Tag: James Bond

21 Sep

James Bond and the $47 Million French Estate

Ian Hull In the News Tags: , , , , , , 0 Comments

September has brought some news out of the world of James Bond.

Labour Day saw the release of the new trailer for No Time To Die, the 25th installment of the blockbuster spy franchise, and fifth (and final) for current 007 Daniel Craig. While Craig is exiting, and there is no word yet as to who will don the most famous code name of all time, the newest trailer sees the return of familiar characters, friend and foe alike: Ernst Blofeld, head of the notorious terrorist organization, SPECTRE, CIA Agent Felix Leiter and of course, Ms. Moneypenny.

As for those looking for a cottage or a second home, September also brought the news that Sean Connery, the most famous 007 of them all, has placed his house in Cote d’Azur, France on the market for a cool €30 Million.

Truly a house built for a super spy on the banks of the Mediterranean in Cap de Nice, Connery’s 1.24 acre Belle Epoch-inspired abode boasts a saltwater pool, indoor gym and pool, and two guest houses. While Sir Sean may be leaving town, Elton John and Tina Turner have also owned homes nearby, and Monaco is just a 30 minute drive away.

One is encouraged to be mindful of the tax liabilities in France, however, as the Taxe Foncière is based on the cadastral income of a property, while the Taxe d’Habitation is traditionally only paid by residents. While the TH has been the subject of much political attention for primary residences, if the house is a second home, authorities can levy a surcharge of as much as 60% if a furnished home is left vacant for more than 120 days per year. Finally, France has a wealth tax that applies to residents and non-residents alike if they have real property assets of €1.3 million or greater. A significant tax risk for cottaging Canadians to be sure.

If a Canadian is considering a property purchase on the Riveria, it’s worth investigating the consequences for an estate plan. While Canada has no tax on testamentary gifts, one would be wise to check with the jurisdiction in which a prospective beneficiary lives. In the United States, for example, citizens are taxed on their worldwide income, so a gift of this size to an American relative may yield a tax burden. Finally, while personal property is governed by the jurisdiction in which the testator lives, real property is governed by the jurisdiction in which it’s located. So France will decide what taxes will apply to the property itself.

Thanks for reading!

Ian Hull and Daniel Enright

04 Feb

Lord Lucan: Declared Dead (Twice) and Still Missing

Doreen So General Interest, In the News, News & Events Tags: , , , , , 0 Comments

In 1974, Lord Lucan, British aristocrat (think James Bond and Martinis, according to the New York Times), vanished after the body of his children’s nanny was found dead in the basement of his house.

A year later, in 1975, Lord Lucan, otherwise born as Richard John Bingham, the seventh Earl of Lucan, was declared the killer of his children’s nanny. Since 1974, Lord Lucan was never found notwithstanding an international Scotland Yard manhunt.

25 years later, Lord Lucan was declared dead in 1999, which allowed for the devolution of his assets to his Estate.

By virtue of a law that came into effect in 2014, Lord Lucan’s son, George Charles Bingham, petitioned the Court for a death certificate in order to become the eighth Earl of Lucan. Neil Berriman, the son of the murdered nanny, opposed Mr. Bingham’s petition for a death certificate on the basis that Lord Lucan could still be alive.

42 years later, the High Court has ruled that Lord Lucan is now presumed dead and a death certificate was issued on February 3, 2016.

In Ontario, the Declarations of Death Act, 2002 governs the relief sought by Mr. Bingham in London. An Application may be made to the Superior Court of Justice for a declaration that an individual has died if i) the individual disappeared in circumstances of peril; or ii) if the individual has been absent for seven years.

Thanks for reading!

Doreen So

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