Offshore Accounts with a difference

AT HOME – INTERNATIONALLY

Individuals who live or work internationally often fail to get the best banking deals, They understandably feel they are paying a high price for the multi-currency account that they need.

These can be inflexible, involve high fixed fees, and transferring money between currencies often means a bad exchange rate and yet more fees.

Henderson Morgan, a new international finance house, has a different approach.

John Henderson, Director, comments:

‘Non-domiciles in the UK or expatriates often struggle to find an international banking solution that meets their needs. We listened and we created accounts that you can operate from home or wherever you are, at lower rates than the big banking houses offer.’

HM International

This is a genuinely international, genuinely flexible offshore account.

The account can be nominated in sterling, US dollars or euros depending on the customer’s needs. But because customers may have homes, business or family elsewhere, or they just want to remain flexible in a fast-moving world, Henderson Morgan thoughtfully provides fundholding options in 15 currencies.

And there is no need to seek out and register with a currency broker because Henderson Morgan customers get excellent rates of money exchange very time they make a transaction.

They can also pay people and receive funds in international currencies without the usual sky-high fees.

A MasterCard is automatically granted, in the customer’s chosen currency.

LInked term deposit accounts are available.

The account is operated online and by phone: this permits the lower overheads that allow Henderson Morgan to offer such good value.

The opening fee for HM International is £250, and the monthly fee is just £15. Compare the range of features and benefits with the offshore divisions of the High Street banks, and it is clearly a bargain.

HM Premier

This is Henderson Morgan’s ultimate worldwide, personal offshore account.

HM Premier Personal Clients enjoy all the benefits of the regular HM Inter account, and more, in three important ways .

A named manager is assigned to them and will be available whenever required, to deal with individual issues and carry out transactions as well as advising on added value services that may be of use.

HM Premier Personal Clients get Henderson Morgan’s best savings interest rates.

Finally, but by no means least, the HM Excel account includes at no extra charge a Priority Pass to gain free access to a range of airport lounges around the globe.

The opening fee for HM Premier is £500, and the monthly fee is £25. For a premium account with a personal service, this is exceptional value.

Contact Henderson Morgan today

Do you want to buy a ski chalet?

Skiing is a passion with many Brits – 1 million of us jet, drive or train it over to the slopes each year

Some will stay in a hotel but for most the option is an apartment or a bedroom in a chalet. The ski chalet, assuming you choose well, can be a gorgeous way to send your week, with good food from the chalet maid, mulled wine around a crackling fire and (if you are lucky) skiing from your doorway.

Of course this kindles in many of us the desire to own a chalet. How realistic is that ambition?

Firstly, that depends on the country. Of the favourite ski areas in Europe, Austria rules itself out because of a draconian law virtually banning foreign ownership. Which leaves us with the two most popular destinations. France and Switzerland.

La Vie en Ski

France is easily the favourite choice for Britons, with 500,000 of us skiing there. No surprise that it is overwhelmingly the main choice for chalet purchase.

What dictates the relative chalet prices around the resorts? Apart from the usual factors of size and condition, the two big issues are snow – the more of it there reliably is, the more expensive the property: and fashion – the more chi-chi the resort, the more astronomic the price.

The French Alps is the classic ski region. Individual resorts have been swallowed up into mega-ski zones like the Troi Vallees, or the Porte du Soleil which with 650km of pistes is one of the largest complexes in the world. High altitude slopes mean a longer season, which can further inflate the price.

So starting from the top of the tree, the classic resorts of Val d’Isere, Chamonix, Courchevel or Tignes are going to be very expensive. But you can argue that they will always be in demand so you are unlikely to lose out in the long term. Chalets in these resorts go very quickly when they do come on sale.

If cutting-edge après-ski and hanging out with the rich and famous is not for you, then there are secondary locations even near these places which may be away from the villages or the pistes but may have perfectly good transport to get you there, and lower prices to (ski) boot.

Or choose somewhere less fashionable like the older resorts of Megeve or Morcine. The Grand Massif is a traditionally quiet zone that is becoming better-known, which presents opportunities for capital growth. Samoens is one of the loveliest villages in this area.

It will come as a surprise to many British skiers, but there are several huge skiing resort areas other than the Alps in France. Hardly any appear on the package operators’ radar.

The Pyrenees, on the border with Spain, is a massively long chain of mountains that is very welcoming to snowboarders, beginners (due to its generally gentler slopes) and cross-country skiers. Potential chalet owners should be aware that the snow is less reliable here: conversely it is a genuine year-round resort area with many summer visitors.

Andorra is an independent province in the Pyrenees and is worth mentioning not only because of its 5 ski resorts, the best generally reckoned to be Ordino-Arcalis: but also because it is a tax haven. This obviously adds to the attraction as many high net worth individuals choose to buy a home there.

