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Pit falls -if any, in buying a house in France in a company name offshore?


milkeybar kid
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Hello,I have read peoples questions and answers for over 12 months very informative and thoroughly enjoyed the humour as well ,thought I would give a question a go.

 Do you think (subject line house in offshore company name) is a good idea?

Can you envisage any problems?

 Also I wondered , lets say its you who” owned” the said property that was a registered in a company name offshore and then you  started doing work at the property would you not be classed as working on the black as you would not be the owner. I blame the rain for these thoughts cant get in the garden – if anyone out there could answer these questions before the sun comes out I would be chuffed, not that I am in position to do the above" buy house in company name offshore but I hear of people that do and then I ask why, cant quite find the answer.[8-)]

 

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[quote user="milkeybar kid"]

 Do you think (subject line house in offshore company name) is a good idea?

[/quote]

Why would you wish to do this?

[quote user="milkeybar kid"]

Can you envisage any problems?

[/quote]

Yes. I have been advised that if you purchase a French property in the name of a foreign company (whether offshore or onshore), then the French authorities will require the identification of the beneficial owners of the company - ie those who are the major shareholders. If your aim was to avoid ISF (wealth tax), then this would be negated by the fact that the French Fisc would simply treat the foreign company as transparent and attribute the value of the property to you. It doesn't matter if you are UK or French resident - except that transactions by French residents involving offshore or foreign companies will attract the attention of the Fisc more rapidly than if carried out by a UK resident. If the foreign or offshore company was a company with a lot of different shareholders, each with a small shareholding (eg a PLC), then I was advised that under those circumstances the French authorities would treat the property as belonging to the company rather than the individual shareholders.

Regards

Pickles

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