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Questions, answered.

A few practical things you may want to know before deciding whether Liora is right for you.

A Liora Collection brings together several homes in different European locations, owned by the same group of members.

Rather than buying a share in one holiday property, members participate in a collection as a whole. The homes are selected to complement one another — across city, countryside, coast or mountains — while remaining individual properties with their own architecture, setting and character.

The Collection is also the level at which ownership, use, costs and long-term care are organised.

You are a co-owner, not a subscriber and not simply the holder of a right to stay.

Your investment gives you an ownership interest in the legal structure through which the homes in your Collection are held. The booking system determines how the homes are shared in practice; it does not replace or define your ownership.

In other words, you are investing in real property held for the members of the Collection, rather than purchasing a package of nights or holiday credits.

Note for us: once the legal structure is final, we should make the second paragraph more precise about whether members hold interests in one Collection entity, individual property companies, or a combination of both.

The fundamental difference is ownership.

A traditional timeshare generally gives the purchaser a contractual right to use a particular property for a defined period. A Liora member holds an ownership interest in a Collection of real homes.

There is no fixed week attached to your ownership. Use of the homes is organised through a booking system designed to give members fair and flexible access across the Collection.

Your ownership can also have a value independently of how much you use the homes. It is an interest that can ultimately be transferred or sold in accordance with the Collection’s legal agreements.

No. Liora does not retain an ownership interest in the homes within a Collection.

The homes are acquired for the members of that Collection and held through the relevant property-owning structure. Liora’s role is to source, acquire, restore, manage and oversee the homes on behalf of the members.

Liora is remunerated transparently through its agreed fees and management arrangements, rather than by retaining equity in the Collection.

Each Collection is held through a dedicated ownership structure, separate from Liora’s day-to-day operating company.

Members acquire their ownership interests within that structure, while the underlying homes are held through the appropriate property-owning entities. Because a Collection may contain homes in several European countries, the exact legal structure can take account of the jurisdiction in which each property is located.

The rights and obligations of members — including ownership, governance, costs, use, transfer and exit — are set out in the Collection’s legal documentation before a member commits.

Yes. Ownership in a Liora Collection is intended to be transferable rather than a lifelong commitment from which there is no exit.

If your circumstances change, you can offer your ownership interest for sale in accordance with the Collection’s legal agreements. The transfer process will be structured to protect both the selling member and the continuity of the Collection, including any requirements that apply to the incoming co-owner.

Liora can assist with the resale process, but the detailed procedure, valuation method and any applicable transfer costs will be set out in the Collection documentation.

Yes, subject to availability within the Collection.

Each additional share carries the same proportional ownership interest, financial obligations and booking allocation as the first. A member holding two shares therefore holds twice the economic interest and receives twice the annual booking allocation.

The normal booking rules and fair-access provisions continue to apply to all members, including those holding more than one share.

A Collection is intended to evolve over the long term, and there may be circumstances in which selling a particular home is in the best interests of the co-owners.

A sale would follow the governance rules agreed for the Collection. The net proceeds belong to the ownership structure of the Collection — not to Liora — and would be dealt with in accordance with the members’ agreements.

Depending on the circumstances, that may mean replacing the property with another home, retaining the proceeds within the Collection for an agreed purpose, or making another decision approved under the governance framework.

A home would not be sold simply because Liora wishes to change direction; it is an asset owned for the members of the Collection.

Day-to-day management and the operation of the homes are handled by Liora within the mandate agreed with the Collection.

Ownership decisions remain with the Collection and are governed by its corporate and contractual framework. Certain decisions may be taken by the appointed managing Member or Members, while others may require approval by the Members in accordance with the applicable voting rules.

Property acquisitions are formally decided by the Collection through its appointed management. Liora prepares the acquisition dossier and recommendation and, once approval has been given, may receive a separate and specific mandate to complete the transaction on behalf of the Collection.

This structure allows Liora to manage the Collection professionally while ensuring that ownership decisions remain with the Members.

Your ownership does not disappear if you die. It forms part of your estate and will pass in accordance with the applicable inheritance rules and the legal agreements governing the Collection.

The structure should allow ownership to pass to heirs, subject to the practical and legal provisions that apply to the Collection. Where several heirs are involved, additional arrangements may be necessary to determine who exercises the rights attached to the ownership interest.

Because inheritance and taxation depend on individual circumstances and jurisdiction, members should take their own estate-planning advice.

The homes and the members’ ownership are legally separate from Liora’s operating business.

If Liora were ever to change ownership, cease operating or no longer be able to manage a Collection, that would not cause the homes or the members’ ownership interests to disappear. The assets remain within the Collection’s ownership structure.

The legal agreements will provide a mechanism for management to be transferred or replaced so that the Collection can continue to operate independently of any one management company.

This separation is deliberate: members own the Collection; Liora manages it.

Resale / Ownership

Yes. Liora intends to support members who decide to sell their ownership interest.

Because Liora will already be in contact with prospective members and people interested in future Collections, it can help bring a resale opportunity to suitable prospective buyers and coordinate the transfer process.

The selling member remains the owner until a transfer is completed, and Liora cannot guarantee that a buyer will be found within a particular period or at a particular price.

The resale price is not fixed by Liora and there is no guaranteed return.

The value of an ownership interest will ultimately reflect the value of the underlying homes, the financial position of the Collection and market conditions at the time of sale. Renovations, capital improvements and changes in property values may therefore influence the value over time.

Liora can provide relevant information about the Collection and, where appropriate, assist with an independent valuation, but the resale price is ultimately determined between seller and buyer within the framework set out in the Collection agreements.

Yes, in principle, provided the transfer complies with the Collection’s legal agreements and the prospective buyer meets the requirements that apply to incoming co-owners.

A member should therefore not be locked into selling exclusively to Liora or to another existing member. At the same time, a transfer cannot simply take place informally, because the incoming buyer becomes a co-owner within an existing Collection and assumes the corresponding rights and obligations.

Liora will coordinate the necessary legal and administrative steps so that the ownership structure remains intact.

There is no fixed resale period.

The timing will depend on factors such as market demand, the asking price, the Collection itself and the time required to complete the legal transfer. An ownership interest in a Liora Collection should therefore not be regarded as an instantly liquid investment.

Liora will support the resale process and seek to make it as efficient as possible, but we would rather be transparent than suggest that a buyer can always be found within a predetermined number of weeks or months.

Booking Basics

Every member has access to all the homes within their Collection through a points-based booking system.

Rather than allocating fixed weeks to individual members, each stay requires a certain number of points. Members can use their annual allocation across the Collection in the way that suits them: for one longer stay, several shorter stays, or a combination of both.

The system is designed to provide flexibility while keeping access fair, particularly during periods when several members may want to use the same home.

The aim is not to turn the homes into a holiday-booking exercise, but to make it easy to use them as second homes throughout the year.

There is no fixed number of weeks attached to a share.

How much time you spend in the homes depends on how you choose to use your annual points. Stays during quieter periods require fewer points than highly sought-after dates, so a member who travels flexibly may spend considerably more time in the Collection than someone who mainly chooses peak periods.

This also means that members are free to adapt their use from year to year rather than being tied to the same number of nights or the same weeks every year.

Each share carries the same annual booking allocation. A member who owns two shares therefore receives twice the annual points of a member who owns one share.

Rather than making the entire annual allocation available at once, Liora intends to release points in several batches during the year. This helps preserve opportunities to book throughout the year and prevents the most popular future dates from being absorbed immediately by members with a large unused points balance.

All members with the same number of shares receive their points on the same basis.

Because not every week has the same demand.

A week in the French Alps during a February school holiday is naturally sought after by more members than the same home in November. The same applies to Mediterranean homes in the height of summer, major holidays and other particularly popular periods.

The points attached to a stay therefore reflect factors such as the home, the time of year and the length of the stay. More sought-after periods require more points; quieter periods require fewer.

This allows members to make their own trade-offs. Someone may choose one particularly sought-after stay, while another may prefer to use the same points for considerably more time at other moments of the year.

Liora is intended to accommodate both shorter and longer stays.

We do not want members to have to book an entire week simply because they would like to spend a few days in Paris, nor should the system make it difficult to settle into a country home for several weeks when circumstances allow.

There will nevertheless be sensible minimum and maximum booking rules where needed to protect fair access and allow sufficient time between stays for preparation and care of the homes.

Yes.

Your points belong to an annual allocation rather than to a predetermined number of holidays. You can therefore choose to use them for several shorter stays, one or more longer periods, or any combination permitted by the booking rules.

One year might include a few days in a city, two weeks in the South of France and time in the Alps. Another year may look completely different.

That flexibility is intentional. The Collection should be able to adapt to how you want to live in a particular year, rather than requiring you to use it in the same way every year.

Availability & fair access

Peak periods require more care because demand may exceed availability.

Liora will combine the points system with booking rules designed to prevent the most sought-after dates from being concentrated with the same members year after year. Higher-demand periods will require more points, and booking opportunities will be structured so that every member has a fair chance to access them.

