W


hen moving to France there are so many things that you need to consider, that it can sometimes feel like an overwhelming


task. Thinking about your fi nances, especially when buying your new property, is expected. Now, it is also necessary to delve deeper into your fi nances for visa applications. However, there are still other areas that you must consider and act upon before, during and aſt er your move to France. Blacktower is here to help you with that. I moved to France in 2015 with my husband


and young family, and have now lived here and worked for Blacktower for over nine years, accumulating a wealth of knowledge that I gladly share with my clients.


IS FINANCIAL ADVICE WORTH THE MONEY? Understandably a lot of people are hesitant to spend their money on advice from an adviser when they feel they could learn how to invest and manage their assets themselves. Whilst it is always good to develop your understanding of personal fi nance, it is unlikely that any amount of Googling will be a substitute for the knowledge, expertise and insight of an experienced fi nancial adviser. Although everyone’s circumstances diff er,


there are several major considerations you need to address before your move to France.


WHAT ABOUT MY PENSIONS? If you are of pension age and are considering taking a tax-free lump sum from your pension, then this is something you need to action before you move to France, as there is no such thing as a ‘tax-free lump sum’ once you become a French tax resident. For some people this may be essential for purchasing your new home, for others it may not be something you have considered beforehand. It may still not be something you need to consider, but it is necessary to discuss in advance of your move, to avoid a potentially unnecessary tax bill. Regarding pension management, you


will fi nd that most UK IFAs no longer hold passporting rights to advise you once you are no longer a UK resident. However, this does not necessarily mean you must move your pension outside the UK. An assessment of your individual circumstances and pension and investment goals will help us guide you in the right direction. Secondly, you need to consider your


existing savings and investments. From a UK 15 l Expert Guide


perspective, these may include your ISAs, premium bonds and investment platforms, which have all been tax effi cient as a UK resident. However, these will lose this tax effi ciency once you move. Although you are able to keep these in


place, you need to be fully aware of the tax consequences and reporting requirements that you may face as a French tax resident and consider if this is the best solution going forward, or whether there are better alternatives now you are committing to your new life in France. Aſt er all, who really wants to give the taxman more than they need to in either country?


WHAT ARE THE TAX-EFFICIENT ALTERNATIVES IN FRANCE FOR MY SAVINGS AND INVESTMENTS? France has instant access tax-free savings accounts, in the form of Livret accounts, that you can access through your French bank, and longer-term investment accounts in the form of the Assurance Vie. When it comes to Assurance Vie, the principles are straightforward; it is very tax effi cient in many ways. What alters with the Assurance Vie is not the product itself, but the individual rules that are applied from the provider of the Assurance Vie (I oſt en liken it to a UK Stocks and Shares ISA, in the sense that what the Assurance Vie does is wrap up your investment in a tax effi cient manner).


The wealth management expert


Rosemary Sheppard is a Senior International Advisor at Blacktower Financial Management Group, a group of companies providing international wealth advice, formed in 1986, with offices in 15 countries worldwide, including Europe, UK and the US.


Telephone: 0033 (0)6 38 86 99 70


Email: rosemary.sheppard@ blacktowerfm.com


Website: blacktowerfm.com


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