Hot Topics, Hot Spots, and Hot Dogs
A 5th Floor View of Rue de Bretagne
(FOR SUBSCRIBERS ONLY)
June 30 , 2005, Paris, France
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Merci beaucoup and happy reading.
Editor, French Property Insider
Bonjour French Property Insider Subscriber,
Today’s issue is full of hot topics, hot spots and hot dogs…as we inch our way to a July of Independence Day Celebrations in France, the US and Canada. We also anxiously await the Olympic committee’s decision (July 6th is D-Day) for the 2012 games — New York? London? Paris?
I am confident Paris will be triumphant, and with that, our prized property possessions will become even more dear to our hearts and profitable pleasures. Be sure to read all the news about the Olympics so that when the good news is announced next week, you’ll be jumping for joy along with us. Also, don’t miss the True Story tale of a studio apartment in central Paris whose owner is reaping big rewards…happily.
Another Louisianian has asked about instant French citizenship thanks to a law that waives the five-year waiting period — but don’t get excited…becoming French is more difficult than turning a frog into a prince. Jean Taquet tells why.
There’s some talk about SIPPs — Self Invested Personal Pensions…new fuel to the already blazing French property purchases for the British and beyond.
The City of Paris never stops improving its Web site — most recently adding several very cool interactive maps that will keep you fascinated and informed. Check them out and have fun while you discover things you never knew about the City of Light.
This week we have had property search clients fall in love with a fifth-floor apartment that has a view of all of rue de Bretagne in the 3rd arrondissement. It’s a great 70 square-meter two-bedroom space in the angle of a Haussmannian style building with windows overlooking two streets and views to drool over. Another set of clients are here checking out the status of their spacious three-bedroom two-bath apartment also in a Haussmannian style building currently under complete renovation (by architect Derek Bush) on the fourth floor with a view of all of rue Saint Denis in the 2nd.
The rue Saint Denis quarter is changing faster than leaves on the trees. This red-light district is red-hot for a cool purchase that will turn into big profits. The pedestrian streets centering around the market street of rue Montorgueil are gaining in popularity and spilling over to the outer edges where rue Saint Denis runs along the eastern edge of the district. When Les Halles goes under renovation, the changes are sure to happen from the bottom up, and the future isn’t completely clear, but we predict there is no way to go but up.
Central and vibrant, we believe you shouldn’t overlook this quirky part of Paris where the "boys" are starting to outnumber the "girls" and the slums are turning into palaces. Note that the happy landlord (of The True Tale of Paris Property Profits) is reaping the rewards from this very neighborhood.
There are two Leaseback properties in the hot south to consider and some hot properties in the Saint Denis district, just to make you "sweat."
Editor, French Property Insider
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Volume III, Issue 26, June 30, 2005
In this issue:
* French Territory Natives Save Five Years
* British Buyers Top the Charts
* Paris A La Carte
* Telling Profits
* What’s in Store for 2012
* Awaiting an Olympic Destiny
* A Tale of Two Rival Olympic Cities
* Easy Search for Your Long Term Apartment Rental
* Self Investing Pensions
* Leaseback News: Southern Living
* French Property Full Service
* Today’s Rates of Exchange by Moneycorp Currency Brokers
* The Most Important Thing You Can Do This Summer
* Parler Paris Après Midi: July 12th
* Hot Property Picks:
* Getting a Mortgage is Easier Than You Think
* Take Advantage of Your Insider Discount
* Things You Need to Know
* Classified Advertising: Mainly Monaco
Born in a French Territory Gives You a Jumpstart on French Citizenship
By Jean Taquet
I have been considering applying for French Citizenship in case an employment opportunity there is uncovered or ever presents itself. I have recently become of aware of a provision within the "Code Civil, La Loi du Mars 1998 — La Loi du 29 Decembre 1999, Article 21-19 (5)" in which:
"For all people born in former French colonies, the five-year residency provision is waived." In America, thirteen states or parts of states have been carved out of the Louisiana Purchase Territory: Louisiana, Arkansas, Missouri, Iowa, North Dakota, South Dakota, Nebraska, Kansas, Wyoming, Minnesota, Oklahoma, Colorado and Montana.
This means that those born in parts of those states and others born in Former French territories will be able to jumpstart the bureaucratic
process taking advantage of the waiver of the five-year residency requirement.
To my knowledge or what has been uncovered in research, the practicality of this "provision" has yet to be proven or used. I would require assistance In investigating the feasibility of using this provision and guidance in the other requisites of applying for French Citizenship. Would it be possible to have a dual citizenship with the U.S.?
Of note; I was born in Louisiana and can obtain a notarized copy of the birth certificate. I am aware of a language requirement, for which I would of course have to enroll in courses and augment my current, though meager, French conversational skills.
Thank you for your message. This provision is used a lot more often than you think by people who were born in a former African colony. Indeed this provision does not grant at all what American people understand to be the benefit of it.
