A Premium Gateway to Spain’s Costa Blanca for International Buyers
Our organisation is designed to become the trusted gateway for European buyers seeking secure, premium real estate opportunities in Alicante and the Costa Blanca — a gateway built through strategic partners like you in Europe
Spain: A Value-Driven Alternative to France, Portugal, Italy and Greece
Your clients increasingly see Spain—and the Costa Blanca in particular—as a smarter way to access the Mediterranean. The undisputed hub for international capital consistently topping national rankings, Alicante is Spain's #1 international market. Foreign buyers account for over 44% of all transactions—double the national average
A Premium Gateway for International Buyers
Alicante & Costa Blanca Premium Property Services is an exclusive gateway focused on connecting International buyers with high-end real estate opportunities in the region
Connecting International Buyers with Local Experts
Our model connects buyers from Europe and the Americas with a curated network of local developers and specialised services, ensuring a secure, transparent, and tailored buying process
On-Demand & Off-Market Private Search
We source premium properties exclusively on demand. We rigorously verify every asset to filter out legal, planning, or financial risks—no duplicates, no gimmicks—while unlocking bespoke and off-market opportunities tailored to each client’s specific needs
Building Loyalty After the Purchase
Our after-sales services—from property and rental management to relocation, lifestyle, and education or healthcare support—enable European partners to deliver a complete global property solution that maximizes value and builds long-term client loyalty
A Premium Gateway to Spain’s Costa Blanca for International Buyers
Our platform is designed to become the trusted gateway for International buyers seeking secure, premium real estate opportunities in Alicante and the Costa Blanca — a gateway built through strategic partners like you in Europe
Spain: A Value-Driven Alternative to France, Portugal, Italy and Greece
Your clients increasingly see Spain—and the Costa Blanca in particular—as a smarter way to access the Mediterranean. The undisputed hub for international capital consistently topping national rankings, Alicante is Spain's #1 international market. Foreign buyers account for over 44% of all transactions—double the national average
An Americas-Focused Premium Gateway
Alicante & Costa Blanca Premium Property Services is an exclusive gateway focused on connecting International buyers with high-end real estate opportunities in the region
Connecting International Buyers with Local Experts
Our model connects buyers from Europe and the Americas with a curated network of local developers and specialized services, ensuring a secure, transparent, and tailored buying process
On-Demand & Off-Market Private Search
We source premium properties exclusively on demand. We rigorously verify every asset to filter out legal, planning, or financial risks—no duplicates, no gimmicks—while unlocking bespoke and off-market opportunities tailored to each client’s specific needs
Building Loyalty After the Purchase
Our after-sales services—from property and rental management to relocation, lifestyle, and education or healthcare support—enable European partners to deliver a complete global property solution that maximizes value and builds long-term client loyalty
OUR KEY PARTNERS IN EUROPE
We collaborate with trusted professionals across Europe who serve as the strategic bridge between their clients and the Spanish market
Wealth Managers & family offices
Strategists seeking superior yields
Advisors looking to diversify portfolios beyond low-yield Northern European assets. They partner with us to capitalise on the Costa Blanca’s high-yield rental market while preserving their clients' domestic capital through local leverage
Estate Agents & Property Brokers
Agencies needing a trusted partner "on the ground"
Firms whose clients are actively requesting Spanish property. We act as their trusted local arm, enabling them to monetise this demand and offer a "safe pair of hands" for execution, without the overhead of opening a foreign branch
International Tax & Legal Advisors
Experts in Fiscal & Inheritance Planning
Solicitors and advisors guiding clients through cross-border tax efficiency, inheritance structuring, or retirement planning. They require a technical partner to ensure the real estate asset is acquired correctly to fit the broader legal strategy
Private Bankers & Mortgage Brokers
Bankers focused on liquidity preservation
Financial professionals who refer clients to us to secure competitive Spanish financing (LTVs up to 70%). This allows their clients to purchase holiday homes without liquidating their domestic managed portfolios or disrupting their home-country liquidity
Our Key Partners in Europe
