Freedom Bay St Lucia SIPP Investments

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FREEDOM BAY

Freedom Bay in St Lucia describes itself as a stunning eco luxury 5-star resort, with the resort funded by investors being made of one and two bed villas.

But years later after the first money poured in from investors – many from Self-Invested Personal Pensions (SIPPs), the resort has still not been completed, leaving both investor’s initial capital and future returns at serious risk, with no compensation scheme signed up to protect investors from a worst-case scenario such as a liquidation.

PROBLEMS AT FREEDOM BAY

While initial completation dates for the properties as presented to investors in 2012, were around December 2014, 2 years later the investments were still left incomplete.

At least one SIPP provider is now valuing Freedom Bay investments at “nil”, meaning those “worst case scenarios” that tend to be protected against in regulated funds but not in this case, may have been fulfilled.

JAN 2017 UPDATE FROM MALGRETOUTE HOTEL DEVELOPMENT:

Delays were at least partially blamed on the “frustrating actions of the previous Governments in St Lucia”

“Severe delays suffered”

“We are now working to ascertain how best to complete the build out of the entire resort”

“It is clear that in order for the resort to be fully built out further funding is required”

“We would ask that everyone would bear with us…”

Timeline of events: Freedom Bay

2012 - Marketing

Freedom Bay investments were marketed heavily between 2012 and 2013, often through pension transfers and switches to SIPPs. The returns sounded great, but we know from experience that it was often mis-sold to investors.

2014 - Completion Date

The initial completion date for Freedom Bay was December 2014, but this target was largely missed.

2017 - Letter to SIPP providers

By Jan 2017, some SIPP providers had received an update letter, which blamed delays in the government of St Lucia, and said that further funding would be required to complete the investment.

Did you know, we’ve made successful Freedom Bay related claims before?

If you needed any more reason to choose us to take forward your claim, we’ve tackled Freedom Bay SIPP claims before…

Ready to make a claim?

Think you’ve been mis-sold your investment? Click below to take the first step to making a claim

Have a question about Freedom Bay SIPPs?

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How was Freedom Bay mis-sold?

Like all high-risk investments, you’re supposed to fit at least one of the descriptions below in order to be considered suitable to invest in something like Freedom Bay.

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    SOPHISTICATED INVESTOR

    Do you have a wealth of knowledge and experience in investing?

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    HIGH NET-WORTH 1

    Do you earn in excess of £100,000 per annum?

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    HIGH NET-WORTH 2

    Or do you own £250,000 worth of investable assets?

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