If you decide that the time has come to leave the UK behind and move to the French countryside – you will be pleased to hear that anyone from a European country is entitled to do so.
Article written by The Overseas Guides Company
One thing that you will need to consider though is where you are considered a resident. For tax and inheritance purposes, this is of the utmost importance. Today Alexis Goldberg of the FranceBuyingGuide.com outlines some of the need-to-know points about residency in France.
“First things first – you will be deemed to be a resident of France if; your principal home is in the country, if you spend more than 183 days in the country during the year, if you have an occupation in France or if your centre of economic interest is in France. If you fall under any of these categories, you will be considered a French resident and will be required to pay French taxes. It is your responsibility to inform HMRC – who knows, you may be in for a refund!”
“You will need to inform the local Mairie that you are now resident in France. They play an important role in everyday French life so it is worth bearing in mind that they are an excellent source of advice for everything when you first make the move”.
“Aside from the income tax considerations that arise from your residency status, there are inheritance tax issues that must be addressed as well. It is absolutely essential that if you are deemed a French resident that you make a French will to cover your assets and the interests of your loved ones. Have your will registered with your local notaire”.
“You will probably have heard horror stories about inheritance laws in France. You will be pleased to hear that there is a new law currently being ratified which will mean that one may have the option to apply English law to one’s French will after August 2015. If your will has already been made, you will be able to elect to have this new law applied to your will so that if you die after August 2015, you won’t be subject to French law. We advise you speak to an expert on this – contact the Overseas Guides Company”.
“In all circumstances, seeking advice from a tax expert is advisable. Make sure you speak to someone who can get your affairs in order and put your mind at rest so that you are free to sit back and enjoy life in your new home”.
For details of French property for sale, visit the France listings on Rightmove Overseas. One way to save money when buying in France, or moving there, is to use a currency exchange specialist when transferring your pounds into euros. For more information on this, visit the Currency Zone or contact Smart Currency Exchange.
To understand the full step-by-step process to buying a property in France, collect The Overseas Guides Company’s ‘France Property Buying Guide’
The views and comments herein are those of the author and do not necessarily reflect the views or opinions of Rightmove Overseas, Rightmove Group Ltd or Rightmove Plc