We collaborate with trusted professionals across Europe who serve as the strategic bridge between their clients and the Spanish market
Wealth Managers & family offices
Strategists seeking superior yields
Advisors looking to diversify portfolios beyond low-yield Northern European assets. They partner with us to capitalise on the Costa Blanca’s high-yield rental market while preserving their clients' domestic capital through local leverage
Estate Agents & Property Brokers
Agencies needing a trusted partner "on the ground"
Firms whose clients are actively requesting Spanish property. We act as their trusted local arm, enabling them to monetise this demand and offer a "safe pair of hands" for execution, without the overhead of opening a foreign branch
International Tax & Legal Advisors
Experts in Fiscal & Inheritance Planning
Solicitors and advisors guiding clients through cross-border tax efficiency, inheritance structuring, or retirement planning. They require a technical partner to ensure the real estate asset is acquired correctly to fit the broader legal strategy
Private Bankers & Mortgage Brokers
Bankers focused on liquidity preservation
Financial professionals who refer clients to us to secure competitive Spanish financing (LTVs up to 70%). This allows their clients to purchase holiday homes without liquidating their domestic managed portfolios or disrupting their home-country liquidity
MARKET MOMENTUM & BUSINESS OPPORTUNITY
Alicante and the Costa Blanca are already a primary destination for your clients. For European professionals, we serve as your trusted operational extension—acting as your dedicated "eyes and ears" on the ground to execute transactions with the precision and standards you expect
WHY YOUR CLIENTS CHOOSE ALICANTE
Northern, Central and Eastern European buyers continue to prioritise the Costa Blanca for its connectivity and value. It remains the preferred "Winter Sun" destination, offering a luxury lifestyle at far more accessible price points compared to the French Riviera or the Balearics
THE DATA
International buyers now drive over 44% of all property transactions in the province—the highest rate in Spain. Demand from British, Dutch, Belgian, German, Norwegian and Polish buyers is at historic highs, creating unmatched market liquidity
THE PROFILE
We see two core drivers: Lifestyle Buyers (seeking a sunny second home with excellent flight connections) and Buy-to-Let Investors (looking to capitalise on superior yields in our 12-month rental economy)
THE PARTNER ADVANTAGE
Partnering with us allows you to capture value from transactions your clients are already undertaking, ensuring you remain central to the process
CAPTURE LOST REVENUE
Your clients are already buying in the Costa Blanca. Ensure you participate in the fees of transactions that are happening anyway, preventing that revenue from walking out the door
CLIENT RETENTION
Become a holistic advisor. By facilitating their overseas purchase, you deepen loyalty and stop clients from seeking competitors who offer cross-border solutions
TOTAL PEACE OF MIND
We handle the Spanish bureaucracy. You make the introduction; we manage inspections, legal compliance, and completion, acting as your trusted execution arm on the ground
THE CLOSING TOOL
Spain’s banking system offers unique leverage conditions that allow your clients to maximise their purchasing power without disrupting their primary investment strategies
COMPETITIVE LTV
Spain offers up to 70% financing for non-residents—a level of cross-border leverage rarely available in other jurisdictions
PROTECT YOUR AUM
Clients can purchase without liquidating their domestic portfolios. This keeps their capital working for them (and you), rather than tied up in brick and mortar
HIGHER DEAL VALUES
Leverage boosts purchasing power (e.g., €300k equity controls a €1M asset), allowing clients to upgrade their budget and increasing transaction volume
↓ Find more details below
€900,000
AVERAGE PURCHASING PRICE
In 2024, the top ten European buyer nationalities recorded an average premium-property purchase price on the Costa Blanca of €900,000—just behind American buyers
MARKET MOMENTUM & BUSINESS OPPORTUNITY
Alicante and the Costa Blanca are already a primary destination for your clients. For European professionals, we serve as your trusted operational extension—acting as your dedicated "eyes and ears" on the ground to execute transactions with the precision and standards you expect
WHY YOUR CLIENTS CHOOSE ALICANTE
Northern, Central and Eastern European buyers continue to prioritise the Costa Blanca for its connectivity and value. It remains the preferred "Winter Sun" destination, offering a luxury lifestyle at far more accessible price points compared to the French Riviera or the Balearics
THE DATA
International buyers now drive over 44% of all property transactions in the province—the highest rate in Spain. Demand from British, Dutch, Belgian, German, Norwegian and Polish buyers is at historic highs, creating unmatched market liquidity