The Jura region contains the Monts-Jura range, near the Swiss border. This is another under-recognised skiing area, with Les Rousses being notable among the resorts because when the snowfall is poor it has plenty of snow guns to keep skiers on the piste.

The Vosges in St. Lorraine has 1000 km of wooded pistes, a refreshing change from the treeless High Alps. At Gerarcher and La Bresse you can get more skiing from your weekly pass because they have floodlit slopes.

The Massif Central, finally, is probably the least known to non-nationals, and the French like to keep it to themselves. In this part of the Auvergne you can ski 1300km of pistes down dormant volcanoes, which is pretty rare anywhere. Check out Le Mont-Dore or Besse-Superbesse.

But how do you buy?

Well having decided whether you are going to try and find an undervalued wreck or a secondary location in a prime resort, or look for a bargain amongst the undiscovered gems, you need to know at least briefly what the process of buying involves.

Many French people buy through a notary (notaire) but a lot of Brits work through estate agents (immobiliers) if only because they are more likely to speak English. There are also property-finding services, if you fancy someone doing the legwork for you. Before you get into a purchase with an agent, check they belong to an official body, just as a safeguard.

As ever there are fees involved: an agent’s fee of 4-10% (normally included in their quoted price) and a notary’s fee of 8% on a cheap property, falling to 2% on the most expensive (normally not included, so check).

What you won’t find is a surveyor comparable to the British kind, so to get a survey done you would need to use one of the British surveyors who plug this gap in the market, or if you are going to be doing work, take along a French builder for an opinion and costings. In lieu of many of the points that a surveyor might check, the French make the vendor supply a DDT, a technical file of reports showing that the electrics, plumbing etc. have been tested and are OK.

Legally-speaking, the notary acts for you and the seller, but that should not stop you getting your own look at the ‘catastral plans’ that show any planned developments on or near your proposed plot.

There are two stages to the actual purchase: the Compromis de Vente is the initial contract where you commit to buy- and at this stage make sure you insert any caveats like ‘subject to survey’, ‘subject to the granting of a mortgage’ etc. into the contract because you will be signing a binding document that will lose you the 10% deposit if you fail to complete for any other reason.

The final stage is the signing at the notary’s office of the Acte Authentique, the main contract when you pay the balance.

And when to buy?

The market in France has been hit by the recession but not as badly as in the UK and elsewhere. The French tend to buy for a lifetime and do not think as much in speculative terms. Prices across the country dropped by 3% in 2008 and 5% in 2009: but then they rose by 1.5% in 2010. Sales are expected to reach 800,000 in 2011 from a low of 600,000 in 2009.

In skiing areas business was flat in 2010 but what interest there was from the UK was focused on the Alps and Pyrenees. And most buyers were looking for places that they could rent out. Looking ahead it is expected that high-end luxury chalets will do well.

So in terms of the economic cycle, now is a potentially good time to get into the market. Do not expect a lot from capital growth in the short term, but ensure that your rental income, across the likely rental weeks in the year, plus an allowance for repairs, is returning an acceptable percentage on your purchase price.

One key advantage to buyers in France is the Leaseback Scheme. Set up by the government to increase tourist beds, it allows you to rent out your home directly to a holiday company. You have to commit to this for at least 9 years, but in that time you get an agreed number of weeks per year when you get to use it. And they do the routine maintenance and look after the place.

Within the year, the prime skiing season is not a busy one for sales – people do not tend to divert themselves from their holidays. That could make it a good time for the determined bargain-hunter. Spring and Autumn are the busy months, and predictably, everyone wants to be in by the start of the season.


Switzerland

The classic skiing destination would, you might think, be a prime choice for chalet buyers. But not so. The pent-up demand is huge, but the supply is meagre, for one specific reason:

The Lex Koller ruling was made many years ago to protect Swiss holiday home property from rampant speculation and inflation. Fair enough, you might think, except that it has not stopped 183,000 Swiss from having ‘vacation homes’ or 238,000 from having second homes, and property has boomed regardless.

A report recommended repealing this rule, but it is now the subject of frantic political debate and is not likely to go away any time soon. The result is that if you are an EU citizen you have to fight to get one of the 1440 permits per year (yes, that is the total for the whole country) for foreigner purchases of second homes. These are all focused on prime ski areas and on high-value real estate.

The most popular Vaud canton (region) will let you resell immediately but most will not, within 5 to 10 years.

How can you possibly buy, then?

The simple answer is – become a Swiss resident. This may be an excellent thing, depending on your tax situation. It is no problem if you have other properties elsewhere, so long as the new Swiss one is considered your primary residence. One in five inhabitants is not Swiss so you will be in good company.

