Tag Archives: Scotland

List Of Offshore Private Vaults Updated

The list of private, non-bank vaults outside the United States (offering safe deposit boxes/lockers at a minimum) located on this blog’s sister site- Offshore Private Vaults- was recently updated.

Safe deposit facilities have been added under the following countries:

• Israel (Brickstone Private Safe Services, Tel Aviv)
• Latvia (Rigas Seifi, Riga)
• Liechtenstein (Trisuna Lagerhaus AG, Triesen)
• United Arab Emirates (MySafe, Dubai)
• United Kingdom (Edinburgh Vaults, Edinburgh, Scotland and Nottingham Vaults, Nottingham, England)

Any facilities I missed? I’d be grateful if you let me know about them. In the meantime, readers can view the updated list of offshore private vaults here.

Christopher E. Hill
Editor

(Editor’s note: The mention of a particular business should not be construed as confirmation of services claimed to be provided or any sort of recommendation. A qualified professional should be consulted prior to making a financial decision based on material found in this weblog. If this recommended course of action is not pursued, then it must be understood that the decision is the reader’s and the reader’s alone. Christopher E. Hill, the creator/Editor of this blog, is not responsible for any personal liability, loss, or risk incurred as a consequence of the use and application, either directly or indirectly, of any information presented on the site.)

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Merrion Vaults Plans To Open Liverpool, Nottingham Safe Deposit Box Facilities

Irish businessmen Séamus Fahy and David Walsh are at it again. It’s being reported that the founders of Merrion Vaults in Dublin are looking to add to to their existing family of private, non-bank vaults with safe deposit boxes in Ireland, Scotland (Glasgow Vaults), and England (Newcastle Vaults). Barry O’Halloran wrote on The Irish Times website last month:

Safekeeping specialist Merrion Vaults is spending up to €2 million on an expansion that will see it open new safety deposit box centres in Liverpool’s landmark Royal Liver Building, other British cities and possibly Europe.

Merrion Vaults runs a purpose-built safety deposit box facility on Dublin’s South Cumberland Street, close to Merrion Square, which it opened in 2013 after its founders, businessmen Séamus Fahy and David Walsh, identified strong demand for the service.

Mr Fahy confirmed at the weekend that the Irish company is planning to open in Liverpool and Nottingham in England, to follow vaults that are already up and running in Glasgow and Newcastle…

(Editor’s note: Bold added for emphasis)

According to the Liverpool Vaults website, the facility is scheduled to open in January 2018.

O’Halloran added that the company “could target Edinburgh” and is “now weighing a move to the continent.”

An interesting article, which you can read in its entirety over on The Irish Times website here.

By Christopher E. Hill
Offshore Safe Deposit Boxes (www.offshoresafedepositboxes.com)

(Editor’s note: The mention of a particular business should not be construed as confirmation of services claimed to be provided or any sort of recommendation. A qualified professional should be consulted prior to making a financial decision based on material found in this weblog. If this recommended course of action is not pursued, then it must be understood that the decision is the reader’s and the reader’s alone. Christopher E. Hill, the creator/Editor of this blog, is not responsible for any personal liability, loss, or risk incurred as a consequence of the use and application, either directly or indirectly, of any information presented on the site.)

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Newcastle Vaults Opens In The North-East Of England

A new private vault- Newcastle Vaults- launched last month in the United Kingdom. Located in Newcastle upon Tyne (Newcastle), the most populous city in the north-east of England, the first independent safe deposit box facility in that region opened its doors on December 11, 2016. From the “About” page on the non-bank vault’s website:

Newcastle Vaults is part of a larger collection of vaults including Glasgow Vaults Scotland and Merrion Vaults Ireland – the largest independently owned safe deposit box centres in both countries. We offer safe-keeping services to private individuals and businesses, allowing the safeguarding of their most valued possessions in a secure state-of-the-art purpose-built vaults.

Our Vault facilities offer safe deposit boxes and lockers in various sizes to suit all client requirements. Smaller boxes are perfect for the storage of cash, jewellery, precious metals, valuable coins and computer back-up discs. The mid-size boxes are designed to keep documents and papers, house deeds and other important items. The large boxes would be ideal for luxury watch collections or jewellery items in-boxes, and are designed to hold larger amounts of valuables, paperwork and even artwork which need to be stored securely. We are also the only safe deposit box company to offer high security private walk-in vaults for the storage of fine Art and/or valuable furniture.

