There are many groups and they are becoming increasingly popular. Has anyone had good or bad experiences to share?
I am always nervous in the land of Napoleonic Code.
group ownership
QUOTE(Karen @ Jun 28 2006, 06:06 AM) 
QUOTE
Sam,
Thanks for the info. Would you be able to give me the name of your notaire?
Thanks
Jean
Thanks for the info. Would you be able to give me the name of your notaire?
Thanks
Jean
Sam will email the name privately. You should send him a bottle of VERY good wine ;-)
He's doing you an enormous favor and probably saving your derriere and considerable money when it's further down the line.
Thank goodness for BP readers. They're willing to share resources. Bless them!
QUOTE(jkatow @ Jun 30 2006, 04:40 AM)
QUOTE(Karen @ Jun 28 2006, 06:06 AM)
QUOTE
Sam,
Thanks for the info. Would you be able to give me the name of your notaire?
Thanks
Jean
Thanks for the info. Would you be able to give me the name of your notaire?
Thanks
Jean
Sam will email the name privately. You should send him a bottle of VERY good wine ;-)
He's doing you an enormous favor and probably saving your derriere and considerable money when it's further down the line.
Thank goodness for BP readers. They're willing to share resources. Bless them!
Thanks for the hint, Karen
Jean
QUOTE
Sam,
Thanks for the info. Would you be able to give me the name of your notaire?
Thanks
Jean
Thanks for the info. Would you be able to give me the name of your notaire?
Thanks
Jean
Sam will email the name privately. You should send him a bottle of VERY good wine ;-)
He's doing you an enormous favor and probably saving your derriere and considerable money when it's further down the line.
Thank goodness for BP readers. They're willing to share resources. Bless them!
QUOTE(Sam @ Jun 26 2006, 04:12 PM)
QUOTE(jkatow @ Jun 25 2006, 04:53 AM)
Karen
Thanks for your reply. What is the Napoleonic Code? I have found people who establish an American LLC and sell partnerships, taking care of taxes etc. Does this get around that?
J
I don't know what, if any, impact a US LLC would have under French law.
Another structure to use is a "Societe Civile Immobiliere" or SCI, which, if properly done, allows the owners of property to treat transfer on death of an owner under the rules of the country in which the deceased was a tax resident. In other words, a US citizen who held property in France through an SCI would, upon death, have the transfer treated under US rules, thus avoiding the French laws and Napoleonic rules.
If you get anywhere near serious on this stuff, you really need a notaire who is experienced in the field. We were fortunate to find a very good one who had worked with one of the large US accounting firms, and who understands French realty and estate matters and how they impact tax residents of other countries.
Sam,
Thanks for the info. Would you be able to give me the name of your notaire??
Thanks
Jean
QUOTE
What is the Napoleonic Code?
To jkatow..........When Napolean came to power in France and established a government over the world he ruled he set down a list of laws so to speak that established a way for society to conduct itself. For the times it was quite progressive but somehow it didn't allow for change in keeping with the times. Some French laws that follow the Napoleanic code today are really antiquated and many criminal items like misdemeanors can be horrors when compared to American or British legal standards.
QUOTE(jkatow @ Jun 25 2006, 04:53 AM)
Karen
Thanks for your reply. What is the Napoleonic Code? I have found people who establish an American LLC and sell partnerships, taking care of taxes etc. Does this get around that?
J
I don't know what, if any, impact a US LLC would have under French law.
Another structure to use is a "Societe Civile Immobiliere" or SCI, which, if properly done, allows the owners of property to treat transfer on death of an owner under the rules of the country in which the deceased was a tax resident. In other words, a US citizen who held property in France through an SCI would, upon death, have the transfer treated under US rules, thus avoiding the French laws and Napoleonic rules.
If you get anywhere near serious on this stuff, you really need a notaire who is experienced in the field. We were fortunate to find a very good one who had worked with one of the large US accounting firms, and who understands French realty and estate matters and how they impact tax residents of other countries.
QUOTE(Karen @ Jun 25 2006, 08:30 AM)
St. Germain - MY understanding is you can specify a spouse have rights to live in the property .. or sell it. BUT the tax man takes his share. PLEASE correct me if I am wrong!
I'm not sure a LLC will protect you ... BUT I AM NOT A TAX EXPERT!
Correct, you can give your spouse a life estate, while your kids inherit and the taxes are paid.
The Napoleonic code insures that your offspring inherit a portion of your property and have to pay taxes on it within a certain number of months.
If it's a second marriage or a group rental, there are MAJOR tax complications.
Many people set up trusts even though there is extra paperwork required. You'd need to consult with a real estate lawyer (French - but who knows both US and French tax law) to advise you.
St. Germain - MY understanding is you can specify a spouse have rights to live in the property .. or sell it. BUT the tax man takes his share. PLEASE correct me if I am wrong!
I'm not sure a LLC will protect you ... BUT I AM NOT A TAX EXPERT!
If it's a second marriage or a group rental, there are MAJOR tax complications.
Many people set up trusts even though there is extra paperwork required. You'd need to consult with a real estate lawyer (French - but who knows both US and French tax law) to advise you.
St. Germain - MY understanding is you can specify a spouse have rights to live in the property .. or sell it. BUT the tax man takes his share. PLEASE correct me if I am wrong!
I'm not sure a LLC will protect you ... BUT I AM NOT A TAX EXPERT!
QUOTE(jkatow @ Jun 24 2006, 10:53 PM)
Karen
Thanks for your reply. What is the Napoleonic Code? I have found people who establish an American LLC and sell partnerships, taking care of taxes etc. Does this get around that?
J
The Napoleonic Code does not allow one's wife the right to inherit real property. But a "French Will" can take care of that.
Karen
Thanks for your reply. What is the Napoleonic Code? I have found people who establish an American LLC and sell partnerships, taking care of taxes etc. Does this get around that?
J
Thanks for your reply. What is the Napoleonic Code? I have found people who establish an American LLC and sell partnerships, taking care of taxes etc. Does this get around that?
J
QUOTE(jkatow @ Jun 13 2006, 07:40 AM)
Does anyone know sites or anyone who deals with group ownership of apartments in Paris or houses in southern or SW France?
J
There are time shares. And, I do know people who buy property together. Be forewarned, you need to establish a trust because of the Napoleonic code which greatly complicates matters.
Does anyone know sites or anyone who deals with group ownership of apartments in Paris or houses in southern or SW France?
J
J