Retrograde is a statement watch for a man of style, as it bears a strong personality and the natural grace of a sophisticated gentleman. As with all the models of Cuervo y Sobrinos, the Historiador Retrograde is made for discriminating people who seek unique timepieces with inimitable heritage and identity. Inside the case, indispensable features include the day of the week, date and a power reserve. Through the attractively transparent case-back, one can admire the engraved CyS oscillating weight. The Historiador Retrograde guarantees water resistance to three atmospheres and is finished with a striking Louisiana alligator strap and folding buckle. Suggested retail price Chf 4,500 (not inc VAT)

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the house of

buben&zÖrweg 24

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Having enjoyed the latest selection of timeless watches, Neil Walden now explores the creative genius of BUBEN&ZÖRWEG - the first stop for passionate lovers of fine timepieces and elegant security solutions.

UBEN&ZÖRWEG, which creates the luxurious Objects of Time®, exclusive watch winders, high security safes and fine mechanical clocks, continues to delight lovers of fine timepieces with its unique masterpieces of craftsmanship. This superlative brand is evolving from a well-kept secret among passionate watch collectors to the epitome of luxury, innovation and design in the world of exclusive timepieces. BUBEN&ZÖRWEG is boldly dedicated to the breaking of new ground in the creation of luxurious masterpieces for people with superior demands. Their design fuses a dignified classicism with clear-cut contemporary elements. An uncompromising commitment to selected materials and exquisite workmanship transfigures BUBEN&ZÖRWEG’s masterpieces into unique and luxurious objets d’art. It all started when two school friends, Harald Buben and Christian Zörweg, began setting higher standards for watch winders on the market shortly after they founded their company in 1995. But what is a watch winder? An automatic watch is wound up through the movement of the person who carries the watch. The movement of the carrier causes the tightening of a spring inside the clockwork and keeps the movement running. When a person removes the watch, the spring can relax and after some time the timepiece comes to a standstill. Depending on the model, an automatic watch has an average of 36 hours power reserve. The watch winder simulates the movement of a person carrying the watch, thereby keeping the spring tightened and the watch running continuously.

New standards Ellipse Grand Revers Extreme Double Tourbillon

BUBEN&ZÖRWEG have outdone themselves with the luxuriously designed ELLIPSE GRAND REVERS EXTRÊME DOUBLE TOURBILLON. This incredible piece embodies in design and decor the merits which set this top model apart. The finest selected craftsmanship has combined gold, precious gems, mother of pearl and other elite materials into a synthesis of the arts, unique in the exquisite realm of clock-making. Price: 395,000.00 EUR; limited edition of 10 pieces.

In 1996, BUBEN&ZÖRWEG presented its first ever ‘Time Mover®’ – a watch winder series that set new standards in the marketplace by combining outstanding design with technology of the highest standard. Every year, the brand has been adding luxurious masterpieces to its prestigious list of products. Today, watch winders still comprise the core competence of BUBEN&ZÖRWEG – and, together with its partner company Elma, the brand has continually upgraded the Time Mover®. Lovers of fine timepieces in more than 70 countries entrust their valuable automatic watches to the care of Time

BUBEN&ZÖRWEG Luxury Watches

Mover® modules. The Time Mover® winds watches as gently as possible, taxing them far less than daily wear on the wrist with its exposure to bumps, moisture, and so on. In 2005, Harald Buben, Christian Zörweg and Daniel Zörweg founded an additional company, BUBEN&ZÖRWEG Fine Timepieces, which specialises in the development and production of luxurious table clocks. The Ellipse Grand Revers Double Tourbillon, the world’s first ever series table clock with a double tourbillon, was unveiled at Baselworld 2006 and instantly became a great success. This was the point where the brand saw the great potential for clocks with tourbillons and subsequently specialised in this sector.

Gravitational forces

In the meantime, BUBEN&ZÖRWEG developed three generations of tourbillons. Why tourbillons? Gravitational forces have a constant impact upon the efficiency of a mechanical clock. For example, the momentum of the balance wheel increases in the direction of the gravitational pull, and decreases in the opposite direction. Even though this effect is minimal, it nonetheless negatively impacts on the precision of the instrument. The tourbillon counteracts the influence of gravity by permanently rotating key components of the mechanism. This is particularly useful for clocks, in which the balance wheel is not subject to movement like that in a watch. In addition, a tourbillon is an intricate complication that fascinates all mechanical clock enthusiasts, enhancing the distinctive character of such a clock. The design and manufacture of a tourbillon bears witness to the exceptional competence and skill of the manufacturer. The next step for BUBEN&ZÖRWEG was to combine all these special features together to create masterpieces in the ‘Objects of Time®’ series. The world premier combination of clocks, watch winders, humidors, hi-fisystems and more began with the ‘Objet de Temps I’ – a superior invention that is characterised by a spectacular sensitivity towards design and value. The key concept behind Objects of Time® was the creation of a unified, integrated and sumptuous atmosphere for all the senses that catered to the realm of extraordinary taste. Selected materials, innovative technology, the unmatched highlights of a fine timepiece, optimal security and fascinating design combined with master craftsmanship to create unique pieces that attract those with a taste for the exclusive aesthetic of perfection.

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Luxury Watches BUBEN&ZÖRWEG

Practically all of the Objects of Time® series are strictly limited items. They therefore instantly become valuable collector’s items and rare treasures for passionate lovers of the exceptional. In 2009, BUBEN&ZÖRWEG launched its first high-security safe, as the protection of valuables is a serious issue when it comes to one’s precious luxury watches, valuable jewellery and even irreplaceable documents. BUBEN&ZÖRWEG considers it a matter of course to take up this challenge, which is why virtually all masterpieces nowadays include security features that are relevant to the specific objects.

High-end security

These high-end security solutions are characterised by the passion for innovation and highquality craftsmanship that is so typical of BUBEN&ZÖRWEG. It is reflected in the use of materials such as Relastan®, which was developed by the partner company Kaba in close collaboration with technical universities and material-testing laboratories. Relastan® is up to 50 percent lighter and less voluminous than regular plating material, without compromising any important security considerations. This is an enormous advantage when considering the load-bearing capacity of regular ceiling structures. BUBEN&ZÖRWEG trusts in the quality of Paxos® compact locking systems, such as the X-007 and the Titan. These outstanding locks have proven themselves around the world and protect billions of precious items throughout Europe - from gold safes in national banks to strongboxes in mints. Security is increased because of the independent design of all significant security elements, and the safe can reach a statistical operating time of 15 million operating hours. Hand-selected woods, the finest Italian leather, and valuable metal applications conceal the fact that safes are primarily purpose-oriented objects. In the meantime, BUBEN&ZÖRWEG opened several flagship boutiques in Dubai, Kiev, Beijing, Singapore and Shanghai, and VIP lounges in Geneva and in the Ritz Carlton Hotel in Moscow. The brand offers custommade services that make it possible to produce bespoke products in just a few weeks, respecting the customer’s needs while maintaining the superb standards of quality. From precious single pieces to modular, individually equipped walls or rooms, BUBEN&ZÖRWEG is a competent and innovative partner for the creation of exclusive solutions. n 26

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Titan Prestige

The radically innovative interpretation of the “Safe” topic - designed, developed and manufactured by BUBEN&ZÖRWEG. A unique and elegant object that presents itself as an object of art in any discerning ambiance with watch winders, humidor and HiFi system. Price: 139,000.00 EUR

BUBEN&ZÖRWEG Luxury Watches

X-007

Until now, safes have always been cold, unadorned devices, functional but hidden. The luxurious interior design of the X-007 made from handstitched Italian leather is a uniquely equipped “highsecurity wing” for valuable watches and jewellery that transforms presenting your well-protected treasures into a sensory delight every time when opened with its unique elevating opening system. Price: 134,000.00 EUR

Objet de Temps I World Time Tourbillon HiFi

The world premier combination of clocks and luxury ambience for lovers of fine timepieces everywhere began with the “Objet de Temps I”, an invention characterised by a spectacular sensitivity towards design and value; the new HIGH FIDELITY variant now offers perfect high-fidelity sound. Price: 74,600.00 EUR; limited edition of 75 pieces.

Solitaire World Time Tourbillon

The SOLITAIRE - WORLD TIME TOURBILLON aims to help you enjoy the finer things in life. Your passion for speciality watches can finally take off with 46 TIME MOVER® units. The integrated HiFi system is perfect for music lovers, whilst a bar-module and humidor facilitate relaxed enjoyment of a prized year and/or a good cigar. The innovative, high tech ambience is crowned by a FINE TIMEPIECE with the WORLD TIME TOURBILLON. Price: 139,800.00 EUR

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Sport Horseracing

With a noble history that stretches further back than the original Olympic Games and the early racetracks of ancient Babylon, horseracing has always been regarded as The Sport of Kings. Peter Morrin explores the modern-day palaces of this regal sport and selects the premier racecourses from across the globe. Aintree Racecourse (UK)

Home to one of the world’s most famous annual races, the Grand National Steeplechase, Aintree is counted among the most challenging and exciting courses in the UK. With 16 daunting fences, most of which are complicated by a thick covering of spruce, even the notorious names of these legendary hurdles – such as The Chair, Canal Turn and Becher’s Brook – are known to strike fear into the hearts of the most experienced jockeys. Aintree hosts a number of noteworthy races, including*: n Old Roan Chase Day – 22nd October 2011 n Becher Chase Day – 3rd December 2011 n Grand National Steeplechase – 12th-14th April 2012 www.aintree.co.uk

Epsom Downs Racecourse (UK)

Horseracing first took place at this idyllic Surrey site in 1661, but it was not until the Earl of Derby organised a race for his friends to try out their three-year old fillies in 1780 that the foundations of the modern racecourse were laid. Best known as the formidable course for the annual Derby and extending to a mile and a half, Epsom Downs is a challenge for inexperienced horses and a true test of stamina for seasoned contenders. With a wide variety of stylish bars and restaurants, including the Pimm’s Terrace in the Queen’s Stand, Epsom Downs is a first-class winner. Races to watch out for include*: n Derby Day – 1st-2nd June 2012 n Epsom Oaks – Early June 2012

*Please note that race dates shown are subject to confirmation.

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Ascot Racecourse (UK)

A perennial favourite among the crème de la crème of high society, Ascot has combined beau monde fashion with world-class horseracing since its inaugural race was held during the reign of Queen Anne in 1711. The centrepiece of this distinctly aristocratic racecourse is the annual Royal Ascot, which is marked each year by a royal carriage procession around the racecourse by HM The Queen and other members of the royal family. With exclusive dining facilities at the Parade Ringside restaurants, a legendary dress code for attendees, and a selection of elite private boxes to view the action, Ascot is recognised the world over as the exemplary course for fashionable society. Race dates include*: n Royal Ascot – 19th-23rd June 2012 n King George VI and Queen Elizabeth Stakes – July 2012 n Ascot Chase – February 2012 www.ascot.co.uk

Horseracing Sport

Cheltenham Racecourse (UK)

One of the most famous racecourses for jumpers in the UK, and situated within a natural amphitheatre in the picturesque Cotswold Hills, Cheltenham Racecourse is widely renowned as “the home of National Hunt racing”. Enjoying two separate courses that run alongside each other, the celebrated annual Cheltenham Festival is held each March on the New Course, which boasts a difficult downhill fence and an extensive run-in for steeplechases. The racecourse also offers a variety of first-rate restaurants for parties of any size, an enticing membership package, and VIP chalets and glass fronted private boxes. Cheltenham highlights include*: n The Open – 11th-13th November 2011 n The International – 9th-10th December 2011 n Cheltenham Festival – 13th-16th March 2012 www.cheltenham.co.uk

Chantilly Racecourse

(France)

The spectacular ‘Hippodrome de Chantilly’ is just 50 kilometres north of Paris and contains more than 65 hectares of horse training, racing and entertainment facilities. The main course is 2,400 metres long and hosts France’s legendary two races: the Prix du Jockey Club and the Prix de Diane. As with many of the world’s esteemed racecourses, Chantilly enjoys an aristocratic heritage, reaching back to the 7th Prince de Conde, Louis-Henri de Bourbon, who commissioned the flamboyant Grand Stables in 1719, which are now considered the most beautiful stables in the world. Significant races at Chantilly include*: n Prix du Jockey Club – Early June 2012 n Prix de Diane – June 2012 www.chantillyracing.com

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Sport Horseracing

Iffezheim International Racecourse (Germany)

Located near the stylish spa town of Baden-Baden in the heart of the Black Forest, Iffezheim Racecourse has been the prestigious home of racing in Germany since 1858. With three international horseracing meetings throughout the year – the Spring Festival, the Great Festival Week, and the Sales and Racing Festival – Iffezheim has a global appeal and boasts partnerships with racing associations in Japan, Rome, Vichy and Australia. Noteworthy races include*: n Spring Festival – May 2012 n Great Festival Week – August 2012 n Sales and Racing Festival – Late October 2012 www.baden-racing.com

Sha Tin Racecourse

(Hong Kong)

The largest horseracing course in Hong Kong, Sha Tin Racecourse was developed in 1978 and has a vast capacity to hold up to 85,000 spectators. This stunning course, which encloses Hong Kong’s tropical Penfold Gardens, hit the record books in 2007 when it opened for the season with a one-day crowd of more than 60,000 visitors, and collected US$106million in bets – a testament to the Hong Kong population’s unrivalled passion for horseracing. Major races at Sha Tin include*: n Cathay Pacific Hong Kong International Races (including the Hong Kong Cup, Hong Kong Mile, Hong Kong Vase and Hong Kong Sprint) – 11th December 2011 www.sha-tin.com

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Meydan Racecourse (Dubai)

After the legendary Nad Al Sheba Racecourse in the United Arab Emirates closed its doors to horseracing in 2010, the region’s key meetings were relocated to the magnificent Meydan Racecourse in Dubai. Described as the new home of the world’s horseracing elite, Meydan is an architectural masterpiece with a capacity for 60,000 spectators and the world’s first luxury five-star trackside hotel. With a vast racing facility that includes a 2,400 metre turf track and a 1,750 metre all-weather Tapeta surface, Meydan hosts the most esteemed list of races in the Middle East. The Dubai World Cup Night, held at the Meydan each year, offers more than $21million in prize funds and includes several major races, including*: n United Arab Emirates Derby – March 2012 n Dubai Duty Free Stakes – March 2012 n Dubai Sheema Classic – March 2012 n Dubai World Cup – March 2012 www.meydan.ae

