It’s a question that often comes up: “how much income do I need to be able to move to France?”
We asked Jennie Poate, a qualified financial advisor in France and the UK to explain about the requirements of an income test for moving to France post Brexit…
Establishing residency in France
Following the UK’s departure from the EU on January 1 2021, British nationals can still move to France. However, there are extra steps to take as Britons fall under the same requirements as other non-European countries and will need to apply for visas to stay for long term visits or on a permanent basis.
There are some exceptions. For instance, those who hold an EU passport (Irish for example) will not be required to apply for a visa to stay beyond the 90 days out of 180 days as they have a right to stay in Europe.
What about those with second homes?
In December 2020 the French government issued guidance as follows:
If you are spending between 3 to 6 months a year in France, you are not considered as a resident in France and cannot apply for a ‘Carte de Séjour’ under the withdrawal agreement. You will have to apply for a temporary Long Stay visitor visa ‘VLS-T Visiteur’.
If you spend more than 6 months a year in France, you are then considered as a French resident and must apply for a Long Stay visitor visa (visa de long séjour valant titre de séjour VLS-TS ‘visiteur’).‘
Note: You must have health care in place when applying for a visa.
Is there an income test for moving to France post Brexit?
When you apply for your visa, you must provide various documents as well as proof that you have sufficient income. As a guide, income should be equivalent to the ‘SMIC’ (minimum wage in France) €1231 net per month. Decisions are taken on a case by case basis.
According to franceright.org “The French embassy in London has confirmed that it also will use this figure for a couple seeking a visitor visa/card; if you have children, however, the minimum income level will be higher. Resources can be in the form of capital: the guidance states that you must show resources that are ‘equivalent to 12 months SMIC’ so you would need to show available capital of at least this amount. Allowance can also be made if you live rent free or own your own property – this will reduce slightly the overall amount of money that you need to have.”
It very much seems that each application will be reviewed individually. We have seen local tax offices not accept drawing directly on capital as provable income but property rental, investment income and pensions are of course acceptable. For many of our clients we have commenced an investment package that can provide regular income to satisfy the income criteria.
There is certainly a lot more to navigate now for British passport holders. However for Americans and Australians this is a normal system, and for Britons it just means getting used to being ‘third country nationals’.
If you would like further details or to have a confidential discussion about your own personal situation free of charge and without obligation, Jennie and her team would be delighted to help you.
Jennie can be contacted at: jennie @ bgwealthmanagement.net; www.beaconglobalwealth.com for information and factsheets.
The information on these pages based on current regulations is intended as an introduction only and is not designed to offer solutions or advice. Beacon Global Wealth management are not tax advisors or accountants. Beacon Global Wealth Management can accept no responsibility whatsoever for losses incurred by acting on the information on this page.
The financial advisers trading under Beacon Wealth Management are members of Nexus Global (IFA Network). Nexus Global is a division within Blacktower Financial Management (International) Limited (BFMI).All approved individual members of Nexus Global are Appointed Representatives of BFMI. BFMI is licenced and regulated by the Gibraltar Financial Services Commission and bound by their rules under licence number FSC00805B