Talking Tax Time


Talking Tax Time

Living in a Hôtel Particulier…See Properties For Sale!

French Property Insider
Thursday, September 23, 2004

Paris, France
http://www.adrianleeds.com/frenchproperty/insider/

Bonjour French Property Insider Subscriber,

Would you agree that the universal dirty word is “tax?”

The local joke is that finding ways of reducing tax is the “French national sport.” Politicians get more easily elected by promising to reduce tax. Professionals earn their living advising others how to find the loopholes to reduce tax. At our conferences, the attendees have tax as number one on their list of questions.

Yet, taxes are assessed for a reason, for without them, we’d have no government to protect our rights nor infrastructure to facilitate the quality of our lives.

A single French worker without children pays 48.3% of his earnings in tax compared to 30% for an equivalent U.S. worker. (Scroll down to see the tax table based on 2001 data.) Ouch! But before you screech with pain, consider what the French tax euro buys that you’d otherwise be paying for directly out of your pocket, not to mention quality of life: excellent medical care (rated #1 by the World Health Organization), excellent education for your kids (all the way through university), excellent public transportation (travel anywhere in France and beyond inexpensively on the Métro, RER, bus and TGV).

I’ve come to enjoy the benefits of France’s more socialized system and my French friends agree. While they do what they can to keep their taxes to a minimum, they don’t spend time complaining about how little they get for them.

For example, since the summer, rue de Bretagne and many other streets all over the city are under major reconstruction. Along this commercial street just a few steps from my door, the sidewalks have been widened, elegant street lamps have been installed down both sides its entire length and sixty trees are soon to be planted. Parking has been reduced, crosswalks have been raised to reduce the speed of cars and sidewalk cafés are already spreading their tables and chairs to create impromptu terraces. When it’s finished, the value of my own apartment will immediately increase. Rue de Bretagne will more delightful than ever with less pollution and more human life. Taxes pay for this. I benefit. I’m not complaining.

My daughter attended public schools free of charge that gave her an education so rigorous that it was equivalent to having two years of a junior college. Her friends who stayed in France went on to universities and technical schools for the cost of their supplies. Their parents didn’t spend their lives contributing to college funds like we American parents do…they knew the state would be educating their kids and preparing them for a successful life, based not on what they could afford, but how well they could perform and achieve.

My doctor charges less that $50 for an hour’s office visit. Private health care insurance for someone like me over the age of 50 is about $200 a month for 100% coverage including eyecare and dental with no deductible. Compare that with what one pays in the U.S. (Ten years ago I paid more than double that for 80% coverage with a $2000 deductible. Wonder what it would be now that I’m ten years older and rates have considerably increased?)

And when millions went to Paris Plage this summer, slept on the hammocks or picnicked on the sand, that was thanks to our tax euros.

But let’s look specifically at what you can expect to pay in property taxes — since that’s your primary concern. In today’s issue, we’re outlining all the taxes you can’t avoid:

Notaire Fees (closing costs)
Taxe d’Habitation (residence tax)
Taxe Foncière (annual property tax)
Inheritance Tax
Capital Gains Tax

Then don’t miss the Hot Property — an apartment in the elegant 17th For Sale by Owner — no agent has it yet! And two two-million-plus-euro Hôtels Particuliers for the very discerning owner one in the 16th and one in the 17th.

A bientt,

 

 

 

 

 

 

Adrian Leeds
Editor, French Property Insider
Email: Adrian@AdrianLeeds.com

P.S. P.S. Want to experience life in a Paris apartment first hand? My apartment is available for rent in its entirety November 21 – 30, 2004 and there are lots more luxury Paris apartments to choose from. Scroll down to the classified ads to read more.