Greyville (South Africa)

The home of Africa’s Greatest Horseracing Event, the Grade 1 Vodacom Durban July, Greyville Racecourse in Durban is centrally situated and is the major lung for the coastal town, encompassing as it does the famous Royal Durban Golf Course . With a circumference of about 2 900m and a 400m straight to the finish, this is not a straight course for sprinters but an adjustable false rail at the top of the straight allows runners to come from off the pace contributing to fairer racing. With magnificent facilities that cater for the 55 000 that attend the big meetings, it is one of the premier courses in South Africa and stages some of the biggest races on the calendar including*: n The Vodacom Durban July – on the first Saturday in July n The Canon Gold Cup and Champions Cup (all Grade 1 events) – 30 July 2012 n The pinnacle of South African Racing is in KwaZulu-Natal – from May through to July www.goldcircle.co.za

Horseracing Sport

Kranji Racecourse

Flemington Racecourse

Named after the native Kranji tree, the ‘velvet tamarind’, the Kranji Racecourse is the only horseracing track in Singapore and a worldclass equestrian centre that dominates SouthEast Asia. Commissioned by the prestigious Singapore Turf Club, the racecourse replaced the former course at Bukit Timah, and opened its gates for the first time in March 2000. In addition to a series of important domestic races, the Kranji also hosts several major international events, including*: n Singapore Airlines International Cup – May 2012 n KrisFlyer International Sprint – May 2012 www.turfclub.com.sg

One of the most distinguished courses in Australia, Melbourne’s Flemington Racecourse is a national treasure, with a horseracing history that goes back to the 1840s. With an immense capacity to host 120,000 spectators, the sheer scale of Flemington is a testimony to the enduring popularity of the sport at this spectacular site. The pearshaped track has a circumference of more than 2,300 metres and enjoys an exhilarating six-furlong straight, called the Straight Six. Flemington is home to the internationally renowned Melbourne Cup, a meeting so popular that the first Tuesday of November each year is a public holiday – Melbourne Cup Day – in most parts of Victoria. Prominent races at Flemington include*: n Melbourne Cup – 1st November 2011 n Australia Cup – March 2012 www.flemington.com.au

(Singapore)

Randwick Racecourse (Australia)

As Sydney’s equestrian pride and joy, Randwick Racecourse is an outstanding allweather course with a thrilling variety of rising straights and sweeping bends. With a crowd capacity for 300,000 spectators, Randwick also offers a range of VIP hospitality packages to ensure perfect views of the winning stretch. The Panorama Dining Room, for example, provides the comfort of a luxurious restaurant with floor to ceiling windows overlooking the main straight. Other packages include seating in the sought-after terraces of the QEII Grandstand, with superb views of the winning post. Key races at Randwick include*: n Randwick Guineas Day – 17th March 2012 n Australian Derby Day – 14th April 2012 n Sydney Cup Day – 28th April 2012 www.ajc.org.au

(Australia)

Woodbine Racetrack

(Canada)

Arguably the finest course in the whole of Canada, Woodbine Racetrack in Toronto boasts an impressive total of three highquality tracks. The outer E. P. Taylor turf course for thoroughbreds is one and a half miles long and encloses an inner one-mile Polytrack course, also for thoroughbreds. With a third racetrack in the centre of the course, Woodbine is the only North American venue able to stage thoroughbred and standardbred horseracing on the same day. Annual races include*: n Queen’s Plate – June 2012 n E. P. Taylor Stakes – October 2012 www.woodbineentertainment.com

Caulfield Racecourse (Australia)

Situated on the outskirts of Melbourne and home to the highly respected Melbourne Racing Club, Caulfield is one of Australia’s oldest horseracing courses. Leafy surroundings, fine dining and an air of opulence characterise this premier racecourse, which is unusually shaped in a triangular layout over a circumference of almost 3,000 metres. Notable races at this first-class course include*: n Oakleigh Plate – February 2012 n Blue Diamond Stakes – 13th October 2012 www.melbourneracingclub.net.au

Aqueduct Racetrack (USA)

The only racecourse in New York City, Aqueduct Racetrack was opened in 1894 and has become affectionately known as ‘The Big A’. With an attendance capacity for 40,000, the course typically hosts races from December to April each year and offers a wide variety of diners and bars with world-class views of the track. Notable fixtures include*: n Cigar Mile Handicap – 26th November 2011 n Gazelle Stakes – 26th November 2011 www.nyra.com/index_aqueduct.html

Arlington Park Racecourse (USA)

Arguably the most beautiful racetrack in the USA, Arlington Park on the outskirts of Chicago has always been at the forefront of racing innovations, from being the first to feature a public-address system and an electric totaliser in 1933, the first electric starting gate in 1940, and the first million dollar thoroughbred race in 1981. This last event led to the establishment of the course’s most prominent annual event: the Arlington Million. Key fixtures include*: n Arlington Million – August 2012 n Beverley D. Stakes – August 2012 www.arlingtonpark.com

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Sport Horseracing

Hollywood Park Racetrack (USA)

Conveniently situated just three miles from Los Angeles Airport, Hollywood Park Racetrack is a famously attractive course that covers 240 acres and offers two tracks for year-round racing. The Californian regard for high-quality hospitality ensures that guests are provided with a range of relaxing facilities: from the upscale Turf Club Terrace restaurant to the private suites of the VIP Lounge, which are available for customers who wager at least $3,000 per day. Annual fixtures at Hollywood Park include*: n Hollywood Derby – 27th November 2011 n Hollywood Turf Cup Stakes – 12th November 2011 www.hollywoodpark.com

Gulfstream Park Racecourse (USA)

Between January and April each year, Gulfstream Park Racecourse in Florida becomes the USA’s principal horseracing venue. Built in 1939, the track has been extensively renovated and is now part of a fashionable entertainment village, which features a remarkable collection of stylish boutiques, restaurants, cafes and nightclubs. The racecourse contains a one-mile turf track, which hosts a variety of annual meetings, including*: n Donn Handicap Stakes – February 2012 n Florida Derby – April 2012 www.gulfstreampark.com/racing 32

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Belmont Park (USA)

One of the most celebrated horseracing facilities in the United States, Belmont Park is a major attraction on Long Island, and boasts an extensive ivy-framed grandstand that can accommodate 100,000 spectators. Belmont’s vast dirt racetrack – The Big Sandy – is the largest thoroughbred racetrack in North America at one and a half miles long, and hosts the internationally renowned Belmont Stakes every June – the third and final leg of the US Triple Crown. Other fixtures include*: n Stars and Stripes Turf Stakes – July 2012 n Jockey Club Gold Cup Stakes – October 2012 www.nyra.com

Churchill Downs (USA)

Famed as much for its elegant architecture and recognisable twin spires as for hosting the illustrious Kentucky Derby, the celebrated Churchill Downs Racetrack is located in Louisville, Kentucky. The delightfully refurbished clubhouse offers spectacular views of the one-mile oval racecourse and provides an impressive selection of VIP suites, bars and lounges for guests. In addition to the Kentucky Derby, which is held every May, annual fixtures at Churchill Downs include*: n Breeders’ Cup Classic – 5th November 2011 n Golden Rod Stakes – 26th November 2011 www.churchilldowns.com

Favourites Racing is one of the most successful racing partnerships in the UK. There are now limited opportunities to join our successful team as a partner.

Why just watch the action, when you can become part of it? Testimonials “In ten years as a Favourites owner, in my opinion this is the best way people can become an owner of quality Bloodstock at an affordable price. I would advise anyone to join this fabulously run organisations.” Hugh Redhead, Favourites Partner “Being involved with Favourites Racing has been a great adventure. You get to know the trainers very well, you are actively involved in running plans, and Graham Skeats, the Racing Manager, keeps you fully and promptly involved about everything to do with your horse. It actually feels as if the horse is your own!” Martyn Needham, Favourites Partner

Exclusive Partnerships

• 25% • 33% • 50%

Ideal for the racing enthusiast or corporate entertainment, becoming a part racehorse owner gives you exclusive access into the ‘Sport of Kings’. On race day, your Owners’ badges will give you access to exclusive areas of the racecourse. This includes the Parade Ring where you can meet your jockey and dedicated areas to watch all the action. You are also able to visit your horse in training by simply making an appointment usually through our Racing Office. All of our trainers are extremely welcoming and will ensure that you have a wonderful experience. Our success is built on an experienced team that are always available to guide you and answer any questions. With nearly 100 winners, including at the Cheltenham Festival, our enviable record stands up to comparison with any other racing partnership. But Favourites Racing is more than just results - we pride ourselves on providing a service that is professional and personal. Our network of contacts includes top trainers and bloodstock agents. This ensures we are able to find promising young horses and bring them to their peak. Our strong portfolio includes highly rated National Hunt and Flat horses and we have an active policy to add more proven winners. Share in our success, call 01527 839220 or visit our website for more information on becoming a partner.

For further information on partnerships and availability, please contact Racing Manager Graham Skeats on:

Proud sponsors of Favourites Racing

tel.01527 839220 or email.info@favourites.co.uk Abberley View, Saxon Business Park, Hanbury Road, Stoke Prior, Bromsgrove B60 4AD.

www.favourites.co.uk

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Text: Amy Sherman | Photos: The Racehorse Association (RAO)

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Sport Racehorse Ownership

Imagine the roar of the crowdâ&#x20AC;Ś â&#x20AC;Śas your horse turns into the straight; the jockey jostles into position and drives the horse to push through to the finish with its head in front. If you have been fortunate enough to experience the thrill of horseracing and, better still, backed a winner, then you will already be familiar with the adrenaline rush it gives you. Well, imagine the thrill of knowing that you own the winning horse. Racehorse ownership is no longer reserved just for the elite and there are many options available to help spread the costs, while still enjoying the full involvement of owning a racehorse. There is the fun of buying your horse, picking a name, choosing your colours, watching your horse train on the gallops and, of course, the thrill and anticipation of being in the paddock before and after a race, listening in as your trainer discusses race tactics with your jockey. Watching your horse run is exhilarating from the moment the stalls open or the tape goes up. Win or lose, the experience is electrifying and, by owning a racehorse, you are right in the thick of it. 36

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Racehorse Ownership Sport

Benefits of ownership Prize money

If your horse is successful, you can expect to receive prize money. In all races, the first three finishers are entitled to prize money and in some races the fourth also receives a cash prize. Most racecourses also give the winning connections a trophy or memento to keep as a reminder of their success. Prize money levels are highest in the top quality races at the bigger meetings and most important tracks.

Raceday privileges

Types of ownership Racing clubs

This is probably the best way for someone to become a racehorse owner for the first time. It involves the least amount of cost and responsibility, while still offering many of the perks of being a full owner, such as seeing your horse run and visiting its stables. You pay a one-off annual fee and the club is managed by a racing manager - the perfect solution if you want to be more hands-off and leave the decisions to someone else. Further information on racing clubs can be found on the Racing Syndicates and Clubs Association website: www.rsaca.co.uk

Leasing

This is another way of entering into the fun of racehorse ownership without any longterm commitment. You can lease a horse from an owner or trainer for a season without any capital outlay, after which time the horse goes back to its original owner. During this time, you will have all the enjoyment of ownership and receive an agreed share of the prize money, but you will also pay all of the training fees. There are several different types of lease agreements, just one of which is the free lease option, as explained above. The Racehorse Owners Association and the Thoroughbred Breeders Association operate the Free Lease Exchange and can also offer advice on all aspects of leasing. Details can be found on the Racehorse Owners Association website: www.racehorseowners.net

Partnerships & syndicates

Getting a partnership or syndicate together with your friends, colleagues or family is a great way to share the thrills and spills of racehorse ownership. You can choose the colours that your team’s horse will run in, and it is a great way of sharing the cost: the more people who become involved, the less expensive it is for each of them. Further information on this type of ownership can be found on the Racing Syndicates and Clubs Association website: www.rsaca.co.uk

Outright ownership

This is the most expensive of the options, but it also gives you greatest control and, potentially, the greatest excitement. You get to be involved in the complete journey, from choosing and buying the horse, deciding who will train it and ultimately deciding where it will run and which jockey will ride it. Best of all, if the horse is successful, you are the sole beneficiary of the prize money and the horse’s appreciating value.

Racehorse owners are well looked after at the races, with complimentary badges and, in many instances, exclusive bars and viewing areas. Winning connections are often offered celebratory champagne after their race, whilst reliving their victory on-screen.

Racehorse owners association

The Racehorse Owners Association (ROA) promotes and protects the interests of racehorse owners in Britain. The benefits of membership include special car park badges and free entry to many race meetings. Details can be found on their website: www.racehorseowners.net

Sponsorship opportunities

Racing silks, paddock sheets and jackets can be branded with a sponsor’s logo. If you allow your horse to be sponsored, you can register for VAT and reclaim the VAT on almost all of your racing-related expenses, including training fees, transport costs and even the initial purchase price of the horse. To find out more about this valuable scheme, visit the ownership section on the British Horseracing Authority website: www.britishhorseracing.com

For further information on outright ownership, contact the Racehorse Owners Association by visiting: www.racehorseowners.net

“Racehorse owners are well looked after at the races, with complimentary badges and in many instances, exclusive bars and viewing areas.” VIPWORLD

Sport Racehorse Ownership

Buying a horse Before acquiring your racehorse, you will need to decide whether you want to focus on Flat or Jump Racing. The British Turf Flat Season runs from late March through to early November, with All-Weather Flat Racing taking place throughout the year. The main Jumps Season extends over the winter from October and ends in April. There is also Summer Jumping from May through until September. When considering the purchase of a horse, it is important to seek the advice of a professional to help with the buying process and the selection of a suitable animal. A trainer or a bloodstock agent can help greatly with this process. Bloodstock agents will charge approximately 5% of the purchase price for their services. In return, they will provide their professional opinion as to whether the horse has the potential to perform at the required level and estimate the likely cost to acquire the horse. The Federation of Bloodstock Agents website provides a list of accredited bloodstock agents: www.bloodstock-agencies.com, but also check out the British Bloodstock Marketing website www.bbm.gb.com

The thoroughbread sales – public auction

The majority of racehorses are sold at public auction at some point during their lives, and buying from the sales is common practice to acquire a racehorse. The main bloodstock auctioneers in Britain are: Tattersalls www.tattersalls.com Doncaster Bloodstock Sales www.dbsauctions.com Brightwells www.brightwells.com To find out more about buying at auction, visit the British Bloodstock Marketing website: www.bbm.gb.com

Private sale

A horse can be bought privately from its current owner, usually through an advertisement or by word-of-mouth. Through this method, the vendor and purchaser can agree the price and specific terms of sale. It is recommended that the horse is given a thorough veterinary examination before agreeing a sale.