The staged release of annual points also helps: members cannot use an entire year’s allocation at once to secure all of the most desirable dates far into the future.

The objective is not to guarantee every member their first choice every year, but to create a system in which access remains balanced over time.

Members will be able to plan well ahead, while part of the availability will remain accessible closer to the date of travel.

The booking calendar will therefore open according to defined booking windows rather than making every future date available indefinitely. This helps balance the needs of members who like to plan early with those who use the homes more spontaneously.

Yes. Standard bookings are expected to follow defined stay periods, helping to keep availability fair and avoiding fragmented gaps between reservations.

Closer to the date of arrival, shorter stays may become available where the booking calendar allows. This can offer members greater spontaneity without compromising the efficient use and preparation of the homes.

Longer stays will also be possible, subject to available points and fair-access rules.

Yes, subject to the booking rules and your available points.

Members should be able to plan more than one future stay at a time. Booking a summer stay, for example, should not prevent you from also reserving a few days in another home earlier in the year.

There may be limits on the number of forward bookings that can be held simultaneously where this is necessary to preserve fair access for all members.

Because the homes are shared, there will inevitably be occasions when a particular home is already reserved for the dates you had in mind.

The booking platform will show other available dates and, where useful, availability elsewhere in the Collection. For particularly sought-after periods, members may also be able to join a waiting list if dates become available again.

Fair access starts even earlier than the booking system itself. When a Collection is formed, Liora will aim for a balanced group of co-owners whose likely use patterns are not all identical — for example families with younger children, families with older children, couples and members without children. That diversity can help reduce pressure on the same school holidays and peak weeks.

The aim is not to guarantee every preferred date, but to create a Collection in which different patterns of use naturally complement one another.

That is the intention.

Where a popular period is fully booked, members should be able to register their interest. If a booking is cancelled or released, the date can then be offered through a transparent waiting-list process rather than simply appearing unexpectedly in the general calendar.

Changes & points

If your plans change, you will be able to cancel a booking through the booking system.

How many points are returned will depend on how far in advance the cancellation is made. A cancellation with sufficient notice should allow most or all of the points to be restored, while a late cancellation may result in some or all of the points being retained because the dates may be difficult to make available to another member.

If another member subsequently books the released dates, we can also consider whether this should affect the number of points ultimately retained.

Potentially, but not without limits.

Allowing a modest amount of unused points to carry forward can give members flexibility when a particular year is unusually busy or they simply use the Collection less. At the same time, unlimited accumulation would eventually undermine fair access by allowing very large point balances to build up.

The intention is therefore to allow some form of limited carry-forward while preserving balance between members.

No, not at this stage.

Booking points are allocated for a specific period and can only be used once they have been released. Liora does not currently intend to allow members to use future allocations in advance.

This keeps the booking system clear and avoids creating commitments against future years before the corresponding ownership and financial obligations have been met.

Limited carry-forward of unused points may be possible, but borrowing from a future allocation is treated differently.

We would be cautious about creating a secondary market in booking points.

The points exist to organise fair use of jointly owned homes, not to become something members trade or sell between themselves. Allowing unrestricted transfers could make the system more difficult to balance and could favour members who are most active in arranging private exchanges.

There may nevertheless be circumstances in which a limited transfer makes sense — for example between members of the same household or in another clearly defined situation.

Planned maintenance and renovation will be scheduled as far as possible before dates are made available for booking.

If a home unexpectedly becomes unavailable after you have booked it, the points used for that stay will be returned in full. Liora will also help identify suitable alternatives elsewhere in the Collection or alternative dates in the same home.

Where possible, members whose confirmed stay has been disrupted should receive priority in finding a reasonable alternative.

No member should lose booking points because a home becomes unavailable for reasons relating to the property itself.

Family, friends & guests

Yes, subject to the Collection’s guest rules.

We want the homes to be part of family life, not places that can only be used when the member who made the investment is personally present. Adult children, close family members or friends should therefore be able to stay in a home without the member accompanying them.

The booking remains the responsibility of the member, and the names of the people staying in the home will need to be registered in advance. The member also remains responsible for ensuring that guests respect the same house rules and standards of care that apply to members themselves.

Yes, within the guest rules of the Collection, but a booking should not become freely tradable.

If you can no longer use a stay yourself, it should be possible to let an eligible family member or guest use that reservation instead, provided Liora is informed in advance and the stay remains linked to your member account.

What we do not want is a secondary market in bookings, where reservations are informally exchanged, sold or passed around outside the Collection.

So the distinction is simple: sharing the use of your homes with people close to you is part of ownership; trading booking rights is not.

No.

Liora homes are not intended to become rental properties, and members cannot commercially rent, sublet or advertise their booked time to third parties.

That distinction is important to the character of the Collection. The homes are shared second homes for their co-owners and the people they choose to bring into their lives — not accommodation inventory to be monetised when a member is not using it.

Family and friends may be allowed to stay under the guest rules, but they may not pay the member for the stay.

That is an important part of how we select and prepare the homes.

A Liora Collection should be able to move with its members through different stages of life. Children should therefore not feel like an afterthought, and we consider family use when assessing a property and planning its restoration.

That includes practical matters such as stairs and balustrades, pools, terraces, changes in level, access to gardens and the possibility of providing appropriate equipment for younger children.

At the same time, some historic homes will inevitably contain architectural features that cannot — and should not — be made identical to those of a modern new-build. Where particular care is required, members will be informed clearly and appropriate safety measures will be put in place wherever reasonably possible.

A beautiful house should still be a house in which generations can live together.

Yes. Pets are welcome in Liora homes, subject to the house rules and any restrictions that may apply to a particular property.

Because travelling with a pet requires more extensive cleaning between stays, an additional cleaning charge will apply. Members are also responsible for any damage caused by their pet.

Certain properties may require specific rules because of the building, shared areas, gardens or local regulations, but the general principle is that pets should be able to be part of life in the homes.

During your stay

Arrival and departure times will be set to allow enough time between stays for the home to be cleaned, checked and properly prepared for the next member.

Wherever possible, Liora will try to remain flexible, particularly when there is no booking immediately before or after yours. Early arrival or later departure may therefore sometimes be possible, but cannot be guaranteed in advance.

Before every stay, the home is cleaned, checked and prepared for your arrival.

Beds are made, bathrooms and kitchens are ready for use, household essentials are replenished and any maintenance issue identified between stays is dealt with wherever possible before you arrive. Outdoor areas, pools and gardens are also checked where relevant.

The intention is that you arrive at your home, not at a property that first needs to be organised before you can begin living in it.

Yes. We want the homes to feel like second homes rather than places that need to be packed for from scratch each time.

Members will therefore have dedicated private storage for personal belongings in the homes, allowing items such as clothing, books, toiletries or equipment to remain there between stays.

The precise amount and form of private storage may differ from one home to another, depending on the property.

Every home will be fully equipped for comfortable day-to-day living.

This includes bed and bath linen, a properly equipped kitchen, tableware and glassware, household essentials, basic cleaning supplies and the practical items needed to use the home without repeatedly bringing or buying the same things.

The precise equipment will reflect the home itself. A mountain house, for example, may require different practical provisions from a city apartment or Mediterranean country home.

Liora will maintain and replace these shared items as part of the ongoing care of the Collection.

Yes, where reasonably possible.

Members will be able to request practical preparations before a stay — for example a cot or high chair, additional bedding, groceries or other arrangements that make arriving easier.

Some requests may involve an additional cost, particularly where Liora is purchasing goods or arranging an external service specifically for that stay. Any such cost will be communicated in advance.

Members will have a clear Liora contact for any problem relating to the home during their stay.

For urgent issues, local support will be available so that problems such as heating, electricity, plumbing, access or other essential services can be dealt with as quickly as possible. Less urgent matters can be reported through the member platform and followed up by Liora.

Members should not have to search for tradespeople, negotiate repairs or manage the problem themselves.

The practical responsibility for the home remains with Liora, even while you are the one living in it.

Selection

Every home has to justify its place twice: as a home in its own right and as part of the Collection as a whole.

We look at architecture, proportions, light, setting, privacy, outdoor space, practical use and the qualities that cannot simply be created through renovation. We also consider what the home adds to the other properties in the Collection — another season, another way of living, another reason to use the Collection at a different moment of the year.

A beautiful property is therefore not automatically the right property. We would rather continue searching than acquire a home simply because a particular destination still needs to be filled.

Through a combination of local relationships and independent search.

We work with established estate agents and property specialists, but do not rely solely on properties that happen to appear on the open market. Local architects, advisers, owners and other regional contacts can also lead us to homes that might otherwise be overlooked.

Liora researches each area independently as well. The objective is not to choose from whatever happens to be for sale, but to create as broad a view of the relevant market as possible before deciding that a particular house deserves closer attention.

There is no checklist of decorative features that turns a property into a Liora home.