In the US, the 5 year residence is the only true requirement that is seriously measured. Therefore, when one sees this identical 5-year term, then the 2 procedures are put in parallel and nothing could be further from the truth.
In France the emphasis is put on being already more French than the average French person currently residing in France. So, unless you were taught in school from kindergarten to 12th grade in French by French teachers, no one has the necessary background to pass for French and then officially get the nationality.
To make my point and to make a dubious comparison, this would mean to be an American citizen, the candidate could talk about Scott Fitzgerald versus Faulkner, the origin of Thanksgiving, the history of Williamsburg as well as Gettysburg, the Western Pacific railroad company and the Japanese camps during WWII and Okinawa, more recent comparison between Bill Graham and the couple Jim and Tammy Baker, Roe vs Wade, the NRA and Columbine and on and on like that…
This is of course a slight exaggeration because there are people in France who are becoming French without knowing anything of that sort but they have lived in France for 20 years or so and then they can talk about France in depth at their level. My experience is that any candidate who wishes to submit a request within 10 years not only must have a permanent residency in France equivalent to a Green Card (carte de résident), but must have the vast majority of their income earned in France and study like a French high school student.
Now the other topic, for about the last 10 years, the dual nationality is not a problem provided that the new citizenship (in this case, French) does not require to give up anything which is the case.
For more information, read articles by Dale Novick:
* THE LOUISIANA PURCHASE AND FRENCH CITIZENSHIP PART I
* BIENVENUE A LOUISIANE, PART II OF THE LOUISIANA PURCHASE SERIES
Jean Taquet is a French jurist and associate member of the Delaware Bar Association, specializes in civil, criminal and commercial law. He frequently gives courses about the legal system in France and regularly speaks at the Living in France Conferences in the U.S. and Paris. He is also well known for his informative Q and A columns in past Paris Voice magazines, which can now be purchased in one document as "The Insider Guide to Practical Answers for Living in France."
To subscribe to his monthly newsletter, email Jean Taquet at [email protected]
To make an appointment wit
h Jean Taquet for his consultation services:
Phone: Cell: 06.16.81.48.07 or email [email protected]
To read this month’s column in it’s entirety, click here:
French Without Tears Made Easy
(For UK French Property Buyers)
By Jennifer Hill
FANCY buying a holiday home or retiring to the French Alps or Riviera? You are not alone.
UK buyers now account for 40 per cent of international sales of property in France – a figure that has doubled in the past five years.
Some 80 per cent of people currently house-hunting along the Côte d’Azur for properties at the higher end of the market are British, says Caroline Oron, a notaire from St Tropez.
She outlined the surge in demand at an Edinburgh seminar, staged in conjunction with chartered accountant Saffery Champness and property consultant Savills, which has 800 French properties on its books.
"After several years of crisis, between 1991 and 1998, property prices have risen 40-50 per cent, so it’s been a very good investment," Oron said. "But buyers still tell me they would pay three times more for the same property in the UK."
It is not difficult to see the attraction, with advantages including a lower cost of living and warmer climate. And, with the rise in budget air travel, the UK is easily accessible.
Recent changes to tax laws governing French property and the ability to hold residential property – including property abroad – in a self-invested personal pension (SIPP) from A-Day on 6 April next year could see popularity rocket further.
"There’s £11 billion of cash sitting in pension funds ready to be released to purchase property," said Ronnie Ludwig, a partner of Saffery Champness.
Although not all foreign legal systems recognize the existence of trusts and, in the case of SIPPs, the tax benefits they confer (such as tax-exempt status on income, other than dividend income, and capital gains), a May 2004 court case found in favor of the taxpayer. "There’s room for optimism that the status of SIPPs will, by extension, be recognized in France," said Ludwig.
So, what are the tax implications of owning a property in France?
CAPITAL GAINS TAX
IF YOU plan to retire to France – and the property is, therefore, your principal private residence – no UK or French capital gains tax (CGT) arises upon the sale.
However, if a UK resident buys a French property as a holiday home or investment – and remains domiciled and taxable in the UK – any gain on the sale becomes liable to CGT.
UK CGT is calculated on the basis of sale proceeds, less costs of the acquisition, purchase and sale. The resulting gain is then subject to UK non-business asset taper relief, calculated at 5 per cent per annum after a three-year period and subject to a maximum ten years’ relief.
UK residents, who are not UK-domiciled for tax purposes, only have to pay UK CGT if a foreign gain is "imported" here. In some cases, gains can be imported without incurring a liability – expert guidance should be sought.
French CGT will also be due, if the property is not your principal residence. But, double tax relief should be available under the UK/ France treaty.
And, following changes to legislation on 1 January 2005, European Union residents are charged CGT at 16 per cent on French property disposals – down from 33.3 per cent. The latter rate still pertains to non-EU residents. French residents pay 27 per cent (16 per cent plus 11 per cent in indirect taxes).
