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Living France Top Tips - Finance in France

Bill Blevins gives us his top tips on Finance in France

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Top Tips


1 - Review your financial and tax planning – forge a professional relationship with an independent financial adviser who understands the intricacies of both French and UK taxation. Plan for your life in France whilst also ensuring that you are able to take advantage of your non-UK resident status in respect of any UK taxes

2 - Establish exactly what taxes you’ll be liable for in France, what the rules are and how they affect you and your family. Then take action in conjunction with your adviser to avoid unnecessary taxes

3 - Review your pension fund. If it is a UK based arrangement you may need to take action to avoid the currency exchange rate risk and secure local tax advantages

4 - Since you’ll be spending euros, you should convert at least some of your savings and investments into euros. Otherwise you’ll be at the mercy of exchange rates and can suffer significantly reduced income

5 - Structure your savings and investments to keep pace with inflation, both in France and the UK, especially if you’re retired. This will maintain your spending power and financial security right through retirement and for your widow/er

6 - Review your bank accounts. You’ll need a bank that offers euro transactions and which is able to make and receive remittances in a variety of currencies, without excess charges

7 - Succession tax rates and allowances in France vary depending on your relationship with your heirs. You should consider what action is required to protect your estate from excessive death duties

8 - Consider carefully the manner in which you may own your property, ideally before you purchase. The manner of ownership can affect your heirs’ inheritance. French succession law must be taken into account, especially if you have children from a previous relationship

9 - Write a will in France, using a local lawyer. Trying to prove a UK will in France (or vice versa) can be costly and take time. If you own UK assets you need a UK will as well

10 - Financial Planning in France is not a DIY option! Obtain professional advice. The fees will probably prove to be the best investment you may make. Mistakes and missed opportunities can be costly in the long run


Bill Blevins is Director of Blevins Franks Group, which offers specialist financial advice to expatriates in France www.blevinsfranksinternational.com


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