property viago????
Oct 14th 2011, 9:04 pm
#1
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Joined: Mar 2011
Posts: 20
property viago????
Hi
my family and I are moving to riberac next summer and we've been discussing how we can continue our property investment business. A friend of ours mentioned something called viago (I think thats what its called) which is basically an agreement with an older person to purchase their property whilst they remain in it for the rest of their lives.
Can anyone confirm if this is what its actually called for a starter and also is this quite a common practice in france, has anyone actually done it and what did it involve??
many thanks
Tx
my family and I are moving to riberac next summer and we've been discussing how we can continue our property investment business. A friend of ours mentioned something called viago (I think thats what its called) which is basically an agreement with an older person to purchase their property whilst they remain in it for the rest of their lives.
Can anyone confirm if this is what its actually called for a starter and also is this quite a common practice in france, has anyone actually done it and what did it involve??
many thanks
Tx
Oct 15th 2011, 6:57 am
#2
Lost in BE Cyberspace
Joined: Apr 2008
Location: Hérault (34)
Posts: 8,888
Re: property viago????
Hi
my family and I are moving to riberac next summer and we've been discussing how we can continue our property investment business. A friend of ours mentioned something called viago (I think thats what its called) which is basically an agreement with an older person to purchase their property whilst they remain in it for the rest of their lives.
Can anyone confirm if this is what its actually called for a starter and also is this quite a common practice in france, has anyone actually done it and what did it involve??
many thanks
Tx
my family and I are moving to riberac next summer and we've been discussing how we can continue our property investment business. A friend of ours mentioned something called viago (I think thats what its called) which is basically an agreement with an older person to purchase their property whilst they remain in it for the rest of their lives.
Can anyone confirm if this is what its actually called for a starter and also is this quite a common practice in france, has anyone actually done it and what did it involve??
many thanks
Tx
It's a good thing for the owner, they receive a monthly income (the rent) until they die, but the future owner may have to wait a long time to take possession!
It's a complicated procedure even for your average French person, and not all that common here (normally only practised by people with no heirs) and I personally wouldn't recommend it to expats!
This is just my opinion - maybe some one has actually done this and can advise. If your French is up to it, google "viager" for detailed info.
Hope this helps!
P.S. when I say owner and tenant, I mean the vendor and purchaser.
Last edited by dmu; Oct 15th 2011 at 7:58 am.
Oct 15th 2011, 10:03 am
#3
Lost in BE Cyberspace
Joined: Apr 2008
Location: Hérault (34)
Posts: 8,888
Re: property viago????
To follow up my above post, the Notaire would advise you on details of payment and would draw up the necessary Agreement. He would also advise whether you could use the address for your business.
And you should get advice from an Expert-Comptable as to the best type of business you would set up here - the "Auto-Entrepreneur" may not suit you and an Sàrl (limited liability company) involves horrendous Contributions (50% of every one's salaries) and other expenses.
Hope this gives you food for thought!
And you should get advice from an Expert-Comptable as to the best type of business you would set up here - the "Auto-Entrepreneur" may not suit you and an Sàrl (limited liability company) involves horrendous Contributions (50% of every one's salaries) and other expenses.
Hope this gives you food for thought!
Oct 15th 2011, 8:32 pm
#4
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Thread Starter
Joined: Mar 2011
Posts: 20
Re: property viago????
To follow up my above post, the Notaire would advise you on details of payment and would draw up the necessary Agreement. He would also advise whether you could use the address for your business.
And you should get advice from an Expert-Comptable as to the best type of business you would set up here - the "Auto-Entrepreneur" may not suit you and an Sàrl (limited liability company) involves horrendous Contributions (50% of every one's salaries) and other expenses.
Hope this gives you food for thought!
And you should get advice from an Expert-Comptable as to the best type of business you would set up here - the "Auto-Entrepreneur" may not suit you and an Sàrl (limited liability company) involves horrendous Contributions (50% of every one's salaries) and other expenses.
Hope this gives you food for thought!
Thanks again