Most foreign buyers tend to favour the French cantons. The most chic resorts include Verbier (where property prices doubled during the boom), Davos and Klosters. In recent years the prices have been reined in by the restrictions, but the levels in these resorts are in the multi-millions for any luxury chalet. The strength of the Swiss Franc makes the market look even more pricey than it already is.

For those looking for better value, the German cantons are often reckoned to be better-run and they contain many under-valued resorts. Flims, an easy ride from Zurich airport, is one such.

If you do find your chalet, the buying process is pretty straightforward. There is a purchase tax of 3-5% and you may have to pay the notary a fee of 1.5% on any mortgage loan. As in France, you have to commit a deposit that you will lose if you do not proceed without a contractually-agreed reason.

Renting out in Switzerland will normally happen over a season of around 24 weeks, and you cannot sign a long-term tenancy for more than 11 months because you are expected to use your property for at least 3 weeks in the year. As in France, rental agencies charge around 20% for a full-service letting deal. But your rental income is not taxed within Switzerland.

How do you get a mortgage and where do you go for advice?

Whether in France or Switzerland, if you are buying a chalet you need to get good independent financial advice.

First home or holiday home, or a pure business transaction, they all have differing tax implications and if you need finance, they require different mortgage solutions.

Henderson Morgan is a specialist in providing advice to buyers abroad, and can arrange mortgages with UK or local banks.

They also have excellent services for offshore clients, which may be of particular interest to those who have links to Andorra or Switzerland.

And furthermore they are licensed to supply offshore banking services in a range of currencies, including money transfers at excellent rates.

ContactHenderson Morgantoday on

Offshore Company Formation - find a less taxing soluton

Our comprehensive range of services and advice aims to cover the financial needs of businesses customers.

When an offshore company is an option for you or your business, it should be part of a long-term plan. Don’t be tempted to buy off-the-shelf from the wrong jurisdiction.

Trust Henderson Morgan to give truly individual, ongoing advice and follow-through action for your situation, on:

• The optimum location

• The best company structure

• Tax planning

• Filing returns

• Banking and savings arrangements


Henderson Morgan has 2 corporate account options

HM Business Value-An asset, not an overhead
A flexible international, multi-currency offshore business package.
Easy to operate online, and excellent value to help minimize your costs.

HM Business First-An account that opens doors worldwide
A world-class offshore business account.

Offshore Company Formation

It is estimated that almost 60% of global wealth is held in offshore accounts of offshore companies or offshore trusts and that over 50% of global transactions are conducted through offshore jurisdictions.
Why? -because if set up properly, there are numerous legal benefits of being offshore such as increased privacy and asset protection as well as overall tax minimisation.
International Financial Centers continue to attract international investors and businesses interested in setting up an offshore company, forming an offshore trust, forming an offshore private foundation, establishing an offshore bank account, setting up an offshore insurance company, forming a hedge fund, registering a yacht or ship and/or any of the other numerous services provided from these offshore jurisdictions. However, the offshore industry is constantly changing due to new treaty agreements, changes in laws and regulations and many other factors that can affect the international investor or businessman. Henderson Morgan understands and keeps up with these changing dynamics making us ideally suited to assist in putting your offshore strategy into motion.
Our experienced team of wealth management professionals will form, register and admin offshore companies, private foundations, trusts, hedge funds and offshore bank accounts. Henderson Morgan’s commitment to exceptional customer service means that you will have your own relationship manager who will be your point of contact and will support your move into an offshore jurisdiction.
Henderson Morgan is a financial institution providing offshore accounts, merchant processing, offshore mortgages, offshore finance, online investments and wealth management. Contact Henderson Morgan now for a free exploratory consultation

3 things to consider when opening an offshore account

When opening a UK current account you have a choice when it comes to which account best suits your needs and it is exactly the same when considering an offshore account.

There are literally thousands of international providers out there all offering a range of accounts so how on earth can you find the best offshore bank account?

There are 3 things to consider when choosing a provider.



Safety & Security

The number one consideration when you open an offshore account is the safety and security of your money. Make sure any bank or financial institution is based in a politically and economically stable jurisdiction, with suitable regulation.