THE PROFILE
We see two core drivers: Lifestyle Buyers (seeking a sunny second home with excellent flight connections) and Buy-to-Let Investors (looking to capitalise on superior yields in our 12-month rental economy)
THE PARTNER ADVANTAGE
Partnering with us allows you to capture value from transactions your clients are already undertaking, ensuring you remain central to the process
CAPTURE LOST REVENUE
Your clients are already buying in the Costa Blanca. Ensure you participate in the fees of transactions that are happening anyway, preventing that revenue from walking out the door
CLIENT RETENTION
Become a holistic advisor. By facilitating their overseas purchase, you deepen loyalty and stop clients from seeking competitors who offer cross-border solutions
TOTAL PEACE OF MIND
We handle the Spanish bureaucracy. You make the introduction; we manage inspections, legal compliance, and completion, acting as your trusted execution arm on the ground
THE CLOSING TOOL
Spain’s banking system offers unique leverage conditions that allow your clients to maximise their purchasing power without disrupting their primary investment strategies
COMPETITIVE LTV
Spain offers up to 70% financing for non-residents—a level of cross-border leverage rarely available in other jurisdictions
PROTECT YOUR AUM
Clients can purchase without liquidating their domestic portfolios. This keeps their capital working for them (and you), rather than tied up in brick and mortar
HIGHER DEAL VALUES
Leverage boosts purchasing power (e.g., €300k equity controls a €1M asset), allowing clients to upgrade their budget and increasing transaction volume
↓ Find more details below
€900,000
AVERAGE PURCHASING PRICE
In 2024, the top ten European buyer nationalities recorded an average premium-property purchase price on the Costa Blanca of €900,000—just behind American buyers
WHY INVEST IN SPAIN & THE COSTA BLANCA?
THE FINANCIAL ADVANTAGE OF SPAIN
Unlike other Mediterranean markets, Spain combines lifestyle appeal with sophisticated banking infrastructure. For European investors, this means deal certainty and financing options that are simply not available elsewhere in Southern Europe
GLOBAL SOLVENCY MODEL
Private Banks apply a "Holistic Approach," evaluating the client’s total wealth structure rather than relying solely on standard income metrics
BEYOND THE PAYSLIP
Unlike retail banks that demand standard monthly salaries, Private Banking teams understand complex income structures, accepting dividends, retained earnings, and capital distributions
ASSET-BACKED ASSESSMENT
The mortgage is secured against the Spanish property, but approval is driven by global net worth. This recognizes assets held in home-country portfolios, holding companies, or trusts
WEALTH-BASED APPROVAL
We secure financing based on capital strength, ensuring clients with low "taxable income" (due to fiscal efficiency) are not rejected by retail algorithms
LIQUIDITY PRESERVATION
Spain vs. the competition: the Leverage Advantage. Spain is the undisputed leader in Cross-Border Financing
VS. FRANCE
We avoid the rigid debt-to-income caps and the requirement to pledge liquid assets (AUM) just to secure a mortgage
VS. ITALY & GREECE
We eliminate uncertainty, avoiding the bureaucracy and low LTV limits that often force buyers into "cash-only" deals
VS. PORTUGAL
We offer superior agility. Spanish banks provide faster processing and higher approval rates for cross-border profiles
THE RESULT
Up to 70% LTV, competitive interest rates, and a fully digital closing process that allows your client to leverage without traveling
PRIVATE BANKING ACCESS
We bypass standard retail branches to connect your clients directly with specialized International Wealth Management divisions accustomed to cross-border profiles
HUMAN DECISION MAKING
Credit committees personally review files, understanding complex wealth structures (like dividends and holdings) rather than relying on automated retail algorithms that often reject non-standard income
CROSS-BORDER EXPERTISE
Teams expert in International KYC streamline the process. They understand foreign tax returns and corporate documents, removing the administrative hurdles and language barriers that typically stall deals
STRATEGIC STRUCTURING
We align the financing with the client’s investment vehicle to optimise their fiscal position. We ensure the debt strategy supports their broader cross-border tax efficiency and inheritance planning
THE ROI ADVANTAGE OF COSTA BLANCA
While leverage maximizes capital efficiency, the underlying returns drive the investment. Costa Blanca offers a unique "sweet spot": significantly lower entry prices than Marbella or the Balearics, yet delivering comparable—or superior—yields due to our 12-month market dynamics
BUY-TO-LET:
The YIELD Advantage
While yields in major European hubs are compressing, Costa Blanca offers a superior ratio between entry price and rental income
