Sharon Posted January 2, 2005 Share Posted January 2, 2005 HiMy husband and I are thinking of buying a house with my brother and his wife. However, the capital input would be uneven and we would own two thirds. Is there a way to buy a french property and have the unequal shares registered or recognised at the time of purchase? Obviously we want to minimise any potential inheritence problems should one of the partners die. Has anyone out there done something similar? I have done a search but nothing matched. Grateful for any help you can provide. Link to comment Share on other sites More sharing options...
Richardbk Posted January 2, 2005 Share Posted January 2, 2005 you really need to dicuss with a notaire / legal advisor but one way of doing this is to set up a SCI (société civile immobilière ), which is a special type of french company for holding property. It is more expensive than standard purchase, but is often used when there are multiple partners in a french property . Each partners than has a share holding. An additional advantage is that if any shareholder is not french resident then their part is not subject to french inheritance law and thus can be disposed of as they wish. For those resident in france it has some advantages in that shares can be easilyand progressively passed to eventual heirs, thus reducing inheritance taxes.http://www.notaires.fr/notaires/notaires.nsf/V_TC_PUB/SMSD-5UBM44http://www.french-property.com/reference/after_completion.htmhttp://www.bllaw.co.uk/content/our_services/french_team/news/n970_4.pdfHowever, also be aware that if you are UK tax resident there are some UK taxation aspects to consider ... http://www.frenchentree.com/fe-legal/DisplayArticle.asp?ID=415regsRichard Link to comment Share on other sites More sharing options...
Dordogne Granny Posted February 10, 2005 Share Posted February 10, 2005 You should considering the "SCI" system. The French word is "Societe Civile Immobiliere". It's often use when several persons by a house together. That means you have to register a company, a SCI, and the status of the company show exactly how much you have bring in it. And there is no anymore problem for inherence or if, for a reason or another, someone want to sell his part to the other. But as Richard said, it's essential to get into contact with an expert.Hope it will help you a bitSabine www.en-toute-saisons.com Link to comment Share on other sites More sharing options...
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