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What does impot de solidarite sur la fortune in France mean?

impot de solidarite sur la fortune

When you are buying or selling French real estate it is important that you speak to your English speaking French notary and English speaking French tax adviser to make sure you are not impacted by impot de solidarite sur la fortune which is the French wealth tax on your personal assets.

Unfortunately, to find out if you will be impacted by impot de solidarite sur la fortune there is a special calculation that needs to be made and the rules of how this calculation is made have been changed frequently by the government of France in recent years.

Note: you may also be taxed by another country you have ties with so getting complete professional advice is really important.

As a starting point take the time to contact your English speaking French notary and English speaking French tax adviser to find out if and how you may be impacted by French taxes. If you need assistance to locate an English speaking French professional we will do our best to help . Contact us here.

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In France what is meant by a LRAR?

When you are buying or selling a French property you may be requested by your French real estate agency, French bank or French notary to send a document LRAR.

LRAR means in French ‘Lettre recommandée avec avis de reception’ which means a recommended letter that is signed for by the receiver. When you pay to send a letter by LRAR you will receive back in the mail the notice showing it was signed for.

In France LRAR’s are used particularly to cancel a contract. For example, after you have signed a compromis de vente and you decide to cancel the contract you need to send a notice to your notary via LRAR.

NEWS: Have you seen our French real estate buyer’s guide that comes with a 100 percent money back guarantee? Here it is

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What does Assurance de pret mean in English?

English speaking French Bankers

Assurance de pret is the french term for mortgage insurance which is typically a required item when you obtain a mortgage with a French bank.

Even if you have experience getting mortgage insurance in a country outside of France do not assume it is the same in France and do not assume the policy will offer the same coverage as in another country. Make sure you fully understand the document and the cost of the insurance before you sign any papers.

Note: many banks are very strict at this time in giving out mortgages so they will make sure the client has excellent insurance coverage even to the point of the mortgage insurance company asking the borrower for a blood sample to make sure they are healthy.

If you need more information it is best to contact an English speaking French banker or mortgage broker. We can help put you in contact with one  click to contact us here.

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Explain in English taux fixe taux variable taux cape

When you buy a French property with a French mortgage you will need to learn some new French banking terms including: taux fixe, taux variable and taux cape. So read on for explanations:

One

Taux Fixe means fixed mortgage rate

Two

Taux Variable means variable mortgage rate

Three

Taux Capé means capped rate

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IMPORTANT: Make sure when you chose your French mortgage you find out if the mortgage has a penalty fee for early repayments, if you are being charged a fee for administration of the loan etc. Learn the right questions to ask by speaking with an English speaking French banking expert.

If you need to contact an English speaking French banker or mortgage broker. We can help put you in contact with one  click to contact us here.

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Note: Details on our 110 Tip electronic French real estate buyer’s guide plus checklists is here.

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2013 Reform of French Capital Gains on Real Estate Property

The French government has announced the total exemption of the capital gains tax based on length of ownership on French property maybe reduced on the first of September 2013 from 30 years to 22 years. In addition, there is a new temporary special allowance of 25% for one year. (Maybe, since the concept has yet to be sworn into law)

If approved, their is an additional special rebate of 25% will apply to sales made between 1 September 2013 and 31 August 2014.

The goal of the French government with these changes in capital gains taxation is to increase activity in the French real estate market by contributing to the ability for some owners to reduce their prices since they no longer have to pay capital gains tax. The belief is that if prices are reduced French real estate sales will increase.

IMPORTANT NOTE: this government announcement needs to be made law before it is effective.

Inspired in part by by Explorimmo.com article on French capital gains

Important note date of article the law may have changed

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