Another boon of French law means a property sale will be exempt from French CGT if it has been owned for at least 15 years, reduced from 22 years at the start of 2004. Exemption also applies if proceeds are under 15,000 Euros (£10,000).
FOR everyone domiciled and resident in the UK, inheritance tax (IHT) – charged at a penal 40 per cent – is payable on their total worldwide assets.
Those resident in the UK for tax purposes, but not UK domiciled, would only be liable to UK IHT on their UK assets. But, if you have been tax resident in the UK for at least 17 out of the previous 20 years, you will be deemed domicile.
Anyone tax resident in France, meanwhile, could see succession tax – the French equivalent of IHT – charged on their worldwide assets.
In contrast to the UK, the charge is on the beneficiary, not the deceased, said Ludwig.
"If the beneficiary has been tax resident in France for at least six out of the previous ten years, the charge will apply."
Again differing from UK law, there is no inter spouse exemption. If a UK tax-resident couple own property in France, succession tax will be chargeable on the value of the assets passing to the surviving spouse on the death of one of them.
You can mitigate against this by using a form of contract known as "Tontine" or a "Matrimonial Property Regime". Another possibility is to buy the property through shares in a Societé Civile Immobiliére, but expert advice should be taken.
FRENCH WEALTH TAX
THOSE treated as resid
ent are li
able to this, calculated on the net value of worldwide taxable assets (everything from property and cars to boats, bikes, shares and furniture) minus debts (mortgages and loans).
Individuals not tax resident in France are charged wealth tax only on their French assets.
A reduction of 20 per cent is applied to homes of those who have taken up permanent residence in France.
No tax is payable on assets valued at less than 732,000 Euros (£488,000). After that, it is charged on a scale from 0.55 per cent on assets of 732,000-1.18 million Euros to 1.8 per cent on those valued at above 15.255 euros/meter and is payable in June/ July.
WOULD-be purchasers should also be conscious of prohibitive planning laws in many parts.
But Oron’s business partner Laurence Bernard said: "There are a lot of new laws in France to protect the buyer: certificates on lead, asbestos and termite must be produced before the sale. When people come here, they don’t want to go back," she added. There’s a real Scottish society in France."
For more detailed information about capital gains tax laws, see http://www.adrianleeds.com/frenchproperty/insider/members/content/articles/capitalgains.html
For more information about inheritance tax, see http://www.adrianleeds.com/frenchproperty/insider/members/content/articles/inheritancetaxes.html
"Paris à la carte"
By Adrian Leeds
Paris has a "plan" for everything. That is, "map" as in the French sense of the word.
Now you can view Paris from a bird’s eye in great detail, just be clicking here.
For urban planning, to see the detail of every lot of property in Paris, click here
Want to know the noise pollution anywhere in Paris? Simple as clicking here.
How about getting directions from one place to another by foot, bike, public transport or car? Check this out!:
A True Tale of Paris Property Profits
By Adrian Leeds
We know from the tales our clients and readers tell, that earning up to 10% on an apartment rental in Paris is entirely possible. Of course, like all returns (or losses) on an investment, the factors must all be in favor to support a positive return.
The factors which contribute to profits (or losses) are:
- Rental income
– Personal usage — consider your personal usage as you would rental income if you were your own tenant!
- Down Payment
– Closing Costs
– Monthly mortgage
– Taxes, utilities, insurance, association fees, maintenance expenses
– Rental management fees
– Other expenses
Percentage of Profit or Loss is based on the price you paid for the apartment.
A reader wrote this past week with one of those telling tales of profit. He has been pleased with the results of his rental agency, which began as a group of airline pilots who bought apartments in Paris. They maintain a Web site, handle all the reservations, deposits and collections. They see to the on-site matters (repairs, some bill payments, etc.) Because they own some of the apartments in the group, they know first- hand the problems that arise and how to solve them.
This first portion of his tale is key. It means that a good rental agency will yield a high occupancy rate and keep the customers happy and coming back for future rentals. How much you pay an agency is of course, an expense, but usually well worth it if the agency can provide better results than others. He admits to netting about 45% of the rental price after the commissions, fees, cleaning service, etc.
This is higher than most agency expenses which range anywhere from 10% to 40% depending on the level of services. The more services you can provide yourself, the greater you can reduce expenses.
His apartment has a great view of the Eiffel Tower, located in central Paris for access to everything, near a famous market street on a top floor with an elevator. It’s a large studio and sleeps up to four. Amenities are all modern and the kitchen is well-equipped.
Location, location, location. We also would recommend seeking a "sexy" property — one that is seductive to return to for some reason, be in view, charm, location, etc. Do not expect to yield a high occupancy rate with an apartment in a poor location. It will cost you less, but it will yield a lower return. Keep in mind, too, that if you pay too much, your potential profits will have been negated up by an exaggerated investment.