Some may be centuries old; others considerably more recent. One may be a city apartment, another a stone country house or a mountain home. What they should share is a certain underlying quality: good architecture, convincing proportions, a setting that adds something to the home and enough substance to remain interesting long after the first impression.

We are particularly drawn to properties where there is already something worth preserving rather than a blank shell waiting to be styled.

The objective is never to make every home look alike. It is to apply the same standard of judgement to homes that may be very different from one another.

The destinations give us a search area. The house makes the final decision.

We may be actively looking in Tuscany, Paris or the French Alps, but that does not mean we will buy a property there simply because a Collection is intended to include that region.

A less obvious location with an outstanding home can be more interesting than the perfect postcode with the wrong property.

The house always comes before the map.

No.

A home may be acquired precisely because its underlying qualities are strong even though the interiors, technical systems, garden or parts of the building need considerable work.

What matters at acquisition is whether the elements that are difficult or impossible to create later are right: architecture, proportions, orientation, setting, privacy and the relationship between the house and its surroundings.

Members would only begin using a home once the work required to bring it to the appropriate Liora standard has been completed.

Yes.

A property needing substantial work can be more interesting than one that has already been perfectly renovated if the former has better architecture, a stronger setting or original qualities worth saving.

We distinguish between problems that can be solved and shortcomings that cannot. Tired interiors, outdated systems, a neglected garden or an awkward later addition may all be repairable. Poor orientation, fundamentally wrong proportions or a compromised setting are much harder to change.

The scale of the work therefore does not frighten us in itself. It simply has to be justified by the house underneath it.

We try to understand the property beyond the conditions of the day on which it is viewed.

That means looking at orientation and changing sunlight, heating and cooling, shade, ventilation, access in poor weather, how outdoor spaces will actually be used and whether the surrounding town or village continues to function outside its busiest season.

In the mountains, for example, a beautiful winter chalet also has to make sense once the snow has gone. In the Mediterranean, a terrace that is wonderful in April may be unusable at midday in August if there is no shade.

The question is not whether every house is equally attractive every month of the year. It is whether there are enough good reasons to live there beyond its most obvious season.

Very important, although it does not mean that every historic property must become completely barrier-free.

We look at how the house can actually be used by people at different stages of life: the number and position of stairs, access from parking to the house, whether a bedroom and bathroom can function comfortably for an older family member, how bedrooms relate to one another and whether several generations can spend time together without everyone having to occupy the same space.

Some architectural constraints are part of what makes an older building special. The task is to understand them before acquisition and decide whether they can be handled intelligently rather than discovering afterwards that the home excludes part of family life.

Yes, as a general principle.

Children are part of the way we expect the homes to be lived, so family use is considered both when a property is selected and when it is restored. Pools, stairs, balustrades, terraces, gardens and changes in level all form part of that assessment.

A historic home cannot always be made identical to a modern new-build, and there may occasionally be features that require additional supervision. Where that is the case, appropriate safety measures should be incorporated without unnecessarily erasing the architecture.

Heritage is not a separate Collection.

It is a designation that can be given to an individual Ville or Terroir home whose architectural, cultural or historic significance goes beyond the qualities we normally look for in a property.

Such a home may contain important original architecture, have an unusual provenance or form part of a place whose history deserves particular attention. That creates an additional responsibility: restoration must preserve what gives the property its identity rather than simply adapting it to a contemporary aesthetic.

The home remains part of its Collection, but carries the Heritage designation as an additional mark of significance.

Potentially, yes — but not simply because tastes change or Liora wants something new.

A Collection is intended for long-term ownership, and maintaining and improving the homes should normally come before replacing them. There may nevertheless be circumstances in which a property is no longer in the best interests of the co-owners — for example because of an irreversible change to its surroundings, serious structural issues or another fundamental development that materially affects the home.

Any sale or replacement would follow the governance provisions of the Collection and the decision-making rights of its owners.

The principle should be stewardship before turnover: a home is not discarded because it has become inconvenient to manage. A sale should require a genuine reason.

Restoration & interiors

Liora leads and coordinates the renovation and interior direction of every home.

Depending on the property, we work with architects, engineers, local craftspeople, landscape specialists and other professionals needed to restore and adapt the house properly. The aim is to have one clear vision and one point of responsibility rather than leaving members to manage separate contractors or design decisions themselves.

The work is guided by the Liora Design Language, while the house itself determines how those principles are applied.

As much as deserves to be preserved.

Original floors, fireplaces, doors, plasterwork, timber, stone, mouldings or other architectural elements are not kept simply because they are old. We first ask whether they contribute meaningfully to the identity of the house and whether they can continue to function well.

Where they do, restoration comes before replacement.

Where later alterations have weakened the architecture, we may remove or rethink them. Preservation for Liora is therefore not about freezing a house in time, but about understanding what should still be there when the work is finished.

No.

A Paris apartment should not look like a Tuscan country house, and a mountain home should not become a Mediterranean interior simply because both belong to Liora.

The homes share principles rather than a formula: natural materials, good light, tactile textiles, comfort, restraint, pieces with longevity and respect for the architecture already present.

That creates coherence across a Collection without turning the homes into variations of the same interior.

We begin with what already belongs to the place.

That may mean retaining local stone, restoring old timber or terracotta, working with regional craftspeople, or choosing materials that have a natural relationship with the architecture and climate of the house.

Local references should never become decoration or theme. A home does not need to advertise that it is in Tuscany or Mallorca.

The strongest regional character is often quieter: a material used properly, a construction detail worth keeping, a piece made nearby, or simply resisting the temptation to replace something that already belongs.

By treating comfort as an intervention, not as an excuse to erase the past.

Heating, cooling, bathrooms, kitchens, lighting, acoustics, insulation and technical systems may all need substantial improvement. We want those improvements to make the house easier to live in while remaining as discreet as possible.

Old architecture does not need to feel inconvenient in order to remain authentic. At the same time, we would rather work around an important architectural feature than remove it simply because a more standard solution would be easier.

The goal is a home that feels completely usable today without losing the qualities that made it worth acquiring in the first place.

Members can be kept informed and may be invited to share views at appropriate moments, particularly during the development of a new Collection.

The final design and renovation decisions, however, need to remain coordinated by Liora and its appointed professionals. A shared home cannot realistically be designed by committee, and individual preferences should not gradually pull the property in different directions.

That does not mean members are ignored. It means their input sits within a clear curator-led framework that protects the coherence and long-term quality of the home.

Older properties can reveal things that were not visible before work began — structural defects, obsolete installations, water damage or earlier alterations that need to be corrected.

For that reason, renovation budgets should include an appropriate contingency from the outset and technical due diligence should be carried out before acquisition wherever possible.

If an unexpected issue remains within the approved budget and contingency, Liora manages it as part of the works. If it requires a significant additional investment or materially changes the agreed project, members are informed and the relevant governance process applies.

The objective is to anticipate as much as possible, while recognising that responsible restoration also requires the ability to respond intelligently to what a building reveals once work begins.

Living in the homes

Yes in standard, not necessarily in form.

Every Liora home should offer the same level of comfort, care and readiness for use, regardless of its size or location. Beds, bathrooms, kitchens, heating or cooling, lighting, internet and the practical details of daily living should all meet the same underlying standard.

That does not mean every home will contain the same amenities. A city apartment, a mountain house and a country home have different needs, and part of respecting a property is not forcing facilities into it simply for the sake of uniformity.

Consistency should be felt in quality and care, not in identical specification.

Each home will be fully equipped for everyday living.

That includes bed and bath linen, tableware and glassware, a properly equipped kitchen, household essentials, basic cleaning supplies and the practical items needed to arrive without having to recreate a household from scratch.

Shared equipment will be maintained and replaced by Liora as part of the ongoing management of the Collection.

The exact contents may vary according to the property — a mountain home will naturally require different equipment from a city apartment or a Mediterranean country house.

The homes should make longer stays — and ordinary working days — practical.

That does not mean every property needs a separate home office. We will look for at least one comfortable place where someone can work properly, with good lighting, a suitable table or desk, access to power and reliable internet.

Where the scale of the property allows, a dedicated study or work area may be part of the design.

The principle is simple: spending several weeks in a home should not require working from the corner of a dining table because nobody thought beyond the holiday week.

For cooking, not merely for appearances.

Liora kitchens should be equipped well enough for someone to live in the home for several weeks: good cookware, knives, serving dishes, glassware, tableware, useful appliances and enough storage to make everyday cooking comfortable.

We do not want the kind of minimally equipped kitchen often found in holiday rentals, where six matching plates technically make the property “fully equipped”.

The kitchen should function as part of the home — whether that means breakfast for two, cooking for a family or a long dinner with friends.

Reliable internet will be a requirement in every home.

The connection should be suitable for normal contemporary use, including video calls, streaming and working remotely. Where fixed high-speed infrastructure is available, we will use it; in more remote locations, the best reliable alternative will be installed.

We would avoid promising a specific technical speed across every property, because infrastructure differs by region, but a beautiful remote house is not an excuse for unusable connectivity.

