So, you’ve reached retirement age. After a life time of getting up to the alarm clocks call, going to work every day, maybe caring for your family, and saving for this day – you might be wondering what options you have. And these days, you have plenty of choices including some that are not your usual retirement options but are definitely worth considering.

Retire to another country

If you’re looking to retire abroad, France is a great option. You’ll need to check the residency and visa requirements as they can be different for different countries. Part of the fun is searching for the right location. Will it be the sun-kissed south, or historic Paris, chic Nice or the tranquil Loire Valley? France has a hugely diverse landscape including seaside resorts, lush countryside, mountains and cities. The weather also differs markedly from one end of the country to the other. Sun lovers head south, keen gardeners might want to consider looking to the north.

Once you have decided where to move, it’s a good idea to start your adventure by renting first to make sure the destination is compatible with your idea of retirement. If it works out well, then it’s time to go house-hunting. There are plenty of estate agents, including those that specialise in agents who speak English such as Leggett Immobillier, in case you haven’t got around to learning French yet. If you’re uncertain about the affordability of moving to France, you might consider checking it out with a financial advisor who can help you determine the costs of living when retiring in France and how to make your savings work best for you.

Volunteer vacations

Why not take a trip that’s so much more than a holiday? Volunteering vacations give you many possibilities and a lot of flexibility about where to go and what sort of volunteering to do. For many a volunteer vacation is a really rewarding experience and there are lots of options in France. If you’re fit and healthy, there’s tons of choice, and you could really help make a difference whilst learning new skills and keeping active in the process.

From volunteering with children or animals to helping a small business on a project basis, helping out at a library or looking after a chateau, it’s a chance to get creative with your retirement. On the whole, volunteer positions aren’t paid, though there are exceptions to the rule. Companies like Workaway are a good place to start looking.

Make a business out of your passion

Starting a business can be a great way to bring a whole new element to your retirement. This might sound like a strange suggestion, after all, for most people the point of retiring is to stop working. However, starting a business can be a way to supplement your income as well as to share a lifetime of skills with others, or a way to do something you’ve longed to do and never had time before.

The post Unusual Retirement Options appeared first on The Good Life France.

Can you afford to retire in France? It’s a good question. Things have changed since Brexit, and things have changed a lot for those from the UK who want to retire to France. We asked consultant Robert Kent at Kentingtons, a French financial and tax professional, to explain how to give yourself the best chance of making retirement as an expat in France successful.

I have been giving financial advice to English-speaking clients who have lived outside their home country for over three decades (which explains my diminishing hairline!). For 20 years, I lived in France, specialising in French tax and financial planning. The people I have served are from all walks of life. Some have settled into their new country and lifestyle very well, others have not, and a few have returned to their home country.

One primary reason some expats do better than others is financial planning. The more time you spend understanding how to make your savings work best for you, the more you will enjoy retirement and the good life in France. Most people I meet are those who retire in another country and rely on their pensions and investments to pay the bills and provide an income.

Retiring to another country is generally a decision to pursue a better life, so it is initially an emotional decision. However, actions taken before any move must also be carried out with logic and solid planning.

Look before you leap – Plan before you move

When moving to France, getting counsel from a French-qualified and regulated professional is vital to avoid unnecessary stress and complications. So, how do you ensure your bills are paid, you have sufficient income, and your investments are cared for as tax-efficiently as possible when you have retired in France?

Know what works best for you as French Residents

If you live in or plan to move to France, you must know that it has an entirely different tax system and inheritance rules. It would be best to talk to an international financial adviser who understands France and the UK’s rules and regulations to get the right advice.

Some people are happy to keep their investments in UK deposit accounts, which earn little or no interest. However, high inflation levels mean low interest rates stifle growth or reduce value.

Many UK nationals prefer to keep their investments in UK Individual Savings Accounts (ISAs).

ISAs are entirely tax-free. However, this is a UK tax allowance, which does not apply in France. The French tax system will completely ignore the tax wrapper and merely assess to tax whatever is inside it, such as stock, cash, etc. Moreover, non-UK residents may not add any further money to their investments.

