Another property scam lures British investors into buying land in Brazil

burity_baySeveral British investors were lured with the valuation of land in Brazil with the realization of the World Cup and the 2016 Olympics and were eventually the target of a scam, according to BBC Brazil.

Alleged entrepreneurs from a real estate agency in the UK, based in the Gherkin building – a symbol of the financial district of London – promoted the sale of several lots of land in Fortaleza, in the northeast of Brazil.

Some of them invested 12 thousand euros (not really a lot of money for seafront property in Brazil) in alleged plots by the beach which proved to be small plots of forest, valued at no more than 70 euros, according PT Journal. The properties in Brazil were purchased over the last three years.

The investors later realized that the company, Pantheon Realty Consultants, belonged to Afghan refugees and was eventually closed by the British authorities. Pantheon Realty website promotes properties all over the World and has a special section for the building project in Brazil.

The case is being investigated by the British authorities since the investments were made over in England. Better for the investors, because if they had paid in Brazil, they would probably be looking at a few decades of legal battle to try to recover their money.

The property was called Burity Bay, and has a video on Youtube:

A few posts online mention that the company was cold calling people in the UK to lure them into buying property in Brazil as an investment.

Foreigners are constantly being targeted by scammers in regards to investments and property in Brazil. It may sound easy and safe to deal with real estate agents in your home country and not have to fly over for inspection or have somebody check the documents. But the cost for that mistake can be very high.

For more info:

http://www.telegraph.co.uk/finance/personalfinance/investing/10924619/Victims-of-Brazil-World-Cup-property-scam-turn-to-lawyers.html
http://www.theguardian.com/money/2013/mar/11/pantheon-realty-land-brazil
http://www.iexpats.com/high-court-pulls-plug-5m-brazil-land-bank-scam/

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Max Francisco
Max Francisco has been involved with the Internet in Brazil and has been doing digital projects in the country for the last 15 years.