That is one of the ways we expect many of the homes to be used.

Where the scale of the property allows, we look for layouts that let several generations spend time together while still having some independence — comfortable bedrooms and bathrooms, shared spaces large enough to gather in, and quieter places where people can withdraw.

Accessibility, stairs, bedroom location and the relationship between indoor and outdoor spaces are considered from that perspective as well.

The objective is not simply to maximise the number of beds. It is to make a house work naturally when grandparents, adult children, younger children or friends are all there at the same time.

No.

In the Terroir Collections, outdoor space will normally be an important part of what we look for — gardens, terraces, courtyards, land or another meaningful connection to the surroundings.

In cities, however, insisting on outdoor space could mean rejecting an otherwise outstanding apartment in exactly the right building and neighbourhood. A balcony, terrace or courtyard is highly desirable where it exists, but it will not be an absolute requirement for every Ville home.

The quality of the home comes before ticking an amenities box.

No.

A pool can be an important part of a Mediterranean or country home, but it is not automatically necessary — and certainly not in every Collection or location.

Where a pool genuinely enhances the property and climate, we will look carefully at its design, safety, maintenance and relationship with the house and garden. In other homes, the better decision may be not to have one at all.

We would rather have the right house without a pool than compromise on the house because a pool was treated as mandatory.

No. Smoking is not permitted inside Liora homes.

This protects the interiors, textiles, air quality and comfort of everyone who shares the properties.

Smoking outdoors may be permitted where appropriate, subject to the rules of the individual home and any local fire or safety restrictions. Members and guests will be expected to use outdoor areas responsibly and leave no trace for the next occupants.

Care & evolution

Liora takes responsibility for the ongoing care of every home in the Collection.

That includes routine maintenance, technical inspections, gardens and pools where relevant, repairs, replacement of worn items and the regular attention needed to prevent small problems from becoming larger ones.

The aim is not simply to keep a house functioning. Materials, finishes, furniture and gardens all age differently, and each home needs to be looked after in a way that respects how it was built and restored.

Members should be able to enjoy the homes without becoming responsible for managing the work behind them.

Liora monitors the condition of the homes and identifies when maintenance is no longer sufficient and more substantial work is required.

Routine refurbishment and work already provided for within the approved annual plan or reserves can be managed within Liora’s mandate. Major structural works, significant capital expenditure or changes that materially affect the property or the Collection are handled in accordance with the governance rules agreed by the co-owners.

This avoids putting every practical decision to a vote while ensuring that members retain control over decisions of real consequence.

By treating care as continuous rather than waiting for a house to need another complete renovation.

Furniture is repaired or reupholstered when appropriate, textiles and equipment are replaced when they have genuinely reached the end of their useful life, paintwork and finishes are refreshed, and technical systems are maintained before failure becomes the reason to act.

At the same time, Liora will not constantly redesign the homes to follow changing trends. A house that has been put together well should be allowed to acquire some patina.

The distinction matters: we want the homes to age well, not to remain perpetually new.

Necessary major works will be planned as far ahead as possible, and the affected dates will be removed from the booking calendar before members make reservations.

Members will continue to have access to the other homes within their Collection while the work is carried out.

If major works unexpectedly affect an existing booking, the points used for that stay will be returned in full and Liora will help identify alternative dates or another available home.

Where work is substantial or continues for a longer period, members will be kept informed about the scope, timetable and expected reopening of the property.

Yes, although stability is the starting point.

A Collection is created for long-term ownership, not as a portfolio in which homes are routinely bought and sold. The first response when a property needs attention should therefore normally be to maintain, restore or improve it.

Over many years, however, circumstances can change. A property may suffer an irreversible change to its surroundings, develop issues that fundamentally alter its suitability, or there may be another compelling reason why retaining it is no longer in the best interests of the co-owners.

In such a case, a home may be sold and, where appropriate, replaced by another property. Any such decision follows the Collection’s agreed governance rules.

A Collection can evolve, but it should never become restless.

Initial investment

Your initial investment is intended to cover more than the purchase price of the homes.

It includes your proportional share of the acquisition of the properties within the Collection, together with the costs required to acquire, restore and prepare them for use. This includes acquisition taxes and notary costs, legal and technical due diligence, renovation and restoration, interiors and furnishings, an initial reserve and Liora’s agreed acquisition and development fee.

The objective is to present the real cost of creating the Collection from the outset, rather than advertise an attractive property price and add substantial costs later.

Each member invests in the Collection as a whole, rather than purchasing a separately priced fraction of each individual home.

The capital required to acquire and prepare the homes forms part of the overall investment budget of the Collection. That budget is then reflected proportionally in the ownership interests held by the members.

As the Collection is assembled progressively, the homes themselves may be acquired at different moments and at different prices. Members nevertheless participate in the same Collection and ultimately share economically in all of its homes according to their ownership interest.

Potentially, but Liora does not intend to provide financing itself.

A member may wish to arrange financing through their own bank or financial adviser. Whether an ownership interest can be used as security, and on what terms, will depend on the legal structure of the Collection, the lender and the member’s individual circumstances.

Liora can provide the documentation a lender reasonably requires, but financing arrangements remain between the member and the financing institution.

Yes.

The initial investment budget is intended to include the acquisition taxes, notary fees, legal and technical due-diligence costs and other normal expenses required to acquire the homes.

These costs vary considerably between countries and properties, so they will be budgeted on the basis of the actual homes being acquired rather than through one generic percentage.

The aim is transparency: members should understand the all-in capital requirement, not just the headline purchase price of the properties.

Yes.

Before a home is acquired, Liora will prepare an initial assessment of the work required to bring it to the appropriate standard. The Collection budget will include the expected cost of renovation or restoration, technical works, interiors, furniture and equipment.

That matters particularly because Liora is prepared to acquire homes that need substantial work when their underlying qualities justify it.

Members should therefore not discover after acquisition that the home they jointly bought still requires an entirely separate furnishing or renovation budget that was never part of the original picture.

Before a home is acquired, Liora commissions thorough technical due diligence by the appropriate specialists. Depending on the property, this may include structural, roof, electrical, plumbing, drainage, damp, pool and other specialist inspections.

The purpose is to understand the building properly before committing to it — including the work that may not be immediately visible during a viewing — and to reflect those findings in both the purchase decision and the renovation budget.

Older houses inevitably contain an element of uncertainty, which is why every renovation budget also includes an appropriate contingency. But that contingency is there for genuinely unforeseen discoveries, not as a substitute for proper investigation beforehand.

A house requiring substantial work can still be an excellent acquisition. What matters is knowing, as far as reasonably possible, what we are taking on before we buy it.

Yes. That is the intention.

A Collection should not begin its life with every available euro invested in acquisition and renovation and no buffer for what comes next. An initial reserve will therefore form part of the capital planning of the Collection.

That reserve can provide resilience for early maintenance, unforeseen property-related expenditure and other costs that should not immediately require an additional contribution from members.

Its appropriate size will depend on the homes themselves: a substantial historic country estate and a city apartment do not carry identical future obligations.

Liora’s fee will be set out transparently before a member commits to the Collection.

It remunerates Liora for the work involved in creating the Collection rather than giving Liora an equity interest in the homes. The agreed calculation and amount will be shown separately in the financial documentation so members can see what relates to property acquisition and development and what represents Liora’s remuneration.

The fee covers the work required to take a Collection from an idea to a group of homes ready to be lived in.

That includes property sourcing and evaluation, negotiations and acquisition coordination, due diligence oversight, development of the Collection, coordination of architects and other specialists, renovation and restoration oversight, interior direction, furnishing and the work involved in bringing each home into operation.

It also reflects the time spent not buying: visiting, assessing and rejecting properties until a home genuinely warrants a place in the Collection.

Ongoing management after the Collection has been established is treated separately through the agreed management arrangements and annual budget.

The investment presented to a member is intended to be the full initial capital commitment, not a starting figure to which further acquisition or renovation costs are routinely added later.

Before a share price is set, Liora builds in the expected purchase costs, taxes and fees, renovation and furnishing budgets, appropriate contingencies and an initial reserve. The objective is to budget prudently from the outset, even if that means retaining a reserve once the work is complete.

We would rather have capital remaining within the Collection for future care than ask members to contribute additional funds because the original investment was calculated too tightly.

The full initial investment is payable when a member formally joins the Collection.

During the Founding phase, the capital contributed by the first group of Founding Members enables Liora to acquire, renovate, furnish and prepare the first home. As additional members join, their investments provide the capital required to add the next home, and the Collection continues to grow in this way until it is complete.

Although homes are acquired progressively, each member joins the Collection as a whole. An investment is therefore not linked only to the particular home whose acquisition happens to follow that member’s entry.

Before any payment becomes due, the member will receive the relevant legal and financial documentation setting out the investment, the stage reached by the Collection and how the funds will be used.

Dit maakt volgens mij ook veel duidelijker hoe jullie groeimodel werkelijk werkt: niet eerst vijf huizen financieren en daarna members zoeken, maar member capital en property acquisition bewegen bewust naast elkaar.

