No fees for FXcompared users
No Fees for FXcompared users.
There are no restrictions on sending money to France from the UK. With an estimated 300,000 French passport holders in the country, the UK is a popular destination for French expats who might wish to repatriate part of their salary if their stay is not intended to be permanent. Meanwhile, France is a popular retirement destination for many Britons who may need to transfer their UK pension. France is also one of the UK’s major trade partners, with the UK importing some £23bn (€30bn) of goods from across the Channel in 2013. As such there are many reasons to send money from the UK to France.
Buying and selling of property in France takes a long time. Purchase of a property is controlled by a Notaire who is responsible for examining the agreement to purchase property which you will sign. The Notaire is also responsible for ensuring that you understand what you are signing. It is advised that you speak to other expats who have bought property in the area of your choice or a local estate agent, who can recommend a local Notaire
British expats should understand that in France inheritance laws are clear and all property will be divided among surviving children. This is very important for married couples where one or both of them have children from previous relationships. Therefore if you are buying a property in France, it is advisable to make a Will in France at the same time which can override this automatic split between surviving children.
There are some key differences in UK and French capital gains tax laws so you should seek advice on this area before buying (or selling) a property in France and before you send money to France from the UK to purchase the property.
French and British citizens wishing to relocate to the other county, whether for work or retirement are free to do so and do need a resident or a work permit. However they must have a valid passport. After six months a residence permit is required.
Over the years, France has become one of the most favourite retirement destinations for expats from the UK, with some 57,000 retirees settling there as of 2012 according to the UK’s Department of Work and Pensions, and the Institute of Public Policy Research. The UK state pension can be paid to expats in France but the EU has ruled that the UK is not obliged to make increases to pensions. You can then make frequent overseas transfers from your UK account into a French bank account to support your retirement.
The UK government’s rules and regulations govern the way the taxman and social services consider and treat the UK expatriates in France. They become more complex once they are combined with the rules of France. You are recommended to seek specialist tax and financial planning advice. In particular, make sure you know the following:
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