Part of his expense was reduced by having paid cash for the apartment.
Including furnishings, he spent about US $115,000 in late 2000. The first rental income was in 2001, but the year after 9-11, rentals dropped off. The annual expenses have been reasonably stable at 4,000 euros or a bit below and rentals have ranged from a low of US $4,700 to
a high of $9,
700 and claims that the rentals produce enough profit to pay for one trip to Paris.
At the very least, he assumes that the $115,000 could produce an after-tax return of 4% (US $4,600), a near break-even on a year-to-year cash flow basis.
The good part, too, is that the property is now worth more than double! Property prices have steadily climbed in Paris since 1998, the average appreciation in Paris currently is at 14.2%. If you consider the value of his apartment to have doubled in five years, then the average for his has been 18% per year compounded. This is close to what the Chambre de Notaires have reported.
If he sold the property now, he’d have a capital gain of more than $100,000, one-third of which would be paid in capital gains tax. If he holds it another ten years, he’ll have no tax burden (no capital gains tax is paid after ownership of 15 years by a non EU resident) and the property would have increased in value even more.
If you estimate the gains on the conservative side, say 10%, in 15 years, the property would be worth $440,000. If you use the rate he’s currently getting, it would be worth more than $1,000,000…tax free!!!
And this does not take into account fluctuations in rates of exchange.
Because he reports the income on my US taxes, one trip to Paris to inspect the property is deductible. So the tax burden, after all the dust settles, is minimal.
As an added bonus, this owner has been amazed by how well the guests have treated the apartment. After a nine-month hiatus at the apartment, he discovered little broken or damaged…just the normal sort of usage attrition.
"We have been, as you can infer, enormously pleased with our purchase." He added, "Mostly, of course, "we get to spend more time in Paris."
Paris Olympics 2012
BIS CITIES: PARIS FESTIVALS AND CULTURE IN 2012
Paris 2012 used the occasion of Olympic Day, June 23rd, to reveal the broad guidelines of its ambitious cultural and festive program for the 2012 Olympic and Paralympic Games.
Encompassing Olympic values and their historical development in France from the era of Pierre de Coubertin, this program aims to make the Games a unique event that will link sports and culture and enthrall visitors to Paris and throughout the country.
A series of cultural and festive activities are planned based on the historical love story linking France with the arts and the Olympic Movement. This program will enable all participants at the Games, including athletes, members of the Olympic Family and spectators to share and celebrate Olympics together on the streets of Paris.
Paris 2012’s concept an Olympic Village in the city and two clusters on the outskirts – has been specially designed to leave the heart of the city free to breathe and open for the celebrations. It is at the banks of the famous River Seine, which has symbolized Paris since the birth of the French capital, and in the heart of the city that a unique platform dedicated to celebration will be developed. It will take three forms:
* The "Olympic Park" will extend from the Rond Point des Champs-Elysées to the Place de la Concorde, the Tuileries Garden and the Louvre. This area, in the center of Paris, is less than 10 minutes from the Olympic Village and the main competition venues, and will constitute the heart of the city’s celebrations. This sporting party will continue throughout the day and night.
* The "Road of Culture" will promote the fantastic cultural heritage of Paris by opening it to all Games participants. On the banks of the River Seine, artistic creations, guided tours and information will spotlight the numerous renowned museums, parks, monuments and bridges of Paris.
* Big parties will be extended and "olympized," for example at the Paris Plage (Paris Beach), so that the walks near the River Seine will become true promenades where celebration and culture will come together.
The creation of these locations along the River Seine will intertwine the Olympic and Paralympic Games with the streets of Paris, allowing everybody in the city to enjoy a festive atmosphere and the treasures of Paris’s cultural heritage such as the Musée d’Art Moderne de la Ville de Paris, the Institut du Monde Arabe, the Musée Picasso, the Centre Georges Pompidou, the Musée Carnavalet, the Louvre, l’Orangerie, the Musée d’Orsay, the Rodin and the Grand and Petit Palais.
The most beautiful gardens, bridges and monuments, like the Place de Vosges, the Hôtel de Ville, Notre Dame, the Pont Neuf, the Panthéon, the Place Vendôme, the Tuileries Garden, the Place de la Concorde, the Madeleine, the Champs-Elysées, the Trocadero and the Eiffel Tower, will also be used as venues for cultural events.
Essar Gabriel, Deputy CEO of Paris 2012 declared:
"Paris has unique cultural landmarks, not only due to the reputation of its cultural institutions, but also through its density and exceptional vitality. The Olympic Park, ideally located in the heart of Paris, will offer a location for celebration to all lovers of Olympism that is unique in the world. As premised by the June 5 event on the Champs-Elysées, it will be the heart of the Olympic and Paralympic Games’ celebration. Beyond sporting exploits, everybody will be immersed in the celebrations and goodwill in one of the most beautiful cities in the world which will be literally be infused with Olympic spirit."