Yes — the intention is that money committed to a Collection remains separate from Liora’s own operating funds.

Funds intended for the acquisition, renovation and establishment of a Collection should be held and used within the appropriate dedicated legal structure and only for the purposes for which members have committed them.

Liora’s own fees are separately identifiable and paid according to the agreed arrangements; members’ investment capital should not simply become general working capital of Liora.

The definitive mechanism — including where funds are held before a particular acquisition closes and any safeguards around their release — will be set out in the legal documentation.

Annual costs

The annual contribution covers the ongoing cost of owning, caring for and managing the homes within the Collection.

It is intended to take care of the recurring expenses that would otherwise fall individually on an owner: maintenance, utilities, insurance, local property charges, cleaning between stays, gardens and pools where relevant, household supplies, routine replacements, local property support, administration and Liora’s ongoing management.

A contribution is therefore not a membership fee for access to the homes. It is each owner’s proportional share of the real cost of keeping the Collection properly run and cared for.

Each year, a budget is prepared for the Collection based on the expected operating costs of its homes, planned maintenance, insurance, taxes, management and the amount required to maintain appropriate reserves.

That total annual budget is then allocated across the shares in the Collection.

The contribution is therefore based on the actual cost of running that particular Collection, rather than on an arbitrary standard fee applied to every Liora Collection.

Members will receive transparency on the annual budget and how it has been calculated.

The annual contribution is the same per share.

A member who owns one share contributes one proportional part of the annual Collection budget. A member who owns two shares contributes twice that amount, just as they hold twice the corresponding ownership interest and booking allocation.

The contribution is not normally adjusted according to how often an individual member chooses to use the homes. The costs of ownership continue whether a particular member stays frequently or rarely.

The annual budget is expected to include, among other things:

  • routine maintenance and repairs;
  • electricity, water, heating, cooling and internet;
  • building and contents insurance;
  • local property taxes and recurring property charges;
  • cleaning and preparation between member stays;
  • garden, pool and grounds maintenance where applicable;
  • household supplies and routine replacement of shared items;
  • local property management and technical support;
  • administration and financial reporting;
  • Liora’s ongoing management fee;
  • contributions to the Collection’s reserves.

Major capital expenditure is dealt with separately through the Collection’s long-term planning and reserves.

Yes, normal household utilities are included in the annual Collection budget rather than metered and charged individually to members after each stay.

That keeps using the homes simple and avoids turning every visit into a calculation of electricity, water or heating consumption.

The assumption is, of course, reasonable domestic use. Exceptional consumption resulting from misuse would not need to be borne automatically by all of the co-owners.

Yes. Standard preparation and cleaning between member stays is included in the annual contribution.

That allows every member to arrive to a home that has been properly cleaned, checked and prepared without receiving a separate cleaning bill after each ordinary stay.

Additional cleaning arising from a specific request or circumstance may be charged separately. Pets are one example: because they require more extensive cleaning between stays, the additional work will be charged to the member bringing the pet.

Yes.

Where a home has gardens, a pool, terraces, land or other grounds requiring professional care, their normal maintenance forms part of the annual Collection budget.

That can include gardening, pool servicing, irrigation, seasonal preparation, tree care and other recurring work appropriate to the property.

A significant one-off project — for example rebuilding a retaining wall or substantially redesigning a garden — is different from routine maintenance and would be treated through the relevant capital expenditure process.

Yes. Recurring insurance premiums and property-related taxes and charges payable by the property-owning entities are included in the annual Collection budget.

Members should therefore not receive separate routine bills from each country simply because the Collection owns homes in several jurisdictions.

This does not include taxes that may arise personally for an individual member because of their own residence, tax status, acquisition or later sale of their ownership interest.

Yes, for normal shared household use.

Items such as basic cleaning products, kitchen essentials and the routine replacement of linen, glassware, tableware and other shared household items form part of the ongoing cost of running the homes.

Furniture, lighting and other more substantial pieces will also be maintained, repaired or replaced over time where necessary, normally through the Collection’s maintenance and reserve planning.

Personal purchases or items requested specifically for one member are, of course, different.

The intention is to keep ordinary use of the homes as simple as possible. Members should not encounter a succession of small charges every time they stay.

Standard utilities, preparation and cleaning are therefore included in the annual contribution.

Separate costs may arise where a member requests something specifically for their stay — for example groceries or an external service — or where additional work is created, such as the extra cleaning required after a pet stay. Any such cost should be clear in advance.

Yes. The annual contribution will reflect the real cost of caring for the Collection, so it cannot reasonably be fixed forever.

Insurance premiums, utilities, local taxes, labour and maintenance costs can change over time. The needs of the homes themselves will also evolve as they age.

The objective is not to keep the annual contribution artificially low, but to budget responsibly so that the homes remain properly maintained and sufficient reserves are built up.

Any change should therefore be explained through the annual Collection budget rather than appearing as an unexplained increase.

Each Collection will have an annual operating budget setting out expected costs, planned maintenance, reserves and management expenditure.

Liora prepares and presents that budget based on the needs of the homes. Routine adjustments required to reflect actual operating costs should be handled within the governance framework established for the Collection, while material increases or expenditure outside the agreed mandate may require member approval.

Members will therefore be able to see why the budget is changing and what the additional expenditure is intended to fund.

Reserves & major expenditure

A reserve is established from the outset as part of the initial capital planning of the Collection and is then maintained through the annual budget.

Each year, Liora assesses the foreseeable needs of the homes and includes an appropriate contribution to reserves where necessary. The purpose is to spread the cost of future work over time rather than waiting until a roof, technical installation or major piece of equipment fails and then asking members for a large unexpected payment.

Reserving is therefore part of normal ownership, not an emergency measure.

The reserve is intended for expenditure that is foreseeable over the life of the homes but does not belong in ordinary day-to-day maintenance.

That may include major technical replacements, roof or façade work, heating and cooling systems, pool equipment, substantial exterior maintenance, refurbishment of kitchens or bathrooms, replacement of significant furniture and other capital expenditure required to preserve the quality and value of the homes.

It is not intended to subsidise Liora’s operating business or unrelated expenditure. The reserve belongs to the Collection and is used for the Collection.

There is no sensible one-size-fits-all percentage.

Liora will look at the age, construction, technical installations, gardens, pools and other characteristics of each property, together with expected replacement cycles and known future maintenance requirements.

A historic country house with substantial grounds will naturally require a different reserve profile from a city apartment.

The reserve level is therefore reviewed as part of the annual financial planning of the Collection and adjusted when the condition or expected future needs of the homes justify it.

The first source of funding is the Collection’s reserve.

Major repairs and foreseeable replacement expenditure should, as far as reasonably possible, be anticipated through technical oversight and long-term reserve planning.

Where members consciously decide to undertake a significant improvement that goes beyond necessary maintenance — for example a substantial new amenity or major redesign — the financial treatment will depend on the scale of the project and the governance rules of the Collection.

The underlying principle is that good planning and adequate reserves should carry the normal long-term cost of ownership.

Only in exceptional circumstances.

The Liora model is intended to be funded prudently from the outset, with realistic operating budgets, contingencies and reserves. Members should not be regularly confronted with additional capital calls because the normal cost of owning the homes was underestimated.

There may nevertheless be genuinely exceptional circumstances that could not reasonably have been anticipated or insured against, or a major investment that the co-owners themselves choose to approve.

In that case, an additional contribution may be required in accordance with the Collection’s governance arrangements.

Additional contributions should be the exception, not part of the normal financing model.

Liora is responsible for monitoring the condition of the homes and obtaining the appropriate technical advice when significant work may be required.

Where the work is necessary to protect the building, prevent further damage or fulfil legal or safety obligations, Liora will present the technical findings, expected cost and proposed approach to the owners.

Routine and already-budgeted works can be managed within Liora’s mandate. Major unbudgeted expenditure or significant capital improvements are dealt with under the decision-making rules of the Collection.

The homes are owned as part of one Collection, so their costs are ultimately considered within the financial planning of the Collection as a whole.

That does not mean differences between the homes are ignored. Liora will track the condition, expected expenditure and reserve needs of each property individually so that one home’s requirements can be identified and planned for well in advance.

A larger or older property may naturally cost more to maintain than another home in the Collection. That should already be reflected in the acquisition decision, annual budget and reserve planning.

If one property were to develop expenditure so disproportionate that retaining it ceased to make financial sense for the Collection, that would become a broader ownership and governance question rather than simply an ongoing maintenance issue.

Yes.

Each Collection has its own financial structure, annual budget and reserves. Funds built up by the members of one Collection are not intended to finance the homes or obligations of another Collection, nor Liora’s own operating business.

That separation is important both for transparency and because members should always be able to understand the financial position of the specific Collection they co-own.

The reserve belongs to the Collection rather than to an individual property.

If a particular home is sold, the Collection’s reserves therefore normally remain within the Collection and continue to support its remaining and future obligations.

