The Resorts in Cape Verde have begun to open up, and some rooms are getting rental income which will be credited to the Owners' accounts. As reports are received from Melia as operators of the resorts, the TRG accounts team can start to calculate how that is allocated to each individual room or Owner. We expect that this complicated work, taking maintenance fees and other costs into account, will start to complete after March this year so that Owners can start to see these credits for rental activity as normality returns.
Recently, TRG was contacted by Fractional Property Solutions Limited and instructed that when some Fractional Owners receive rental income, that any money should NOT be sent to the Owners or to their pensions, but should instead be sent to FPSL themselves. Clearly this can only happen if the affected Owners have agreed to this.
As a consequence Sua Casa has been contacting as many affected Owners as possible to ask their preference. If you want to know if this is relevant to you, or if you want to express an opinion, you can do this in a number of ways:
Send an e-mail with your name saying either "I prefer to have my rental income paid directly to me/my pension", or "I prefer to have my rental income paid to FPSL". To be sure, we may contact you on receipt of your e-mail to check some details to make sure it is you.
Join the Sua Casa site as a Member by using the button below. Your membership credentials will be checked before you are authorised. Once authorised you can contact me via the site and ask any questions or give your instructions about the payment of income.
If you have claimed against your IFA or Pension Provider to the FSCS, then you will probably have signed terms which require that income from your Ownership should be sent to the FSCS directly. You can use either of the above methods to let us know. It is VERY IMPORTANT that you do not agree for funds to be sent to FPSL if you are dealing with the FSCS as this may be a breach of your agreement with the FSCS. If you need advice on this matter, please let us know and we can recommend someone qualified to advise you.