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Volume II, Issue 39, September 23, 2004

In this issue:

* Who Pays the Highest Taxes in the World?
* What Makes Up the Closing Costs
* Everyone Pays the Residence Tax, But It Won’t Break the Bank
* Property Tax in France is a Fraction of Property Tax Stateside
* Don’t Make Your Kids Pay the Inheritance Tax Price
* Take Home 100% of the Profit — Hold On to Your French Property at Least 15 Years
* Currency Exchange Update
* Hot Property: For Sale By Owner — Elegant Apartment in the 17th
* Property For Sale: Hôtels Particuliers in the Two-Million Range and Up on the Auction Block
* Classified Advertising: Paris Vacation Apartments

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FPI Subscribers: To read the issue in its entirety go to
http://www.adrianleeds.com/frenchproperty/insider/subscribersonly/currentissue.cfm

To access this password protected page: username: fpiuser and the password: paris1802.


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TAXATION: TOTAL TAX WEDGE (SINGLE WORKER) (TOP 100 COUNTRIES)

The following table indicates the percentage of gross earnings given up in tax, including any social security contributions. Calculated for a single worker without children, earning 100% of the average wage. Data for 2001, and only for selected OECD countries.

Source: OECD data, based on the International Adult Literacy Survey. Accessible at http://www.oecd.org/document/24/0,2340,en_2649_37419_2671576_1_1_1_37419,00.html

1. Belgium 55.6%
2. Hungary 52.6%
3. Germany 50.7%
4. Sweden 48.6%
5. France 48.3%
6. Italy 46.2%
7. Finland 45.9%
8. Austria 44.7%
9. Denmark 44.2%
10. Turkey 43.2%
11. Czech Republic 43.0%
12. Poland 42.9%
13. Netherlands 42.3%
14. Slovakia 42.0%
15. Spain 37.9%
16. Norway 37.0%
17. Greece 36.0%
18. Luxembourg 33.9%
19. Portugal 32.5%
20. Canada 30.2%
21. United States 30.0%
22. United Kingdom 29.7%
23. Switzerland 29.5%
24. Ireland 25.8%
25. Iceland 25.7%

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THE EXPENSIVE FRENCH CLOSING COSTS: NOTAIRE FEES
By Adrian Leeds
Photo by Tim O’Rielly

“Notaire fees” are often misunderstood. The fees constitute a 7% to 13% up front closing cost on any property you buy in France, not covered by a mortgage and paid upon the signing of the “Acte de Vente, or final sales document.

Closing costs in the U.S. are considerably lower than in France. They could include loan fees (points, application fee, credit report), prepaid interest, inspection fees, appraisal, mortgage insurance, hazard insurance, title insurance, and documentary stamps on the note fees. These items are negotiable, but expect to pay about 4% of the purchase price.

Closing costs are a one-time assessment in both cases. Property taxes, however, are annually assessed. In the U.S., annual property taxes are quite high. They can vary as low as 0.5% (Mobile, Alabama) to 3.8% (Concord, New Hampshire).

The portion of fees paid to the notaire are proportional to the selling price of the property, calculated by applying a percentage (rate) decreasing to the value of the property stated in the deed. They are established according to an official rate, national and obligatory, plus fixed fees to compensate the notaire for his work.

There are additional fees paid to the treasury on behalf of the purchaser. They consist of registration fees, excise taxes, fundamental taxes, transfer taxes subject to Value Added Tax.

The fees are intended to remunerate the various parties and to obtain from the administration the necessary documents secure and complete the sales contract and deed (moorage, documents of city planning, etc…).

For Example: For a property purchased at 176,000 Euro, the calculation of the fees proportionate to the sale would be as follows:

From 0 to 3,050 Euro: 5.00% are 152,50 Euro
From 3,050 to 6,100 Euro: 3.30% either 100.65 Euro
From 6,100 to 16,770 Euro: 1.65% or 176.05 Euro
From 16,770 Euro to 176,000 Euro: 0.825% either 1,313.64 Euro or a total of 1,742.84 Euro HT, to which the VAT will be added to 19.60%.

For all these reasons, the closing costs of a sales contract cannot be evaluated according to a simple percentage of the amount of the selling price.

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EVERY OCCUPANT PAYS IT: TAXE D’HABITATION
By Adrian Leeds
Photo by Karen Segal

Assessed annually, based on your living situation from the 1st of January of the year of assessment. It is established by the commune or possible collection of communes to which it belongs and the department of the location of your dwelling (“collectivité territoriale”). It contributes to the financing of services rendered to those inhabitants (for ex. utilities). The commune rate of tax is often higher in main towns than in suburbs or small villages.