Any amount that had been specifically earmarked for work on the sold property would be reassessed once that work was no longer required and could be returned to the general reserve or allocated to another agreed purpose.

The sale proceeds themselves are dealt with separately in accordance with the Collection’s ownership and governance rules.

A member does not normally receive a separate repayment of “their part” of the reserve when they sell.

The reserve is an asset of the Collection and remains available for the future obligations of the homes. Your proportional economic interest in that reserve forms part of the overall financial position of the Collection and can therefore be reflected in the value of the ownership interest being sold.

This prevents the Collection from being weakened every time a member exits: the incoming owner steps into the same ownership position, including the benefit of the reserves that have been built up over time.

Damage, insurance & responsibility

Normal wear and tear, technical failures and repairs that arise through ordinary use of the homes are costs of the Collection.

Members are not expected to pay personally because an appliance reaches the end of its life, a heating system needs repair or furniture and household items wear naturally over time. These costs are covered through the annual operating budget and, for larger or less frequent expenditure, the Collection’s reserves.

The distinction is between normal ownership costs and damage caused through negligence or misuse.

Accidents can happen, and minor incidents should not turn every stay into an exercise in liability.

Where damage is genuinely accidental, Liora will first assess whether it falls within the Collection’s insurance or normal maintenance arrangements. For more substantial damage, the applicable insurance cover and any excess will be taken into account.

Where damage results from negligence, misuse or disregard of the house rules, the member responsible — including for guests staying under their booking — may be required to bear the resulting cost.

The aim is to deal with incidents reasonably, while ensuring that the other co-owners are not expected to absorb the consequences of avoidable damage.

Every home will be appropriately insured for its location, use and characteristics.

That will normally include buildings insurance, contents cover, public liability and the risks relevant to the individual property. More particular homes may require additional specialist cover — for example because of historic architecture, a pool, substantial grounds or another specific feature.

Insurance is arranged and managed as part of the Collection, with the premiums included in its annual budget.

Members will not be expected to arrange separate property insurance for each home, although they remain responsible for their own personal travel, health and personal belongings where these are not covered by the Collection’s policies.

If fire, water damage, storm damage or another insured event makes a home temporarily unusable, Liora will manage the insurance claim, repairs and reinstatement on behalf of the Collection.

Any existing booking affected by the closure will be cancelled and the corresponding booking points returned in full. Liora will also help the member look for another available home or alternative dates within the Collection.

Where the insurance policy provides cover for repair costs or other insured losses, those proceeds belong to the Collection and are used for the restoration of the affected property.

Members will be kept informed if the closure is likely to extend beyond a short repair period.

Management

Liora remains responsible for the day-to-day management of the homes.

That includes coordinating cleaning and preparation between stays, routine maintenance, technical issues, gardens and pools where relevant, local suppliers, repairs and the many practical details that come with owning homes in several countries.

Much of the work will naturally be carried out by trusted local professionals. Members should not have to coordinate those people themselves: Liora remains the point of responsibility.

Liora’s role does not end once the homes have been acquired and restored.

We continue to manage the Collection on behalf of its co-owners: overseeing the homes, coordinating local teams and maintenance, managing the booking system, preparing annual budgets, monitoring reserves, organising financial reporting and following up on the longer-term needs of each property.

Liora also remains responsible for protecting the quality and coherence with which the Collection was originally created.

The members own the Collection. Liora takes care of the work required to keep it functioning as one.

Yes.

A home in Tuscany cannot sensibly be managed entirely from Belgium, nor should a technical issue in the French Alps wait for someone to travel there.

Liora will therefore build a trusted network around each property: local property support, cleaners, gardeners, pool specialists, technicians, craftspeople and other professionals appropriate to the home.

Where specialist knowledge is required — whether for historic stonework, old timber, a particular heating system or a mature garden — we will use people who understand what they are working with rather than defaulting to the most convenient general contractor.

Liora coordinates and oversees those relationships so that members do not have to.

Liora does.

For routine work, we coordinate the appropriate local professionals and follow up on execution. More substantial renovation or technical projects may also involve architects, engineers, quantity surveyors or other specialists depending on the property and the nature of the work.

The principle is the same whether the job is small or substantial: there should be clear responsibility for scope, quality, cost and follow-up.

Members are kept informed about significant projects without being expected to become project managers themselves.

Urgent problems are dealt with locally and as quickly as reasonably possible.

Each home will have access to the relevant local support and technical contacts for issues such as heating failure, water leaks, electrical problems, access or other matters requiring immediate attention.

Members will have one clear route for reporting a problem rather than having to find a plumber, electrician or technician themselves.

Where an urgent repair requires significant expenditure or reveals a larger underlying issue, Liora will stabilise the immediate problem first and then deal with the longer-term solution through the appropriate maintenance or governance process.

Every home is checked as part of the changeover between members.

Cleaning is only one part of that process. The home is also reviewed for damage, maintenance issues, missing or worn items and anything that needs attention before the next arrival. Where relevant, outdoor areas, technical systems, gardens and pools are checked as well.

Small issues can therefore be addressed before they become someone else’s inconvenience — or a more expensive repair later.

Over time, these regular checks also give Liora a much better understanding of how each house is ageing and where preventative maintenance is needed.

By treating quality as an ongoing responsibility rather than something that is established once at the end of a renovation.

Regular inspections, preventative maintenance, planned refurbishment, careful replacement of worn items and appropriate reserve planning all form part of that. We will also periodically look at each home as a whole rather than only repairing whatever happens to break.

At the same time, maintaining the standard does not mean continuously restyling the homes or replacing things because they are no longer new. Good materials should be allowed to age; furniture can be repaired or reupholstered; a house can acquire patina without becoming tired.

The objective is that a member returning after several years still recognises the home they know — only properly cared for, rather than periodically reinvented.

Financial transparency

Members receive regular financial information about the Collection they co-own.

That includes the annual budget, actual expenditure, the position of the reserves and significant expenditure or financial developments affecting the homes.

The principle is straightforward: members should be able to understand where the Collection stands financially without having to manage its bookkeeping themselves.

Yes.

Before each financial year, members will receive the proposed annual Collection budget, showing expected operating costs, planned maintenance, reserve contributions and Liora’s ongoing management fee.

They will also receive periodic financial reporting and annual accounts showing the actual financial position and expenditure of the Collection.

Yes.

Annual contributions are not a single opaque charge. Members will be able to see how the Collection budget has been allocated across categories such as maintenance, utilities, insurance, taxes, cleaning, gardens and pools, management and reserves.

The level of reporting should be detailed enough to provide meaningful transparency without turning members into day-to-day property administrators.

Material deviations from the approved budget should also be explained.

The Collection’s reserves will be shown separately in its financial reporting.

Members will be able to see the opening reserve balance, contributions made during the year, amounts used for qualifying expenditure and the resulting balance.

Where significant amounts have been earmarked for foreseeable future work, that should also be visible so members understand not only how much is in reserve, but what it is expected to provide for.

Liora prepares the annual budget based on the operating requirements, maintenance plans and expected future needs of the homes.

The Collection’s governance documents will determine which decisions fall within Liora’s management mandate and which require approval by the co-owners.

The intention is to avoid asking members to vote on normal operational expenditure while preserving meaningful owner control over material budget increases, exceptional expenditure and major capital decisions.

Yes.

Each Collection has its own finances, accounts and reserves. Money belonging to a Collection is not part of Liora’s general operating funds and is not available to finance Liora’s business or another Collection.

Liora’s fees are separately identified and paid according to the agreed arrangements.

This separation is fundamental to the structure: Liora manages the assets; it does not own or absorb the members’ capital.

Yes. The intention is for the entities through which individual properties are held to remain legally and financially identifiable within the wider Collection structure.

This allows the acquisition cost, ongoing expenditure, liabilities and financial position of each property to be tracked properly, while members continue to own an interest in the Collection as a whole rather than treating each home as a separate investment.

The exact structure may differ between jurisdictions because the most appropriate way to hold a property in France may not be identical to that used in Spain, Italy or another country.

Taxes

The homes will be subject to the property taxes and recurring local charges that apply in the jurisdiction in which each property is located.

Those obligations are borne at Collection or property-entity level and are included in the annual operating budget. Members are therefore not expected to deal individually with recurring local property-tax bills for each home.

The precise taxes will differ between countries and sometimes between municipalities, and will be identified as part of the legal and tax due diligence before a property is acquired.

Acquisition taxes and notary costs arising when a home is purchased are dealt with separately as part of the initial investment budget.

Potentially, yes.

The personal tax treatment of an ownership interest can depend on the legal structure of the Collection, the countries in which its homes are situated and, importantly, the member’s own country of residence and individual tax circumstances.

There may be reporting, income, wealth, inheritance or other tax considerations depending on the member and the jurisdictions involved. Liora will obtain professional advice on the structure of each Collection, but that advice cannot determine the personal tax position of every individual member.

For that reason, prospective members should have the structure reviewed in the context of their own circumstances before joining.