We are situated in Cloth Market, in the centre of Newcastle. We aim to provide a unique and five star service to our clients, ensuring the safety and security of their most valued possessions, documents, jewellery and irreplaceable items.

Newcastle Vaults, Glasgow Vaults & Merrion Vaults were founded by Séamus Fahy and David Walsh…

There’s also the following from a January 5 article on the website of the Safe Deposit Federation (SDF blogged about here), of which Newcastle Vaults is an approved member:

Boasting an underground/basement vault, with 7 day access – Newcastle Vaults has a range of box sizes available for rent on a monthly or yearly basis. Prices start at less than £3 per week (£150 per year), fully insured, with free insurance for year 1 on any locker/box rental…

With multi-level security access for clients, including Bio-metric fingerprint entry and facial recognition access, the vault is state-of-the-art and offers 5 star service and surroundings for box holders. “Our intention is to offer a world-class facility and service, with unsurpassed security and privacy for our clients, across all of our facilitys” says Nigel Doolin – Communications Director with the company – “We are looking at other locations in the UK and will strive to constantly improve both our service and offering with each new opening.”

In addition to being an SDF approved member, the Newcastle Vaults home page indicates it is also a registered company with the Financial Conduct Authority (FCA), “the conduct regulator for 56,000 financial services firms and financial markets in the UK and the prudential regulator for over 24,000 of those firms.”

It was also mentioned in that piece on the Safe Deposit Federation website that Newcastle Bullion, “a premium gold buying and selling service based in Newcastle,” is also located within the same facility as the vault. From Newcastle Bullion’s website:

We offer clients the facility to buy and/or sell gold coins or bullion at highly competitive prices. Our pricing is based upon the realtime / current spot trading price of gold throughout the day. Call us to receive an up to the minute quote on your gold purchase or sale. We are located within the same facility as Newcastle Vaults allowing our clients a complete purchase and storage solution within the one location

We offer our clients the ability to purchase all of the leading gold coins such as; krugerrands, gold sovereigns, gold eagles, gold maples, Australian kangaroos plus many other varieties and types of gold coin. We also stock the finest quality gold bullion bars in a variety of sizes from 1 gram, 5 gram, 10 gram, 20 gram and 1 troy ounce up to 1 kilo from gold refiners such as Umicore and Argor Hereaus…

(Editor’s note: Bold added for emphasis)

Congratulations to Newcastle Vaults on their launch. Offshore Safe Deposit Boxes wishes them all the best with their new safe deposit box facility. For more information about Newcastle Vaults, visit their website here.

By Christopher E. Hill
Offshore Safe Deposit Boxes (www.offshoresafedepositboxes.com)

(Editor’s note: The mention of entities marketing themselves as private vaults outside the U.S. offering safe deposit boxes/lockers at a minimum, or other businesses named above, should not be construed as confirmation of services claimed to be provided or any sort of recommendation. A qualified professional should be consulted prior to making a financial decision based on material found in this weblog. If this recommended course of action is not pursued, then it must be understood that the decision is the reader’s and the reader’s alone. Christopher E. Hill, the creator/Editor of this blog, is not responsible for any personal liability, loss, or risk incurred as a consequence of the use and application, either directly or indirectly, of any information presented on the site.)

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Related Reading: In-Depth Look At Dublin’s Merrion Vaults

It’s been a while since I last blogged about the Dublin, Ireland-based private vault Merrion Vaults (although I have talked about co-founder/director Séamus Fahy more recently as it related to their sister safe deposit box facility, Glasgow Vaults). Anyway, I recently spotted an article on Irish website Fora (“Business news and insights for Ireland’s startup and SME community”) in which Fahy, speaking on behalf of Merrion Vaults, was interviewed for the first installment of a weekly series “examining the nuts and bolts of businesses.” Paul O’Donoghue wrote on May 26:

AFTER THE FINANCIAL collapse, banks began to ditch their vaults. Once seen as a value-added service for customers, with cash tight banks went into cost-cutting mode and safekeeping goods was viewed as an unnecessary luxury. That gave Seamus Fahy the idea for his business.

The Limerick native had just started a diamond-selling firm in 2009 and was looking for a place to store his valuable stock. Told again and again by the major banks that they were not providing vaults any more, he decided to offer it himself…

A number of questions were asked of Fahy about the non-bank vault, including:

• How do you make money?
• What are your costs?
• Who and where are you selling to?
• Who are your competitors?
• What is your vision for the company?