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Choosing a trainer Involvement with your stable, mornings on the gallops, following your horse’s progress and memorable days out at the races are all key elements of a fulfilling ownership experience. Points to consider when selecting a trainer are: n Form – how successful the stable has been to date; n Location of the stables; n Stable visits – times and days of the week the trainer prefers. The Trainers Directory on The British Horseracing Authority website lists details of all licensed trainers in Britain. It is searchable by county and is a helpful tool when considering an approach to a trainer. Visit: www.britishhorseracing.com The National Trainers Federation is also a good source of information: www.racehorsetrainers.org

Costs of ownership Purchase price

The price of each racehorse varies greatly depending on its pedigree (family lineage), individual conformation (the horse’s physical make-up) and previous performance (if raced). Whilst it is important to seek professional advice when becoming an owner, it is fair to assume that horses with better pedigrees and conformation cost more money. On the other hand, every year there are also top class winners that cost next to nothing. A good example of this is Sir Percy, who was bought at the sales for £16,800, a small sum when considering that he won the The Derby in 2006 and his career earnings totalled well over £1million, not to mention his ongoing value at stud.

Racehorse Ownership Sport

n Blacksmith’s bills are another on-going cost as a horse’s metal shoes need to be replaced about every four to six weeks - a new set costs approximately £80. n Transport costs to transfer the horse to and from the races. n Staff overtime when travelling to the races. n Race entry fees vary from around £20 for a lower grade race to thousands for The Derby. n Jockey fees are charged each time a horse runs in a race. The fees vary from £100–£200, depending on whether the horse runs on the Flat or over Jumps. n Ownership registration fees. Owners are charged small annual administration fees and are required to register the following: - The ownership - Colours - The racehorse (if it is not already registered) - The horse’s name (if unnamed) Registration can be done via Weatherbys. Visit: www.weatherbys.co.uk

Running costs

The average cost to keep a horse in training per year can vary greatly, but approximately £20,000 is a reasonable guideline. However, this amount will vary depending on your choice of trainer and can broadly be expected to include the following: n Training Fees include the costs to feed and exercise the horse, wages for stable staff and the professional eye of the trainer monitoring the horse’s progress and ability. Training fees will vary and some trainers will have an allinclusive rate, which means that costs such as routine veterinary care, gallops and farriery costs are included. Others will charge a base rate with the items listed below charged additionally. n Gallop fees are charged in order to maintain the gallops on which the racehorse is trained. Gallops are either privately owned, in which case the trainer will generally include

the maintenance costs in the training fees, or are public gallops owned by independent organisations, in which case owners are charged individually for use. n Routine veterinary care is generally required to maintain the horse’s well-being. In order for the horse to perform at the race track, routine veterinary care needs to be administered, such as vaccinations, blood sampling and respiratory investigation. A racehorse is a highly-tuned athlete and as susceptible to injury as are human athletes, so niggling problems can occur. In the unfortunate event of an injury, on-going veterinary costs may be incurred in order to speed the horse’s recovery.

n Colours/silks are worn during a race by the jockey to help identify each individual horse. Every owner or ownership type, in whose name a horse is to run, is required to register colours. Choosing the colours that will be worn when your horse runs is an important and fun part of the process. To choose and register the racing colours your jockey will carry on your racehorse, visit: www.britishhorseracing.com n Naming your horse is another important part of ownership, and finding a suitable name can be a fun challenge. n Insurance is also available for owners to protect their investment.

“Choosing the colours that will be worn when your horse runs is an important and fun part of the process.” VIPWORLD

Ownership, syndicates & racehOrse ManageMent

Field & Country Racing new syndicates available all inclusive ownership includes All training fees Full Ownership Privileges at races Guaranteed Raceday Tickets All Veterinary Fees All Blacksmiths, Transport, Jockey and Race Entry Fees Full share of Race Earnings Full share of any resale value (at end of syndicate ) Visit to trainers as often as you like Exclusive Field & Country ownersâ&#x20AC;&#x2122; events Wensley Regular updates and exclusive membersâ&#x20AC;&#x2122; web page

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Superb facilities in the heart of the Yorkshire Dales

Racehorse Ownership Sport

The Race Pre-race

Some horses perform better on softer ground and others on firmer, so the weather can be a major deciding factor. If all has gone according to plan, the trainer will declare the horse to run either 24 or 48 hours in advance of the race. The Racing Post displays entries made for races as well as declarations and these can be found on their website: www.racingpost.com

At the races

Most racecourses include a dress code on their website. There are plenty of places to shelter from the elements but for the most part you will be outside, so it is a good idea to dress accordingly. For ladies, it is a great opportunity to dress up and men generally wear a shirt and tie but not jeans, trainers or sports clothing. Once you have arrived at the races, owners’ badges can be collected from the owners and trainers’ entrance. As the prerace anticipation builds, as well as soaking up the racing action, you can also enjoy a drink in one of the bars reserved for owners or have lunch in the owners and trainers’ facility, where there is often a host who will be happy to answer any questions you may have about your day. The trainer will arrange for the horse to be transported to the course and stabled shortly before the race is scheduled. The horses will then parade in the preparade ring from about 45 minutes before the race. Once your horse has left the pre-parade ring, it will be saddled by the trainer in one of the saddling boxes and then paraded in the main paddock before the race. In the paddock, owners get a chance to meet with the jockey and trainer in order to discuss race tactics. A bell rings when it is time for the jockeys to mount their horses, before they head down to the start.

During the race

There is very little that comes close to the thrill and anticipation of watching your horse run, so it is important to choose a good spot from which to watch the race. Most racecourses have designated viewing areas for owners and trainers, so you may get the best view from there.

“There are few feelings as great as owning the winning horse.” The Celebration Post-race

Imagine the buzz of the crowd, people patting you on the back, as you make your way into the winners’ enclosure with your horse at your side. You punch the air with joy, the crowd cheers and everyone around you is elated. There are few feelings as great as owning the winning horse but, even if your horse has finished out of the frame, it is still a good idea to hear what the jockey has to say, and you can meet your team in the un-saddling area. Whether you are enjoying a celebratory glass of champagne or discussing why your horse did not come home with the silverware, it is always a nice gesture to tip the member of stable staff who looks after your horse to thank them for their hard work. Win or lose, horseracing is a great day out, so if you are interested in finding out more about the thrill of horseracing, visit: www.lovetheraces.com

useful websites Brightwells www.brightwells.com British Bloodstock Marketing www.bbm.gb.com BritishHorseracing Authority www.britishhorseracing.com Doncaster Bloodstock Sales www.dbsauctions.com Racehorse Owners Association www.racehorseowners.net Racing Syndicates and Clubs Association www.rsaca.co.uk Tattersalls www.tattersalls.com The Federation of Bloodstock Agents www.bloodstock-agencies.com The National Trainers Federation www.racehorsetrainers.org The Racing Post www.racingpost.com Weatherbys www.weatherbys.co.uk

Racing for Change

Racing Enterprises Limited 75 High Holborn, London WC1V 6LS Tel: 0207 152 0195 Email: info@racingenterpriseslimited.co.uk Web: www.racingforchange.co.uk

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Wealth Ethical Investments

Ethical Investment From social housing funds to sustainable forestry, clear-conscience profits are fast becoming the norm. Neil Walden investigates why investors should dive into the promising pool of ethical investment.

s the notion of ethical investment rises up the political and social agenda, there is an increasing need for a simple explanation of what the concept is (and what it is not), an account of its origins, and an overview of its development. At a time when anti-capitalist protests are taking place around the world, it is perhaps an opportune moment to look at what ethical investments are not. They are not nonprofit activities, but are driven by the same motivations as conventional investments; they are designed to make a profit. It should come as no surprise that ethical investments try to achieve this goal within a framework that avoids various areas of unacceptable practice. However, it is important to grasp the reality that ethical investment is designed for profit, not as a charitable option with restricted opportunities to make money. Ethical investments arose from a desire to avoid the most unpleasant practices, and to refrain from making money from such activities. The broad areas of avoidance

“Ethical investments arose from a desire to avoid the most unpleasant practices, and to refrain from making money from such activities.” 42

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include social ills (such as tobacco, gambling, pornography and irresponsible marketing of alcohol) and wider global issues – or industries deemed to have a negative impact (armaments and oppression). As the movement has developed and attitudes have evolved, ethical investment has adapted to prioritise positive investment opportunities, such as in companies that develop new technologies, environmentally beneficial processes and renewable resources. Ethical investment appeals to many individuals, but is also relevant for charities. A cancer charity, for example, would not want to invest in companies that manufacture cigarettes. To those who would belittle all forms of ethical investment, many might reply by asking a simple question: would those same detractors be happy to profit from child labour, providing the child being exploited was not their own? It is important that potential investors are not put off the process because they do not feel sufficiently committed. There is an expanding spectrum of ethical investment products available, which are able to meet a diverse range of positions and attitudes and are tailored for all levels of personal engagement. It is also a source of ongoing amazement as to how many people do not connect their morals and their money. For example, it would be fascinating to discover whether any of the demonstrators outside St Paul’s Cathedral are indirectly profiting from the companies against which they are protesting. From one’s bank account, to one’s equity ISA, pension, savings and investments: where

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Wealth Ethical Investments

“Too many people in the financial world lose sight of the fact that it is not their own money they are managing.”

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money is involved, ethical choices can be made. Once the initial hurdle to investing with a conscience has been overcome, the next challenge will be around where to obtain suitable advice and guidance. Fortunately, there are numerous specialist ethical investment advisers that are the obvious first port of call. Many non-ethical specialists also have an understanding of the area and can tailor their services to meet the requirements of clients seeking advice. Virtually all stockbrokers and fund managers offer an ethical investment option – whether these are targeted at individuals, trusts or charities. Should the adviser try to dissuade a client from following this path, it would be wise to look elsewhere, as ethical investment is by no means a fringe activity to be marginalised. Vast sums of money are invested with some ethical, social or environmental restrictions applied; it should be irrelevant whether an adviser or stock-broking fund manager is unsympathetic. Sadly, too many people in the financial world lose sight of the fact that it is not their own money they are managing. In respect of performance, the most frequently asked question is: ‘will my principles reduce my profits?’ Over the long term, it is categorically not the case that principles reduce profits, as numerous studies confirm this position. There are times when ethical funds will achieve above average

returns, and other periods when they will not; by taking a medium- to long-term stance, overall performance will not be hindered by ethics. A look into the future offers thoughtprovoking questions. Investing via a pension into companies that cause significant environmental damage could be seen as a virtual oxymoron; why invest for a future in a world that may not exist or may have seriously deteriorated? This question applies equally to investments for children or grandchildren. There will inevitably be some who may think: ‘but I enjoy a drink, sometimes a smoke, and believe that armaments are a necessary evil’. As a consequence, they may not perceive these industries as an area of ethical interest. However, new technologies and renewable sources of energy are undoubtedly areas in which even the most sceptical investor may wish to save at least some of their money. As man-made global warming appears to be the consensus of most scientists, investment into companies involved in combating climate change will not only be very profitable, it might also save the planet from environmental catastrophe. Over the past few years, the ethical investment world has developed into exciting new arenas that fall outside the conventional, prevailing stock market approach. Social housing funds, both in the UK and abroad, sustainable forestry funds, and social and micro-credit lending facilities are all examples of these new initiatives that combine the profit motive with the desire to make a positive difference. Interestingly, many projects of this kind are not only very profitable, but also offer a lower risk profile than is available from conventional equity investments. There is undoubtedly a healthy future for ethical investments and a good many opportunities to invest in this future. For these reasons, it is becoming increasingly advisable for investors dip a toe into the promising pool of ethical investments. n

Projected returns of 25%

Eco Global Markets is a leading boutique investment consultancy focusing on projects that directly reduce carbon emissions. Carbon credits are the fastest growing traded commodities in the world. The global carbon markets were worth over $120 billion in 2010 and are expected to be worth $1 trillion by 2020. Our team of motivated individuals holds over 60 years of combined financial expertise in the field of green investments. This allows us to determine low risk opportunities with the most potential for high returns whilst maintaining an ethical stance. Working with the most experienced development teams in markets fundamental to our sustainable future, Eco Global Markets provides investors access to only the most ethical investments. To learn more about the benefits of investing in the carbon market, contact us today.

Wealth Green Investments

The Future is Green Leading the field in investments that tackle climate change, Eco Global Markets is a boutique consultancy that tailors profitable green portfolios. Jason Bloom discussed these lucrative new opportunities with Robert O’Brien, Managing Director of Eco Global Markets.

ased in the heart of the City of London, Eco Global Markets provides a wealth of financial expertise on profitable projects that mitigate climate change. Talking with Robert O’Brien, the Managing Director of this innovative company, I wanted to know how the consultancy is able to offer clients a sustainable income stream while simultaneously reducing carbon emissions. “It’s simple,” says Robert. “The global carbon markets were worth over $140billion last year, and carbon credits are expected to be one of the world’s biggest traded commodities over the next 10 to 20 years. Eco Global Markets is able to provide competitive annual returns by offering clients the opportunity to invest in low-risk, low-carbon vehicles.” The company offers a range of exciting investment opportunities, such as solar, waste energy recovery, avoided deforestation, methane capture, methane avoidance and biomass. Robert explains that Eco Global Markets operates in the compliance carbon market through the

“Investing in forestry projects is vital in order to mitigate the effects of climate change.”

