When I first became an advisor in France more than ten years ago, the single most important criteria for those moving to France was protecting capital due to the different inheritance rules here. Almost exclusively our clients were of a certain age and retiring to live their dream in France.
How times have changed! Our client base now encompasses all age ranges including those moving for work or setting up their own businesses.
Brexit has had a huge impact and many people are bringing forward their dream move so that they can meet the residency criteria that will be place from 2021. There is still doubt and uncertainty for sure. The ability to move freely throughout Europe and live where we like will, in the future, be subject to a new set of rules for us.
There will be an ability to apply for the long stay residency visa from July online, known as the ‘carte de séjour’. So, this should have the ability to cut out the onerous paperwork trail and numerous appointments at your local prefecture.
Currently the minimum income criteria is listed below:
| Minimum Income Criteria per month
(amounts valid as of April 1, 2020) |
||
| Number of children or persons in your charge | Living alone | Living as a couple |
| 0 | 564,78 € | 847,17 € |
| 1 | 847,17 € | 1016,60 € |
| 2 | 1016,60 € | 1186,03 € |
| Per child or person in your care | 225,91 € | 225,91€ |
- Information taken from the caf.fr website 01/06/20
The questions we are receiving at the moment are as follows:
- Is offshore property rental income allowable as part of your income?
- Yes, our current understanding is that most forms of regular income are allowable including pension, salaries, and rental income.
- We will be living off our savings until we retire or set up our business; will this be taken into account?
- Ah, well here is the tricky bit. Drawing directly off savings or capital does appear to a sticking point currently as its not considered to be regular income.
What can you do?
This is where we come in. We can find a suitable home for your capital and set up a regular income plan that will help you meet the criteria listed above. It doesn’t have to be in Euros so if you prefer to keep your funds in sterling or dollars we can provide that too. That plans will also meet the strict taxation criteria set down by the French tax authorities so that you won’t get any nasty surprises later on tax wise.
If you would like further details or to have a confidential discussion about your own personal situation, then please do not hesitate to contact us.
The information on these pages based on current regulations is intended only as an introduction only and is not designed to offer solutions or advice. Beacon Global Wealth Management can accept no responsibility whatsoever for losses incurred by acting on the information on this page.
