Investments in overseas property developments are a popular choice with SIPP holders with many options out there to choose from. Unfortunately, in recent years a number of these schemes have failed to live up to expectations, leaving investors out of pocket and out in the cold. The Harmony Bay development in Turkey is yet another example of how badly these schemes can go wrong.
A so-called ideal SIPP investment
In January 2013, the Akbuk Resort Group proudly declared their Harmony Bay development as the start of a new era for Turkish investment property. It was sold as the ideal SIPP investment and they even went as far as to call it Turkey’s first fully compliant SIPP resort.
Following its launch, a whole host of unregulated investment advisers promoted Harmony Bay to UK pension holders who were using SIPP providers such as Guardian SIPP and Berkeley Burke.
Double-digit returns were promised, along with a clear exit strategy with the developer even offering a guaranteed buy-back scheme for extra peace of mind. The glossy marketing materials made the offer appear very tempting – a common feature of Unregulated Collective Investment Schemes (UCIS). Less than an hour from Bodrum airport and set in stunning surroundings, the Harmony Bay investment scheme appeared to many to be the perfect opportunity.
The project was started when Turkey was still economically appealing, but rising political tensions both internally and with neighbours such as Syria lead to Turkish tourism taking a nosedive. Consequently, Harmony Bay joined the lengthy list of overseas property development SIPP investments that turned sour for investors.
If you have lost some or all of your hard-earned pension funds to Freedom Bay or a similarly disastrous overseas property development investment, the team at Beat the Banks may be able to help you.
We know how distressing a situation like this can be and we will do everything in our power to find a resolution for you. Call us on 0800 193 1234 for a free no-obligation chat about your case.