"OLYMPISM AND CULTURE" PROJECTS IN PARIS IN 2012
Paris 2012’s program of festivals and culture has been developed in consultation with around 30 French actors and would be influenced by three strong topics: the culture of The Games, Artistic Creation and The Celebration. Each of these topics will be present in many activities.
The Cultural Games
Multicultural Games: What better symbol of cultural diversity than the Games? Intent on optimizing popular support for the event, the residents of the Ile-de-France Region whose roots are to be found in France and throughout the world will be encouraged to create original works of art. These works, which will include floats, dance, music and sculptures, will be presented during a large final parade on the marathon route by the banks of the Seine.
Utopian Games: The Games are the stuff of which dreams are made, so why not also invent the Games of the future? That’s the aim of this international competition open to students and members of sports clubs, as well as to architecture and town-planning firms. The winning projects which will be selected by a panel of experts will be presented in model form at a major mobile exhibition.
Traditional Games: While not all sports are represented at the Olympic Games, all are of interest, since they are linked to specific times, places and cultures. The idea is to organize demonstrations of these forgotten or little-known sports throughout France. An introduction to Senegalese wrestling or to Basque or Gaelic games now that’s a fun way of celebrating cultural diversity.
Pedagogical Games: Because the sporting world, with its 175,000 clubs and their 14 million members has an ardent desire to share the strength of Olympic ideals, we have opted for a special three-pronged communication campaign:
- The Education Ministry will introduce sport and sporting values in the subjects taught at all levels.
- Historians and people active in the world of sport will organize a major exhibition commemorating sport across the years, as well as the first multidisciplinary world congress on the subject.
- The media will produce programs and reports aimed at increasing public awareness and knowledge of these themes.
The Olympic Arts Festival: During the four years of the Olympiad, Francis will organize the Olympic Arts Festival, which will require the help of cultural institutions and centers for contemporary art. Each summer, the Festival, which will build up gradually, will play host to a selection of artists from around the world. The final selection will take place in 2012.
Bodily Metamorphoses: Sport is as much a state of mind as a "culture." In order to place the spotlight on the evolution of the body in society and the ramifications of that evolution, a vast exhibition will be held at the Grande Halle de la Villette. Speakers will include philosophers, sociologists, researchers, doctors and athletes.
Decorating the City: Paris is an Olympic city! To host such an important event, Paris must don its best outfit! An international urban-decoration competition will provide the most talented artists including architects, town planners, visual artists, art directors and musicians with an opportunity to put on their finest displays.
The Olympia Promenades: The festivities will be fleeting, but the developments will remain. These will include sports facilities, the Olympic Village, new neighborhoods and marked trails enabling visitors and local residents to stroll though Olympic and sporting history all thanks to the work of town planners, landscapers and designers of gardens and street furniture.
Paris comes Alive: Historical Paris’s most beautiful sites will be used as meeting points and venues for interaction and events. From the Tuileries Garden to the Champs-Elysées, Paris will be partying with all the Olympic participants including athletes, club members, officials, journalists, tourists and visitors.
Paris on the Catwalk: It would be unthinkable for Paris, one of the world’s fashion capitals, not to become the capital city of sport fashion once draped in its Olympic colors. Novel, spectacular fashion shows will be organized with the help of original international teams, comprising choreographers, theatre directors, visual artists and fashion designers.
Paris Dances: The Celebration will be everywhere! Even the Paris Opera will open its doors to invite the biggest names in sport and the arts to a special ball. Meanwhile, in the city streets, the traditional Bastille Day dances will be a festival of lanterns and Olympic colors.
Paris is Ablaze with Color: The fireworks display is the "icing on the cake" of any celebration. In each of the three years preceding the Olympics, a display of pyrotechnics in Olympic colors will take place at one of Paris’s most prestigious sites on the date of the opening ceremony of the future Games. The design of these displays will be selected following an international competition, and the winning team will also have the privilege of organizing the fireworks display at the official opening of the Games.
Editor’s Note: For more information, visit Sports Features Communications(TM) at http://sportsfeatures.com
A Tale of Two Cities as London and Paris Await Olympic Destiny
By Martin Hannan
It will be the best of times, or it will be the worst
times, when the tale of two cities reaches its conclusion in Singapore at 1:46 p.m. Paris time on Wednesday, July 6.
In London and Paris, at that exact moment thousands of people who will be attending street parties and millions of citizens of the two capitals watching on TV will await the words of Jacques Rogge, President of the International Olympic Committee, as he steps forward in the Raffles City Convention Center in Singapore to announce which of the two cities will host the 2012 Olympic Games.
Many hundreds of millions of people around the planet are expected to tune in to watch the announcement. As soon as the name of the winner is stated, there will be bedlam and joy in one city, and groans and misery in the other – cue party of the year, or a wake.