Yes.

Liora will provide the legal documentation for the Collection and will work with professional legal, tax and other advisers in establishing its ownership structure. Prospective members will therefore receive the information needed to understand how the Collection itself is organised.

However, joining a Collection is a significant cross-border ownership decision. Your personal tax, inheritance, estate-planning or financing position may differ from that of another member.

We therefore recommend that you have the documentation reviewed by your own legal or tax adviser before committing.

The tax treatment of a sale will depend on the legal structure of the Collection, the value and nature of the interest being transferred, the jurisdictions involved and the seller’s individual tax position at that time.

A sale may, for example, have capital-gains or other tax consequences for the selling member. Transfer taxes or other transaction costs may also apply depending on how the ownership interest is legally structured.

Liora can provide the relevant Collection and transaction information, but cannot determine an individual member’s personal tax liability. Members should therefore obtain independent advice when planning a sale.

Sale / exit costs

Yes, a resale may involve transaction costs.

These can include legal and administrative costs associated with transferring the ownership interest and, depending on the final resale arrangements, a fee for Liora’s work in coordinating and supporting the transaction. Taxes may also arise depending on the structure and the seller’s individual circumstances.

Any applicable costs and the way they are calculated will be clear before a resale is initiated.

Liora intends to support the resale process, including presenting the opportunity within its network of prospective members, coordinating the incoming member process and working with the relevant legal and administrative advisers.

Whether that service is remunerated through a fixed fee, a percentage of the transaction or another agreed structure has not yet been finalised.

Any resale fee will be disclosed transparently in the Collection documentation rather than introduced only when a member decides to sell.

The legal and administrative costs associated with transferring an ownership interest will normally be allocated to the transaction rather than borne by the other members of the Collection.

The exact division between seller and buyer may depend on the type of cost and the legal structure through which the interest is transferred.

The applicable rules will be set out in advance so that both parties know which costs they are responsible for before completing the transaction.

There is no guaranteed resale price or return.

If an ownership interest is sold for more or less than the amount originally invested, that economic gain or loss belongs to the selling member. Liora does not participate in the appreciation of a member’s ownership interest and does not compensate for a loss in value.

The eventual resale value may reflect changes in the value of the underlying homes, the financial position and reserves of the Collection, improvements made over time and broader market conditions.

Any tax consequences arising from a gain or loss depend on the member’s individual circumstances and should be considered separately with an independent tax adviser.

Becoming a member

A Liora Collection is intended for people who want to own and use a group of European homes over the long term, rather than simply purchase holiday access.

There is no social profile that someone needs to fit and no requirement to demonstrate a particular lifestyle or background. What matters is that a prospective co-owner understands the ownership model, is comfortable with the financial commitments involved and is willing to respect the homes and the arrangements through which they are shared.

Normal legal requirements, including identity, anti-money-laundering and source-of-funds checks, will apply.

Joining means acquiring an ownership interest in a specific Liora Collection.

The process begins with understanding the Collection, its homes or acquisition plans, investment, annual costs, ownership structure and rules for use. You will then receive the relevant legal and financial documentation and have time to review it, including with your own advisers if you wish.

Once the documents have been agreed and signed and the required investment has been paid, you become a co-owner in that Collection.

Before an ownership interest can be transferred or issued, Liora and the relevant legal advisers will complete the checks required by law and by the Collection documentation.

These may include identity verification, anti-money-laundering and source-of-funds checks, together with confirmation that the prospective owner understands and can meet the financial obligations attached to the share.

This is not intended as a social selection process. The purpose is to protect the Collection, its existing co-owners and the integrity of the ownership structure.

Each Collection is deliberately limited to a defined number of ownership shares.

The exact number depends on the Collection, its investment level and the amount of use each share is intended to provide. It is established before the Collection is fully formed so that ownership, annual costs and booking capacity remain balanced.

Potentially, yes.

Depending on the legal structure of the Collection, an ownership interest may be capable of being held jointly by spouses, partners or other family members.

Where a share has more than one legal owner, the Collection documentation will define how voting, booking rights, financial obligations and communications are exercised.

Potentially, subject to the legal and tax structure of the Collection.

In some circumstances a prospective owner may prefer to hold an interest through a company, family vehicle or other legal entity. Whether that is permitted and appropriate will depend on the Collection structure, applicable law and the circumstances of the owner.

The beneficial owners behind any entity will still be subject to the required identity and anti-money-laundering checks.

Independent legal and tax advice should be obtained before choosing an ownership vehicle.

You do not need to live in the country where Liora is based or in any of the countries in which the Collection owns homes.

Because this is cross-border property ownership, however, a prospective owner must be legally capable of acquiring the relevant interest and may be subject to requirements arising from their nationality, residence or personal circumstances.

Individual tax and reporting consequences can also differ substantially between countries.

An owner must of course have legal capacity to enter into the ownership arrangements.

Yes, subject to availability.

Each Collection is legally and financially separate, so acquiring an interest in one Collection does not automatically give ownership or use rights in another.

A person who owns interests in two Collections participates independently in each, with the investment, annual contribution, booking allocation and other rights attached to the shares held in that particular Collection.

Yes, provided shares remain available.

Founding Members are simply the first co-owners who join while the Collection is still being assembled. As additional owners join, further homes can be acquired until the Collection reaches its intended size.

Someone joining later acquires the same underlying type of ownership interest associated with the share they purchase; they are not buying a lesser form of access simply because they were not part of the Founding group.

Once all ownership shares in a Collection have been acquired, new investors cannot simply be added without changing the ownership and use model.

Someone who wishes to join an established Collection would therefore normally need to wait until an existing owner decides to sell an interest.

Liora may keep details of interested prospective buyers so that they can be contacted when a resale opportunity arises.

Potentially, for a limited period and subject to the stage reached by the Collection.

Liora understands that acquiring an ownership interest requires time to review legal, financial and tax information. At the same time, a share cannot remain indefinitely unavailable to others without commitment.

Where a temporary reservation is possible, its duration, any deposit and the conditions under which that deposit is refundable will be made clear in advance.

Before becoming legally bound, a prospective co-owner will receive the information needed to understand both the investment and how the Collection operates.

This will include the proposed or actual Collection budget, ownership and governance structure, acquisition and development costs, annual operating costs, booking and use principles, resale provisions and the relevant legal agreements.

During a Founding phase, the documentation will also make clear which homes have already been identified or acquired, which remain to be sourced, how the Collection is expected to develop and how committed capital will be used.

The objective is that ownership should be understood before money is committed, not explained afterwards.

Yes.

Prospective co-owners will have the opportunity to discuss how the Collection is structured, how their investment is used, how annual costs are calculated and how the ownership, governance, resale and booking arrangements operate.

Liora and its professional advisers can explain the Collection and the documents relating to it. They cannot, however, replace a prospective owner’s own adviser on matters such as personal taxation, inheritance planning or whether the investment is appropriate for their individual circumstances.

We therefore encourage prospective owners to obtain independent legal or tax advice where appropriate.

The member circle

A Collection is owned by a relatively small group of people, so over time members will naturally come to know who their fellow co-owners are.

Liora does not, however, publish member lists or use the identities of owners for marketing purposes. Personal information is shared only where appropriate for the proper functioning and governance of the Collection and in accordance with applicable privacy rules.

Before joining, a prospective owner may have opportunities to meet or speak with existing members, but private personal information will not simply be disclosed without consent.

There may be opportunities to do so, particularly once a Collection has begun to take shape.

Liora may organise informal video conversations or invite prospective co-owners to selected gatherings where they can meet some of the people already involved and ask about their experience directly.

That should not become an interview or approval process. The purpose is simply to make a significant shared-ownership decision less abstract and allow people to understand how the Collection works in practice.

As much or as little as feels natural.

Because members co-own the same homes, there will inevitably be some shared information, occasional discussions about the Collection and opportunities to meet. Liora may also organise regular online updates and occasional in-person gatherings.

But the homes are not intended to create an obligatory social network. A member should be able to enjoy their ownership quietly without feeling expected to participate in an active community.

No.

Some co-owners may enjoy meeting one another, attending a gathering or staying in touch. Others may prefer a much more private relationship with the Collection.

Both are entirely compatible with the model.

Participation in social gatherings or informal member activities is optional and has no bearing on ownership or access to the homes.

No.

Liora is not a club that sells membership or access to a network of homes. Members are co-owners of a specific Collection and hold an economic and legal interest in the homes within it.

Liora creates and manages those Collections on behalf of their owners.

There may be gatherings, conversations and relationships between people connected to Liora, but those are an extension of shared ownership — not the product being sold.

Because it describes the human relationship more naturally than repeatedly referring to someone as a shareholder, investor or co-owner.

Legally and economically, you are an owner in a specific Collection. “Member” is simply the word Liora uses in everyday communication for the people who share that ownership.

It does not describe a separate membership of Liora and does not replace or weaken your legal ownership rights.

