What is involved in buying a property in France if I am not a resident ? This is the most frequently asked question among our clients, and the truth is that it is very simple.
Today, residents of the European Community have no barrier to buying a second home in France.
√ All the formalities can be done with a Spanish account. From the purchase of the house to the registration of services such as electricity, water, internet, etc, can be done without opening an account in a French entity.
√ You will continue doing your income tax return in Spain. The holding of a real estate property in France must also be taxed for IRPF in Spain (as long as its net book value is higher than 50.000,00 €). This applies to both securities and real estate. In the case of a real estate property in France, the reference value will be that of the purchase deed, exactly the same as if were buying a property in Spain.
√ The price of the properties includes VAT. Although the VAT is higher in France (20%), the houses are advertised with TTC(toutes taxes comprises), while in Spain they are usually advertised without VAT. With which we can be sure that we will not have unexpected surprises in the purchase of our residence in France.