Billions of pounds and tens of thousands of jobs are at stake, not to mention honor and prestige, and a boost to the tourism economy of the winning city which will last for years. On a smaller scale, the team who have worked very hard on the London bid will either move smoothly into new jobs organizing the Games, or be redundant on July 31, as one of them ruefully confirmed last week.
Unless every pundit on the planet is wrong, it will be either London or Paris which will win. The other three contenders, Madrid, Moscow and New York are expected to be voted out during the sequence of votes which takes place in the morning of July 6 after each competing city puts forward its final presentation.
For London in particular, that ultimate opportunity to win support from each of the 115 IOC members entitled to vote is utterly crucial. In Glasgow this week on a charm offensive to rally the Scottish press behind the bid, one of London’s ambassadors Steve Cram admitted there had been mistakes early in the bid process but said these had been learned from.
Cram, who will host London’s street party in Trafalgar Square with Dame Kelly Holmes, indicated that the final messages which will be conveyed to the IOC are overwhelmingly positive – public approval ratings of the bid are soaring nationally, big business is supportive, the Government is fully behind London. And according to the London bid team, they are now on the heels of Paris which has been hot favorite to win for over a year, and expect to overtake the French capital in Singapore.
When it was announced that Prime Minister Tony Blair would attend Singapore to promote London’s cause, it seemed that the presence of such a world figure could clinch things for London. Add David Beckham to the London party and you surely have a winning combination.
Enter President Jacques Chirac. The French head of state – though he might think he is, Blair is not our emperor – is now also to attend, and shrewd politician that he is, Chirac may have already stolen a march on his ‘old friend’ from Downing Street.
For unless he can hitch a ride to a passing space rocket, there is no way that Blair can attend the final presentation to be made by London and be back in Scotland to start hosting the G8 summit at Gleneagles which begins on July 6. Chirac, however, can afford to arrive later and he has pledged to be part of Paris’ presentation party at 9 a.m. BST (British Summer Time).
Much of the final rallying of support will be done in Singapore’s hotels before the 117th plenary session of the IOC. That is where Blair and Chirac’s personal qualities will prove vital.
Steve Cram insists that celebrities and politicians no longer have the clout they once had in promoting bids, largely because the IOC now consists of more former top sports people who are more interested in stadia and athletes’ villages than handshakes from ministers and mayors. But the IOC does take account of politicians and of their politics – for instance, how will the contrasting stances of Blair and Chirac on the Iraq War go down with the delegates?
Editor’s Note: To read the entire article, visit http://sport.scotsman.com/athletics.cfm?id=703362005
Apartments for Rent: Long-Term
The term "Long term" applies to furnished or unfurnished apartments available 1 month to three years. FPI provides a service to assist you in finding apartments in Paris or the adjacent suburbs based on your preferences, budget and needs. Our rental professional will provide an interview with you, an apartment search and selection, provide photos when possible, arrange up to five visits, assist you to negotiate the lease or on your behalf and do a final walk-through visit with you.
Long Term Apartment Search: $1450 Paid in Advance
To book your apartment search, click here: http://www.adrianleeds.com/frenchproperty/insider/booking.html
SIPPS — Self Invested Personal Pensions
ASSETZ PROPERTY NEWS SERVICE
Buyers optimistic that Sipps will help French property investment.
Prospective overseas property investors are optimistic that the French property market will recognize self-invested personal pensions (Sipps), and allow buyers to hold residential property in a Sipp as of A-Day next April.
France is already one of the most popular holiday home destinations for UK investors, with a long history of UK buyers setting up homes in the Riviera, Paris and surrounding regions, or the French Alps for example. Figures indicate that somewhere in the region of 80 per cent of all buyers looking for a property on the Cote d’Azur are British, seeking higher value, older properties steeped in tradition, while UK
ount for 40 per cent of all international sales in France. The Riviera alone accounts for some 82 per cent of all UK investment ventures, with 81 per cent of UK buyers going for older houses – 30 to 40 years old and above.
By all accounts this popularity could be set for a significant increase, in light of changes to tax laws governing French property and the fact that buyers will be able to hold residential property in a Sipp.
As well as this there are a number of rules making French property investment particularly attractive a prospect for UK buyers. Anyone retiring to France and thus using their French property as principal private residence, is exempt from paying either UK or French capital gains tax (CGT). This does not extend to holiday homes that are not lives in throughout the year or homes bought as investments. Nonetheless, property sales in France are exempt from French CGT in any case if the property has been owned for 15 years or more, as well as if proceeds are beneath £10,000.
Reports state that the demand for new builds in France has seen an increase of over 140 per cent over the past three years, perhaps also indicative of a saturation of buyers in the more popular areas.