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Clean Development Mechanism (CDM). “The CDM is the groundbreaking mechanism that was created under the UN’s Kyoto Protocol,” he says. “It has two basic objectives: helping industrialised countries achieve emission reductions, and accelerating sustainable development in developing nations. It’s designed to encourage developed nations to invest in emission-reducing projects in developing countries by awarding them ‘carbon offsets’. These offsets are known as Certified Emission Reductions and can be used to meet their own emission targets.” Talking to Robert, it becomes clear that the CDM is an ingenious tool for states seeking to meet their Kyoto targets or for heavy emitters operating under the EU’s Emissions Trading Scheme. In addition to providing a viable alternative to reducing emissions at home, it also encourages sustainable development by mobilising finance in developing countries. I am also curious to learn more about the company’s main operations in the forestry carbon market. Deforestation and forest degradation account for nearly 20

percent of global greenhouse gas emissions, which is more than the entire global transportation sector and second only to the energy sector. Consequently, Eco Global Markets is particularly focused on forestry projects. “These forestry projects arise as a result of changes in the composition of forests, such as conversion to pastureland, infrastructure development, destructive logging and fires,” Robert explains. “Such changes reduce the forest’s ability to absorb carbon and balance greenhouse gas emissions. Investing in forestry projects is vital in order to mitigate the effects of climate change. As forestry projects gain widespread recognition in international climate change negotiations, regional carbon markets are expected to grow as a result.” It is through such projects that Eco Global Markets is able to provide competitive annual returns. Working with leading third-party standards to ensure that credible offsets are sourced from the compliance market, the consultancy provides investors with profitable opportunities in a developing market. n

form and function are one

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Events CNR Eurasia Boat Show

Empire of the Seas: The CNR Eurasia Boat Show With ambitions to be the leading boat and mega-yacht show in the world, the next Eurasia Boat Show in Istanbul is not to be missed.

s one of the most momentous and talkedabout events in the boating calendar, it is fitting that the CNR Eurasia Boat Show should be located in the most historically important seafaring city in the world: Istanbul. Long before Britannia ruled the waves, Istanbul dominated the seas with a wide-ranging empire that covered the coasts and coves of the known world. Today, the Eurasia Boat Show has nailed similarly grand ambitions to its mast, and is destined to become the largest yacht fair organised on land within the next few years. This remarkable show has exhibited state-of-the-art sea vehicles

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and accessories from the leading international boat producers since 2007. Hosted in Istanbul’s impressively high-tech CNR Expo Centre, the sixth exhibition will be held on 10th–19th February 2012 and will present the latest developments, technologies and innovations in the global marine industry. In addition, as Turkey currently ranks 2nd in the world’s mega-yacht production industry, the show will be a key opportunity for delegates to build strategic links with manufacturers and suppliers. Located in a country that has more than 8,330kms of elaborate coastline, the exhibition is also a perfect opportunity for yachting enthusiasts to learn more about Turkey’s first-rate yacht tourism facilities and fascinating seafaring culture and heritage. Having firmly established its credentials as a premier class exhibition, the Eurasia Boat Show has been welcomed into the elite club of the International Federation for Boat Show Organisers (IFBSO). Organised by Pozitif Trade Fairs, an affiliate of the CNR Holding, the show now ranks among the world’s most important

fairs, such as the Cannes, Paris, Monaco, Dusseldorf, Genoa, London, Miami and Seatec boat shows. On being recognised by the IFBSO, the president of CNR, Ceyda Erem, indicated the higher ambitions of the Eurasia Boat Show. “The IFBSO membership has been the latest indicator of the show’s rise,” he said. “Our objective is to become the largest boat and yacht fair in the world organised on land by 2015. We will also be simultaneously organising an event at the Ataköy Marina from 2012 onwards to exhibit yachts and boats on the sea, thus offering a complementary aspect which has been missing for years.” With an exceptional selection of high-quality yacht and boat products at reasonable prices from a vast range of international manufacturers, it is extremely likely that Ceyda Erem’s dreams of a new Eurasian empire of the seas will be fulfilled. n The CNR Eurasia Boat Show will be at CNR Expo in Istanbul on 10th-19th February 2012. For more details, visit www.cnravrasyaboatshow.com

The Indomitable Style of

Design Hotels With a taste for the distinctive, the original and the culturally authentic, Design Hotels represents more than 200 independent hotels in over 40 countries. Peter Morrin talks to the companyâ&#x20AC;&#x2122;s visionary founder and CEO, Claus Sendlinger, about the remarkable rise and indomitable style of the Design Hotels brand.

Claus Sendlinger Ceo, Design Hotels

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What was the idea behind Design Hotels? I started Design Hotels in 1993 after developing my own travel and event agency. I had been travelling the world and organising events with musicians, DJs, artists and other creative minds who had very specific requirements and wanted to meet likeminded people everywhere they went. Back then, trying to find hotels that offered a really creative surrounding and attracted a cool crowd was a major challenge. In the early 1990s, there was not a big focus on design in hotels. Those that did offer this really stood out. I realised it was a good idea to bring hotels like this together under one umbrella, which we called Design Hotels. Â What does Design Hotels do? Design Hotels gives independent hotels the real possibility of achieving worldwide exposure, global brand recognition and the opportunity to take advantage of exceptional sales and marketing products and services, as well as revenue management. On its own, a

Design Hotels Travel

Opposite page: The Conservatorium Hotel will soon be opening in one of Amsterdam’s iconic buildings. Left: Hôtel Americano in the Chelsea neighbourhood of New York.

hotel could only access this through major investments or by becoming part of a hotel chain. Our members profit from nearly 20 years of Design Hotels’ experience within the design and lifestyle hotels niche. They also become part of a unique brand that stands for aspirational and original hospitality experiences in more than 40 countries. As part of a network of the world’s most creative hoteliers, they are linked to an unrivalled community for design, architecture and culture. This enables them to stay on the pulse of trends and to belong to an association of like-minded people. What defines a member of Design Hotels? Every member hotel provides a unique hotel experience and reflects the vision of an independent hotelier – an ‘original’ with a passion for genuine hospitality that is culturally rooted and enhanced by thought-provoking design and architecture. These people are inspiring personalities. We continue to highlight them through our various communication platforms, including our annual Made by Originals book and our new website MadeByOriginals.com, launched in beta this June. Our member hotels must also have an integrated concept, in which the guest experience is one-of-a-kind, with factors like personalisation, recognition, self-education, neighbourhood integration and sustainability at the forefront. This means that our member

hotels stand out as places that not only offer exemplary design and architecture, but create authentic, memorable experiences for the guest. This is what distinguishes our company from other hotel groups, and is reflected in our expanding and varied portfolio. What is the current campaign for Design Hotels? This year, we have placed an even greater emphasis on our ‘Originals’. In February, we published a new Design Hotels’ book Made by Originals, with 33 stories about these unique personalities. This book is in addition to our annual Design Hotels Book that features 200 member hotels with large-scale images and in-depth reviews. This is the first year we have dedicated an entire book to our Originals’ stories and it is a great success. We have also just launched a new website, MadeByOriginals.com, which gives a deeper insight into the stories, passions and lives of the hoteliers, architects and designers behind the properties. What does the future hold? There is an increasing shift in societal values that is shaping travellers’ wants, needs and expectations. The role of a hotel has therefore changed; they are no longer just places to sleep, or to be impressed by a designer chair in the lobby; they must now create memorable experiences for guests. In this increasingly nomadic world, people are searching for that feeling of familiarity and

connection in a hotel. Consequently, Design Hotels is placing a growing emphasis on ‘going local’. It is all about individual experiences and being connected to, and exploring, the local culture. Whether you are checking in to Nobis Hotel, Stockholm’s new ‘living room’, the upcoming Hôtel Americano in New York, or Wanderlust in Singapore, you will immediately feel part of the local community. ‘Going local’ also translates in terms of design and the use of materials, as well as using local talent, local wines and local produce, which ties in with our emphasis on authentic experiences. You can see this taking place in other areas, such as the return of the small corner store, the slow-food movement and homemade spirits. Consumers do not want the exact hotel experience in Los Angeles as they would have in Mumbai or Tokyo or Bali. Does Design Hotels have any new openings over the coming year? We do have some exciting new hotels joining our portfolio. In Amsterdam, for example, Conservatorium Hotel will open later this year. The hotel is the second hotel from Georgi Akirov (owner of Mamilla Hotel in Jerusalem) and is situated in the museum quarter of the city in an iconic building: a former music school. We are also welcoming the first hotel outside Mexico for Grupo Habita – Hôtel Americano – in New York. From owners Carlos Couturier and Moises Micha, the hotel will reflect their love of contemporary art and their passion for Manhattan. It will immerse guests in the local scene with an iPad in every room that gives personal recommendations for the best galleries, restaurants and shops in its Chelsea neighbourhood. In New York we have recently welcomed Gramercy Park Hotel, a luxurious landmark in one of the most coveted areas of Manhattan that attracts fashion designers and models, celebrities and stylish Manhattanites from every generation. In Germany, 25hours Hotel Hafencity is a fun, ‘budget deluxe’ hotel that opened its doors in Hamburg this July. The extraordinary hotel has a strong maritime theme, with old shipping containers in the lobby, log books in the bedrooms, and rooms that are designed to resemble a ship’s cabins.

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Travel Design Hotels

Four of the Best From Austria to Australia and Iceland to India, Design Hotels offer a global portfolio of original, authentic and distinctive hotels that meet the needs of the modern traveller. Peter Morrin explores four of the brand’s exceptional hotels in Europe.

Neighbouring the town of Saint-Tropez, this chic resort enjoys an enviable location and is situated within its own park-like setting, just a few minutes walk from the beach. Hotelier Shahe Kalaidjian teamed up with designer Christoph Pillet for a second time to create this holiday version of their distinctive Paris hotel. There are only 37 guestrooms – all loft-like spaces with private outdoor areas grouped around a large central pool area. The hotel has also recently opened two new villas with private pools – just one more excuse to head down to the Mediterranean coast. Room prices start from €450. www.designhotels.com/hotel_sezz_st_tropez

Photo © Manuel Zublena

Hotel Sezz Saint-Tropez, France

Hotel Schweizerhof Bern, Switzerland

Internationally renowned as Bern’s original luxury hotel, this property recently re-opened after a major renovation. Located inside a stunning 1913 listed building, the hotel is enjoying a 21st-century renaissance with a lovingly restored elegant arched façade and the very latest technology. Corridors have been scaled down to make each of the 99 rooms and suites more spacious and restful for guests. At the heart of the hotel is the Lobby-Lounge, an establishment favoured by well-heeled locals and hotel guests alike. Rooms start from CHF 99. www.designhotels.com/schweizerhof

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Bohemia Suites and Spa Gran Canaria, Spain

A sophisticated lifestyle oasis for adults due to open in March 2012, the Bohemia is situated on a tranquil, secluded stretch of picturesque beach. Created by German owner Rembert Euling, this ocean-front hotel will offer 67 rooms and suites with rich mahogany floors, native olive-wood furnishings, and interiors in shades of yellow, purple and terra-cotta. The rooftop restaurant is a spacious indoor-outdoor space that will allow guests to mingle whilst soaking up panoramic views of the Atlantic Ocean and the undulating dunes of Maspalomas. There will also be a Siam Thai Spa with treatment marquees, an open show kitchen in the lounge, two pools and a Bamboo relax garden. Room prices start from €140. www.designhotels.com/bohemia_suites

“The rooftop restaurant is a spacious indoor-outdoor space that will allow guests to mingle whilst soaking up panoramic views.”

25hours Hotel Hafencity Hamburg, Germany

This fun, affordable hotel is the first to be built in the newly revitalised Hafencity quarter of Hamburg. Drawing on the area’s rich maritime history, the hotel offers 170 cabin-style suites, a rooftop sauna, ‘Heimat’ Restaurant + Bar, the ‘Mare Kiosk’ gift shop and several meeting rooms, including one in a repurposed shipping container. On the 6th floor, the sauna and open-air terrace offer spectacular views over the everchanging skyline. Room prices start from €105. www.designhotels.com/25hours_hafencity

Destination Clubs and Private Residence Clubs: Making Vacation Dreams A Reality With premier properties on every continent, five-star amenities and first-class services, destination clubs and private residence clubs provide a unique opportunity for those who prefer their luxury vacations to be a private affair. Nick Copley explores the membership advantages of these exclusive holiday clubs.

any of us would love to own a luxury beachfront villa or an elegant ski chalet, together with an upscale city apartment for those weekend getaways. But the practicalities of maintaining a second home, sometimes hundreds of miles away, can cause us all to postpone this dream. The creation of destination clubs and private residence clubs, which first appeared some 15 years ago, has caused a paradigm shift in second home ownership. These clubs are aimed at those who seek luxurious, fully featured second homes without all the hassles of dealing with broken pipes or paying utility 54

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bills. In short they enable the second, and third and fourth home dream and deliver this without any of the consternations of whole ownership. Members and their families have access to spacious, private residences in ski resorts from Aspen to The Alps, on beaches from St Barts, to the Cote d’Azur to Maui and in cities from New York, to London and Florence. The term club is somewhat flexible, since some of these ventures are structured as investment funds, providing property holdings to qualified investors, others are more like a golf or country club structure and for others the members hold part of the property

deed. The key things that they all provide are amazing homes, in sought after locations, with the personalized concierge services one would expect at a five star hotel. Local concierges will have the kitchen stocked, the wine cooling and the lift tickets ready as soon as you arrive. They will also help with planning daily itineraries, with advice on local activities and attractions, booking restaurants, spa treatments, or tee times, arranging private chefs and assisting with travel arrangements. “In today’s world time is the most valuable commodity”, said Ben Addoms, co-founder of Quintess, one of the leading clubs. “We

Destination Clubs Travel

“Destination clubs offer access to multiple luxury vacation homes, in some cases, all around the world”

give members the luxury of time and peace of mind, by removing all the hassles from planning and taking a vacation. Members can simple relax and enjoy their time with family and friends.”