Maximising Investment Return / Minimising French tax

Low interest rates mean you may need to take a measured risk within your investments to make a noteworthy return. Diversifying your investment portfolio to include French tax-efficient investments can spread out your tax liabilities and possibly offer more favourable tax treatment on some of your investments.

At the same time, you should seek to remain as tax-efficient as possible. For example, carefully plan the timing of your ISA withdrawals, ideally before you move to France.

Manage your pension and investment savings to maximise potential income and minimise tax. The UK Pension Freedom Act (2015) gives you a wide range of choices regarding managing your pension and retirement income financially. It is possible, for example, to draw down an entire pension as cash and pay a tax weight of just 6.75% (7.5% after a 10% allowance). If you are a high-rate taxpayer, paying 40% or more, this option can be overwhelmingly attractive, as you can save significant tax while gaining total control of your money.

You may have noticed by now that this article started with a question and that I have yet to answer it. Evidently, I do not know your personal position, so I cannot respond to that question directly; however, I can tell you how the tax systems differ and which leaves most UK retirees better off.

France as a Tax Haven

Many people consider a tax haven a place where people do not pay taxes. This is not the correct definition. The Cambridge dictionary explains it thus: a place where people live or invest money so as to pay less tax than they would in their own country.

Therefore, for UK nationals to be able to describe France as a tax haven, they merely have to pay less tax in France than their home country, the UK.

Most UK nationals who retire to France are better off paying their taxes in France!

I’ll give you a minute to let that sink in! This is a complete and total shock to many, who often approach me to ask in a resigned fashion, “Okay, what’s it going to cost me?” assuming that bad news is coming.

We find that most retirees in France who come from the UK pay 15-30% less tax than those in the UK. Better yet, with good planning, savings can be significantly higher. There are many reasons, such as the parts system and specific allowances; however, those are the facts.

I do not suggest for a second that everybody will be better off. This is where planning is essential; it is not moving with hope but with absolute certainty about your position.

Can you afford to retire to France? A better question might be … can you afford not to?

Seek Professional Advice: Tax laws can be complex and vary based on individual circumstances. It’s advisable to consult with financial advisors with expertise in UK and French tax systems. They can provide tailored advice and strategies for your specific situation.

Find out more and book a consultation with Kentingtons at: kentingtons.com

The post Can you afford to retire in France? appeared first on The Good Life France.

When it comes to thinking about your move to France, you may have decided the area that you want to live in, checked schools and transport links. But will organising your finances be further down the to do list when it should be near the top?

Before moving to France, there’s no doubt you will have hundreds of things to organise, think about and do – not just the packing.

Before you move to France:

Consider your income requirements

Be realistic about what you need income wise to live in France. There are already huge amounts of B+B’s and gites. Spending €150,000 on a holiday rental property to earn €3,000 p.a. may not be feasible in the long term.

Consider your income requirements before you move. You may be required to pay tax on your income in France.  A good advisor will be able to provide you with an estimate of tax payable and look at ways of minimising or reducing tax. If your income is not in euros, exchange rate fluctuations may seriously affect your regular income requirements.

Plan your Finances

Start planning a strategy for your savings and income before you move. Some UK savings products are really square pegs in round holes when it comes to French taxation. It might be better to consider closing or changing them before you become French tax resident. BUT, take advice from an adviser who understands the French tax system and products that are available. A UK qualified adviser may unknowingly make your tax situation worse if they are not qualified to advise you about French financial products.

Consider how your pension might work better for you

What about your pension? Do you have more than one pension and if so where are they held? And, can you access them yet? Review your pension with your qualified adviser to make sure your finances are best positioned for your move to France.

You are likely to find it is much better for you to use a qualified and authorised independent financial adviser who understands both the UK and French tax systems. This way you can make an informed choice about your pension options. Careful planning here can potentially save you tax in the long run. If you haven’t done so already, get a state pension forecast which will tell you how much you will receive and when. https://www.gov.uk/government/publications/application-for-a-state-pension-statement

Think about healthcare needs

Consider your healthcare needs. Whether you’re retired, working or enjoying life with no active employment you may need to pay for healthcare in the form of top up insurance.

