Clé France

Sharon, you are so helpful. Thank you for taking the time to help me.

I hope to have the opportunity to buy with you in the future.

Kindest regards, Jennifer.

Cle France will guide YOU through the French Property Buying Process!

And as several of our clients say "Follow your heart and make the move"!

When it comes to French inheritance taxes, French property owners forget too often that they can limit the fiscal cost of the transmission of their French assets over their loved ones by careful estate planning.

Since 2006

A donor can gratify in a shared gift descendants of different degrees, for example his/her children and grandchildren.

With the agreement of the children, it is possible to transmit a French property to the grandchildren or to transmit the life interest of the property to the children and the bare ownership to the grandchildren.

This operation of transmitting a property or other assets over two generations will increase the number of Inheritance tax allowances applicable for the calculation of the gift taxes.

Example

Indeed, a parent can give to each of his/her children €100,000.00 and €31,865.00 to his/her grandchildren tax free.

For example, a couple with 2 children and 4 grandchildren can transmit tax free €654,920.00: (€100,000 X 2 children) + (€31,865 X 4 grandchildren) X 2 parents.

In the case of French property, this estate planning operation can be advantageous if the property was purchased by a suitable holding company such as an SCI (“Société Civile immobilière”). The SCI enables its members to transfer gradually their shares to their children or grandchildren. The French SCI is commonly used by families as a vehicle to organise the transmission of assets between members of a family. An additional benefit will be that each parent can transfer every 15 years some of his/her shares to his/her children and to his/her grandchildren with the same tax allowances mentioned above.

Furthermore because of the difficulty to sell the shares of an SCI to another person or a shareholder of an SCI, the shares of an SCI can be devalued by 10-20% justified by the insertion of an approval clause (“clause d’agrément”) in the “statuts” of the company. The value of the shares would be 10-20 % less than the value of the property reported in the number of shares.

Please note that this transgenerational inter vivos gift may also involve assets which have already been donated to children. It is then possible for the children to pass their assets to their own children in favourable tax conditions.

This article was written by Loic Raboteau, French Legal Advisor and director of French Legal Consulting.

Francophile legal Consulting can assist you with international property matters. For more information on this topic, please do not hesitate to contact Loic Raboteau, managing director by completing the form below. 

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A little more about FRANCOphile Legal Consulting Ltd.

The company was created in response to the need of legal experts for international private clients and businesses. People are no longer confined within their own country boundaries to work, create a business or purchase assets. National, international laws and new technology have enabled people and businesses to move and expand internationally, creating a demand to resolve cross-border issues.

We are a London-based legal consultancy company dedicated to addressing our clients’ international needs. Whether you are a private individual moving or investing in a foreign country, an entrepreneur, or a business willing to expand internationally, FRANCOphile Legal Consulting Ltd will cater your specific requirements and will look after your interests in the short and long term.

Benefiting from an extensive network of international lawyers, solicitors, accountants and financial advisors based in London and in several jurisdictions, FRANCOphile Legal Consulting Ltd is able to handle your interests in different countries around the world.

Our approach and solutions are tailored to our clients’ needs. We believe that our clients are unique and warrant distinctive service.

Our international coverage includes France, London, Tunisia, Morocco, Egypt and Mauritius. If you would like to know more about us then fill out the contact form above and we will be right back to you.

For everything you need to know about French property visit www.clefrance.co.uk

Do You Feel Like A Million Dollars?

There are countless words and expressions that people use every day without realising how they do not make much sense.  

L’argot (slang) is an important part of every language, but one that is unfortunately hard to find in many textbooks.

Figuring out how exactly to say one million can be hard enough before trying to find a good equivalent to the expression, “to feel like a million dollars“:

Péter la forme 

Péter le feu 

Avoir une pêche d’enfer

Literal Translation: 

To fart the form 

To fart fire 

To have a hell peach

It can be surprising how different expressions are from one language to another and how useless knowing the literal translation is.

Like in the example expression, “To feel like a million dollars“, there is a lot of argot for l’argent (money). Sometimes it’s easy to understand, as in ten grand, but it can be bit harder to understand, par exemple, 50 bucks.

In French, everything became more confusing with l’introduction de l’euro. Some terms were more used when le franc was the currency, and while a few have held over into modern times, especially in older generations, many of them are less used now.