Taxe d’habitation is applicable to all residential properties, but it is due from the occupant, whether the occupant is the owner, the tenant or a free occupant.

For a real-life example, my Taxe d’Habitation last year was 189 euros.

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WHAT YOU CAN EXPECT TO PAY ANNUALLY IN PROPERTY TAXES: TAXE FONCIERE
By Adrian Leeds

Taxe Foncière is determined by the “valeur locative cadastrale” (local tax registry value). It represents the estimated annual rent if the property was let on the open market. However, the valeur locative is often substantially lower than the market rental value.

To estimate it, base it on an estimated rental value (which increases about 1% a year), which is adjusted for allowances (for new and reconstructed properties), then multiplied by the current tax rates of the region, department, and neighborhood, plus 2.5% of that as a collection fee.

Two different rates are applicable for developed and undeveloped land called bâti and non-bâti. For residential property the developed area is the land on which the house and outbuildings are built plus a defined area of additional land surrounding the house. A single property, if large enough, can therefore be liable to both taxe foncière bâti et non-bâti and either one or two tax bills may issued.

This makes it very difficult for an individual to estimate the tax, however, interestingly, taxes are lower where population is denser (in the cities where more property contributes to the tax base).

For a real-life example, my Taxe Foncières was 306 euros.

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BEATING THE FRENCH INHERITANCE TAX LAWS
By Samuel H. Okoshken
Photo by Tim O’Rielly

So, what is the big to-do about forced heirship? Anglo-Saxons (Americans included) rail against the forced heirship rules, as they interfere with the freedom they are used to under the common law system. That, then, is the dark cloud. How can we make it go away, or at least soften its effect.

The SCI. For non-residents, purchase of the real property through a French real estate holding company, known as an SCI (“Société Civile d’

Immobilière”) will avoid the forced heirship rules completely. Technically speaking, you are considered as owning the shares of the SCI rather than the real property owned by it, and, for non-residents, company shares do not fall into the forced heirship sphere of influence. The black cloud has magically disappeared. You are free to will the property to whomever you wish. (N.B., ownership of property through an SCI does not exempt you from the French inheritance tax.) Interesting pointer: Even a French resident may decide to use an SCI to hold real estate, but for other reasons, such as easier division of the real estate later on, through gifts of shares of the SCI to children, etc. The cost of setting up an SCI is not high and will give a non-resident the peace of mind from knowing that your overall estate plan will not be disturbed by the addition of French real estate as one of your assets. While it is possible to transfer property already owned to an SCI, there are transfer taxes and notarial fees involved.

Tontine Clause. The use of a “tontine” clause in the real estate deed has the effect of postponing the interest of children until the death of the second spouse. Legally speaking, such a clause makes the survivor the sole owner of the property as if he or she owned it all from the outset. It is a legal fiction that avoids the forced heirship rules and as well as inheritance taxation at the death of the first co-owner. Use of it should be carefully considered, as it cannot thereafter be changed and, for example, if you later get divorced, the survivor of the former couple gets all!

French Will. Let’s assume that you are a resident of France or, if a non-resident, for one reason or another you do not own the French real estate through an SCI. We know that your children acquire legal rights in the real estate at your death. Is that good news or bad news? Good for the kids, certainly. But not so good for your surviving spouse. Is there some way to turn bad news into good? Where there’s a will, there’s a way. You could leave your spouse’s residual interest to her shall be in the form of a “usufruct” in the entire property. In that way, she may inhabit the property rent-free or else rent it out and enjoy the rental income, or even leave it dormant. It’s hers to use as she sees fit. What she cannot do with a usufruct interest is sell the property or use it as collateral for a loan (mortgage), as the underlying title to the property belongs to the children. So, bequeathing the residual to your wife as a usufruct does not change the fact that the children own the property, but does suspend their use and enjoyment of the property during your spouse’s life.

