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Sotheby's International Realty
Sotheby's International Realty
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Sotheby's International Realty
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Taxation of properties classified as historical monuments
Generally, three types of individuals invest in a listed historic monument: art and history enthusiasts dedicated to contributing to the preservation of French heritage, high-net-worth individuals seeking to reduce their tax liabilities, and, in some cases, a combination of both. It is precisely to facilitate the restoration and enhancement of heritage that various laws, such as the 2018 MH Law, have been implemented over time. Below is a concise overview of the benefits of investing in a listed historic property and the associated obligations.
The Benefits of Purchasing a Listed Historic Monument
Acquiring a listed historic monument offers several notable advantages, particularly from a fiscal and heritage preservation standpoint.
One of the primary benefits of purchasing a listed historic monument is the potential for significant tax reductions. Maintenance and restoration costs, along with the interest on loans used to finance the acquisition and restoration of the property, are fully deductible from rental income (100%). Additionally, any deficit resulting from the investment is deductible from global income, with no upper limit, as the 2018 MH Law is exempt from the caps typically imposed on tax incentives.
In addition to the fiscal advantages, purchasing a listed historic monument is highly advantageous from an inheritance perspective. Under an agreement with the French State, gifts or transfers of such properties are exempt from inheritance tax. This benefit extends to both heirs within the immediate family and those outside the family circle.
The Obligations Associated with Purchasing a Listed Historic Monument
Naturally, acquiring a listed historic monument comes with specific constraints and obligations that must be adhered to. A key responsibility of the property owner is the prohibition on subdividing the property, unless authorised under exceptional circumstances by the Ministry of Budget, following consultation with the Ministry of Culture.
Furthermore, the property cannot be altered (whether transformed or demolished), sold, transferred, donated, or bequeathed without explicit consent from the Ministry of Culture. Any authorised works must be carried out in collaboration with the architects of the Buildings of France. Finally, the acquisition of a listed historic monument requires a commitment to preserve the property for a minimum of fifteen years. This ensures that the buyer is legally bound to maintain the property for this period following the purchase.
(source: proprietes.lefigaro & servicepublic.fr)