What are Private Residence Clubs and Destination Clubs?

Although somewhat similar in terms of overall services and amenities, private residence clubs and destination clubs offer different programs. The members of private residence clubs enjoy returning to one location, and purchase

a share of their chosen property. Each shareholder is essentially a part owner of this residence (typically eight or ten shareholder/ owners per residence). These ownership periods are usually expressed as fractions such as 1/10, 1/8 or ¼, which provide 5 to 13 weeks of use per year. The purchase prices can run from about $50,000 up to $600,000 depending on the club, the size of the residence and the size of the fraction. In addition, the annual membership fees that cover maintenance and resort services can range from $4,000 to $30,000 per year. Offering a variety of locales from which

to choose, there are private residence club developments located in city, beach, mountain and leisure destinations. Much like a resort, these properties are fully serviced and maintained by a management company. In fact, some of these clubs are run by wellknown hotel operators such as Ritz-Carlton and Four Seasons. In addition to on-site concierge services, members can have exclusive access to the resorts golf courses, spas, dining, and other affiliated amenities and services. Destination clubs offer access to multiple luxury vacation homes, in some cases, all around the world. Most of the residences are spacious single-family homes with a typical market value of about $1.5 million (£1 million) to $4.5 million (£3 million). Members can choose from beachfront properties, mountain hideaways, leisure resorts that offer golfing, spa and other relaxation activities or luxurious urban condominiums. So if you enjoy visiting different destinations throughout the year, these are the better choice. Membership fees generally start at $75,000 up to $600,000+. Annual membership dues can range from $6,000 to $60,000+ depending on the club and how many day you want to travel. Both private residence clubs and destination clubs offer an array of services that cater to their members. The clubs’ staff members can assist with pre-trip planning, travel preparations, and even arrange to have the member’s preferred food and drink stocked upon arrival. In addition, concierge services can arrange for theater tickets, dinner reservations, tee times, spa bookings as well as other services such as a private chefs, nannies, babysitters or tutors.

Select Private Residence Clubs

Private residence clubs first developed in the ski resorts of the Rocky Mountains, where people wanted their own home, but couldn’t justify buying a whole house for just a few

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Travel Destination Clubs

“There is nothing better than just showing up and having fun” weeks of use each year. Clubs can now be found around the globe, offering exquisite, fully serviced homes in many cases there are unique experiences just for members. The Reefs Club (www.thereefs.com), overlooks a secluded pink sand beach on the southern coast of Bermuda. This private club blends the benefits of vacation home ownership with the amenities and services of The Reefs Hotel. The clubs elegant two- and three-bedroom residences provide gourmet kitchens, luxury master suites and two terraces overlooking the Atlantic. Out on the veranda, owners can relax in their own private whirlpool spa. Operating much like a private equity club, property owners have exclusive access to The Reefs resort amenities such as the resort pool, fitness center, La Serena spa, concierge, private beach access, and golf membership at Port Royal. Located in the heart of Florence, Palazzo Tornabuoni (www.palazzotornabuoni.com) is one of the few urban European private residence clubs. This beautifully restored 15th Century palace, once belonged to the Medici family, and now provides a unique entrée to the Florentine lifestyle. The club concierge can arrange preferential access to museums, galleries and private collections or exclusive visits to some of the most prestigious Tuscan vineyards. The club is managed by Four Seasons Hotels and offers ownership in studio, one-bedroom or twobedroom residences. Napa Valley is home to Calistoga Ranch, a private vineyard retreat for connoisseurs of great food and wine (www. calistogaranchliving.com). Nestled in a secluded canyon, The Lodges at Calistoga Ranch provide understated elegance, overlaid with the renowned service of an Auberge Resorts managed property. Each two bedroom lodge is centered around a spacious, covered, outdoor living area, that helps the homes blend into the surrounding old forests and rocky outcrops. Members can take advantage of the Lakehouse Restaurant, spa, hot springs and state-of-the-art fitness center while admiring the surrounding 157 acres of pristine natural landscape. The resorts wine cave is where members sample wines created 56

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from the on-premises vineyards, and is the location for the clubs private wine events and dinners.

Select Destination Clubs

Whether you want a private three-story mountain lodge in Vail, Colo., a luxurious beachfront retreat in Los Cabos, Mexico, or a 4 bedroom apartment in Paris, the Quintess Collection (www.quintess.com) takes members to more than 40 destinations around the world. Members can even take advantage of exclusive tours like sailing to the Galapagos Islands or visiting Kenya’s wildlife preserves. There are three different clubs within the Collection and the homes range in value from $2 to $4 million, the annual dues or expense per night ranges from $800 to $1,230. “Prior to joining Quintess, I had a beautiful 3,200-square-foot condo in Beaver Creek that I used about 30 days per year. Since that time, for less than one-tenth of the investment and about one-third of the annual fees, I have enjoyed the same 30 days per year in larger, even more beautiful homes in Deer Valley, Telluride, Aspen, Los Cabos, La Quinta, New York, Napa Valley, London and Florence. One heck of a trade-off, or should I say, trade-up!” said Quintess member Stanley Paur. The Hideaways Club (www. thehideawaysclub.com) offers a portfolio of

villas and residences in Europe, Asia, Africa and America. The club manages two luxury property investment funds, the first offers spacious villas, while the newer City Collection has apartments in the worlds leading cities. Members are also investors and can benefit from any appreciation in the portfolio. Tennis player Tim Henman and Formula 1 driver Nick Heidfeld are counted amongst the membership. Nick joined for the “wide variety of beautiful properties in stunning locations around the world that I can use year round.” The owner members at Equity Estates (www.equityestatesfund.com) can use 50 homes and villas around the world, with an average value of $3 million (£2 million). The clubs three membership levels offer 15, 30 or 45 nights a year. Just like the other destination clubs, Equity Estates provides pretrip planning and local concierges – “There is nothing better than just showing up and having fun,” said member WJ Poston. The two apartments in New York are always popular with owners, and other locations include Costa Rica, the Turks & Caicos and Aspen. n For more information, The SherpaReport (www.sherpareport.com) compares each of the different clubs and analyzes the clubs as they expand and add new residences. It provides insights and helps with questions to ask, to make sure that families find the right fit for their travel needs.

A H i s t ory of integrity “Our love affair with the Turks & Caicos Islands” Successful real estate ventures start with a solid foundation. With National Colony Realty, you benefit from an expert team that serves as both consultant and partner to make your island dreams a reality. Our love affair with the Turks & Caicos Islands began over 40 years ago. And like you, we fell hard for this place. Our long-standing clients have told us it’s our deep-rooted passion for the TCI and a true understanding of what each customer wants that sets National Colony Realty apart from other real estate agencies.

Turtle Cove Beachfront Villa

Our approach to service is straightforward, honest, and easy. Contact us today, and we`ll put our tradition of success and commitment to work for you.

National Colony Realty Ports of Call, Providenciales, Turks and Caicos Islands phone: + 001 649 946 5945 website: www.nationalcolonyrealty.com

Gansavoort Penthouse Condo on Grace Bay Beach

e-mail: sales@nationalcolonyrealty.com

Travel Cavallo

Hôtel & Spa Des Pêcheurs Situated in the balmy waters between Corsica and Sardinia, Cavallo is a private island for celebrities and VIPs to enjoy the luxury of an unspoiled Garden of Eden. Cliff James explores the remarkable Hôtel and Spa Des Pêcheurs, the jewel in this island paradise.

ne of the most exclusive and secretive destinations in the Mediterranean, the island of Cavallo in the Lavezzi Archipelago has been a favourite haunt of the international jet set for more than forty years. Nestling just 2km off the southernmost tip of Corsica, Cavallo is a natural paradise of crystal clear waters, serene stretches of white sandy beaches and fragrant green coppices of wild myrtle, laurel and juniper trees. It should come as no surprise, then, that Cavallo is a private island favoured by celebrities and royalty alike, and is open only to the privileged few. The jewel in Cavallo’s crown must surely be the Hôtel and Spa Des Pêcheurs: an enchanting, secluded retreat on the tranquil shores of the Bocche di Bonifacio. Architecturally crafted in harmony with the island’s wild landscape and perfectly designed to provide absolute privacy for its VIP guests, the hotel is a design masterpiece that is built from the island’s native rock and overlooks the azure waters of a secluded bay. Ensconced within a verdant grove of indigenous trees, the hotel is comprised of 50 luxurious terraced rooms, each equipped with every conceivable comfort and offering

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Cavallo Travel

panoramic views of the mesmerising Mediterranean. In keeping with its empyrean surroundings, the Hôtel Des Pêcheurs provides the absolute in pleasurable relaxation: the spa. Situated within an area of stunning natural beauty, the spa provides an incredible range of beauty, dermatological and relaxing treatments, provided within personalised programs by highly qualified practitioners. For the ultimate in epicurean recuperation, the Spa Des Pêcheurs encapsulates the epitome of first-class indulgence. In keeping with Cavallo’s rich, cosmopolitan heritage, the Hôtel Des Pêcheurs also serves up a delectable menu of traditional French and Italian nouvelle cuisine at the tranquil terrace restaurant, overlooking the stunning scenery of the rugged shoreline. For those who want to make the most of the glorious sunshine and sea, Cavallo’s outstanding sandy beaches offer endless moments of uninterrupted pleasure in exquisite scenery. In addition to the immaculate beaches of Palma, Zeri, Greco and La Double, the Hôtel Des Pêcheurs also provides its own private beach reserved for hotel guests – the only beach on the island with sun loungers and parasols.

Although Cavallo is elegantly compact, it provides a complete and exclusive world of relaxation for those who are privileged enough to visit this select island. The silence and privacy of this haven have proved an irresistible lure to numerous celebrities and public personalities keen to enjoy the sanctity of their own coastal villa. The internationally renowned 18hole Sperone golf course on Corsica is particularly popular with visiting dignitaries, and is just 10 minutes away by boat. With two professional tennis courts and opportunities for boat excursions and scuba diving amid schools of barracudas, Cavallo offers a private Eden fit for the world’s elite. Guests of the Hôtel Des Pêcheurs can travel from most main European airports to the Corsican cities of Ajaccio, Bastia and Figari – the latter of which is just a short car journey to the port of Piantarella. From here, the hotel’s private boat will carry visitors to the impeccable port of Cavallo. With absolute privacy, stunning scenery, and a breathtaking panorama of manicured gardens and reclining sundecks that extend to white sandy beaches, the Hôtel Des Pêcheurs offers an exclusive taste of paradise in one of the world’s most unique destinations. n

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Travel Maldives

The Beach House in

Paradise Perfect indulgence in an idyllic paradise of coral islands and blue lagoons: the Beach House Maldives is the definitive Editor’s Pick for the ultimate deluxe vacation. Cliff James explores the tantalising tropical haven that outclasses all others.

member of the prestigious Waldorf Astoria Hotels and Resorts, the Beach House Maldives is a luxury resort situated in the northernmost coral island of this Indian Ocean archipelago. The paradise hideaway offers true Maldivian culture, complemented by a legendary heritage of excellent hospitality. The Beach House Maldives is a sophisticated sanctuary for those who appreciate natural beauty and refined living. Nestling on a private island, the resort delivers world-class services in the midst of shimmering turquoise waters, white beaches and lush greenery. The Beach House contains 83 tranquil villas, each with a plunge pool, seven dining options and a glorious outdoor garden spa. Taking full advantage of the

stunning scenery and natural serenity, the villas include floor-to-ceiling doors that open out upon the soothing sounds of the ocean. With thatched roofs, indigenous timber columns and fragrant wood panelling, the resort augments the natural features of these verdant atolls. Reflecting the rich Maldivian culture, the Ocean Villas are ornamented by traditional crafts throughout. The original teak-wood beds harmonise with the villas’ authentic carvings, inspired by the 100-year-old mosque on nearby Utheem Island. Expansive terraces – complete with a traditional swing known as an un’dhoali – overlook the infinity plunge pool and an overwater hammock. Combining Maldivian elegance with contemporary amenities, the

QUICK FACTS AND CONTACT DETAILS:

n 83 Villas n 3 Restaurants n 3 Bars n 2 Swimming Pools n 1 Spa n Seaplane transfer from Malé International Airport to the resort or domestic flight and speedboat transfer Tel +960.6500400 Email: reservations@beachhousemaldives.com www.BeachHouseMaldives.com 60

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Ocean Villas provide separate areas for lounging, dining and sleeping, together with air-conditioned bathrooms that are enhanced by i-Spa bathtubs and stimulating rain showers. The Grand Beach Pavilion offers an ideal retreat for a family or group, with villas that include state-ofthe-art entertainment facilities, two bedrooms, a dining room, two open-air bathrooms, a sauna, steam room, i-Spa, plunge pool and even a revitalising swimming pool. With spectacular views of the ocean from private decks, this superb pavilion also includes a variety of pampering treatments in the massage room. In addition to the world-class range of international menus, this idyllic location is perfected by the deliciously unique cuisines of the Maldives. In a first for any resort on this archipelago, the Beach House Maldives also includes the Art Gallery & Tea House, which showcases indigenous cultural artefacts and works by local artists. As an idyllic haven of comfort and rest, the Beach House Maldives surpasses all expectations, combining traditional Maldivian hospitality with a revitalising sanctuary for the well-deserving. n

â&#x20AC;&#x153;Nestling on a private island, the resort delivers world-class services in the midst of shimmering turquoise waters, white beaches and lush greeneryâ&#x20AC;?

