Saving VAT off French Property Purchases
An excellent way to invest in property in France is through buying a leaseback property which benefits from a government-backed VAT-refund incentive, designed to encourage investment in tourist residences. Through freehold ownership of an apartment or cottage that is leased back to a management company for a minimum period of 9 years, investors benefit from annual returns from their fully managed and maintained property in addition to the VAT refund. French TVA, the equivalent of English VAT, is presently running at 19.6% of the total new property construction cost so it represents a considerable sum. UK buyers may not be aware that they do not have to purchase a property in a tourist residence with a rigid leaseback scheme to benefit from a VAT refund. Buyers of chalets or other pure freehold properties can also take advantage of this saving, and have the added benefit of entering into a much more flexible arrangement than a Residence de Tourisme would allow. Purchasers wanting to save VAT can choose one of two options. By signing a lease agreement with a French rental agency, which must provide a minimum of just three services, the property is managed by the agency and rented out full time. This effectively forfeits any-time use. But if this arrangement doesn't suit the lifestyle and usage requirements of the purchaser, he can effectively purchase the property as an operator and then subcontract a number of services - such as reception, cleaning and laundry - which will allow him to reserve weeks for himself and then rent it out the rest of the time. Erna Low has sourced a registered independent accountancy firm in the French Alps, who can arrange the lease agreements, manage the TVA refund and the annual tax submissions. They also have a large English speaking team and are experienced in dealing with UK buyers. "We want to make it as easy and straightforward as possible for our clients that may wish to purchase this way by making them aware of these options as well as provide an accountancy company that can help set the scheme up," reports Louisa Barkla, Director of Sales.
This article was developed by Louisa Barkla. Louisa Barkla is a specialist in property, investment and the management of property.
You can read more useful information here at Property in France
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