NEWS
FIRST UK ESTATE AGENT CHAIN SETS UP IN MALTA
It’s one of the few buoyant property markets in Europe right now, so it is perhaps not surprising that one of the UK’s leading high-end property agents has decided to join the party. Yes, Chesterton Humberts are opening an
offi ce on the Sliema seafront in Malta within the next six weeks, focusing on quality farmhouses, aparments and high-end villas (see right) - as well as commercial space - across Malta and its sister island of Gozo. “Malta has much affi nity with the UK,
both culturally and legally, and of course the
weather’s better,” says Christopher Pace, who will be heading up Chesterton’s new offi ce (
www.chestertonhumberts.com). “There are currently no UK-based
companies selling there - only the Canadian Remax chain - or Maltese companies.” Pace expect clients to be “high-net-
worth individuals looking for a second or third homes” and thinks that quality developments like Tigne Point, Fort Cambridge and Pendergardens will appeal to lifestyle buyers and investors. “Plus Malta is becoming more and more
a superyacht destination [there are fi ve marinas] and there is a big demand for moorings.”
Four-bed luxury villa on the prestigious Santa Maria estate, Malta, £5.3m through Chesterton Humberts.
FRENCH HOME OWNERS SHOULD BEWARE OF POSSIBLE TAX CHANGES
British owners of property in France should be alert to the fact that their children may face higher inheritance tax bills if Mr Sarkozy is voted out in the French presidential elections during April/May. If a new government comes into
power they should anticipate a new budget by late summer, which could include signifi cant tax rate changes.
French inheritance law is
different to the UK’s so a number of complications might arise. Each person under French law has their own tax-free allowance, which differs depending on the relationship between them and the deceased. Preferential allowances for a child who is left a property by a parent could change. “At the moment there’s an inheritance tax-free allowance between parents and their children of about €160,000 (£134,000) which is available to any child of the deceased,” says Matthew Cameron, head of French legal services at Ashton KCJ (
www.ashtonkcj.co.uk). “If their parents had a €200k house in France, only a fi fth would be taxable. “It is reckoned that the inheritance tax-free allowance is likely to be cut by two-thirds, meaning taxes of €1,000-2,000 could become €20,000 - a substantial difference.”
FRANCE BRINGS IN NEW DRINK-DRIVING LAW FROM JULY 1ST
Anyone who’s off to their second home in France this summer - or even hiring a car on holiday there - should be aware of changes to road regulations coming into force on 1st July 2012.
In a clamp-down on drink-driving, all drivers on French roads, including tourists, will have to carry disposable breath test kits - or face fi nes of €17 (£14). Whilst such kits cost around £50 plus, some hire-car companies, such as Alamo Rent A Car, will provide such kits free with their vehicles.
“People shouldn’t assume that foreigners will be exempt from the laws, so whatever the purpose of the trip, it’s important travellers going through France are aware of the new laws,” says Neil Summerville of Alamo
(
wwwlamorentacar.co.uk).
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