THE CAPITAL CITY PROBLEM
(MADRID/BARCELONA)
In Tier 1 cities, property prices have skyrocketed, compressing yields. An investor pays a premium for the asset, shrinking their return to typically 3% - 3.8%
THE COSTA BLANCA SOLUTION
Here, acquisition costs are significantly lower (often 50-60% less than prime capitals), yet rental demand remains intense due to the influx of digital nomads, Northern European retirees, and local workers
THE RESULT
Investors can realistically achieve gross yields of 5% - 6% on long-term residential leases, significantly outperforming the low-yield environment of other European locations
The "12-Month Season":
Short-Term & Vacation Yields
Unlike other coastal markets (like the Balearics or Costa Brava) that shut down in winter, Alicante and the Costa Blanca operate on a 12-month tourism cycle
DE-SEASONALISED DEMAND
Driven by the microclimate and excellent connectivity (Alicante Airport offers year-round direct flights to all major European hubs), occupancy remains robust even in "shoulder seasons" (October–April)
SUPERIOR YIELDS
Properly managed holiday properties in prime beach zones can generate gross returns of 7% - 9%, significantly outperforming traditional asset classes
THE "WINTER SUN" MARKET
Northern Europeans flock here in winter. While a property in a purely summer resort sits empty for 6 months, Costa Blanca properties generate cash flow year-round via mid-term winter lets
CAPITAL APPRECIATION POTENTIAL
Costa Blanca represents a strategic "value play," offering significant upside potential compared to saturated Mediterranean competitors
THE VALUATION GAP
Prime real estate trades at a 30% - 40% discount compared to mature markets like Marbella or Mallorca. This offers immediate built-in equity and substantial room for growth unlike fully priced competitors
A MARKET IN TRANSITION
The region is rapidly gentrifying. The influx of high-income Northern European buyers is driving a "flight to quality," creating structural scarcity and price pressure in the prime luxury segment
THE GROWTH TRAJECTORY
Costa Blanca offers superior catch-up potential. Asset prices here are projected to outperform the national average over the next 5–10 years as the market valuation corrects upwards
WHY INVEST IN SPAIN & THE COSTA BLANCA?
THE FINANCIAL ADVANTAGE OF SPAIN
Unlike other Mediterranean markets, Spain combines lifestyle appeal with sophisticated banking infrastructure
For European investors, this means deal certainty and financing options that are simply not available elsewhere in Southern Europe
GLOBAL SOLVENCY MODEL
Private Banks apply a "Holistic Approach," evaluating the client’s total wealth structure rather than relying solely on standard income metrics
BEYOND THE PAYSLIP
Unlike retail banks that demand standard monthly salaries, Private Banking teams understand complex income structures, accepting dividends, retained earnings, and capital distributions
ASSET-BACKED ASSESSMENT
The mortgage is secured against the Spanish property, but approval is driven by global net worth. This recognizes assets held in home-country portfolios, holding companies, or trusts
WEALTH-BASED APPROVAL
We secure financing based on capital strength, ensuring clients with low "taxable income" (due to fiscal efficiency) are not rejected by retail algorithms
LIQUIDITY PRESERVATION
Spain vs. the competition: the Leverage Advantage. Spain is the undisputed leader in Cross-Border Financing
VS. FRANCE
We avoid the rigid debt-to-income caps and the requirement to pledge liquid assets (AUM) just to secure a mortgage
VS. ITALY & GREECE
We eliminate uncertainty, avoiding the bureaucracy and low LTV limits that often force buyers into "cash-only" deals
VS. PORTUGAL
We offer superior agility. Spanish banks provide faster processing and higher approval rates for cross-border profiles
THE RESULT
Up to 70% LTV, competitive interest rates, and a fully digital closing process that allows your client to leverage without traveling
PRIVATE BANKING ACCESS
We bypass standard retail branches to connect your clients directly with specialized International Wealth Management divisions accustomed to cross-border profiles
HUMAN DECISION MAKING
Credit committees personally review files, understanding complex wealth structures (like dividends and holdings) rather than relying on automated retail algorithms that often reject non-standard income
CROSS-BORDER EXPERTISE
Teams expert in International KYC streamline the process. They understand foreign tax returns and corporate documents, removing the administrative hurdles and language barriers that typically stall deals
STRATEGIC STRUCTURING
We align the financing with the client’s investment vehicle to optimise their fiscal position. We ensure the debt strategy supports their broader cross-border tax efficiency and inheritance planning
THE ROI ADVANTAGE OF COSTA BLANCA
While the financing makes the deal viable, the returns make it profitable.