I found the answer for the last question particularly interesting. O’Donoghue penned:

Fahy says plans are well advanced for a third vault with London the most likely location.

“We plan on having facilities throughout Europe, it gives people confidence if they can see a company has facilities in Ireland, the UK, France, etc. Over the next three to five years we will probably open five to ten facilities; we have the blueprint now, we understand how the business works.”

An insightful read, which you can view in its entirety over on the Fora website here. Offshore Safe Deposit Boxes wishes Séamus Fahy and business partner David Walsh all the best with their planned expansion. For more information about Merrion Vaults and Glasgow Vaults, click on the provided links.

By Christopher E. Hill
Offshore Safe Deposit Boxes (www.offshoresafedepositboxes.com)

(Editor’s note: The mention of entities marketing themselves as private vaults outside the U.S. offering safe deposit boxes/lockers at a minimum should not be construed as confirmation of services claimed to be provided or any sort of recommendation. A qualified professional should be consulted prior to making a financial decision based on material found in this weblog. If this recommended course of action is not pursued, then it must be understood that the decision is the reader’s and the reader’s alone. Christopher E. Hill, the creator/Editor of this blog, is not responsible for any personal liability, loss, or risk incurred as a consequence of the use and application, either directly or indirectly, of any information presented on the site.)

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Consider Quality Of Living When Selecting Location For Offshore Safe Deposit Box

Here’s a potential resource for selecting where to open an offshore safe deposit box. From New York City-based Mercer, the world’s largest human resources consulting firm, last Tuesday:

Despite recent security issues, social unrest, and concern about the region’s economic outlook, European cities continue to offer some of the worlds’ highest quality-of-living, according to Mercer’s18th annual Quality of Living survey. Safety, in particular, is a key factor for multinationals to consider when sending expatriate workers abroad, both because it raises concerns about the expat’s personal safety and because it has a significant impact on the cost of global compensation programmes.

“Heightened domestic and global security threats, population displacement resulting from violence, and social unrest in key business centres around the world are all elements adding to the complex challenge facing multinational companies when analysing the safety and health of their expatriate workforces,” said Ilya Bonic, Senior Partner and president of Mercer’s Talent business. “Multinational companies need accurate data and objective methods to determine the cost implications of deteriorating living standards and personal safety issues when compensating expatriates.”

Vienna continues its reign in the top spot for overall quality of living, followed by Zurich (2), Auckland (3), and Munich (4).Vancouver (5) is North America’s highest ranking city, and Singapore is the highest ranking Asian city, holding 26th place. Mercer’s survey also identifies the personal safety ranking for the full list of cities; it is based on internal stability, crime figures, performance of local law enforcement, and the home country’s relationship with other countries. Luxembourg tops the personal safety list and is followed by Bern, Helsinki, and Zurich – all tied in 2nd place. Baghdad (230) and Damascus (229) are the world’s least safe cities according to the ranking. The safest UK cities are Aberdeen, Edinburgh, and Glasgow – all ranked in 44th place.

Mercer’s authoritative survey is one of the world’s most comprehensive, and is conducted annually to enable multinational companies and other employers to compensate employees fairly when placing them on international assignments. Employee incentives include a quality-of-living allowance and a mobility premium.* Mercer’s Quality of Living surveys provide valuable data as well as hardship premium recommendations for over 440 cities throughout the world; this year’s ranking includes 230 of these cities…

(Editor’s note: Bold added for emphasis)

While the intended audience is multinational corporations and other employers dealing with expatriate employees, the survey findings provide valuable insights for prospective offshore safe deposit box renters about potential urban locations for storing one’s valuables/other items. That personal safety information compiled by Mercer is especially nice to know. In addition to short visits to the overseas location of the box, the potential exists for an extended stay at that foreign locale should conditions at home become inhospitable due to economic upheaval, civil unrest, man-made/natural disaster, etcetera. As such, choosing that part of the world where one’s personal wealth is going to be stored should not be taken lightly. That’s where information of the sort which Mercer provides might prove useful.

You can read the entire press release on the Mercer website here. To view their 2016 Quality Of Living Rankings, go here.

