Nice, France office opens to service renewed demand in French property
- Riviera office will also assist European and UK businesses with FX transactions
- Fully authorised branch of TTT Moneycorp Ltd, an FCA authorised payment institution
- Surge in interest in second homes in France as £ Pound gathers strength against Euro
- Freeing up of UK pension funds likely to be a major driver in second home buying
- Continued global investment into the region from HNWIs for purchases, short-term luxury rentals and yacht charters
MONEYCORP, the currency and international payments specialist, has opened a new office in Nice, the heart of the French Riviera.
The company, which grew its international payments division by 16% in 2013, selected the popular city for its base in the south of France as the Provence-Alpes-Côte d’Azur is the most active region in the country for non-resident property transactions.
High levels of overseas buyers are targeting Nice and its environs for second and retirement properties.“The Riviera also enjoys significant volumes of tourist traffic each year – around six million people – many of whom are surveying the region with the intent to invest, so we wanted an office in the – international hub of the region which can deal with their currency requirements,” said Moneycorp’s Tanya Uniacke, Country Manager for France.
“Moneycorp is also providing support for UK businesses needing help with their international payments requirements, as more and more British firms increase volumes of export and import trade with French companies.“France is clearly a key growth market for international investors and UK pensioners alike, and we are looking forward to helping our existing partners to grow their businesses as well as building new networks across the region.” she added.
Along with the new office with its bilingual staff, Moneycorp has also opened a local bank account designed to facilitate clients wanting to repatriate funds to the UK. By utilising local banking services the clients will be able to save significant sums of money on international transfer fees.
Andrew Woolley, International Payments Managing Director, said: “With the pound performing strong against the euro, supported by a general recovery in the UK economy and attractive buying opportunities in the south of France, we are anticipating a very busy 2014.
“The recent changes to UK pensions’ legislation is also likely to generate a rise in enquiries for mortgage and cash-based transactions from UK buyers wanting a second or retirement home in the south of France.“Under the new rules, from April 2015 UK pensioners will be able to access all of their pension fund should they wish, rather than the previous obligation of having to buy an annuity.
“This is a radical new development, and we believe it will have a major impact on demand for homes in France,” he added.
Moneycorp is growing rapidly.
Last year the company’s opened 39 new airport bureaux to add to its growing retail estate.
The business also acquired Thomas Cook International Payments, a strategic move designed to further strengthen the business’s foothold in SME export and import transactions, which reached a five year high in early 2013.