A usufruct is only one way to offer your wife the maximum use of her residual rights. A more common practice is to grant her in your will an election, exercisable at your death, to take her residual interest in one of three ways: (1) a “usufruct” interest, as explained above; (2) the entire residual interest outright, or (3) to take 25% of the property outright plus a usufruct interest in the rest. Granting her the election is useful for two reasons. First, it gives as much latitude to her as one can in France to decide, once you are gone, what is best for her; and second, it may assist in tax planning – she and the children would have more freedom to decide which of the three choices is most advantageous from an overall tax point of view – looking at the property holding over both lives. You may be thinking that the second election above is not workable in a real estate setting. For example, say you have two children, and your spouse’s residual interest is therefore one-third. How can she “take” her residual interest? Good question. The answer is: (a) that she could force a sale of the property and take her one-third of the proceeds, or (b) the children can buy her out – which they would do if they wanted to keep the property, or (c) exchange their interest in other property of your estate for her remainder interest, or (d) if you were residents of France and the time of your death and had originally purchased the property through an SCI, by electing one-third outright, your spouse would wind up owning one-third of the shares outright, i.e., be an equal shareholder with the two children. (The reason “d” would not be relevant for non-residents is that, as stated above, the use of the SCI would avoid the forced heirship rules altogether!)

Change of marital status. A more sophisticated approach to delaying the interest of your children until your wife’s death is to change the property arrangement governing your marriage officially to the contract of universal community property. The effect of this is the same as the tontine arrangement discussed above, but requires far more consideration and cost (as the contract must be done before a French Notaire). It is not discussed here any further except to say that for French residents it is a viable way of frustrating the forced heirship rules and should be explored.

Keep in mind that what we are referring to in this section when we speak of an interest in “your property”, is the portion of the property that you owned at your death. So, if you and your spouse purchased the property jointly or if your marriage was a community property marriage, your spouse may already own one-half of the property. In that case, at your death, the “property” to which your spouse’s remainder interest relates is your half. In the example above, she would already have owned one-half. If she elected #2 – to take one-third, then her total interest in the entire property would be 50% + 1/3 of the other 50% = 66.67%.

If you were a non-resident when you purchased real estate through an SCI, and became a resident later on, remaining so until your death, the forced heirship rules would apply to your global property including the SCI shares. This underscores the idea that the use of an SCI to avoid the forced heirship rules does not work for French residents. Even if the strategy would have been effective had you remained a non-resident, your later change of status would in a sense retroactively reverse that plan.

That brings up the question of who is a resident for purposes of the forced heirship rules. As we will see when we discuss French inheritance tax, longevity or brevity of presence in France might affect whether you are taxable on non-French-based assets. The same is more or less true in matters of forced heirship rules. If it is clear from the facts and circumstances that you intended to leave France within a short while, there is a chance that the authorities (i.e., the Notaire who handles your French estate) will accept that your non-French estate does not come within the purview of the forced heirship rules. But, this is indeed a “grey area” as it does indeed turn on how the facts fall out and how they are presented to the Notaire.

Remember this: Except where there is a minor involved, the only ones who can raise a claim to a forced heirship right is the person who has such right. In many if not most families (families with children of a prior marriage are usually an exception), the children will want to

allow their surviving parent to do with the property as she or he sees fit, so will not try to assert their rights over the property (or may do so only for tax purposes – discussed in another section). This point is especially important to keep in mind for those who have family trusts – either inter vivos trusts (revocable living trusts) or testamentary trusts (which will come into being at your death). In America and Britain, the rules set forth in a trust agreement are inviolate. You can decide which how much and when a particular beneficiary will come into their interest in your estate. If State laws in the U.S. tend to favor and protect, any class, it is the wife. The French forced heirship rules may be the fly in the ointment of a carefully thought-out estate plan, even one that existed when you become a French resident. Despite the iron-clad terms of a trust agreement, there have been cases where children have pressed their claim under French law for their guaranteed interest and they have insisted that it be granted to them now, contrary to what the terms of the trust might provide. So, if you wish to buy French real estate and hold it in your family trust, whether or not you are a French resident, the effect of the forced heirship rules must be carefully considered.

Possible Exception to the Forced Heirship Rules. Particularly applicable to those of you who are planning to become residents of France, and to some extent even if you already are a resident, it may be possible to circumvent the forced heirship rules, certainly with respect to your non-French property. A special form of U.S.-based trust may be available to accomplish this. The concept is new and cannot be discussed in detail in this format.