By Christopher E. Hill
Offshore Safe Deposit Boxes (www.offshoresafedepositboxes.com)

(Editor’s note: A qualified professional should be consulted prior to making a financial decision based on information found in this weblog. If this recommended course of action is not pursued, then it must be understood that the decision is the reader’s and the reader’s alone. Christopher E. Hill, the creator/Editor of this blog, is not responsible for any personal liability, loss, or risk incurred as a consequence of the use and application, either directly or indirectly, of any information presented on the site.)

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Related Reading: Additional Glasgow Vaults Launch Coverage From The Evening Times

Another Scottish newspaper has written about the launch of new safe deposit box facility Glasgow Vaults in Scotland’s largest city. Catriona Stewart reported on the Evening Times website Tuesday:

SCOTLAND’S first independent safe deposit box service has opened in Glasgow – with owners saying a Hatton Gardens-style heist would be impossible.

Opened with a £1 million investment, Glasgow Vaults has been introduced in response to the major banks withdrawing the service to safeguards people’s valuable possessions.

The venture, run by David Walsh and Seamus Fahy, features state-of-the-art surveillance technology, including seismic shock sensors, to keep valuables safe.

Monitored 24/7, the vault is also protected by biometric identification technology…

(Editor’s note: Bold added for emphasis)

The article provided more information about the private, non-bank vault than that Scotsman’s piece from the other day. Stewart added:

Glasgow Vaults has in the region of 10,000 boxes, which come in ten different sizes and start from £150 a year.

Client have unlimited access seven days per week and there is no need to make an appointment before visiting the vaults…

The vault was designed in partnership with security consultants working on behalf of insurer Lloyd’s of London…

A good write-up, which you can read in its entirety on the Evening Times website here.

By Christopher E. Hill
Offshore Safe Deposit Boxes (www.offshoresafedepositboxes.com)

(Editor’s note: The mention of entities marketing themselves as private vaults outside the U.S. offering safe deposit boxes/lockers at a minimum should not be construed as confirmation of services claimed to be provided or any sort of recommendation. A qualified professional should be consulted prior to making a financial decision based on material found in this weblog. If this recommended course of action is not pursued, then it must be understood that the decision is the reader’s and the reader’s alone. Christopher E. Hill, the creator/Editor of this blog, is not responsible for any personal liability, loss, or risk incurred as a consequence of the use and application, either directly or indirectly, of any information presented on the site.)

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Related Reading: Glasgow Vaults Launch Covered By The Scotsman

Back on January 20, I alerted blog readers about the opening of a new private vault- Glasgow Vaults- in Scotland’s largest city. Monday morning, I saw an article about the new non-bank safe deposit box facility on The Scotsman (UK) website. Scott Reid reported:

What is being billed as “Scotland’s first independent safe deposit box service” has been launched following an investment of more than £1 million.

Glasgow Vaults said it had made the move in response to the major banks withdrawing the service that safeguards people’s valuable possessions.

The venture is being led by David Walsh and Seamus Fahy…

Regular readers of Offshore Safe Deposit Boxes might recognize those two names. A year ago today, I blogged about a January 13, 2015, interview with Séamus Fahy and David Walsh on Today with Sean O’Rourke on RTÉ Radio 1 (Ireland) where the two were identified as directors of Dublin, Ireland-based Merrion Vaults, “the first privately owned safe deposit box facility of its kind in Ireland.” Both Walsh and Fahy provided listeners with a good deal of information about how Merrion Vaults came to be, how the facility is set up and operates, and how the safe deposit boxes are being utilized by customers.

Reid noted in The Scotsman piece that Glasgow Vaults “is part of a strategy to expand the model across the UK and Ireland, following the successful launch of an initial site in Dublin, in 2013.”

You can view that article in its entirety on the newspaper’s website here.

Once again, congratulations to Glasgow Vaults. Offshore Safe Deposit Boxes wishes them all the best with their new facility. For more information about Glasgow Vaults, visit their website here.

By Christopher E. Hill
Offshore Safe Deposit Boxes (www.offshoresafedepositboxes.com)

(Editor’s note: The mention of entities marketing themselves as private vaults outside the U.S. offering safe deposit boxes/lockers at a minimum should not be construed as confirmation of services claimed to be provided or any sort of recommendation. A qualified professional should be consulted prior to making a financial decision based on material found in this weblog. If this recommended course of action is not pursued, then it must be understood that the decision is the reader’s and the reader’s alone. Christopher E. Hill, the creator/Editor of this blog, is not responsible for any personal liability, loss, or risk incurred as a consequence of the use and application, either directly or indirectly, of any information presented on the site.)

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