See Diarmaid Condon’s excellent article:
For over a decade French leaseback properties have been marketed as such reliable investments that they could substitute for a pension. Buyers are encouraged to buy a property with a “guaranteed, hands-off” rental stream for nine to 11 years. The French government agrees to waive the VAT. However the reality has been that management companies at a number of schemes fail to pay the rent and quickly become insolvent. A new operator takes over, offering a lower return. High and indiscriminate management charges are introduced and previously unmentioned taxes take any remaining income. A large number of Irish owners have been left bereft and in debt, with many simply walking away from their French mortgage.
Diarmaid Condon is a highly respected property journalist who has written extensively of the issues on his blog.
We would encourage anyone who has been affected by these issues to sign the petition and comment with an outline of your experience.
See the petition for updates.