Coming In From The Cold
An architect acquaintance approached us with a request to coordinate a real estate transaction for a Swedish couple.
The meeting was set up and we invited a French (fiscal) lawyer to the meeting in order to look at the structuring of the transaction. It turned out that the couple already had an apartment in Cannes which they had bought, renovated and were renting out. The new project was larger and more ambitious and this time the idea was to sell the project once ready. Unfortunately the property the couple wanted to buy was sold the day before our meeting. Despite that bad luck, the meeting went ahead and there was some brainstorming about a potential structure for a future project. The main issues were VAT and capital gains tax.
At the end of the meeting Discreet Advisory obtained a mandate to coordinate the process of finding a new project, obtaining fiscal advice from the French lawyer, and coordinate the financing.
Through our network of real estate agencies we found the couple a new project in a prime location on the Cote d’Azur with the requested renovation and sale price potential. The French lawyer put the fiscal structure in place and the architect is currently finalising the project plan. The financing request was outsourced to a licensed mortgage broker. Furthermore, we were asked to look into their residency situation to see whether emigrating would be a viable option for them.
The information in this blog is for general information purposes only and does not purport to be comprehensive or to provide legal or fiscal advice. Whilst every effort is made to ensure the information and law is current as of the date of publication it should be stressed that, due to the passage of time, this does not necessarily reflect the present legal position. Discreet Advisory accepts no responsibility for loss which may arise from accessing or reliance on information contained in this blog.
©Discreet Advisory 2019