Choosing the right adviser is an important step towards making the most of your money, particularly so when you are moving abroad or are already here. Whilst finding the perfect home is a priority, planning finances can be overlooked. You need an adviser who will always work in your best interest and can help you understand the complexities of the financial world especially with the different tax regimes involved with life in France. To ensure you receive the best possible advice use an independent financial adviser who is authorised and regulated to provide advice in France.
There are very few who are qualified to advise people moving overseas. A UK adviser for example will have no knowledge of the French fiscal system and so setting something up with your UK adviser before you move may not be the best idea. Neither will a French Bank necessarily give you true independent advice and will generally only offer their own products.
Why do I need advice?
There are a number of issues you need to be aware of having arrived in France. Even if you have been here a number of years your circumstances may have changed, you may have received an inheritance or a maturing pension or endowment.
French Tax Advice for Expats
Here are some of the main areas of French tax where an independent financial adviser can help you.
Tax in France
Many people moving to France believe they will pay more tax than they did in the UK. This of course does depend upon circumstances but a good financial planner will be able to provide you with a simulation of the taxes you are likely to pay, and an explanation of each of them so you are sure of your obligations.
Investments in France
When you move to France you may leave your investments and savings in the UK if you are wary of the French options. When you become a French resident your ISA’s and Premium Bonds will be liable to tax.
Similarly, did you know there are specialist investment vehicles available in France that allow you to shelter you investments from tax?
Pensions in France
Whether you have already retired or still have some years to retirement, moving abroad will have an effect on your pension. There may be options with your pension when it matures that need to be considered carefully to make the most of your money if you are living in France.
This is especially relevant now that the UK pension regulations have changed this year.
Inheritance planning in France
The legal system in France differs from the UK, particularly when it comes to laws surrounding inheritance. The French succession laws mean that without expert advice for all of your assets, you may have a nasty surprise later on. Don’t forget that most of us take limited advice from the notaire when they buy a house, but what about the rest of your assets?
These are only some of the main areas where taking independent financial advice is highly recommended and as advice is based on each individual’s personal and financial circumstances the advice required is highly specialized and unique to each individual.
Written by Jennie Poate of Beacon Global Wealth Management
Disclaimer: The information on this page 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.