Usin a sipp to invest in cape verde

I was cold called by First Review Pension Services (not regulated) who arranged for a company called Capital Facts to obtain (with my authority) balance details from my pension providers, under the auspices of a "free pension review"

The advisor arrived from a company called Choices Wealth (not regulated) and started talking about how my pension was underperforming and would not produce much of a pension if it carried on as it has done the last 12 years.

Then he started talking about alternatives, except he was talking about one very specific alternative in particular, which was moving my pension funds into a trust fund creating a SSAS (they would set up a company for me in my name with me as the sole director). The SSAS would be administered by a company called Bespoke Pension Services (but they also use Cantwell Grove and Rowanmoor).

They would use the funds to purchase a fractional interest in a hotel development on Boa in the Cape Verde Islands, developed by The Resort Group and managed by Melia ("the worlds largest resort based hotelier"). Lots of facts and figures about how Cape Verde is the next Caribbean and tourism increasing there year on year. The minimum investment is £23000, conveniently exactly what I had available.

I would then get rental income from my interest during the period it is occupied (296 days a year on average) split between me and Melia. The fraction itself would increase in value from my initial £23000 to £40000 based on 6% growth per year (blah blah blah) I'd be locked in for 5 years but could sell it after that. The rental income would start immediately and would be reinvested into my pension fund by Astute Financial Management, along with my own continuing contributions. Ultimately the value of the fraction would go in the pot too. He gave some impressive projections (but they always do) and dismissed my concerns about earthquakes, wars, political upheavals and economic collapses, they way they do. All the parties involved have a legitimate appearing internet presence, of course.

He did say that HMRC will only grant approval to certain types of overseas property investment because they lose tax opportunities if my pension goes belly up. This particular type of investment is one which they approve. He also mentioned the involvement of reputable firms like Deloitte, Savills and Metro Bank dealing with accounting, valuing and banking.

I said I was interested but would get independent advice. He told me I'm not locked into anything until I sign the fund transfer papers.

I don't know if it is a scam or not, there are a lot of people working for these companies and they are a big operation. I know they are more interested in flogging their fractions than what happens to my pension, but underneath it all it is possible it might be a fruitful investment. Until I read these pages I was leaning towards signing up. Now I'm not so sure. Isn't every investment a leap of faith to some degree?

I don't know if I will leap or not but I imagine other people will be in the same position as me and maybe this post will come up if they type the same names into a search engine. I hope others will contribute with their experiences and advice so that if it is a scam, people will be warned, and if it is a kosher pension investment, people will be reassured.