Get in touch with your tax office

Inform the UK inspector of taxes at your local HMRC tax office that you are planning to move abroad by filling in form P85. This will enable the UK tax office to advise of and resolve any outstanding issues before you move.

You can download the form online at: www.gov.uk/tax-right-retire-abroad-return-to-uk

Understand how to deal with tax inheritance rules

Consider your status with regard to the distribution of your estate. Inheritance planning in advance of your move can save considerable heartache later.

For French inheritance tax purposes, you must include all of your assets (property and cash) wherever they based.

The notaire handling your house purchase may only look at how the property ownership should be structured, which may be only part of what you have.

When you move to France

Use a competent tax adviser to prepare your first French tax return. Getting it right first time means you’ll avoid unpleasant surprises later on and allows you time to figure out how the system works. Your tax adviser can also liaise with your financial advisor concerning the timings for moving/closing certain investments. This can help you reduce tax and make the best savings.

Jennie Poate is a UK expat who has lived in France for many years and is a qualified financial advisor who has helped many expats to organise their finances and tax in France.

jennie@abc-eu.com

www.abc-eu.com

This communication is for informational purposes only based on our understanding of current legislation and practices which is subject to change and is not intended to constitute, and should not be construed as, investment advice, investment recommendations or investment research. You should seek advice from a professional adviser before embarking on any financial planning activity. Whilst every effort has been made to ensure the information contained in this communication is correct, we are not responsible for any errors or omissions.

ABC-EU are members of Nexus Global (IFA Network). Nexus Global EU is a division of Blacktower Financial Management (Cyprus) Limited (BFMCL) and Blacktower Insurance Agents & Advisors Ltd (BIAAL). ABC-EU is an Appointed Representative of BFMCL which is licensed and regulated by the Cyprus Securities & Exchange Commission (CySEC) – Licence No. 386/20. ABC-EU is an Appointed Representative of BIAAL which is licensed and regulated by the Insurance Companies Control Service (ICCS) – Licence No. 5101

The post How to plan your French property purchase and your move to France  appeared first on The Good Life France.

Would you like to make more of your UK pension fund when you become an
expat in France?
If so, you might find that a SIPP (a self-invested personal pension) is something that will help you generate the best retirement income possible. This option won’t be right for everyone. It’s important to have a qualified financial advisor review your position, but you may find that a SIPP gives you the potential to make the most of your pension fund whilst you enjoy the
good life in France. We asked Jennie Poate at ABC-EU, expat finance advisors, to explain SIPPs.

Self- Invested Personal Pensions (SIPPs)

A SIPP sounds like it might be really complex, time consuming, stressful. But that’s not the case. All it means is that this is a tax efficient pension wrapper. Its aim is to give you flexibility.

That said, a SIPP can be simple or more sophisticated – which is where your financial advisor comes into the equation. Some people like to be hands on with their SIPP, but most don’t and want to leave investment decisions to the experts.

SIPP explained in plain English

A SIPP is a wrapper that goes around your pension investments. It allows you to benefit from tax breaks for example taking a tax-free lump sum of up to 25 per cent of your pension pot after the age of 55-years old. (UK rules; other countries may well tax this part differently)

Investors are also able to reclaim income tax on contributions (the annual UK allowance 2024 is £60,000). For higher rate taxpayers – the reclaim is very beneficial.

And, as well as paying personal contributions into your SIPP yourself, contributions may be paid by another person on your behalf e.g. a family member or if you are employed, your employer.

A SIPP enables investors to take control of financial decision making rather than leaving it in the hands of insurance companies and fund managers. But while SIPPs offer greater flexibility than traditional pension schemes, they often have higher charges and the time involved in research means they may be more suitable for experienced investors.

Can expats in France hold a SIPP?

If you’re a UK expat living in France, yes, you can consider a SIPP. As with other personal pensions, you do not have to live in the UK to be able to invest in a SIPP.

However, there are a few important considerations to consider if you do not live in the UK and are considering a SIPP.

As SIPPs are held in the UK, and are normally held in Sterling. This means that if you plan to draw an income from your SIPP while you live abroad you will be liable to currency fluctuations, so you may wish to factor this is into your retirement planning. For people who plan to retire abroad and not return to the UK, an international version of a SIPP can be attractive from a currency point of view and also being able to have an advisor who can manage your pension and knows the local tax rules in the country in which you live.

