The 88 square-meter apartment is in a portion of the building that was once the carriage-house of a 17th-century “Hôtel Particulier” and was designed and decorated by our illustrious interior architect, Martine di Mattéo.
The apartment is situated on three levels:
1) a ground level living room/dining room with fully-equipped kitchen with laundry/utility area,
2) a master suite on the upper level including an arched window that spans the entire length of one wall with a separate toilet, full bathroom with claw-foot tub, shower and sink and
3) a second bedroom and bath on the lower level, all which provide its occupants with a real sense of privacy.
The main entry is on the beautiful courtyard and two large mirrored windows face the street providing complete privacy.
What's most important is that because the property is designated as "commercial," it is a legal short-term rental and that means a substantial revenue for the owner.
The apartment is being sold with all the furnishings valued at 35,000€.
FIVE REASONS TO RETIRE IN FRANCE AND FIVE REASONS WHY NOT
Dinner in Nice with retiree friends
I was at dinner Wednesday night with a group of American retirees who have moved to the southern city of Nice with our help — both renters and purchasers of property. Bubbling over with the excitement and discovery of their new life in the Riviera town, they expounded on the adventures as well as the trials and tribulations of overcoming the cultural clashes.
One such gentleman subsequently sent me a recent article by International Living, a publication for which I used to work, titled "5 Reasons Why You Should Retire in France" written by Stewart Richmond. Those 5 reasons were:
1. Low cost of living 2. Cheap real estate 3. Cheap and Easy Travel and Connectivity 4. Healthcare 5. You Can Drink Water Straight from the Tap
Stewart expands on each of these ideas, but in essence, he took the words right out of my mouth. These are the same reasons (except for perhaps #5, You Can Drink Water Straight from the Tap) that I talk about with people thinking of moving to France and are afraid they don't have enough money to make their dream come true...but are wrong!
1. You’ll Have Trouble Deciding Where to Go on Vacation
One of the huge disadvantages of living in France is that you are within close proximity to countless intriguing towns, regions, and countries. It is such a nuisance trying to figure out where to visit next. Ha! That is definitely a BIG problem, don't you think?
TRANSITION TAX OR REPATRIATION TAX — CONFUSING THE INNOCENT!
In last Wednesday's Parler Paris "Repatriate Renounce or Pay Up?," I announced a Webinar hosted by Monte Silver, titled "Repatriation tax filing deadline, what to do?" Perhaps you participated? I certainly did! This kind of information is essential to anyone in business outside of the U.S. or even thinking about it.
Monte Silver has made the presentation available in the form of a pdf and has generously allowed us to provide it to you. See the pdf attached here.
The ACA (Americans Citizens Abroad) also sent out their own missive, calling the Repatriation Tax, a "Transition Tax." That threw me for a loop, but Monte and Carl Mir, a U.S. tax preparer working from Brussels, confirmed that "Yes it is the same," but he joked that "It has different names to confuse the innocent!!!"
The ACA submitted, and I quote: "comments to the recent proposed regulations issued by the U.S. Department of Treasury on August 9, 2018. These regulations, appearing as 62 pages in the Federal Register, spell out in detail the Treasury’s view of the workings of the new Transition Tax, enacted as part of the recent Tax Cuts and Jobs Act. ACA is requesting that the Treasury Department provide a de minimis rule,* which removes from the requirements of Section 965, sometimes referred to as “Transition Tax” or “Repatriation Tax,” all small taxpayers living abroad. See their letter to the IRS here.
*FYI, since I didn't know what this is, I found a definition on Investopedia.com:
The De Minimis tax rule states a price threshold to determine whether a discount bond should be taxed as capital gain or ordinary income. It states that if a discount is less than a quarter point per full year between the time of acquisition and maturity, then it is too small to be considered a market discount for tax purposes. Instead, the accretion from the purchase price to the par value should be treated as a capital gain, if held for greater than one year. De minimis is a Latin expression for "about minimal things."
The U.S. Treasury has received a slew of letters from organizations and individuals, complaining about the serious consequences of the tax to small American business owners overseas. And while they've acknowledged the problems, too, they offer no solution or relief. Let's face it, no American creates a business in France to AVOID taxation, since France is such a highly taxed country, and to add additional costs to what is already difficult profitability could be death to these organizations. I urge you all to do what you can to battle the unfairness of the tax. You can read more of the ACA's email here.
On the subject of unfair tax, Russian billionaire, Roman Abramovich, is fighting the French property tax bill posed on him of €1.2 million, claiming that he had undervalued his holiday home on the Cap d’Antibes peninsula (known as "Billionaire's Bay") and didn't pay enough wealth tax in 2006 and 2007. The property, the Chateau de la Croë, is an exceptional 2000 square meter castle built in 1927 in the Victorian style purchased by Abramovich in 2004. Some of the illustrious residents have included King Edward VIII, King Leopold III of Belgium, the last Queen of Italy and Farouk I of Egypt, not to mention Aristotle Onassis and his lifelong rival, Stavros Niarchos. Following a fire in the 1970s, the property was abandoned for decades until Abramovich purchased it. The tax authorities valued it at about €41,000 per square meter by comparing it to other similar properties in the area.
How many "similar" properties can there be!? The current owner's complaint is that the "comparables" are homes in much more expensive locations, but the courts ruled the assessment to be correct comparing it to other properties sold in and around Saint-Jean-Cap-Ferrat, Cap d’Ail, and Antibes. Those include the Villa Fiorentina, a property once occupied by the Kennedy family, Elizabeth Taylor and Greta Garbo. The Chateau de la Croë is more than 75,000 square meters (807,000 square ft)!
P.S. We may not have multimillion euro properties to offer, but we do have stellar luxury apartments on our for sale roster. Please see the adds at the top and bottom of today's newsletter for just two of them. Then contact us!
The ADRIAN LEEDS GROUP Apartments
Welcome to your home in Paris. Home is how you will feel in a private apartment in Paris that has the "seal of approval" from ALG, Paris Sharing and me, Adrian Leeds.
Step into another one of our designer apartments by the well-known Interior Architect, Martine di Matteo, featured on HGTV’s House Hunters International with Adrian Leeds. The episode relates the amazing transformation of a neglected “depot” -- a storage unit (!) -- into a brilliantly-designed and charming studio with a mezzanine and attention paid to the smallest details. We've named it the "Le Petit Loft de Paris."
FREE one-hour consultation! Guests of Parler Paris Apartments or Parler Nice Apartments who are considering the purchase of their own "pied-à-terre" for pleasure and profit, can take advantage of a free one-hour consultation while enjoying the apartment in the City of Light or on the Riviera. Simply complete the request form to book your consultation.
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