Yes, where the people concerned are comfortable sharing their contact details.

Liora can facilitate introductions and provide communication channels for matters concerning the Collection, but will not automatically distribute private contact information without consent.

For formal Collection matters, important decisions and financial communication, Liora remains responsible for ensuring that everyone receives the same information rather than relying on informal conversations between individual owners.

Yes, but participation is generally optional.

Liora intends to hold periodic video meetings to update members on their Collection, discuss its development and provide an opportunity for questions and conversation.

There may also be occasional in-person gatherings — around a Collection, a home or another relevant Liora occasion — for members who would like to attend.

These gatherings are intended to make shared ownership more personal, not to create an obligatory social calendar.

Not necessarily in person.

Depending on the legal structure of a Collection, certain formal meetings, votes or owner decisions may be required. Liora will organise these so that participation is practical, including remotely where legally possible.

Members should remain informed and take part in important ownership decisions, but they should not have to travel to attend routine formalities.

Separate informal video calls or social gatherings remain optional.

With a strong presumption of privacy.

Liora will only collect and share the personal information needed to manage the Collection, fulfil legal obligations and facilitate communication where members have agreed to it.

Ownership of a Liora Collection is not intended to become a public identity. Member names, personal circumstances, use of the homes and private contact details will not be used publicly without consent.

At the same time, complete anonymity within a small co-owned structure is neither practical nor desirable: the people who jointly own a Collection should be able to know with whom they share that ownership.

Founding Members

A Founding Member is one of the first co-owners to join a Collection while it is still being assembled.

Rather than waiting until every home has already been acquired, Founding Members provide the capital that allows the first acquisitions, restorations and preparations to begin.

The term describes when someone joins the Collection, not a separate class of membership or ownership.

A Founding Member joins while the Collection is still being built.

That means some homes may already have been identified or acquired, while others are still being sourced. Founding Members therefore have greater visibility into the creation of the Collection as it develops.

Someone joining an established Collection is buying into a group of homes that is already substantially or fully in place.

The underlying ownership principle is the same: both own an interest in the Collection as a whole.

A new Collection is assembled progressively rather than by acquiring all of its homes at once.

Once the first group of Founding Members has committed, sufficient capital is available to acquire, restore and prepare the first home. As additional co-owners join, further homes can be acquired.

Property sourcing and the addition of new co-owners therefore continue alongside one another until the Collection is complete.

This allows Liora to remain selective rather than purchasing several properties simply to fill predefined slots.

Deze laatste zin is essentieel. Hier zit het hele model in.

.

We expect a new Collection to take approximately 18 to 24 months to complete.

Homes are acquired progressively as new members join and suitable properties are found. The timing therefore depends not only on member acquisition, but also on finding homes that genuinely meet the standard of the Collection.

Eighteen to twenty-four months is a target rather than a deadline. If the choice is between completing a Collection quickly and waiting for the right home, we will wait.

Founding Members will be kept informed as the Collection develops.

When a property becomes a serious candidate, Liora can share the relevant information about the home, its location, expected acquisition cost, condition, renovation requirements and why it is being considered for the Collection.

Not every property under review will ultimately be acquired. A home only becomes part of the Collection once the necessary due diligence has been completed and Liora is satisfied that it warrants its place.

Yes — but not through a vote by all Members on every individual property.

Liora sources, evaluates and prepares each proposed acquisition in detail, including the property itself, the financial framework, technical and legal due diligence, renovation requirements and the overall fit within the Collection.

The formal acquisition decision is taken by the Collection, acting through the appointed managing Member or Members in accordance with the Collection’s governance arrangements.

Once a property has been approved, Liora may receive a specific mandate or power of attorney to execute the transaction within the agreed parameters and complete the acquisition on behalf of the Collection.

This keeps the roles clear: Liora is responsible for sourcing, curation and execution, while the acquisition decision remains with the Collection as owner.

Founding Members do not need to wait until the entire Collection is complete.

As soon as the first home has been acquired, any required work has been completed and the property is ready for use, it can enter the Collection’s booking system.

The same applies as each subsequent home is completed and added.

This means the Collection can already be lived in while it continues to grow.

Yes.

Founding Members take an earlier step, joining while the Collection is still being assembled. In recognition of that early commitment, they will benefit from more favourable financial terms than members who join once the Collection is further developed or complete.

The exact Founding Member advantage will be defined in advance and set out clearly in the financial documentation.

Membership over time

No.

An ownership interest in a Liora Collection is not a time-limited membership or a right that expires after a fixed number of years. You remain an owner until you decide to sell or transfer your interest, or until it passes to another owner through inheritance or another legally permitted transfer.

The Collection itself is intended for long-term ownership rather than for a predetermined membership period.

Dit antwoord is nuttig omdat het meteen opnieuw het verschil met timeshare/membership bevestigt.

Yes.

There is no obligation to use a certain number of stays each year. If work, family circumstances or simply your own plans mean that you use the Collection less for a period, your ownership remains unchanged.

Your normal financial obligations as an owner also continue, because the homes still need to be maintained, insured and managed whether or not you personally use them that year.

Unused booking points are subject to the Collection’s normal rollover rules; ownership itself is never dependent on using your allocation.

Potentially, yes.

An ownership interest may be capable of being transferred to children or other family members, either during the owner’s lifetime or through inheritance, subject to the legal structure and transfer provisions of the Collection.

The incoming owner would assume the rights and obligations attached to that ownership interest and would need to satisfy the normal legal and administrative requirements applicable to any new owner.

Because family transfers can have tax, inheritance and estate-planning consequences, independent legal and tax advice should be obtained before arranging them.

Once your ownership interest has been transferred, you are no longer a member of that particular Collection and no longer have its booking, voting or other ownership rights.

That does not mean that every relationship with Liora has to end. Former owners may, if they wish, remain in touch with Liora, continue to receive the Journal or occasionally be invited to relevant gatherings or events.

The distinction is important: the personal relationship can continue; member status follows ownership.

Each Collection is legally and financially separate, so an ownership interest cannot simply be converted from one Collection into another.

A member wishing to move would normally sell their ownership interest in the existing Collection and acquire an available share in the new one. Liora can help coordinate both processes, but the two transactions remain separate and a matching sale and purchase cannot be guaranteed.

Depending on availability and timing, an owner could of course also acquire an interest in the new Collection before selling the existing one.

Rights & responsibilities

The expectations are those that come with shared ownership rather than membership of a club.

Co-owners are expected to meet their financial obligations, use the homes with reasonable care, respect the booking and house rules, take responsibility for their guests and participate when an important ownership decision requires their involvement.

There is no obligation to socialise, attend informal events or use the homes a certain number of times each year.

The underlying principle is simple: enjoy the homes as your own, while remembering that they are also someone else’s.

Yes.

There will be a common set of principles governing the use and care of the homes, together with rules that may be specific to an individual property.

These can cover matters such as smoking, pets, guest registration, maximum occupancy, safety, noise, reporting damage and any local requirements that apply to a particular home.

The purpose is not to regulate ordinary life in the houses. It is to protect the homes and make shared ownership work fairly for everyone who uses them.

The co-owner who makes the booking remains responsible for the people staying under that booking.

Family members and guests are expected to respect the same house rules and care standards as the owners themselves. If their actions result in damage, additional cleaning or another identifiable cost, responsibility remains with the co-owner whose booking they are using.

This allows members to share the homes freely with the people close to them without transferring responsibility for that stay to the Collection as a whole.

An occasional mistake and a repeated disregard for the shared arrangements are not the same thing.

Where an issue arises, Liora would normally address it directly with the co-owner and seek to resolve it reasonably. Any damage or additional costs attributable to the breach can be dealt with under the applicable Collection rules.

Repeated or serious breaches would be handled formally under the Collection agreements, which will set out the available remedies and the safeguards for all owners involved.

Importantly, Liora cannot simply decide that someone is no longer welcome and revoke their ownership as though this were a club membership.

Most differences should first be addressed through clear information and direct discussion.

Where a disagreement concerns the operation of the Collection, Liora can help clarify the relevant agreements, budgets or governance rules and facilitate a practical resolution between the owners involved.

If a matter requires a formal owner decision, the voting and governance provisions of the Collection apply. More serious disputes that cannot be resolved internally will follow the dispute-resolution procedure provided in the legal agreements, which may include mediation, arbitration or the competent courts depending on the final structure.

Where Liora itself has a conflict of interest, the matter should not simply be decided by Liora; the governance structure should provide an appropriate independent or owner-led decision process.

Every ownership share carries an obligation to contribute its agreed part of the costs of the Collection.

If a payment is missed, there will be a defined process for notice and recovery. A temporary delay should not immediately become a disproportionate issue, but persistent non-payment cannot simply be absorbed by the other co-owners.

The Collection agreements will therefore provide appropriate remedies for continued default. In serious cases, these may ultimately include a compulsory transfer or sale of the ownership interest if the legal structure permits it.

Such measures would follow a defined legal process; they are not discretionary decisions by Liora.

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