Conversely, if you are paying into your SIPP while you live abroad and the value of the pound falls, the amount you are actually investing will increase. SIPPs abide by UK pension rules and are affected by any changes the UK Government makes to pension rules. One example of this would be the recent changes to the Lifetime Pension Allowance where the Government has changed the rules as follows:

From the 2024/2025 tax year the lifetime allowance will end. BUT, the tax free cash you can get from your pension will be limited to £268,275, and when you die to £1073,100 in most cases. An overseas transfer allowance or OTA will also apply if you transfer your pension abroad. Therefore the attraction if moving pension funds to a QROPS has rather diminished.

It’s important to understand the local French tax rules, as well as those in the UK before making a decision about how to draw an income from a SIPP.

Finally, and perhaps crucially, many expats will speak to a financial adviser when making a decision about their retirement plans. If you are seeking advice from an adviser in the UK, remember that they may not be fully aware of all the opportunities for expats. It is important you speak to an independent financial adviser who understands both the UK and French tax rules. Certainly this is an area where getting advice and making decisions before you move can make a huge difference to potential tax in the future.

Whatever you do, it is important to do your homework as there are many different types of SIPPs each offering different investment options.

If you’d like to find out more or have questions about how to maximise your investments, contact Jennie for an obligation free consultation at: jennie@abc-eu.com

abc-eu.com

This communication is for informational purposes only based on our understanding of current legislation and practices which is subject to change and is not intended to constitute, and should not be construed as, investment advice, investment recommendations or investment research. You should seek advice from a professional adviser before embarking on any financial planning activity. Whilst every effort has been made to ensure the information contained in this communication is correct, we are not responsible for any errors or omissions.

ABC-EU are members of Nexus Global (IFA Network). Nexus Global EU is a division of Blacktower Financial Management (Cyprus) Limited (BFMCL) and Blacktower Insurance Agents & Advisors Ltd (BIAAL). ABC-EU is an Appointed Representative of BFMCL which is licensed and regulated by the Cyprus Securities & Exchange Commission (CySEC) – Licence No. 386/20. ABC-EU is an Appointed Representative of BIAAL which is licensed and regulated by the Insurance Companies Control Service (ICCS) – Licence No. 5101 

The post SIPPs for expats in France appeared first on The Good Life France.

Looking after elderly relatives in France: We check out what assistance is available for expats…

First of all, did you know that in France, children (where finances permit) can be obliged by the courts to support their parents and grandparents?

Putting this obligation aside, having family to stay brings much joy, but having them move in also brings costs –not only food and lodging, but you might also need to undertake home improvements and organize for extra help to care for them. In France, it’s possible to get support for some extra costs for those caring for elderly relatives; we take a look at what’s available and how to apply

Home Improvements

When you need to make necessary improvements to your primary residence to accommodate the elderly and persons of reduced mobility, a tax credit is granted for the installation and replacement of equipment specially designed to assist your new residents.

It is a very specific list of works covered, and they must be carried out by a professional, however you may be eligible for 25% of the cost to be reimbursed against your tax bill.

How to claim: Declare the full amount spent, including VAT, in box 7WJ of your ‘déclaration de revenues’. The cost of works is capped at 5.000€ for a single person household, and 10.000€ for a couple, with an extra 400€ for every dependent.

Tip: Keep the invoice for the home improvements in case you are asked for it.

Health Cover

If your family member is not already in the French health system, but has a CEAM (Carte Européene d’Assurance Maladie ) you can add them to your own health cover as a dependent.

How: Use form cerfa 14411*01 and send it on to the French organisation which oversees your own cover (CPAM, RSI,…).

Home Help

You need to apply for an Allocation Personalisée d’Autonomie  or APA (as at the  local Mairie). After this a home visit is conducted with a doctor and a social worker, to establish the needs of your family member and your involvement in their day-to-day life. This may mean you are remunerated for your assistance, or that external home help can be engaged to help as necessary.

Note: 1 month after you receive confirmation that APA is approved, a declaration should be made of the personnel engaged or the help being received (cerfa 10544*02).