Travel Slovakia

From with love

Seated among the ancient mountain ranges of central Europe is one of the continent’s best kept beauty secrets. Cliff James explores Slovakia – an immaculate terrain for adventurous tourists and a hidden treasure for culture lovers.

ormed in 1993 after the peaceful dissolution of the former communist Czechoslovakia, the modern Slovak Republic has a rich and heroic history, replete with mediaeval battles and imperial sagas. This illustrious past is still written across the landscape by the presence of fairytale castles, restored palaces and picturesque ruins. Partly because of its famed hospitality and partly because of its location in the centre of the continent, Slovakia is known as the Hearth of Europe – a homely epithet that hints at the warm welcome awaiting all who come to

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enjoy the delights of this enchanting country. Formerly at the core of the Great Moravian Empire, and then a dominant territory in the Kingdom of Hungary which lasted for more than a thousand years, Slovakia has managed to retain something of both its imperial splendour and its rustic charm. Modern visitors to this central European state can explore the sublime terrain over which armies of Celts, Romans, Huns, Slavs, Franks and Magyars have all marched. The Slovak landscape is distinguished for its mountainous peaks and lush green valleys, with the Carpathian Mountains stretching

across most of the north of the country. Recreational and advanced hikes among the mountain ranges, waterfalls and caves can be arranged with tour operators during any season of the year, including trips to the country’s most beautiful and highly symbolic mountain, Kriváň. In addition, the northern High Tatra peaks are an ideal skiing destination for sports enthusiasts and those who want to make the most of the spectacular outdoors. The remarkable mountain landscape is complemented by vast scenic lakes, such as the Great Hincovo Lake in the High Tatra range.

Slovakia Travel

For active travellers in search of an adrenalin fix, white water rafting excursions are widely available on this region’s numerous rivers, including the Orava, Bela, Vah and Dunajec. Amid this majestic landscape, an oasis of luxury and relaxation can be found on the shores of the Strbske Pleso glacial lake, in the shape of the Grand Hotel Kempinksi High Tatras. With a range of elegant rooms and deluxe suits, this palatial hideaway can be reached by helicopter, private jet transfers or luxury limousine from Bratislava, Vienna and Krakow. A high-altitude terrain shaped by glacial activity, it is no surprise that Slovakia is exceptionally rich in mineral and thermal water springs. Many natural wells have been developed over centuries into health spas that offer curative treatments, relaxation and wellness services. The most popular spa resorts are situated in Salvator, Slatina, Rajec, Miticka, Fatra and Piešťany – the biggest and most renowned spa resort in the country, with a developed complex of hotels and leisure facilities. The capital of this dramatic country, Bratislava, is as spectacular as the landscape, and has a history that goes back more than two thousand years. With a skyline characterised by quaint mediaeval towers, gothic spires and grandiose palaces, the city is an exquisite dream for visitors who love to lose themselves in history. Recommended tours for any sightseer to the city include the turreted Bratislava Castle, which rises on a hill overlooking the River Danube and

was the seat of the royal Habsburg Dynasty, and the 13th century gothic Cathedral of St Martin, formerly the coronation church of the Kingdom of Hungary. The Old Town provides a rich concentration of historical sites for culturelovers to explore, such as the 14th century Town Hall, the remains of the mediaeval fortifications and the City Museum. An array of must-see baroque palaces dominate the historic centre, including the 18th century Primate’s Palace, the Archiepiscopal Palace, and the Grassalkovich Palace – now the official residence of the Slovak president.

Cultural secret

There are many places to stay in the midst of this ancient, scenic city, and from which to absorb the atmosphere of Europe’s best kept cultural secret. Close to the Old Town, for example, the five-star Bratislava Sheraton Hotel offers a superior range of classic and deluxe suites overlooking the legendary River Danube. The Marrol’s Boutique Hotel also stands a few minutes walk away from the river, the Slovak National Theatre and St Martin’s Cathedral. Ranking among the top 100 Best Luxury Hotels in the world, the Marrol’s Hotel offers a variety of luxurious guest rooms, a selection of restorative facilities in the Jasmine SPA, and first-rate cuisine at the delightful Messina Restaurant. Also located in the heart of the city, the art nouveau Tulip House Hotel provides spacious rooftop penthouse suites for visitors to enjoy spectacular views over

essential info n Currency: euro n Language: slovak

Phrases n Hello ahoj n Goodbye zbohom n Please potesit n Thank you dakujem vam Traditional Food and drink n Kapustnica: soup made from sauerkraut and sausage n Trdelnik: traditional cake baked over an open fire n Zlaty bazant: a fine pilsner beer n Karpatske brandy xo: exclusive blend of the best eaux-de-vie from local wines the historical centre and the stunningly modern architecture of the Eurovea riverside development. Built in 1903, the Tulip House Hotel retains its authentic charisma while offering a well-equipped fitness centre, stylish café, and the excellent restaurant Rhapsody, which serves superb French and traditional Slovak cuisine. Situated in the very heart of the continent, Slovakia’s capital is easy to reach from most European destinations. As the only national capital to border two independent countries, Bratislava is just 60km from Vienna and is well connected by rail, road and air services to its EU partners. For a highly cultured travel experience, Slovakia provides an exhilarating opportunity that is not to be missed. n

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Turks and Caicos Islands The Business and Pleasure Paradise Many professionals have so enjoyed their vacation in the Turks and Caicos Islands that they converted their stay into a permanent pleasure. Cliff James explores the reasons why visitors often become expatriates by choosing to retire, invest in or enjoy a second home in these idyllic islands.

ituated on the edge of the Atlantic Ocean, just south of the Bahamas, the Turks and Caicos Islands are a 75-minute flight away from Miami and consist of 40 stunning island pearls. Boasting 20 miles of golden and white sandy beaches, world-class resorts, five-star hotels, pampering spas, gourmet dining, thrilling water sports and rich historic sights, the endless enchantments of this British Overseas Territory lure more than 200,000 pleasure-seekers every year. It is no surprise that many of them return again and again. Nor should it be any wonder that some visitors stay permanently, or that others come back for reasons other than pleasure. Presenting numerousopportunities as a place for investment, the Turks and Caicos Islands are particularly effective at converting business people from tourists into investors. A key reason for this is that the Turks and Caicos Islands are a British Overseas Territory with a stable economic and political climate. Temptingly, duty-free access to Canadian markets and privileged access to European and North American markets are also available to investors. In addition, the islands are only a threehour flight from New York, Boston, Atlanta and Toronto, and half a day’s flight from

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Europe. In these beautiful surroundings, investors can enjoy an open-arms investment policy and a coordinated program that is tailored to attract business.

Dynamic business atmosphere

With a dynamic business atmosphere that enables investors to operate with the friendly and welcoming assistance of the government, the Turks and Caicos Islands contend to be committed to professionalism and best practice when it comes to international business. Government incentives and privileges include a 20-year exemption from all taxation, starting at the incorporation of an investor’s business. Furthermore, for the duration of the business start-up process, the government can grant duty remission on a specific list of construction materials, plant equipment, furniture and furnishings. Equally seductive is the fact that there are no direct taxes of any kind on income, inheritance or capital gains for either individuals or companies. There is no central bank or exchange control, and indirect taxation is attractively restricted to customs duties, stamp duty on certain transactions, hotel accommodation levies and departure taxes. Moreover, bureaucracy and disclosure requirements are minimal, and there are no

restrictions on the purchase and ownership of properties by foreign investors.

Developed infrastructure

The Islands boast a remarkably welldeveloped infrastructure, with three international airports and four seaports, three of which can accommodate ocean freight. Domestic airports are located on 38 of the 40 islands – leaving only the uninhabited East and West Caicos without an airport. All the islands are efficiently interconnected by boat services and an extensive network of wellpaved roads. A courier service is provided by Cable and Wireless, DHL, UPS and FedEx, and modern health care is served by two hospitals. Investors can rely on a labour force of 12,000 – a surprisingly high 32 per cent of the population of only 35,000 people. Some 15 per cent of the entire population are professions, 20 per cent skilled, 12 per cent are semi-skilled and 50 percent are unskilled or manual workers.

Financial services

Banks on the Turks and Caicos Islands are able to offer competitive rates because they do not pay corporate tax or income tax. Offshore financial services account for seven per cent of the economy and rank second only to tourism as the Island’s main source of income.

Turks and Caicos Islands Overseas Living

Internationally recognised as an important offshore financial centre, the Islands offer an extensive variety of financial services, such as company formations, insurance, banking, trusts, limited partnerships and limited life companies. This Islands’ supremely attractive investment climate has generated investment in excess of $5 billion over the past five years. A significant portion of this investment is directed to the Island’s major industry – tourism –in the form of hotels, resorts, spas, recreational activities and sports facilities. Two noteworthy investments on the island of Grand Turk are a multi-million-dollar cruise ship facility and a world-class condominium resort.

Investment opportunities

As a consequence of their natural topography, the Turks and Caicos Islandsoffer the potential for fish farming, fishing and tropical fish breeding. With the only operating conch farm in the world, the Islands export more than one million conch shells each year. Of the 40 picturesque islands, six are lively areas for potential investment, and each one has unique features that make the ideal investment easy to identify.

Grand Turk

As the seat of government, Grand Turk is being promoted as a desirable site for retail, construction and medical services. It has a state-of-the-art airport, a major condominium resort, and a cruise ship facility that is currently under construction. Investment activities in Grand Turk

include an aircraft parts manufacturing plant and a brewery. The opportunities for future investments include hotel and condominium development, cruise-ship-related tourism, marine development, housing development, private medical services, financial services and light manufacturing.

Providenciales

Also known as ‘Provo’, the beautiful island of Providenciales contains a selection of legal and accountancy firms, world-class hotels and restaurants, retail outlets and facilities for sports. The island features a stunning twelve-mile cove, Grace Bay, which has been named the best beach in the world and which hosts some of the world’s most luxurious resorts. Providenciales is an ideal location for investments in hydroponics and aquaculture, mariculture, technology, e-commerce, light manufacturing, housing developments and private clinics.

North Caicos

Famous as the home of the flamingos, North Caicos is also renowned for aquaculture and mariculture. Many investment opportunities on this island are to be found in ecotourism, retirement facilities, hotels and condominiums, aquaculture and livestock, food processing, corporate retreats and light manufacturing.

South Caicos

South Caicos was once the biggest producer of salt, and is now the Islands’ fishing capital. It has the most impressive natural harbour and containsseveral plants that process the

islands’ harvest of lobsters, conch and fish. Exciting investment opportunities can be found in marine research, mariculture, mineral quarrying, ecotourism, game and sport fishing, hotel development and other tourist-related businesses

Middle Caicos

The largest of the Turks and Caicos Islands, Middle Caicos is ideal for ecotourism projects and agriculture. With the largest network of caves in the entire Caribbean and an abundance of majestic fruit trees and medicinal herbs, this island has been earmarked for tourist development and is suited for ecotourism, corporate retreats, retirement homes, adventure facilities, field schools, agriculture and light manufacturing.

Salt Cay

Once the salt capital of the world, Salt Cay is now home to a range of small but exquisite restaurants, water sport operators, hotels and villas. It offers thepotential for residential and retirement homes, guesthouses, hideaways, spas, and spiritual, business and corporate retreats. With so much to offer, the Turks and Caicos Islands are the perfect destination for the professional who seeks to fulfil both their business andtheir pleasure pursuits. n For further information on investment opportunities in the Turks and Caicos Islands, visit www.tcinvest.tc or contact TCInvest on 001 649 946 2058.

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Designing Eden in the Caribbean Nestling in the balmy waters of the Caribbean, the Turks and Caicos Islands are a heaven on earth. Kathryn Fox talks to Ron Shaw, President of RA Shaw Designs and mastermind behind some of the most stunning new builds on this island paradise.

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Turks and Caicos Islands Overseas Living

“Outdoor spaces cost a fraction of interior spaces and can create a feeling of vastness and size”

brief 90 minutes by air from Miami or a direct three and a half hours from JFK, the easily accessible Turks and Caicos Islands are a dream destination and a fantastic investment opportunity. Comprising around 40 islands and cays to the southeast of the Bahamas, all the islands in the archipelago maintain the exotic charm and fragile simplicity that people desire in a Caribbean destination. They also possess several benefits that position them as a destination unlike any other. Throughout the islands, the US Dollar is used as local currency, English is the official language and the weather is beautiful all year round. Temperatures rarely drop below 70°F (21°C) or climb above 90°F (32°C), and the islands average less than 28 inches of rain annually. Because the Turks and Caicos Islands enjoy tax-haven status, there are no property taxes or capital gains taxes. A recently completed modern healthcare facility, The Cheshire Hall Medical Centre, completes the list of reasons why so many visitors return each year to play in the glittering turquoise waters and lounge on the award-winning white sands of Grace Bay Beach.

The bulk of development and tourist features can be found on the island of Providenciales, which is also home to RA Shaw Designs, the locally based design build company responsible for many of the islands’ most beautiful vacation villas and residences. Company principle Ron Shaw is proud of the homes his company has created, particularly the 30,000 square foot home, Emerald Cay. “The project took several years from concept to completion,” says Shaw. “I worked very closely with the clients throughout. What made it so significant to me was that the finished project did not differ one element from my original concept.” The ability to manage a project from start to finish provides Shaw and his clients with the ultimate control over the finished product. “Handling the construction of our projects allows us to be sure the client ends up with, not only a design they are happy with, but an exceedingly well-built home, delivered on time and on budget” he explains. Shaw is quick to point out that, at $38million, Emerald Cay is not necessarily typical for RA Shaw Designs. “Our niche is single family residential, and an average size home ranges from $2 to $5million to complete.”

The spectacular outdoor environment of the islands is a key element in Shaw’s designs. “Comfortable and protected outdoor living spaces are more desirable than interior spaces,” he says. Furthermore, allowing clients who are more accustomed to a northern climate to share his vision is easier than one might imagine. “The bonus is that, generally, outdoor spaces cost a fraction of interior spaces and can create a feeling of vastness and size. Done well, the exterior functions weigh-in much greater than interior spaces.” Shaw’s designs successfully integrate outdoor and indoor living areas, while showcasing the uniquely beautiful topography and vegetation native to these stunning islands. A true lover of the island way of life, Shaw’s business has expanded to other islands in the Turks and Caicos as well as other Caribbean nations, but Providenciales and the rest of the Turks and Caicos Islands retain a special place in his heart. “It’s our beautiful beaches, phenomenal climate, great society, vibrant tourism market and amazing investment opportunities,” he says. And the company that is best suited to bring your tropical dreams to life? The answer is obvious: R.A. Shaw Designs Ltd. n

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Overseas Living Switzerland

Living the

Swiss Dream For the latest real estate trends in the Swiss Alps, a well-informed local partner is an essential ally. Olivia Parisse met with one of the leading experts on real estate in the region, Peter Bloemsma – founder of Buy A Holiday House In Switzerland – to find out how non-residents can purchase idyllic property in the Swiss Alps.