Costa Blanca currently offers a "sweet spot" for investors: lower entry prices than Madrid or Marbella, but with comparable—or superior—rental yields due to unique market dynamics
Long-Term Rentals:
The "Yield Gap" Advantage
While yields in major European hubs are compressing, Costa Blanca offers a superior ratio between entry price and rental income
THE CAPITAL CITY PROBLEM
(MADRID/BARCELONA)
In Tier 1 cities, property prices have skyrocketed, compressing yields. An investor pays a premium for the asset, shrinking their return to typically 3% - 3.8%
THE COSTA BLANCA SOLUTION
Here, acquisition costs are significantly lower (often 50-60% less than prime capitals), yet rental demand remains intense due to the influx of digital nomads, Northern European retirees, and local workers
THE RESULT
Investors can realistically achieve gross yields of 5% - 6% on long-term residential leases, significantly outperforming the low-yield environment of other European locations
The "12-Month Season":
Short-Term & Vacation Yields
Unlike other coastal markets (like the Balearics or Costa Brava) that shut down in winter, Alicante and the Costa Blanca operate on a 12-month tourism cycle
DE-SEASONALISED DEMAND
Driven by the microclimate and excellent connectivity (Alicante Airport offers year-round direct flights to all major European hubs), occupancy remains robust even in "shoulder seasons" (October–April)
SUPERIOR YIELDS
Properly managed holiday properties in prime beach zones can generate gross returns of 7% - 9%, significantly outperforming traditional asset classes
THE "WINTER SUN" MARKET
Northern Europeans flock here in winter. While a property in a purely summer resort sits empty for 6 months, Costa Blanca properties generate cash flow year-round via mid-term winter lets
CAPITAL APPRECIATION POTENTIAL
Costa Blanca represents a strategic "value play," offering significant upside potential compared to saturated Mediterranean competitors
THE VALUATION GAP
Prime real estate trades at a 30% - 40% discount compared to mature markets like Marbella or Mallorca. This offers immediate built-in equity and substantial room for growth unlike fully priced competitors
A MARKET IN TRANSITION
The region is rapidly gentrifying. The influx of high-income Northern European buyers is driving a "flight to quality," creating structural scarcity and price pressure in the prime luxury segment
THE GROWTH TRAJECTORY
Costa Blanca offers superior catch-up potential. Asset prices here are projected to outperform the national average over the next 5–10 years as the market valuation corrects upwards
OUR PARTNERSHIP VALUE:
YOUR OPERATIONAL PARTNER ON THE GROUND
Acting as your trusted local operational extension in the Costa Blanca, we represent both you and your client on the ground, ensuring execution, transparency and consistency with your standards—while translating Spanish market realities into a framework familiar to European investors
Deal Execution & Cross-Border Coordination
We do more than source assets; we orchestrate the full transaction process
We coordinate all key stakeholders involved in the deal, including:
Private banking and financing partners (where applicable), Tax and legal advisors, Notaries and local professionals
By managing the critical path of the transaction, we prevent delays, misalignment and operational friction that often arise in cross-border European investments
On-Site Validation & RISK CONTROL
Even within Europe, distance creates execution risk
We mitigate this risk by acting as your on-site representative, carrying out: Technical and legal due diligence, Live video walkthroughs and inspections, Validation of neighbourhood dynamics and market positioning
Our role is to ensure that what is agreed on paper fully matches the reality on the ground
Post-Closing Stewardship
For your firm, success is measured not only at closing, but over the entire lifecycle of the investment
We remain involved post-completion to:Oversee renovation or adaptation works, Coordinate fiscal and administrative set-up, Support the launch of rental or asset management strategies
Our objective is to ensure that the projected returns and investment rationale are effectively delivered in practice, reinforcing your credibility with your clients
OUR PARTNERSHIP VALUE:
YOUR "BOOTS ON THE GROUND"
Acting as the dedicated "eyes and ears" for both you and your client, we serve as your trusted operational extension in the Costa Blanca—upholding your high standards while bridging the gap between North and Latin American expectations and Spanish market reality
