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Fiscal
Representative
Upon
the sale of real estate property by a non-French resident who is not
subject to French income tax (in most cases this would be a non-French
person resident overseas selling a secondary residence) the capital gains
must be declared to the French tax authorities by means of completing form
2090 bis and the tax paid upon the registration of the transfer of
ownership.
To
this end, a fiscal representative domiciled in
France,
who can be one of the following, must be appointed for properties fetching
EUR 100'000 or more:
- the purchaser of the
property
- a bank or financial institution operating in
France
- under certain conditions, the members of the syndicate of the chamber of
the genealogists of France
or the national
syndicate of genealogists
- a person accredited by the director of the tax authority
- a person benefiting from a general accreditation delivered by the fiscal
administration - these are SARF, SFA, SARF AZUR and ACCREDITECO.
Whilst
the purchaser is highly unlikely to "accept" the role, which
carries the responsibility for payment of the tax, the other persons
referred to above, be they individuals or corporate bodies, charge, we
understand, between 0.65% and 1% of the sale price.
This
can be a rather costly affair and should thus be borne in mind when
selling a property.
16/03/2004
- Issue of the week
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