The amount of support you receive will depend on the revenues of the person you are caring for as well as how much help they need.

Tax implications & reductions

As far as the French taxman is concerned your family member is now one of your household for tax purposes; even if their pension or disability income is taxed at source it should be declared on your household tax return, and if not it should be added as the income of a dependent.

If your dependent has no income, then you should reduce your total household revenue by 3.407€ per dependent, per annum (2017).

Your annual taxe d’habitation may also be reduced if your dependent is over the age of 70, lives with you and in the previous year had a declared taxable income below 10.697€ (16.409€ for two people: 2017).

The list of de-taxed installations is a long one, so get in touch to check if your planned works are eligible – info@frenchadminsolutions.com

by Jo-Ann Howell at French Admin Solutions who helps expats settle into life in France.

The post Caring for elderly relatives in france – what support is there for expats appeared first on The Good Life France.

There’s always such a lot to think about when you’re moving to France – from packing boxes and making sure your favourite glasses don’t get broken when you’re loading them onto the removal lorry to getting your post redirected. Some things are easy to forget but are really important for ensuring a successful move when it comes to the financial side of things.

Sort out your UK Tax position

For instance you should always inform the UK inspector of taxes at your local HMRC tax office that you are planning to move. You don’t have to do it in person, you simply fill in a form P85 (find and download it here: www.gov.uk). Doing this enables the UK tax office to clear up any outstanding issues before you move.  For example if you are receiving UK property rental income you will also need to complete a ‘non-resident landlord declaration’. This will enable you to receive the income gross otherwise, if rented through an agency, they will be obliged to give you the net rent after tax at 20%.

Consider Savings and Income

You should consider planning a strategy for your savings and income before you move. Some UK savings products just don’t work as well as you’d like them to when it comes to French taxation. For some savings products, it may be better to consider closing or changing them before you become French tax resident.  ISAs for example are a tax free product in the UK but are subject to a number of taxes in France. Therefore if you require the cash or need income, it may be better to look at the French options available which could be more tax efficient than keeping the funds where they are. This should be done before leaving the UK tax regime and entering the French as then no taxes will be payable. Premium bonds are taxable in France so that big win, may not be so large after all.

Assess your Pension options

What about pensions? Where are they? Can you access them yet? Review options with your adviser so that your pensions are in the best place ready for your move to France. Use a qualified authorised financial adviser who understands both the UK and French tax systems so that you can make an informed choice about your pension options. Arrange for a state pension forecast which will tell you how much you will receive and when. Pension income is often tax efficient in French terms compared with investment income which has a higher rate of ‘CSG’ or social charges. However some forms of investment bonds are incredibly tax inefficient especially if they are the offshore variety and really can be a ‘square peg’ in a round hole.

Think about Income

When you’re assessing your income, don’t forget you may pay tax on it in France – reducing what you have to spend.  A good adviser will be able to provide you with an estimate of tax payable and look at ways of minimising or reducing tax. Your estate agent can usually recommend someone English speaking who is local to you for tax purposes or your financial adviser can recommend someone to help based on your needs. Getting it right first time means that you won’t have to worry going forward.

Inheritance Planning

You may need to think about inheritance planning, doing this before you move can save considerable heartache (and headache) later. You may include all of your assets (property and cash) wherever they based. The notaire handling your house purchase may only look at how the property ownership should be structured, which of course might be only part of what you have.

A good adviser will be able to review everything you have in place now and in the future (after the sale of your UK property for example). They should take into account your income needs and priorities, coupled with your inheritance wishes and come up with a plan that will help you start off on the right foot for tax purposes once you become resident in France.

I’d advise you to use a competent tax adviser to prepare your first French tax return, especially if you don’t speak fluent French. Getting it right first time means no unpleasant surprises later on and allows you time to figure out how the system works. Your tax adviser can also liaise with your financial advisor concerning the timings for moving/closing some investments which can be crucial.

The post Top Tips for Brits moving to France appeared first on The Good Life France.

You’ve worked hard to pay for your dream retirement in France, now’s the time to enjoy that relaxed way of life you’ve planned.  If however, your ties to the UK are not entirely cut, and you have a pension being paid into a bank account in the UK –  then you should consider ways to make your pension go further in France.