Mais d’abord, une petite histoire (but first a short story):

I was talking about le loyer (the rent) and how expensive it is à Paris when mon ami (my friend) used a word I had never heard before:

Ouais, ça peut coûter plus de 700 (sept-cents) balles par mois. 

700 balles ? 

Ouais…. Euh… 700 euros.

Yeah, it can cost more than 700 bucks a month. 

700 bucks? 

Yeah… Uh… 700 Euros.

I figured out that une balle meant a euro when referring to money, and soon had a similar conversation that led to me learning that le sou also refers to money in a general sense, but more often to les centimes (cents, money less than one euro).

Similar to how in the US bucks are used for dollars, and quid is used as l’argot for pounds in the UK, au Québec they have un mot différent (a different word) for their money - Piasse!

I first learned about this argot from a Bernard Adamus song, one of my favorite francophone musicians. He sings in a very thick accent québécois and uses a ton of argot that people in France would not understand, but it’s still a fun song that uses the unique Canadian word:

La question à cent piasses.

Blog submitted by: David at The French Property Network - Cle France.

This blog was originally posted on The French Language Blog pages.

Hi Sharon,

Thanks for passing on my details to your recommended contacts, two of them have contacted me, which is helpful and has saved me some time, much appreciated.

I wondered what your thoughts are on property surveys in France?

I'm torn between not wanting to spend a lot of money that I don't need to spend on unnecessary surveys, but at the same time I don't want to miss something that will come back and bite me, so to speak.

I'd appreciate any wisdom or advice you can throw my way, if you wouldn't mind, please.

Best wishes, Nicky.

Our preferred partner for all kinds of insurance, Ceri at Allianz helped Nicky with her insurance questions! 

AND we have put Nicky in touch with Nick Warner of "Wellesley House Surveying".

This is just 'all part of the service' that Cle France offer its clients. 

Les nouveaux mots pour 2016 devoilés

Every year, new words are added to dictionaries around the world. Normally, these words are added due to new technological advances or cultural phenomena that describe what life is like in this new year.

In France, it’s not only verbs, adjectives, nouns, and adverbs that are added, but also proper names.

This is an honour that shows that a person has achieved a certain amount of fame and recognition. For 2016, the people to be included in French dictionaries are: the philosopher Bernard Henri-Lévy, the patissier Pierre Hermé, the French actor Pierre Richard, and the British actor Michael Caine.

According to this article, there are two requirements for inclusion in the popular French dictionaries, Le Petit Rousse and Le Petit Robert:

“Chaque nouvelle entrée a dû respecter, comme pour les éditions précédentes, l’un des deux critères suivants: être populaire et souvent repris dans les médias mais aussi être en rapport avec l’actualité sans risquer de disparaître rapidement.”

Here are some more words to be included for 2016 (some are self-explanatory):

selfie

vegan

boloss(e) (slang – an insult meaning that someone is silly or stupid)

baltringue (slang – a coward)

sape (slang – clothes)

And some expressions:

partir en cacahuète (“going peanuts,” means that something is going wrong/badly)

tendu comme un string (“tight as a string,” means someone is very stressed)

This article beautifully explains the importance of and the reason for the inclusion of some of these new words and expressions:

“Ces dictionnaires se veulent aussi le reflet de leur société, parfois même de l’actualité (c’est sans doute pourquoi Le Robert admet désormais le terme de "zadiste")"

"Ils suivent aussi une tendance, comme, par exemple la féminisation des noms. Au sein de ces rédactions du Larousse et du Robert qui se penchent chaque année, comme dans un conseil d’administration, sur l’utilité ou non d’intégrer un nouveau mot, on nous a affirmé que c’est suivre l’usage que de féminiser car il faut tenir compte du fait que de plus en plus de femmes accèdent aux postes traditionnellement tenus par des hommes"

"Tous deux utilisent ce qu’ils appellent une "banque de mots" tirés des journaux ou des livres, et leurs choix sont guidés par les relevés d’occurrences engrangés par leur observatoire de la langue française contemporaine”.

Blog submitted by: David at The French Property Network - Cle France.

This blog was originally posted on The French Language Blog pages.