Financial Advantage

An offshore account can be advantageous for those who deal in international multicurrency transactions, frequent travellers, those who live abroad and potentially tax efficient investments. Opening an offshore account should be financially advantageous to you.
Customer Service Levels
Many banks have forgotten the importance of customer service, you have become an account number to them and they have become a call centre or an automated telephone service to you. This is ok when you just need a quick account balance. However, when you want advice on how best to structure your account, how cheaply or swiftly you can send money internationally, where best to invest or how to secure an international mortgage or loan you a need a more personal and professional level of customer service. Discuss with any potential provider how you expect your relationship with then to be managed.
Henderson Morgan is a financial service provider regulated by the New Zealand government, a politically stable and safe jurisdiction and covered by the Financial Dispute Resolution up to £100,000; double that of UK Banking institutions. We provide a range of personal and corporate accounts as well as term deposits with competitive interest rates paid.

Open an offshore accout-but which provider

An offshore bank is simply a bank based outside of your country of residence but once you have decided to go offshore how do you decide which services and products are right for you from the daunting array available worldwide. There are three main criteria:

• Security and Stability
• Financial Advantage
• Easy Access to your money worldwide



Security & Stability-Henderson Morgan is a financial service provider regulated by the New Zealand government in a politically stable jurisdiction, where all our staff are English speaking. You can access your money 24 hours through internet banking or speak to a member of our team for 24 hours a day*

Financial Advantage-Once you open an account with Henderson Morgan you can hold your money in GBP, Euro and USD to avoid or take advantage of currency fluctuations and to ensure easy international transactions. You can also enjoy competitive interest rates with our term deposits and all our customers can take advantage of HM Wealth Management’s expertise to protect and grow your wealth.

Easy Access to your money worldwide- flexible access to your money with Henderson Morgan internet banking and a Mastercard to access your money from ATMs worldwide and shop at millions of outlets worldwide and online.

HM can help personal clients open an offshore account, invest in our competitive interest term deposits, secure an international mortgage and protect and grow your wealth with HM Wealth Management team.

HM’s business team can assist you to open a current account, invest company reserves to maximise returns, advice on reducing currency exchange costs, securing international finance and merchant services to allow your business to process debit and credit cards.

Contact our team on advisor@henderson-morgan.com or call 00 44 203 150 0923


*Premium service

Premium International Account

Henderson Morgan’s Premium International Account is a flexible international current account for your-day to-day banking needs, and a convenient, secure and tax efficient way to manage your money.
• Multicurrency banking in GBP, Euro & USD
• Account opened in New Zealand a politically stable, regulated and safe jurisdiction

• Free Platinum MasterCard in GBP

• 24/7 internet banking

• Priority Pass to give you free access to airport lounges worldwide*

• Your own personal relationship manager

• Preferential interest rates on Henderson Morgan term deposits

• Reduced fees on HM Wealth Management to take make the most of the tax advantages of banking offshore


It is simple quick and easy to open an offshore account with Henderson Morgan online.

To discuss our Premium International Account or the whole range of Henderson Morgan products and services please contact our team on 0044 203 150 0923 or email advisor@henderson-morgan.com

Premium International Account

Henderson Morgan’s Premium International Account is a flexible offshore account for your-day to-day banking needs, and a convenient, secure and tax efficient way to manage your money.
• Multicurrency banking in GBP, Euro & USD
• Account opened in New Zealand a politically stable, regulated and safe jurisdiction

• Free Platinum MasterCard in GBP

• 24/7 internet banking

• Priority Pass to give you free access to airport lounges worldwide*

• Your own personal relationship manager

• Preferential interest rates on Henderson Morgan term deposits

• Reduced fees on HM Wealth Management to take make the most of the tax advantages of banking offshore


It is simple quick and easy to open an offshore account with Henderson Morgan online.

To discuss our Premium International Account or the whole range of Henderson Morgan products and services please contact our team on 0044 203 150 0923 or email advisor@henderson-morgan.com

Offshore Loans

The global economic downturn has made credit difficult to obtain.

If you have offshore assets how do you maximise these to secure short/medium term credit without divesting your wealth.

There are a wide range of options available internationally and the Wealth Management professionals at Henderson Morgan can help you secure effective and efficient credit simply.

Contact advisor@henderson-morgan.com to discuss your options further.

Free International Mastercard

Open an account today with Henderson Morgan and receive your free Mastercard that will allow you to access your funds worldwide 24/7 from ATMs, purchase goods and services online and shop worldwide.

Apply for your account its quick and easy.


we have a range of accounts to suit all our customers needs

UK Crackdown on Tax Havens

This week the UK tabloids and broadsheets were full of reports that George Osbourne, the Chancellor is hoping that a government crackdown on offshore tax havens will raise £10 billion in extra tax revenues.The Treasury is working on an agreement with Lichtenstein, Switzerland and an unnamed Caribbean jurisdiction.

Where does that leave those who have utilised or wanted to utilise offshore accounts, companies and advice? Advice from an international wealth managment professional is crucial.

Henderson Morgan's wealth management team has over 20 years experience and can provide cost effective advice.