Each expat’s circumstances will differ in terms of what they want to do or need to do with a monthly pension. Some may well be in the fortunate position that they have deposited a bulk amount of cash in their French account and don’t need to draw on their UK pension payments on anything more than an infrequent basis. Others (perhaps the majority in reality) will be reliant on those pension payments to live on.

For the specifics of how best to manage the pension itself, the advice of a reputable, qualified adviser should fully explain such things as QROPS (Qualifying Recognised Overseas Pension Schemes) and the process and implications of transferring a UK pension.

When it comes to moving funds from a UK account into a French account many people will still make the currency transfer using their bank. But, this may not be the best available option as banks can charge a fee each time a transfer is made and may not offer the best available exchange rate from pounds to euros.

An alternative option is to speak with an authorised currency broker to see how they can save you money – it costs nothing to ask.

Why speak with a currency broker?

Currency brokers transfer your funds in much the same way as a bank, but will most likely provide a better rate of exchange combined with a more personal service. They can also offer different options and solutions to meet differing currency requirements.

For example, banks will typically only offer the ‘spot’ rate which is the rate available should you wish to carry out a currency transfer at the time of asking. Currency brokers will talk you through options such as ‘forwards’ which may suit your needs better as well as provide an improved rate of return and add some protection from market fluctuations. The ‘spot’ option may well be the best solution for an individual’s needs and going through a broker should provide more euros for your pounds due to the improved exchange rate and removal of transfer fees.

Making savings and getting a more personal service make using a foreign currency broker an attractive option, and as it doesn’t cost you anything to check, you have nothing to lose.

Most currency brokers have the ability to set you up with a regular overseas transfer plan which means you don’t need to worry about organising it each month.

If you are in the position where you’re flexible about when you receive the euros some brokers hold a higher level of authorisation as e-money institutions and can hold client funds indefinitely, which provides a better opportunity to get a more favourable rate of exchange.

Whatever your personal pension situation is, make sure you get the most from your money so you can relax and enjoy life more.

The Good Life France uses Universal Partners FX. Registration is easy, secure and is a one time set up. After that you just log on and manage your currency transfers when you want to but there’s always someone on the end of the line to talk to you when you need it.

The post How To Make Your Pension Go Further In France appeared first on The Good Life France.

France remains one of the top destinations for those wanting to retire overseas. Offering a great quality of life from city to country, fabulous food and great weather in many parts of the country it’s no surprise that surveys of Americans, British and Australians considering retirement show that France is high up the list.

One of the things that retirees say appeals to them about living in France the most is the way of life, often a simpler and gentler pace of life is to be found. Respect for tradition and heritage is imbued in the French mentality and that includes generally respect for older people.

The process for retiring to France is really quite simple.

If you’re from the EU you’ll need to have healthcare taken care of – it isn’t free in France but the process is easy.

If you’re from a non-EU country there is a little more to take care of. You should apply for a long-term visa in your country from the French consulate and you will be granted a “carte de séjour visiteur”.  You’ll need to prove that you are financially able to live in France – a pension statement will suffice, bank statements showing savings etc.  You must have a suitable healthcare plan – as we said earlier, it is not free in France but they do have an excellent record of healthcare.

There will be forms to fill in and paperwork to provide – it differs from country to country so check with the French consulate exactly what they want and make sure you take copies of everything you send in for your records.

Many people recommend that before you take any final steps to giving up ties back home, you might consider a long holiday in France to make sure it works for you. It’s a chance to meet other expats in the area, check out the neighbours, shops, facilities, doctor and health care in the area and often, to find the right home to retire to.

You might hanker after living in the country in splendid isolation but just bear in mind that in winter months you may have issues getting supplies or getting out and about freely. On the plus side the cost of living in the French countryside is often considerably less than in a city and a thriving French country community is a wonderful experience.  Living in a town is usually more expensive and Paris of course is the most expensive of them all. However there are many beautiful towns with excellent facilities all over France so it pays to check carefully before you sign on the dotted line and have all your furniture shipped off to France.

The post Retirement to France – living the good life appeared first on The Good Life France.