Peter Bloemsma Peter Bloemsma is a Dutch professional who has worked in corporate environments in Europe, US and Australia for more than 10 years. Since 2004, he has lived in Zürich, Switzerland, and assists clients in buying their ideal holiday house in Switzerland.

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witzerland has always been attractive for tourists, travellers and those looking for the ideal holiday residence in beatific scenery. Meeting Peter Bloemsma, who founded Buy A Holiday House In Switzerland, the first thing I wanted to know was why the Swiss Alps have become such an attractive location for potential holiday home buyers. “There’s a vast range of outdoor activities that Switzerland has to offer in the mountains or around the lakes, which span all seasons and entice nature and sports fans alike,” Peter explains. “Add to that the charms of a rich cultural life, the world-famous economic, financial and social stability, as well as its excellent accessibility – being located in the heart of Europe – and it’s easy to understand why more people have set their eyes on Switzerland when looking for a holiday residence abroad.” Switzerland’s legendary neutrality has led to a high proportion of international organisations, like the Red Cross and the UN Human Rights Council, to set up home in this most stable of nations. In times of economic and financial uncertainty, says Peter, Switzerland’s renowned stability means that the trend for buying a holiday residence in this country is only going upwards. So, what are the restrictions on nonresidents buying residences in Switzerland? Peter explains that the acquisition of Swiss properties by non-residents is regulated by the Lex Koller law, which states that such purchases need prior authorisation. “Such authorisation can be granted if the property is acquired as a holiday residence and is situated within certain areas designated by the cantonal authority as tourism zones,” says Peter. “It also says that non-residents are allowed to own only one property in the country.” Non-residents who do not have a permit to live long-term in Switzerland as a foreigner

(a ‘B’ or ‘C’ permit), and do not intend to apply for one, are allowed to reside in their Swiss property for a maximum of 180 days each year, with a three-month maximum term per stay. There are also limits on the size of the property that a non-resident can buy; depending on the particular canton, the maximum limit is between 200m2 and 250m2. The process for non-residents purchasing properties in some countries can sometimes be complicated, but Peter reassures me that the Swiss procedures are relatively simple. “There are some variations that are dependent on individual cantons, but the process is fairly straightforward,” he says. “You will need to submit several documents to a Swiss notary, including two copies of the buyer’s passport and a document with all the details of the buyer.” In addition to these, the buyer will also need to sign the sales contract, a Declaration of Honour (acknowledging that the buyer does not own another property in Switzerland), a Construction Description (which is only for new builds and acknowledges the specifications of the property), and the plans (which show the site and floor plans and square meterage). Once the notary has sent this dossier to the legal department of the Land Register, a certificate is issued to confirm the dossier is complete and all the requirements for the permit are fulfilled. As the buyer then has to wait for the permit to be issued, I ask Peter how long this could take. “This is difficult to predict and depends on a number of factors,” he says. “A quota of permits is delivered per year, per canton and per commune – and the governing bodies only convene periodically. During this time, the buyer must make the agreed payments. The property acquisition becomes official once the owner is registered in the Land Registry.” My next question is the question on every purchaser’s lips: what are the costs involved?

Switzerland Overseas Living

“Depending on the canton, the average costs for the legal procedure – including the Notary Fees, Land Register and Permit applications – can range between 2.3 percent and 4.8 percent of the purchase price,” he says. “For an existing property, a small down payment will be required before the paperwork is submitted to the Land Register, and the remaining amount has to be paid upon the issuing of the permit. “Costs for a new property depend very much on the building company,” he continues. “But a general scheme might be 33 percent for the Approval Permit, 33 percent for reaching the roof, and the final 33 percent at the handover of the property.”

Low interest rates

Real estate trends in Swiss ski resorts have been steadily climbing over the past decade, which Peter puts down to the low Swiss interest rates (around two percent for the past five years). “Also, the paid interest is tax deductable, as you pay an asset tax on your property in Switzerland,” he says. “This makes it very attractive for non-residents to finance their holiday homes with a local Swiss bank. Many banks will even finance up to 60 or 70 percent.”

“The property acquisition becomes official once the owner is registered in the Land Registry.” As real estate prices adapt to the relative shortage of quality locations and an everincreasing demand, project developers are beginning to recognise the opportunities for new projects. For example, the world-famous ski resorts of Davos, Lenzerheide and Flims LAAX are located in Switzerland’s largest canton, Graubünden. Here, the average price per square metre ranges between 11’000 CHF and 16’000 CHF, and has increased over the past five years between 25 and 50 percent. In the fashionable ski resorts of St Moritz, Zermatt and Verbier, prices are even starting at 22’000 CHF and have nearly doubled over the past five years. The desirability of owning a holiday property in Switzerland has caused the Swiss government some concern over what it terms

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Overseas Living Switzerland

‘ghost villages’. Peter explains that these are areas in which second homes are only used for a short period every year. “During the peak weeks, these villages cater for all the visitors to the area,” he says. “For the rest of the year, the villages only cater for their permanent residents and weekend tourists. So, the Swiss government wants to prevent these places becoming ‘ghost villages’ by implementing a range of original initiatives.” Innovative plans to prevent the Swiss Alps being overbuilt include restrictions on new builds in the ski resorts, such as cutting back project developments to a third of the normal building effort. Some cantons are limiting the amount of permits given to nonresident buyers, while many mountain regions are attracting additional tourist visitors by offering a wider range of activities during winter and summer months. Furthermore, Peter explains, there is a steady trend to increase the supply of holiday houses by developing buy-to-let projects. “An investor buys an apartment and will have restricted use of his property. During a specified number of weeks, there is an obligation to let the property out. Most of these apartments are attached to an infrastructure with a range of provisions, such as a reception, health and 70

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wellness facilities, restaurants, kids clubs and ski schools. “These are the services that most owners and renters see as a must-have when selecting properties,” he continues. “Often these projects are built at superb locations close to ski lifts and shops. Tour operators are responsible for the marketing and bookings of these quality apartments.” Peter lists the key advantages of engaging in these Rent Investment projects, known as Warme Betten or ‘Hot Beds’. Firstly, nonresidents do not need a special permit and are exempt from the Lex Koller law, which requires prior authorisation. Secondly, the price is related to the anticipated rent income, resulting in a maximum purchase price that is considerably lower than the ‘normal’ market price. Now the buyer is able to buy a property in a ski resort where he before was not allowed to buy as a foreigner and now even for a lower price...with the only restriction to rent it out while not using it himself. Furthermore, the Swiss ski resorts benefit by accommodating more tourists. But perhaps most attractive of all, the buyers receive a return on investment, with some projects even offering a guaranteed ROI for the first years. Curious as to how Peter has reacted to these significant developments, I ask whether

it has become harder for non-residents to buy holiday homes in Switzerland. “It has become more difficult,” he replies, “especially if they don’t want to rent it out. Buyers are often too late to secure a nice property and most of our clients don’t want to invest the time and hassle of doing the process themselves.” And this is where the company he founded, Buy A Holiday House In Switzerland, comes into its element. “We built our business around these challenges and are helping clients buy their ultimate Swiss holiday home. Our company is able to find the perfect retreat for non-residents, with or without a rental obligation. In some cases, the construction company pays us for our services, and so our service to buyers is free.” “Most of our clients hire us for a search mandate,” he continues. “We assist clients throughout the whole orientation phase, search effort, airport services, and showing various alternatives that meet their requirements. We also consult on the best options and assist with attractive local mortgages, translation, negotiation and legal paperwork. In fact, everything until the signing of the contract.” n For more information: www.buyaholidayhouseinswitzerland.com

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Overseas Living Switzerland

Alpine Clarity Navigating the tax and legal pathways to a perfect place in Switzerland

Renowned for its high quality of life as much as the largest wealth per adult of any country in the world, Switzerland entices a growing number of devotees to its Alpine paradise each year. Olivia Parisse talks to the Bern-based tax specialist, Dr Roger M. Cadosch, Attorney-at-Law, about the legal and tax issues involved in emigrating to the ‘Pearl of Europe’.

The Swiss Alps are becoming an increasingly popular location for holdiay homes

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amously neutral in international affairs, Switzerland never joined the European Economic Area or the European Union, although it is a founding member of the European Free Trade Association (EFTA) and enjoys free trade and movement advantages with the rest of Europe. Nonetheless, those who are smitten with this pristine Alpine nation are advised to understand the legal regulations before acquiring Swiss property. To help unravel the tax and legal issues involved in buying real estate in Switzerland, I met with the Swiss attorney-at-law who is

steeped in international tax lore: Dr Roger M. Cadosch, LL.M. Based in Bern, Switzerland’s federal city, Roger has vast experience of advising international clients how they can settle down in this Alpine paradise. As Switzerland is a non-EU state, I ask Roger how easy it is to settle in the country. “Immigration requires the individual to apply for a residence permit, called a ‘B’ permit,” he says. “With the agreement on the Free Movement of Persons between Switzerland and the EU, the conditions for obtaining this permit have been quite relaxed. On the other hand, the immigration of non-EU/EFTA countries requires the fulfilment of various conditions.” Roger explains that nationals of EU or EFTA countries who are legally resident in Switzerland and hold a ‘B’ or a ‘C’ permit (a valid settlement permit) are not subject to the stringent ‘Lex Koller’ laws, which require official authorisation before they can purchase Swiss property. Similarly, non-EU or EFTA citizens who also hold a ‘C’ permit are also exempt from those laws. “With respect to the acquisition of real

Switzerland Overseas Living

estate, their position is equal to that of a Swiss citizen,” he says. “Individuals with a B/C/L permit EC/EFTA or C permits are allowed to buy real estate for private residential purposes without obtaining any additional permission.” However, the picture becomes more complex when I ask him about holiday homes. Whereas some cantons allow non-Swiss citizens who are not resident in Switzerland to purchase holiday homes and serviced apartments, Roger tells me that other cantons have not introduced such provisions. “The federal law contains specific conditions limiting the size of the property and the locations where nonSwiss citizens can buy such property,” he says. “Consequently, the acquisition of such property is only possible in certain municipalities. Also, the acquisition is subject to the condition that the property only be used for holiday purposes and will be sold as soon as that is no longer the case. Serviced flats must be made available to the hotel owner for hotel operations, especially during high season. However, holiday homes can be periodically rented out.”

Income tax

Democracy is famously robust in Switzerland, and income taxes are levied at the federal, cantonal and municipal levels, with each of the 2,600 municipalities determining its own particular tax rate. Roger confirms that the tax level a person pays depends upon which municipality they choose to live in or where they buy the real estate. Auspiciously, to avoid double taxation on income and wealth, Switzerland has settled agreements with

around 90 countries around the world. Roger explains that income derived from real estate and permanent residencies situated abroad are not taxed in Switzerland, but are taken into consideration for the determination of the applicable tax rate. “Based on the double taxation conventions that were conducted with other countries,” he says, “Switzerland either exempts income earned abroad or grants a credit for foreign taxes paid. “Taking up residence in Switzerland leads to unlimited taxation –which means that the resident individual is obliged to declare their worldwide income and wealth in Switzerland, unless they benefit from a lump-sum taxation. Spouses are jointly assessed, so all their income and wealth is declared in a single tax return.” When I ask Roger to clarify the ‘lumpsum taxation’ benefit, he explains how all the Swiss cantons (except the canton of Zurich) grant a special tax advantage to non-Swiss nationals who do not work in Switzerland. “This advantage is called ‘lump-sum taxation’ or Forfait,” he says. “The lump-sum taxation is not based on the wealth or income of the taxpayer, but on certain living expenses. In practice, the rental value of the apartment is multiplied by between five to eight, and that amount forms the tax basis. This applies at the federal, cantonal and municipal level. However, the lump-sum taxation cannot be lower than the ordinary income tax on certain Swiss-sourced income.” However, Roger adds a caveat to this tax advantage: “This lump-sum taxation regime is subject to revision, and it’s likely that a minimum tax base of CHF 400,000 for

“The tax level a person pays depends upon which municipality they choose to live in or where they buy the real estate” taxable income will be introduced in the near future.” Finally, I ask the specialist about the taxation of holiday home owners: what of those who do not take up residence in Switzerland? “They are subject to limited taxation,” he answers. “The taxation is limited to the income and wealth derived from their real estate property, and the ordinary tax rates apply.” At the close of our discussion, it is clear that Switzerland is highly attractive for foreign nationals taking up residence or buying real estate property in the Alpine paradise. However, Roger adds an important point to remember. “It’s to be noted that the cantons and municipalities have introduced different regulations which govern the acquisition of real estate,” he says. “This diversity means that the legal and tax implications of taking up residence or buying real estate property must be carefully examined before making any arrangements.” n For more information please visit www.rogercadosch.ch

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Overseas Living Edenarc 1800

Edenarc 1800 alpine Paradise

A breathtaking location at the crossroads of Europe’s most beautiful ski resorts, Edenarc 1800 is a prestigious destination that draws inspiration from the legacy of the royal House of Savoy

t one with its stunning Alpine environment, Edenarc 1800 is situated in the heart of Paradiski – one of Europe’s largest ski locations – and offers 425km of exceptional runs for skiing enthusiasts. Served by an impressive network of lifts, this magnificent location is well connected to the celebrated resorts of Les Arcs and La Plagne, with easy access to the region’s two legendary glaciers. Situated beside an 18-hole summer golf course, Edenarc 1800 provides residents with spectacular views overlooking Mont Blanc and the Haute Tarentaise Valley. The resort’s retail areas include a stylish bar and restaurant, professional ski school and ski shop, and a leisure area of more than 700 square metres. With an indoor and outdoor swimming pool, Jacuzzi, steam room and fitness room, this luxury resort is a four-star palace of privilege that towers above all others. Those who take advantage of the holiday home opportunities at Edenarc will be able to benefit from the tax regime, claim the VAT, enjoy the rental return and take pleasure from weeks of personal occupancy in one’s own superior apartment. The commercial lease contracts on both one- and twobedroom apartments run for more than nine years with the option of renewal, while the three- and four-bedroom top floor duplex apartments are available for classic purchase (you can choose either). The décor of Edenarc’s apartments has been inspired by the dukes and kings of the illustrious dynasty of the House of 74