Caveat and disclaimer. The forced heirship rules are complex and “fraught with peril”. I have tried here to present the subject in a way that will alert you to some of the major pitfalls. However, nothing contained in this article should be construed as legal advice and you are strongly urged to seek competent professional assistance before taking any steps discussed herein.

EDITOR’S NOTE: Samuel H. Okoshken, an American, is a U.S.-educated tax lawyer, and has been practicing law in Paris since 1974. His practice is devoted to the various legal and tax problems of Americans and other foreign “Expats,” and to the issues that non-residents of France encounter when contemplating buying property or setting up business in France. He recently spoke at the Living and Working in France Conference in Washington, DC this past September. His website is: http://www.okoshken.com

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PLAYING BY THE RULES: CAPITAL GAINS TAXES
by Samuel H. Okoshken
Photo by Sandy Bernard

The tax law changes that took effect January 1, 2004, liberalized the capital gain rules affecting sales of French real estate occurring on or after that date. The tax rate change benefits only tax residents of France. The other two changes benefit non-residents as well as residents.

Historical thumbnail: With one exception not discussed here, former law subjected capital gains from sales of a secondary residence to a 33.3% withholding tax for non-residents, and to tax at ordinary income rates for residents (mitigated somewhat by a 5-year averaging rule). Capital gain is computed in the traditional way: net sales price less tax basis. Tax basis, consisting of the sum of original cost plus capital improvements, is indexed for tax purposes by an official inflation factor keyed to the year of acquisition or capital expense. The capital gain is calculated using the adjusted tax basis. The portion of the capital gain subject to tax is reduced by 5% per year of the gain beginning after the second year of ownership. So, if you held your French property for at least 22 years, there would be no French capital gains tax regardless of the actual economic gain. N.B., These advantages are available even if you own the property through an SCI.

New Rules:

* The 33.3% withholding rate for non-residents remains.
* The capital gains realized by residents are taxed at the same rate as used for portfolio gains, namely 26% .
* The inflation adjustment is, generally speaking, replaced by a flat 15% adjustment to
cost.

*Although cost basis for purposes of calculating the capital gain is increased by capital improvements, there are some important limitations on the kinds of capital improvements that affect basis.

* The holding period for computation of the capital gains tax is as follows: Full taxation on gain during the first 5 years if holding. After the fifth year, the amount of gain subject to tax is reduced by 10% per year. Result: No capital gains tax after 15 years of holding. This, as I said, applies to non-residents as well as residents.

* Payment of tax: Non-resident rule remain the same as under old law, namely, the Notaire handling the sale withholds the tax from the sales proceeds transmitted to the seller. The mechanics applicable to residents are new: Heretofore, residents calculated the tax due when filing their annual French tax return in the year following the sale. Now, the capital gains tax is calculated by the Notaire and withheld from the sales proceeds. The cookie jar is now well tended!

* The new rules apply to sales occurring on or after 1 January 2004.

EXAMPLE adapted from a quasi-official publication (Francis Lefebvre, FR 41/03):

You inherit a French apartment in 1994, then valued at 70,000 Euro. You paid 8,000 Euro inheritance tax. You sell the apartment in 2004 for 120,000 Euro. Capital gain tax is calculated (for non-residents and residents) as follows:

Sales price 120,000 Euros

Less (adjusted basis):
Value for inheritance tax purposes 70,000 Euros
Inheritance taxes paid 8,000 Euros
15% adjustment to cost 10,500 Euros
Subtotal 88,500 Euros

Capital gain before holding period adjustment 31,500 Euros
Reduction in gain based on holding period of 10 years
(5 years at no reduction; 5 years at 10% per year) 15,750 Euros
Net gain 15,750 Euros
Less: Special reduction applied to all sales 1,000 Euros
Taxable gain 14,750 Euros

Tax (withheld by Notaire):
14,750 Euros x 33.3% for non-residents = 4,583 Euros
14,750 Euros x 26% for residents = 3,835 Euros

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TODAY’S CURRENCY UPDATE

A service of href="http://www.xe.com/"> http://www.xe.com/
Subscribe for free at: http://www.xe.com/cus/

Rates as of 2004.09.16 09:06:11 GMT.