In a recent survey of Sipps customers 64 per cent of all respondents stated that they are likely to use their Sipps to buy properties after A-Day, either at home and abroad. The UK proved notably more popular an option, with 60 per cent asserting that they would opt for a UK property instead of investing overseas, despite recent trends showing overseas investments to be growing in popularity as lower prices abroad become more appealing. Out of all non-UK destinations Spain and France were found to be the most popular for post A-Day investments, drawing nine per cent of all votes.
LEASEBACK NEWS FROM IMOINVEST
*** VAL DE LOIRE
France, Center/South, Amboise
One Bedroom 40m² to 56m² 88,000 Euros to 109,000 Euros
Two Bedrooms 107m² to 109m² 204,000 Euros to 230,000 Euros
Beautiful Chateau Overlooking the River
Sumptuous chateaux to visit, rich architectural and cultural heritage, delicious vineyards for wine tasting and breathtakingly natural surroundings. Explore scenic Loire Valley with grandiose landscapes and natural treasures. Discover royal splendor from prehistory to the Renaissance, from the Middle Ages to the 19th century. The third most visited place in France, Amboise is undoubtedly the most breathtaking area of the Loire Valley. With narrow streets and beautiful chateaux, Amboise boasts the Valley’s most ancient history. Experience the outstanding tourist sites such as Europe’s largest freshwater aquarium and the Manor of Clos Luce where Leonardo da Vinci lived.
Perfectly situated, Residence Val de Loire offers superb cottages around a private lake, Le Petit Paradis, bordered by the beautiful Amboise Chateau and Chenonceau Forest all within direct proximity to the untamed Loire River. In keeping with the elegance of the region, Residence Val de Loire offers high quality leaseback apartments in grand buildings of various sizes. The residence offers an indoor communal pool, balcony or terrace and fully equipped kitchens. Built to a modern architectural style inspired by the traditional habitat of the region this new development includes a conference/seminar area, fitness room, restaurants, entertainment, water-therapy and steam rooms.
Amboise is located in a UNESCO protected World Heritage Site therefore preserved and unspoiled such as other nearby historic cities: Blois, Bourges, Chartres, Châteauroux and Tours. The region is a producer of wheat, barley, corn, and grapes and also has manufacturing and service industries and an obviously very important tourism sector. Among the area’s principal landmarks are the Chartres Cathedral, the Gothic Cathedral of Saint Gatien and remains of the Basilica of Saint-Martin. In 2003 the area witnessed an approximate 11.9% rise in prices.
*** RESIDENCE LAURA LISA
France, Mediterranean Coast, La Garde
Studio 20m² to 26m² 57,900 Euros to 75,100 Euros
LEASEBACK PROPERTYGUARANTEED RENTAL INCOME UP TO: 5.5%
Between Beach and Countryside
Situated between white sand beaches and unspoiled countryside, discover this fantastic commercial center with over 241 enterprises, fantastic restaurants and popular boutiques. La Garde, with a population of 25,000, is an extension of popula
r Toulon which is only
10 minutes away. The area boasts an active business center, university complex, ice-skating rink, pool, sports center and golf course. One of the only hotel-residences of the area, Residence Laura Lisa meets an obvious demand for such a bustling atmosphere. Located one hour from Marseille and one and a half hours from Nice, Laura Lisa offers the beauty of the French Mediterranean and the security of a solid investment.
Newly constructed, Residence Laura Lisa offers a variety of studios in a four floor complex. Parking is available for each studio, and there is a security entry system (badge required), electric gates, games areas, fitness room, landscaped areas, an elevator, laundry room, luggage lock-up, information desk and breakfast room. Enjoy equipped kitchens, quality fixtures and terraces.
The residence is located in the north-east of La Garde not far from Toulon and near to popular motorways servicing the tourist flow. Take advantage of the shops, schools, beaches and tourist sites right outside the door. The ideal geographic location, invites business clientele and vacationers alike, yet is preserved within the natural surroundings of quaint La Garde. Toulon, the industrial capital of this area supports an impressive commercial and tourist market. This is a fantastic investment opportunity with an excellent guaranteed rental income of 5.5%, and an estimated 28% real estate price increase over the next year.
FPI Property Consultation, Search and Relocation Solutions
Let French Property Insider expert property consultants find your dream home in France for you. We consult with you to help you make the best decisions, ferret out the finest properties to meet your criteria, schedule the visits and accompany you, negotiate with the agencies and owners, recommend the notaires and other professionals, schedule the signings and oversee the purchase with you from start to finish! You could never do it so easily on your own. Let us take the time and effort off your hands.
FPI Offers More Relocation Solutions!
Let our experienced relocation expert help make your move easy and hassle-free. We offer complete property and relocation services normally only provided by employer hired relocation firms…but at a price much more affordable for individuals.
