Coreco have many clients who are either foreign nationals or domiciled abroad. For many, it is often the case that these clients find an offshore mortgage to be the most effective means of taking out a mortgage.
Off-shore mortgages can be very tax-effective for a certain category of borrower seeking to purchase property in the UK, although due to recent changes in the law you should always ensure that you take personal tax advice. Generally speaking, people who can apply for offshore mortgages include UK resident non-domiciled individuals and non-UK residents.
As offshore mortgages, and offshore tax planning generally, can be very complex, and independent tax advice is essential before you start down this route. Coreco are not tax advisers ourselves, but can refer you on to highly experiences Tax Experts if required.
The essential point is that however you wish to structure your mortgage, offshore, through a limited company or offshore trust, in sterling or in another currency, we are able to assist.
We have developed close contacts with several of the main private banks who take a “blank sheet of paper” approach to underwriting, treating each client very separately and thus designing a product specific to your individual needs. This often results in products that are significantly better than those available on the wider market.
Through “Back-to-Back” loans, it is possible to effectively borrow 100% of the mortgage amount so that money does not have to be brought into the UK. This can be achieved by depositing cash, shares or other assets with offshore banks.
Company loans can be arranged through various international jurisdictions, whether the Channel Islands, BVI or any other location that is required. Complex trust structures can also be catered for.