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Small business owners 'want a place in the sun'

Owning a foreign property is becoming an increasingly popular ambition among small business owners, new research has found.

According to a study by Abbey Business Banking, 32 per cent of bosses want a house in a sunny destination overseas, reports the Telegraph.

This is more than three times the amount recorded in 2002, when just ten per cent said they wanted a property abroad.

Owning a foreign residence was found to be a more popular option than other luxury purchases, such as a top of the range car or yacht.

Commenting on the findings, Ian Wilson of Abbey Business Banking said: "Bosses work very hard for their money and it's clear they wish to enjoy the rewards of their success."

Earlier this month, the Office for National Statistics predicted that about two million Britons will have invested in a foreign market by 2025.

This is more than twice the current number of second home owners, which was calculated to be almost 850,000.

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