Solution #1: Property Consultation and Search Services
Solution #2: Purchase Assistance
Solution #3: Getting a Mortgage in France
Solution #4: Property Appraisal Service
Solution #5: The "Après Vente"
To book your services, click here:
TODAY’S CURRENCY UPDATE
Visit the FPI Web site and click on the link on the left panel "Click Here for Currency Convertor by Moneycorp Global Money Services" for up to the minute conversions of all major currencies.
Compare currency values easily and quickly by visiting: http://adrianleeds.com/frenchproperty/loan/moneycorpconvertor.html
Charts http://www.Moneycorp.co.uk/members/charts.asp The charts below are updated every ten seconds.
The prices shown are "inter bank" exchange rates and are not the rates that you will be offered by Moneycorp. Your rate will be determined by the amount of currency that you are buying. Please speak with an Moneycorp dealer or your consultant for a live quotation.
The Most Important Thing You Can Do This Summer
Learn the best ways to watch your money and real estate investment grow before your very eyes…all while gazing at the world’s most famous monument over a frothy café crème.
Now’s your opportunity to take a holiday vacation in the most romantic and beautiful city in the world and set aside JUST ONE DAY of your busy schedule visiting museums and dining on foie gras to learn how to make your money double (and even triple — like mine has since I bought my Marais apartment just four short years ago).
August 10th, the first 100 individuals to register will learn from some of the finest experts in French real estate…how to make the most of the rest of their lives while building a portfolio of some of the most desirable real estate in the world.
Space is limited, so don’t delay. Take just one full power-packed day, this coming August 10th — in Paris, France.
Invest in France
August 10, 2005
Click here to learn how…
Parler Paris Après-Midi
NEXT MEETING: July 12, 2004 AND EVERY SECOND TUESDAY OF THE MONTH, 3
p.m. to 5 p.m.
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.
Upstairs at La Pierre du Marais
96, rue des Archives at the corner of rue de Bretagne, 75003 Paris
Métro Lines 9, 3 et 11, stations Temple, République or Arts et Métiers
HOT PROPERTY PICKS: St-Denis District and Rooms with a View
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
*** Paris, 2nd Arrondissement, 3 rooms, approx. 85m²
Come and discover this beautiful 3 room apartment. In perfect condition, it is located on the 4th floor, it has two bedrooms, a bathroom and a cellar.
Asking Price: 500,000 Euros + 2.5% Finder’s Fee
***Paris, 2nd Arrondissement, 5 rooms, approx. 90m²
Just two minutes from Montorgueil and Sentier. Located on the 5th floor, several rooms in this apartment have been redone with top of the line fixtures. Large balcony with southern exposure, plus two rooms on the courtyard. Two bedrooms, bathroom, two separate toilets, American kitchen with custom stainless steel equipment. Individual gas heating, cellar.
Asking Price: 587,000 Euros + 2.5% Finder’s Fee
***Paris, 2nd Arrondissement, 4 rooms, approx. 86m²
In the heart of the Opéra/Bourse district, on a charming square facing the Fontaine Gallion. This duplex is on the fourth floor of an 1830 building with elevator. With an entry, living room, two bedrooms, two toilets, dressing room and cellar.
Asking Price: 610,000 Euros + 2.5% Finder’s Fee
SEEKING A MORTGAGE IN FRANCE?
Let us help you secure a mortgage in France with interest rates as low
as 3%. Visit http://www.adrianleeds.com/frenchproperty/loan for
David Anderson, Mortgage Advisor
Banque Patrimoine et Immobilier
ExPatriate & No Resident Service
Contact Yolanda Robins
Contact Yolanda Robins
GE Money Bank
Contact Yolanda Robins
INSIDER PARIS GUIDES DISCOUNT FOR FPI SUBSCRIBERS
="Verdana">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
="Verdana">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
THINGS YOU NEED TO KNOW
To access password protected pages: click on any of the links on the left panel of the home page of FrenchPropertyInsider.com under "Subscriber’s Only," then type in your personal username and password.
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
To receive your free French Leaseback Report or the Paris Property
Report, click on
Monte Carlo Seaside — a dream view of Monaco and the sea!
Located at the french border of the principality of Monaco in Roquebrune Cap Martin — this big one bedroom flat of 600 square-feet with a terrace can easily accommodate one couple + one extra adult on a convertible sofa. Fully equiped kitchen, marble bathroom, private cark park, security doors, pure silence, fresh sea breeze, direct access to the quiet private beach at 200 meters, 5 minutes to Monte Carlo train station or bus stop, easy access from Nice international airport and Monte Carlo train station.
Visit http://www.adrianleeds.com/frenchproperty/insider/rentals/pfmontecarlo.html for lots more beautiful photos and to book your stay contact FPI_Monte-Carlo and ask for the French Property Insider Special Offer.
For all short term rental 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.
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/
SUBSCRIBE TO PARLER PARIS
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Copyright 2005, Adrian Leeds Group, LLC