Live mid-market rates as of 2004.09.23 09:21:11 GMT.

1 U.S. Dollar equals 0.813555 Euros (0.820078 Euros last week)
1 Euros equals 1.22917 U.S. Dollars (1.21513 Dollars last week)

1 U.K. Pound equals 1.46159 Euros (1.46829 Euros last week)
1 Euro equals 0.684187 U.K. Pounds (0.681063 Pounds last week)

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SEEKING A MORTGAGE IN FRANCE?

The International Living Paris Office can help you secure a mortgage in France with interest rates as low as 3.35%.

Visit http://www.adrianleeds.com/frenchproperty/loan for more information

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FOR SALE: FPI HOT PROPERTY OF THE WEEK

Each week French Property Insider features a range of properties which we believe are on the market at the time of writing. These properties are featured in order to give readers a sample of what is currently available and a working example of prices being asked in various regions of France and districts of Paris.

As we are not a real estate agency, these properties do not constitute a sales listing. For those readers seriously interested in finding property in Paris or France, you can retain our services to do the whole thing for you. For more information, visit http://www.adrianleeds.com/frenchproperty/insider/propertyconsultation.html

*** HOT PROPERTY — FOR SALE BY OWNER! ELEGANT BOULEVARD MALESHERBES IN 17TH.

130 square meter spacious apartment on the first floor of an elegant Haussmannian building on quiet boulevard Malesherbes with excellent layout. Two large bedrooms, double living, dining room, kitchen with office, walk-in closet in entry hallway. Bath connected to master bedroom, separate toilet and “salle d’eau.” Close to Lycée Carnot, Bilingual School, Parc Monceau and markets (rue de Lévis and rue Poncelet). Redecorate only. Rare: large parking place in garage located in the building.

Asking Price: 765,000 Euros. Includes all agency fees. Parking possible.

For more information and to visit the apartment, contact J. Nagourney at janice@thoughtleadersinternational.com

 

*** HÔTEL PARTICULIER PARIS 16TH

16th Avenue Foch – Hôtel Particulier 6/7 Rooms, 4 bedrooms with 4 baths, maid’s quarters, two terraces and garden, two floors, grand double salon with fireplace, southwest facing, good condition, parking possible.

Asking Price: 2,030,000 Euros + 2 Finder’s Fee

*** HÔTEL PARTICULIER 352 M² PARIS 17TH

Asking Price: 2,210,510 Euros + 2% Finder’s Fee

Close to place Pereire, an hôtel particulier of classical turn-of-the-century architecture, beautiful entry, 4 bedrooms, tree-planted garden, winter garden.

 

 

 

*** PARIS AUCTIONS
http://www.encheres-Paris.com

Next sessions:

September 28, 2004, 2 p.m.
Notaires de Paris
Place du Châtelet
12 avenue Victoria
Paris 1st

October 5, 2004, 2 p.m.
Notaires de Paris
Place du Châtelet
12 avenue Victoria
Paris 1st

Additional information on Les Ventes aux Enchères des Notaires can be found on the website at http://www.encheres-Paris.com/ (in French). Though the site has a button for an English version, it isn’t reliable to work.

To read Schuyler Hoffman’s article about the property auctions in Paris, click on:
http://www.adrianleeds.com/frenchproperty/insider/subscribersonly/articles/auctions1.html

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PARLER PARIS APRES MIDI
EVERY SECOND TUESDAY OF THE MONTH, 3 p.m. to 5 p.m.                                   

NEXT MEETING: Tuesday, October 12th, 2004

This is your opportunity to meet every month, often with local professionals who can answer your Working and Living in France questions. You are invited to come for drinks and share your questions and comments about what it takes to create a life here, own property and enjoy what France has to offer. It is also an opportunity to network with other Parler Paris readers.

