Article published in the Challenges real estate special issue on November 5
Securing life annuity contracts and making them accessible to as many people as possible: that is the objective of Reza Nakhai and Thomas Michenot, founders and partners of VIVA VIAGER. An interview with these two dedicated and persuasive executives.
Could you introduce your company to us?
We have built an attractive and diversified portfolio of properties by combining expertise in the real estate market, insurance, and asset management through our respective career backgrounds. This field is truly unique within the real estate sector. It requires solid financial, legal, economic, and tax-related knowledge. We have mastered all the different types of life annuity transactions: occupied viager, vacant viager, bare ownership, and forward sales. Our goal is not to sell a property in viager at any cost, but primarily to fulfill a client’s project and ensure we find the most suitable sales option for them. If we deem it necessary, we advise them to explore other avenues (traditional sale, estate transfer, etc.). We bring a genuinely fresh perspective to viager, and we aim to democratize it, freeing it from the stereotypes that still cling to it.
What are the benefits of a viager sale for both parties?
For sellers, it allows them to retain the right to live in their home for life while supplementing their income, thanks to the payment of an upfront lump sum (the bouquet) and monthly annuities, which have a very favorable tax impact. The bouquet is entirely tax-exempt, and the lifetime annuities benefit from a 70% tax deduction (for sellers aged 70 and over). Organizing part of their estate also generally grants sellers greater peace of mind. As for buyers, their demographic has evolved considerably. They include young professionals, expatriates, families, and investment funds. It is a profitable way to invest for the long term with advantageous tax conditions, particularly for those who may lack the means to purchase a property through conventional channels.
What sets you apart?
We rely on three key pillars to secure and manage the viager contract:
- The speed of securing an offer (1 month on average). This factor is crucial, as uncollected annuity payments over several months represent a significant shortfall for the seller.
- Our financial model for calculating the annuity and the bouquet. We use a calculation method that accounts for the specific characteristics of the property (e.g., a house in the provinces versus an apartment in Paris) and factors in the broader financial climate (e.g., interest rate trends reviewed monthly).
- Our schedule of clauses for negotiations between the parties. We have compiled the main clauses specific to viager contracts into our standard clause repository, which we present to both sellers and buyers. This facilitates transactions by ensuring complete transparency with both parties from the outset.
Our complementary backgrounds—Reza, a viager specialist for over 10 years, and Thomas, with extensive experience in insurance and finance—allow us to offer this exceptionally high-performing business model. We are committed to supporting our clients throughout the entire duration of the viager contract. Our expertise in this area is valued and recommended by sellers and notaries alike.
Professionalism, responsiveness, attentiveness, and empathy are core values for us.