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Savoy. Designed in a sophisticated style using wood and stone, the architecture of these residences include picture windows that provide an abundance of sunlight and stunning panoramic views. Fully furnished, decorated and equipped, each apartment includes an indoor parking space, a cellar and a ski locker. The top floors benefit from open fire places, high ceilings and vast windows, while the north-facing apartments enjoy direct views over Europe’s tallest mountain: Mont Blanc – the ‘White Lady’. The first phase of the village – including the extensive leisure complex and 63 apartments – is due for completion in December 2011, with the second phase due in December 2012. Prices for the accommodation begin at €220,000 for a one-bedroom apartment, €290,000 for a two-bed, €491,000 for a three-bed and

€629,000 for a luxurious fourbed apartment. From the superb sauna, steam room, Jacuzzi and swimming pool, to the flat-screen TV and free WIFI connection, Edenarc provides the sense of extravagance expected from a high quality resort in the heart of Paradiski. This four-star resort will be managed by Odalys Vacances, which was founded in 1998 and has grown into one of the most respected resort hotel operators in France. Now a key player in European tourist accommodation, Odalys Vacances manages more than 100,000 beds throughout France, Spain, Italy and Croatia. The high quality mark of Sotarbat 360 is evident in every detail of Edenarc’s exceptional development. Created by Luigi Iogna and Robert Jérôme, Sotarbat 360 has a reputable history of developing luxury real estate throughout the Tarentaise Valley, and brings together the passion, know-how, master planning and excellent service of these experts in the field. Edenarc’s central location ensures that it is easily accessible; from London, the Eurostar train travels directly to Bourg Saint Maurice at the foot of the mountain. Geneva, Lyon and Chambery airports are all close by and are served by key international carriers. By car, Edenarc can be reached by motorway all the way to Albertville, followed by a dual carriageway to Moutiers. The cable railway takes a mere seven minutes to reach the resort, where free shuttles are waiting to take residents to this magnificent resort that crowns the Alps. n

Overseas Living Slovakia

Eurovea: Redefining the standards of urban life

Located in the beautiful heart of Bratislava, Eurovea is a state-of-the-art development that has transformed the Slovak capital into a world-class leisure destination.

aking full advantage of its prime location beside the scenic River Danube, Eurovea is a multifunctional development that has revolutionised the Bratislava skyline. Combining the most sophisticated office, residential, hotel and leisure components, as well as large-scale new public infrastructure, Eurovea has created a dynamic new city district for people of all ages to live, work, shop and relax in this flourishing region. The development has provided the city with a much-needed modern downtown retail, leisure and entertainment space, in addition to the city’s most attractive residential address. Extending beyond the historic city centre, Eurovea is the size of more than 16 football pitches and covers over 800 metres of prime Danube riverfront land to provide a 21st century focal point in Central Europe. With

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Grade A office space, 150 retail units, 30 cafés, bars and restaurants, and 1,729 underground parking spaces, Eurovea has transformed Bratislava’s superlative riverbank into a highly attractive leisure destination. Adding diversity and vitality to the mix, Eurovea also contains 235 luxury riverfront apartments with spectacular river views, two hectares of tranquil riverside parkland, a five-star Sheraton Hotel and a nine-screen Multiplex cinema. The development’s retail component, Eurovea Galleria, provides the most sophisticated retail environment in Central Europe. The scale, tenant mix and diversity of retail providers have been precisely engineered to maximise the potential for this exceptional city centre location. With a vibrant range of first-rate international and leading domestic retailers and leisure operators, Eurovea Galleria

is a genuinely super-regional shopping destination. Created to provide Slovakia’s largest and most diverse cultural, leisure and entertainment location, Eurovea surpasses anything else that Bratislava has to offer and provides the most fashionable address for recreation in town. An integral element of this state-of-the-art development is the fivestar Sheraton Bratislava Hotel. Designed to be the leading hotel attraction in Slovakia’s capital, the Sheraton Bratislava Hotel occupies an enviable location overlooking the Slovak National Theatre and Eurovea’s elegant Central Square. The hotel fulfils a growing need for premium accommodation in Bratislava and offers 209 rooms and suites, conference facilities, multiple food and beverage outlets, a health and fitness centre and a spa. Similarly, Eurovea Apartments have been planned, designed and finished by a multinational team of the world’s most talented designers to create a new standard of living in Bratislava. With spectacular views over this ancient city, Eurovea Apartments combine sophisticated technology, elegant design and the finest materials. As a benchmark by which all future residential developments in the Slovakian capital will be measured, Eurovea Apartments have been designed to offer a choice to suit all tastes and lifestyles: from one, two and three-bedroom apartments, glamorous New York-style split level lofts, compact and perfectly equipped pied-à-terres, to vast single and duplex level penthouses with extensive roof gardens. However, all Eurovea Apartments do have one thing in common: the outstanding attention to detail, the quality of the materials and the dramatic sense of light. Eurovea Apartments are spaces for modern living and are adaptable to the personal needs and tastes of the most discerning types. n

SLOVAKIA, BRATISLAVA

THE ULTIMATE IN WATERFRONT LIVING NOW AVAILABLE: APARTMENT from €243,000 incl. VAT ATELIER from €135,000 incl. VAT DUPLEX from €242,000 incl. VAT

tel.: 02 57 37 38 12 | apartmany@eurovea.com | www.eurovea.com

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Culture Ayn Rand

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Ayn Rand 1905-1982 Described variously as “the most influential libertarian of the twentieth century,” and one whose philosophy is “nearly perfect in its immorality” – Ayn Rand continues to arouse controversy more than thirty years after her death. Cliff James investigates the life and ideas of the founder of Objectivism. 78

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Ayn Rand Culture

“My philosophy, in essence, is the concept of man as a heroic being, with his own happiness as the moral purpose of his life, with productive achievement as his noblest activity, and reason as his only absolute”. Ayn Rand

ew writers in the 20th century can have provoked such polarised opinions as the novelist and philosopher Ayn Rand. Author of the best-selling novel Atlas Shrugged and founder of the philosophical movement Objectivism, Rand has been vilified for being a libertarian atheist and, by those on the other extreme of the political spectrum, for celebrating selfishness as a virtue. Despite this criticism, she is estimated to have sold more than 25 million books, and a 1991 survey reported that Atlas Shrugged was the second most popular book among US readers – outdone only by the Bible. Her defence of laissez-faire capitalism has been particularly powerful in the world of business, where her works have been elevated to a near-scriptural status by senior executives in some of the world’s top companies. “I know from talking to a lot of Fortune 500 CEOs that Atlas Shrugged has had a significant effect on their business decisions,” said John A. Allison, Chief Executive of BB&T – one of the largest US banks. “It offers something other books don’t: the principles that apply to business and to life in general.” In the political sphere, her ideas became widely influential through her association with the economist Alan Greenspan, who served the Chairman of the US Federal Reserve from 1987 to 2006. As an inner member of Rand’s intellectual circle known as The Collective, Greenspan bore what he described as her “moral defence of capitalism” to the heart of US economic policy under four presidents, from Reagan through to George W. Bush. Described by The New York Times as the unofficial ‘novelist laureate’ of the Reagan administration, Rand’s legacy is still closely associated with the US Republican Party to this day, and banners at American Tea Party Rallies frequently display the name of Rand and of her

fictional hero, John Galt. Rand founded her philosophical system, Objectivism, upon one law: the individual’s right to self-interest and self-determination, and rejected any notion of the interdependence of humans in an organised collective or communal group. In her radical book of essays, The Virtue of Selfishness, she argues that: “concern with his own interests is the essence of a moral existence, and that man must be the beneficiary of his own moral actions. The Objectivist ethics hold that the actor must always be the beneficiary of his action and that man must act for his own rational self-interest.” Rand’s theory of ‘rational selfishness’ and her rejection of collectivism began as a reaction to her early life experiences in Soviet Russia. Born Alisa Zinov’yevna Rosenbaum in St Petersburg in 1905, Rand was 12 years old when she witnessed the 1917 Russian Revolution. Coming from a wealthy bourgeois family that supported the moderate government of Alexander Kerensky, her family was targeted for persecution by the Bolshevik revolutionaries. After the Bolsheviks confiscated her father’s pharmacy, Rand’s family fled to the Crimea, where they sided with the White Russian military during the civil war.

Fictionalised autobiography

Rand’s first novel, We The Living, which was published in 1936, is a fictionalised autobiography of this challenging period of her life in Soviet Russia, and was written in reaction to the ideology of the Communist regime. The main character in the novel, Kira, comes from a bourgeois family whose father’s textile factory is seized by the Bolsheviks. After the Red Army wins the civil war, Kira’s family returns to St Petersburg (renamed Petrograd), where Kira enrols at a technical college. In real life, Rand also returned to Petrograd and enrolled at the state university. By a curious twist of fate, Rand was only able to enter university because the

Photo: The Ayn Rand® Institute; book covers courtesy of Penguin Books

new Communist regime had liberalised the admissions policy to allow women and Jews into higher education for the first time (Rand’s family were Jewish). She graduated in history and then studied screen arts at a vocational college, where she published her first work. The book was a biography of a silent screen actress from Poland, Pola Negri – a woman who had a profound influence on Rand, and with whom she shared near-identical life experiences. Negri’s family had been persecuted by the Russians, her father had been exiled for political reasons, and she was also a career-driven female role model who pursued her profession to the top – becoming the first Continental star to make a success in Hollywood. It has been suggested that Rand modelled her public persona on Negri’s on-screen performances: a mysterious and determined femme fatale from Eastern Europe. Following in Negri’s footsteps to the US just four years after her leading lady, Rand arrived in Hollywood in 1926. According to legend, Rand had a chance meeting with the film director Cecil B. DeMille on her second day in Los Angeles and was offered a job as an extra in his latest movie, The King of Kings. It was on the set of this film that Rand met Frank O’Connor – an ambitious young actor that she married in 1929. Now a fully-fledged American citizen, she dedicated her life to writing scripts and novels that countered the collectivist ideology of the Soviet Union. Her breakthrough came in 1943 with the publication of her enormously successful novel, The Fountainhead. The main character of this book, Howard Roark, is an archetypal Randian hero who epitomises the Objectivist qualities that Rand was later to extol in her philosophical writings. A single-minded and original architect, Howard Roark is expelled from college for refusing to comply with accepted conventions.

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Culture Ayn Rand

“I swear by my life and my love of it that I will never live for the sake of another man, nor ask another man to live for the sake of mine”. John Galt, Atlas Shrugged Like Rand, Roark believes that the only rational way for people to live moral lives is to be individualistic ‘prime movers’ – ambitious individuals who pursue their own vision and reject compromise. This determination to stay true to his own personal vision leads Roark to dynamite his own building, the designs of which have been contaminated by the influence of conventional architects. Roark convinces a jury not to convict him of destroying this building in a courtroom speech that extols the virtue of rational egoism. Roark is acquitted and subsequently becomes a respected architect of unique skyscrapers.

Principles of Objectivism

Following the success of the novel, Warner Brothers bought the film rights and turned The Fountainhead into a major motion picture starring Gary Cooper in 1949, enabling Rand’s philosophy to reach a wider audience. However, it was not until 1957 that her most influential novel – Atlas Shrugged – was published. Initially condemned by reviewers, Atlas Shrugged advocates the central principles of Objectivism: “the concept of man as a heroic being, with his own happiness as the moral purpose of his life, with productive achievement as his noblest activity, and reason as his only absolute”. Running to more than a thousand pages, Rand’s longest and last novel is a science fiction tale that portrays America as a Sovietstyle dystopia in which the skills of creative individuals are exploited for the benefit of the community. The hero in this novel is John Galt, a powerful leader who inspires other scientific and artistic individuals to abandon society and retreat to a mountain sanctuary. Without such innovative individuals, the economy grinds to a halt and society collapses. At the end of the novel, John Galt emerges from the mountain to deliver a long polemic on rational selfishness, and to restructure society along Objectivist principles. 80

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In his final speech, Galt condemns altruism and philanthropy as failed ethics that force individuals to sacrifice their own creativity and happiness on the altar of social duty. “It is right to pursue one’s own happiness as one’s principal goal in life,” he explains. “The world will change when you are ready to pronounce this oath: I swear by my life and my love of it that I will never live for the sake of another man, nor ask another man to live for the sake of mine.” Although Atlas Shrugged was not an immediate bestseller, Rand’s philosophy did attract a group of like-minded admirers that she would met up with at her new apartment in New York to discuss Objectivism. Satirically known as The Collective, the group became actively involved in promoting the principles of Rand’s philosophy through a series of educational periodicals and lectures. Alongside the virtue of self-interest and the vice of altruism, Rand and her followers argued that humans can only obtain direct knowledge of reality – and evaluate what is right and wrong – through their senses. “By what means does [a person] first become aware of the issue of ‘good or evil’ in its simplest form?” Rand asks in The Virtue of Selfishness. “By means of the physical sensations of pleasure or pain. Just as sensations are the first step of the development of a human consciousness, so they are its first step in the realm of evaluation.” According to Rand, an individual can evaluate what is good is based on that which keeps it alive: “The fact that living entities exist and function necessitates the existence of values and of an ultimate value which, for any given living entity, is its own life. The fact that a living entity is, determines what it ought to do.” In other words, an individual’s morality is ultimately based on its own survival, and should not be swayed by the ethics of religion, politics or other collective influences. The only social

system that completely accommodated the individual’s right to egoistic self-determination, said Rand, is laissez-faire capitalism. Consequently, after she died of heart failure in 1982, a six-foot flower arrangement in the form of a dollar sign was positioned over her grave. Rand’s legacy is perhaps even more pronounced today than at any point during her lifetime. Her philosophy of ‘rational egoism’ continues to attract as much criticism as adoration on all sides of the political spectrum, hundreds of thousands of her books are still sold each year, and her uncompromising theories continue to influence the world of international business, economics and politics. n