It is amazing people can be so oblivious to the nitty-gritty realities of living or owning real estate abroad. This may not be the case for citizens of the EU but, I’d swear to nothing after my recent (and ongoing) experiences of being a citizen of one country and a resident of another. There’s nothing like the death of a spouse or a significant other to put your feet to the fire.
I know I’m supposed to be an expert about France.
Bonjour Paris is a (the) Internet site people consult when coming to France. Based on our demographics, nearly 20% of our readers actually live here. We’re observing the trend that an increasing number of our American readers plan to move to France and a large percentage own properties in Paris. They may plan to ultimately retire here; or use apartments or country houses as integral investment/rental components of their asset portfolios.
Many financial advisers are advocates of economic diversification. Investors actually view bricks and stone (not to mention stucco) and possibly a tree or 22, as feeling sexier than fondling stock certificates. Best yet, they know where they can go to spend vacations if they don’t stay more that a specified number of days if they’re taking tax depreciations. But don’t forget some trips may be tax deductible since the real estate demands oversight and maintenance. I think it’s clear I was never meant to be an accountant. My forte is how to spend money.
Be forewarned; I am really no authority when it comes to French law or
Napoleonic Code. Unfortunately, I’m learning the hard way. If you’re an American, before signing anything, crossing any t’s or dotting any i’s, solicit the advice of a legal expert, and one who speaks perfect English and knows inheritance and tax laws on both sides of the Atlantic. Additionally, since French law changes (frequently retroactively), your advocate had better be up to speed when it comes to wealth taxes, inheritance taxes and bi-lateral treaties between countries.
Before even considering bidding on the real estate of your dreams (yes, those 17th century beams are ever so seductive), spend the money and buy the best possible legal/accounting advice. This is especially true if you have children from a previous marriage. According to French law, even if a step-child is serving time in jail as an ax-murderer, you can’t disinherit him or her. I’m not implying this is my situation (not in the least), but there’s no parallel between the US and France, where a couple can own property as joint tenants with the rights of survivorship.
Are there ways couples can protect one another? Naturally, but the terms must be spelled out according to French law. Even if you’re an American, if you own property in France, it’s mandatory you have a French will that specifically conforms to French code. It must be hand-written and not notarized and filed with the notaire. I’m amazed the majority of these wills can be deciphered considering the French tend to write in such tiny letters that I find myself needing to use a magnifying glass in order to read a note from the housekeeper.
Being known to procrastinate, all I can say is better now than later when it’s too late. Even though some people think they’re going to live forever, it’s rarely the case. Even if you write a will one year, review it every two years after you’ve reached a certain age or you’ve encountered (according to author Gail Sheehy) a new passage of life. Leave nothing to surprise because no matter how well prepared you are before death or divorce, there will be some unexpected shockers which will knock the wind out of you. How I wish I’d followed the Girl Scout manta of “being prepared.” I knew there was something wrong with my upbringing.
After nearly 20 years of living in France, I now know how little I know. Skip the fact that my French is really moyenne and each year I spend here is a learning curve. True expats have the ability to muddle by and it is part of the charm of living abroad. On the other hand, how I wish I’d done a bit more homework — as should be the case for anyone who considers buying property in another country.…. there’s always California and other community property states.
© Paris New Media, LLC
[email protected]
It is amazing people can be so oblivious to the nitty-gritty realities of living or owning real estate abroad. This may not be the case for citizens of the EU but, I’d swear to nothing after my recent (and ongoing) experiences of being a citizen of one country and a resident of another. There’s nothing like the death of a spouse or a significant other to put your feet to the fire.
I know I’m supposed to be an expert about France. Bonjour Paris is a (the) Internet site people consult when coming to France. Based on our demographics, nearly 20% of our readers actually live here. We’re observing the trend that an increasing number of our American readers plan to move to France and a large percentage own properties in Paris. They may plan to ultimately retire here; or use apartments or country houses as integral investment/rental components of their asset portfolios.
Many financial advisers are advocates of economic diversification. Investors actually view bricks and stone (not to mention stucco) and possibly a tree or 22, as feeling sexier than fondling stock certificates. Best yet, they know where they can go to spend vacations if they don’t stay more that a specified number of days if they’re taking tax depreciations. But don’t forget some trips may be tax deductible since the real estate demands oversight and maintenance. I think it’s clear I was never meant to be an accountant. My forte is how to spend money.
Be forewarned; I am really no authority when it comes to French law or Napoleonic Code. Unfortunately, I’m learning the hard way. If you’re an American, before signing anything, crossing any t’s or dotting any i’s, solicit the advice of a legal expert, and one who speaks perfect English and knows inheritance and tax laws on both sides of the Atlantic. Additionally, since French law changes (frequently retroactively), your advocate had better be up to speed when it comes to wealth taxes, inheritance taxes and bi-lateral treaties between countries.
Before even considering bidding on the real estate of your dreams (yes, those 17th century beams are ever so seductive), spend the money and buy the best possible legal/accounting advice. This is especially true if you have children from a previous marriage. According to French law, even if a step-child is serving time in jail as an ax-murderer, you can’t disinherit him or her. I’m not implying this is my situation (not in the least), but there’s no parallel between the US and France, where a couple can own property as joint tenants with the rights of survivorship.
Are there ways couples can protect one another? Naturally, but the terms must be spelled out according to French law. Even if you’re an American, if you own property in France, it’s mandatory you have a French will that specifically conforms to French code. It must be hand-written and not notarized and filed with the notaire. I’m amazed the majority of these wills can be deciphered considering the French tend to write in such tiny letters that I find myself needing to use a magnifying glass in order to read a note from the housekeeper.
Being known to procrastinate, all I can say is better now than later when it’s too late. Even though some people think they’re going to live forever, it’s rarely the case. Even if you write a will one year, review it every two years after you’ve reached a certain age or you’ve encountered (according to author Gail Sheehy) a new passage of life. Leave nothing to surprise because no matter how well prepared you are before death or divorce, there will be some unexpected shockers which will knock the wind out of you. How I wish I’d followed the Girl Scout manta of “being prepared.” I knew there was something wrong with my upbringing.
After nearly 20 years of living in France, I now know how little I know. Skip the fact that my French is really moyenne and each year I spend here is a learning curve. True expats have the ability to muddle by and it is part of the charm of living abroad. On the other hand, how I wish I’d done a bit more homework — as should be the case for anyone who considers buying property in another country.…. there’s always California and other community property states.
© Paris New Media, LLC
[email protected]
