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Vetting / vetting procedures by The Bank

As an Isle of Man Limited company and with Raffles an Isle of Man flag / owned ship then any funds entering the country for purchase of shares / apartments are subject to close scrutiny by the Government of Isle of Man. This to prevent movement of illegal funds / money laundering.

For this reason all potential purchasers have to submit to being individually vetted and positively approved before they can apply for shares / an apartment on Raffles and also, in order to comply with most owners personal domicile financial offering restrictions, before a written proposal to acquire shares can be made by FVH or its agents. See contacts section for marketing sales and referral agents (MSA / RA).

The vetting is carried out by The Bank in the Isle of Man and / or Bermuda or in London and can be independent of any contact with brokers / agents / MSA or FVH – AMS if potential owners so wish.

Prospective owners can contact e-mail vetting@floating-village.com or fax to Simon Turner +65 3125 7305 for written directions on the vetting procedures or can request the downloadable PDF of this section from questions@floating-village.com. The PDF is an expanded version of this financial section and includes what information buyers have to provide directly or via their legal or financial advisors to The Bank for vetting purposes.

To maintain confidentiality the information provided to The Bank for vetting purposes is submitted directly and only to them and is restricted to them. It is not known to FVH and The Bank can if required sign a confidentiality agreement with the individual concerned.

The referral / marketing sale agents can assist with the process but only if requested to do so by potential owners.

The fee for vetting which is paid only and directly to The Bank is €2,000 per application for an or multiple apartment(s) and is non refundable if:

• Your vetting is not positive and you are not eligible to purchase shares in Raffles Limited.
• If a ballot has to be held and you are not successful in obtaining an apartment having placed a 10% deposit (which is fully refundable) in escrow with The Bank.
• Insufficient owners are confirmed to allow Raffles construction to proceed after about 12 months.

It is fully refundable by FVH (not by The Bank) only to the 122 successful applicants obtaining an apartment / shares allocation which will automatically include those placing a 20% deposit in escrow.

The only information related to the vetting provided by The Bank to FVH will be limited to:

• The total number of applications received for vetting and the country of origin.
• The number of applications rejected and country of origin.
•   Advice on successful applicants, including standardised contact information that is specifically authorised by the applicants may be disclosed by The Bank to FVH or its agents.