First Fund-Backed Destination Club Launched in Canada

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Canadian destination club Moncasa has launched its Art of Asset Living model, which enables Canadians to use their RRSP or TFSA to own vacation property through the MonCasa Asset Living Fund I and apply for membership in its private destination club, MonCasa Private Club Residences. The companys says it is the first destination club in the world that can accept retirement funds.

Moncasa has access to property in four Caribbean destinations - St Lucia, Turks and Caicos, St Maarten and the Dominican Republic. Membership options range from CAN$25,000 to $150,000 with annual dues ranging from $2,250 to $13,500.

"We are very excited with our solution" said James Schindel, vice president of real estate for MonCasa Capital Corporation. "For the first time Canadians can navigate the sometimes murky waters of fractional second home ownership by investing their RRSP or TFSA in luxury beachfront homes through a recognized investment vehicle and then electing to join a member's only private destination club to use the very same properties. We call this The Art of Asset Living."

"Our objective was to access untapped purchasing power within a tax efficient structure to finance and purchase club properties and at the same time avoid the liquidity and protection of capital challenges associated with traditional fractional ownership or destination club models," added Schindel.

"It only makes sense. Where else can you invest in the Ritz-Carlton in the Turks and Caicos and The Landings in St. Lucia using your RRSP," said Stephen Freedman, CEO Sloane Capital Corp. Sloane Capital Corp. is licensed with the Ontario Securities Commission and a member of the Exempt Market Dealers Association of Canada, lead agent for the MonCasa Asset Living Fund I.

Moncasa reports that recent Harris/Decima studies have shown that although the impact of the economic slowdown has not dampened the enthusiasm for Caribbean leisure real estate among Canadians, two in five working Canadians feel they need more vacation time. The Canadian dollar remains strong against the U.S. dollar, boomers are still retiring and Gen Xers are beginning to enter their prime earning years. What is changing is the type of real estate being purchased, the nature of how it is used, and the range of ownership options now available, the company adds.

"The most significant shift by consumers is attitudinal and is driving the 'buy what you need strategy', which is impacting most of the erosion in the whole ownership purchase segment," said Schindel.

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