If you decide to leave your home country and retire to France you should make sure that you know about crucial issues that will affect you.  We’re assuming that you have already put in place a passport and any necessary visas to enable you to live in France but there are several other key factors that you need to consider such as health.

France does not offer free health care and you will need to make sure that you have an appropriate health policy in place.

Depending on which country you are retiring from a good place to start is the Government website for your country in France to help you make the most of  your new life living in France. Most Governments provide this service and have helpful information which is relevant to the citizens of their country.

For those from the UK, the UK In France Government website provides helpful information as follows:

Be clear about your financial situation. For example, find out about tax liability in the UK, social security benefits and National Insurance contributions, and get a pension forecast. Useful websites include the Department for Work and Pensions; HM Revenue and Customs; and GOV.UK. You can also find out whether offshore banking is appropriate.

When you arrive, register with the local authorities and get a residence permit. You can also register with the local British embassy.

Get a French bank account.

Sort out insurance to cover medical requirements.

You’ll want to tell your friends and family, but you also need to inform the authorities such as HM Revenue and Customs, National Insurance and the Department for Work and Pensions.

Make sure your car is in line with local regulations and you have the necessary driving permit.

Make a will.

Try to learn the language before you go.

See the UK in France Government website for full details

The post Retirement in France appeared first on The Good Life France.

What is QNUPS?

Qualifying Non-UK Pension Scheme was established on February 2010 to provide British expatriates with a way to reduce taxes. The pension scheme is flexible and does not require payments from an employer. Expatriates can also invest at any age without a maximum contribution limit. Because of the flexibility, many expatriate retirees are gaining significant tax bonuses. Qualifying Non-UK Pension Schemes are designed for wealth preservation, and can protect people who may have had a late start saving for retirement. This QNUPS guide will explain some the benefits of participating in the pension scheme.

Advantages of Qualifying Non-UK Pension Scheme

Flexible: Retirees have the opportunity to gain significant tax bonuses. Even a 90 year old retiree could benefit from the pension scheme by investing large sums of money into an account for the tax advantages. Since there are no limits to the contribution, many retirees avoid taxes. Retirees save on wealth taxes, succession taxes and UK inheritance tax.

No Significant Rules: Many retirees can designate a beneficiary and have the funds distributed posthumously without significant rules and regulations. This is a relief to many retirees who do not want their death to be a burden on their beneficiaries.

Avoid Taxes: Many retirees have successfully avoided paying taxes in other countries by taking advantage of the Qualifying Non-UK Pension Scheme.

Early Retirement: Income can be drawn from a Qualifying Non-UK Pension scheme at the age of 55. There is no obligation to retire until the age of 75.

Tax-Free Payment: Large chunks can be paid tax-free in some regions.

Retiree Payments in the Currency of Choice: Assets and investments may be taken in any currency of choice.

Trustees Are Free From Restrictions: HMRC often imposes restrictions on retiree pensions. With the Qualifying Non-UK Pension Scheme, appointed trustees can manage a retirement account without restrictions. No reports or details will have to be supplied to governing bodies in most instances. The only exception to this rule is if transfers have been made from other UK pension plans into a Qualifying Non-UK Pension Scheme.

Access to Qualifying Recognised Overseas Pension Scheme: Retirees can have both a Qualifying Recognised Overseas Pension Scheme (QROPS) and a Qualifying Non-UK Pension Scheme. UK taxpayers living outside the UK can take advantage of this program. Even retirees that intend to move outside the UK have the opportunity to participate. If an international worker is returning to another country or to their home, he or she is also eligible to participate.

Any person that passes residency tests or pension rights tests will qualify for both managed and self-invested QROPS. This pension scheme pays upon retirement, death or if suffering from a serious illness.

Choose a Qualifying Non-UK Tax Pension Scheme:

QNUPS should be considered by people of all ages. This is an excellent way for people to plan for retirement without tax penalties. Many people take advantage of this pension scheme and use it as a tax shelter to protect their wealth. Tax-free money allows UK residents to use more of what they earned instead of paying exorbitant taxes and having a fraction of the wealth acquired.

Please note post Brexit, this information may have changed.

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