Deal Execution & Cross-Border Coordination
We do more than source assets; we orchestrate the full transaction process
We coordinate all key stakeholders involved in the deal, including:
Private banking and financing partners (where applicable), Tax and legal advisors, Notaries and local professionals
By managing the critical path of the transaction, we prevent delays, misalignment and operational friction that often arise in cross-border European investments
On-Site Validation & RISK CONTROL
Even within Europe, distance creates execution risk
We mitigate this risk by acting as your on-site representative, carrying out: Technical and legal due diligence, Live video walkthroughs and inspections, Validation of neighbourhood dynamics and market positioning
Our role is to ensure that what is agreed on paper fully matches the reality on the ground
Post-Closing Stewardship
For your firm, success is measured not only at closing, but over the entire lifecycle of the investment
We remain involved post-completion to:Oversee renovation or adaptation works, Coordinate fiscal and administrative set-up, Support the launch of rental or asset management strategies
Our objective is to ensure that the projected returns and investment rationale are effectively delivered in practice, reinforcing your credibility with your clients
THE IDEAL LOCATION OF ALICANTE AND THE COSTA BLANCA
With its privileged spot on Spain’s Mediterranean coast, Alicante and the Costa Blanca offer easy travel, rich culture, and year-round sunshine — making them ideal for living, holidays, retirement, or investment
THE IDEAL LOCATION OF ALICANTE AND THE COSTA BLANCA
With its privileged spot on Spain’s Mediterranean coast, Alicante and the Costa Blanca offer easy travel, rich culture, and year-round sunshine — making them ideal for living, holidays, retirement, or investment
BEHIND THE VISION
Who is behind the leadership of the business?
Xavier DESTRIBATS
French Nationality
Executive MBA in Tourism & Hospitality at Neoma Business School, and Bachelor of Hotel Management at École Hôtelière de Lausanne (Switzerland)
Most recently Chief Operating Officer Europe, Africa, Middle East & the Americas, and Member of the Management Board at Kempinski Hotels S.A.
Formerly Executive Director at Panorama Hospitality (Morgan Stanley Capital), General Manager of Several Hyatt Hotels, and Honorary Professor at École Hôtelière de Lausanne
Hervé DESTRIBATS
French & Spanish Nationality
BA (Hons) in Business Administration & Management at the University of Portsmouth (UK) and at EBP - Groupe École Supérieure de Commerce de Bordeaux (France)
Currently Founding Partner & CEO of Valoris Brands Group, a Brand Licensing Consultancy with offices in the U.S. and Spain
Formerly Member of the Executive Board & Director of Digitalization at JLCA Lawyers, a global Law Firm, and Lecturer & Tutor in Digital Marketing & International Trade at Spanish institutions
BEHIND THE VISION
Who is behind the leadership of the business?
Xavier DESTRIBATS
French Nationality
Executive MBA in Tourism & Hospitality at Neoma Business School and Bachelor of Hotel Management at
École Hôtelière de Lausanne (Switzerland)
Most recently Chief Operating Officer Europe, Africa, Middle East & the Americas, and Member of the Management Board at Kempinski Hotels S.A.
Formerly Executive Director at Panorama Hospitality (Morgan Stanley Capital), General Manager of Several Hyatt Hotels, and Honorary Professor at École Hôtelière de Lausanne
Hervé DESTRIBATS
French & Spanish Nationality
BA (Hons) in Business Administration & Management at the University of Portsmouth (UK) and at EBP - Groupe École Supérieure de Commerce de Bordeaux (France)
Currently Founding Partner & CEO of Valoris Brands Group, a Brand Licensing Consultancy with offices in the U.S. and Spain
Formerly Member of the Executive Board & Director of Digitalization at JLCA Lawyers, a global Law Firm, and Lecturer & Tutor in Digital Marketing & International Trade at Spanish institutions
CONTACT
Interested in becoming a Partner in Europe?
Hervé Destribats
(+34) 609 48 74 45
CONTACT
Interested in becoming a Partner in Europe?
Hervé Destribats
(+34) 609 48 74 45
© Alicante & Costa Blanca Property Services | 2025 | All rights reserved
© Alicante & Costa Blanca Property Services | 2025 | All rights reserved