We’re reaching out to bring you an update on the platform’s performance and a general outline of what’s been going on. Here’s a summary of the previous month’s key figures:
Improvements in the UI. Based on your feedback, we’ve made improvements to our registration and onboarding process for new investors. Our newly introduced registration flow is designed to provide a more seamless and intuitive experience, making it easier than ever for new clients to join our platform. We’re committed to continuously improving our user experience; thus, your feedback is much appreciated.
Polish Loan Securities with different interest rates. We are currently waiting on the regulator’s approval that would allow us to list the Polish Loan Securities with different interest rates depending on the term of the underlying loan, as well as other factors. This would ensure better portfolio diversification by giving you an opportunity to invest in securities with different interest rates and terms.
Suitability and Appropriateness assessment. We’re working on a new Suitability and Appropriateness (S&A) assessment including the review of investment limits and restrictions that are currently in place on the TWINO platform. The changes to the S&A assessment is also the final step that we must complete before we apply for permission to offer our services cross-border.
Tax identification number and tax residence certificate for 2023. As a regulated investment firm, TWINO is required to provide information about investors’ accounts to the State Revenue Service of the Republic of Latvia according to the Common Reporting Standard (OECD CRS). To comply with these requirements, we have introduced a new component in the “My profile” section of the TWINO platform – “Tax Details”. We kindly urge you to review the information in this section and fill in your tax identification number at your earliest convenience.
Additionally, please note that if you are a tax resident of the EU/EEA, you don’t need to submit the new tax residence certificate for 2023. The lowered rate of 5% has been automatically applied to your investments. If you are a tax resident of a country outside of EU/EEA – please ensure that you have submitted a valid tax residence certificate.
Real estate projects update.
Lubana Park. Considering the current landscape of the real estate market, the initial plan for the development of the stock office has been put on hold until the market stabilizes. At the same time, the project developer – Lubana Park SIA – is exploring the possibility of developing the property as a residential project. We will update you upon any developments in this respect.
Hoffmann Rezidence. We’re happy to share that the development of the project is at its final point, and it is expected to be fully completed and commissioned by the end of March. Since the last update in November 2022, seven additional apartments have been sold, and three more reserved, bringing the total number of sold apartments to 35 out of 60.
According to the project developer – SIA Kuģu 13, it is expected to start the principal repayments in the upcoming months, assuming that the sales pace remains steady.
Other news. Meanwhile, we’ve been busy working on a new product that will allow you to diversify your investments in a strategic way. While we can’t share the exact details yet, we can hint that the product is related to real estate rentals and the growing rental market. Stay tuned for more information!
Update on Russian loans. We’re receiving timely repayments from Russian Loan Originator within the monthly payment limitations of RUB 10 million set by the Central Bank of Russia. Each repayment is allocated to investors once per month, on a pro-rata basis. As of today, over €1.1 million of war-affected loans have been repaid. We have summarized the main figures of the progress so far below:
We would like to point out that despite the monthly payment limitations you continue to receive the interest on the full outstanding principal amount and the repayments are made without a delay considering the existing limitations.
New legal address. We’ve moved to new premises and changed our legal address to Terbatas Street 30, Riga, LV-1011. We urge you to keep the address change in mind in case you are planning to send out any correspondence to TWINO.
If you have any questions, do not hesitate to contact us.