I am in the midst of purchasing an place in France that is already held in an SCI.
My understanding after extensive reading and ‘discussion’ with the estate agent and seller is that the SCI owns the property and so for tax reasons its beneficial to the seller to sell the SCI rather than the property directly. The seller has reduced the price significantly based on their tax savings. They are apparently both lawyers/attorneys or something so I am comfortable that its above board.
Now of course my understanding is based on my thinking its somewhat like a LLC or S-Corp but more set up to avoid inheritance problems rather than avoid liabilities.
My question is, typically what is included when purchasing an SCI held property? And in normal day to day operations what does the SCI typically pay for?
For instance would buying the SCI then include the bank account registered/owned by the SCI?
Would the SCI typically be paying the water and electricity bills?
Does the SCI pay the taxes and insurance?
Thanks for your thoughts.