LOCATION:
Upstairs at La Pierre du Marais
96, rue des Archives at the corner of rue de Bretagne, 75003 Paris
Mtro Lines 9, 3 et 11, stations Temple, Rpublique or Arts et Mtiers
For a detail description of the past meeting and for more information
about Parler Paris Aprs Midi, visit:
http://www.adrianleeds.com/parlerparis/apresmidi.html

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INSIDER PARIS GUIDES DISCOUNT FOR FPI SUBSCRIBERS

Don’t forget that with your FPI subscription you are entitled to a discount on the purchase of any
Insider Paris Guides. You’ll find details of the guides at http://www.insiderparisguides.com/. When ordering, a box will pop up allowing you to enter the following username/password

Order more than one guide at a time and you will receive an additional discount!

Username: propertyinsider
Password: liveinfrance
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RENTING AN APARTMENT IN PARIS OR HAVE AN APARTMENT TO RENT?

If you are seeking to rent a furnished apartment for a week, a month or a year or
you have an apartment you wish to rent, visit http://www.adrianleeds.com/parlerparis/apartments

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FPI CONFERENCE CALLS 

http://www.adrianleeds.com/frenchproperty/insider/subscribersonly/confcallinstr.cfm
 

As an FPI subscriber, we offer you special access to our time and
knowledge with our own quarterly conference calls. The next scheduled
conference call is Sunday, October 17, 2004 at 8 p.m. Paris time, 2 p.m.
Eastern time. Mark your calendars now, but don’t worry, we’ll give you
plenty of advance notice.

NEXT CONFERENCE CALL

Conference Date: October 17, 2004
Conference Time: 2 p.m. EST, 8 p.m. Paris Time

Discussion Topic: TBA

To listen to the last conference call:

July 11, 2004
The French Leaseback: A Hassle-Free Investment with a Guaranteed Return
http://www.adrianleeds.com/frenchproperty/insider/subscribersonly/107.mp3

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THINGS YOU NEED TO KNOW

- FPI Website: To access any password protected pages, the username is: fpiuser and the password is: paris1802. If your computer utilizes cookies, once you log into a subscriber only section, the login information will remain active for seven days, after which you will have to login again.

- Past issues of FPI are available on the website. You will find the “Past Issues” link on the left under “Subscribers Only” or by going to http://www.adrianleeds.com/frenchproperty/insider/subscribersonly/archives.cfm

- To receive your free French Leaseback Report or the Paris Property Report, click on http://www.adrianleeds.com/frenchproperty/insider/subscribersonly/reports2003.cfm and download the pdf versions.

- Instructions for upcoming conference calls are on the FPI website. You’ll find the link under the “Subscribers Only” section on the left of any page.

- Get In On The Discussion: Care to weigh-in on current HOT topics of discussion on France? Get in on or start your own thread on our bulletin board at http://www.agora-inc.com/forums/index.cfm?cfapp=15

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CLASSIFIED ADVERTISING

==APARTMENT RENTAL==

Leeds Marais Entire Two-Bedroom Apartment
Available November 21 – 30, 2004

Located in a 17th century Le Marais Hotel Particulier, this 70 square meter apartment two-bedroom apartment with lots of light is nicely furnished and is perfect for a single woman in the freshly renovated guest room when owner Adrian Leeds is in or for up to 4 people when she’s traveling.

Pictures and more details available here: Marais Guest Room or Entire Apartment

==APARTMENT RENTALS==

For all International Living managed apartments in Paris, take a look at http://www.adrianleeds.com/parlerparis/apartments or http://www.adrianleeds.com/frenchproperty/insider/longterm.html for long term apartments.

==APARTMENT RENTAL==

For rent by the week or longer

Two lovely 2 or 3-bedroom apartments — 1st arrondissement, same building. Just minutes away: the Louvre, Tuilleries, Place Vendome and more. French style gives you a true taste of Paris. Fully equipped makes your Paris stay effortless, comfortable and memorable.

Complete information at http://www.youlloveparis.com
 

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HELPFUL CONVERSIONS FOR REAL ESTATE

1 square meter = 10.7639104 square feet

1 hectare = 2.4710538 acres

For more conversions, refer to: http://www.onlineconversion.com/

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Copyright 2004, Agora Ireland Publishing & Services Ltd.

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