Advice sought, please.
 

Hi, we're in the process of looking at retiring to France. We want to take time and prepare properly, both of us are learning the language.
We know it is not as easy as it was pre - Brexit but would like to give it a go.
I've been looking at the requirements for the long stay visa but am a bit confused by how much money is required and does this mean it is 'locked up' and held by the government or is it a form of proof that you really can finance yourself and you have access to and full control of it. I'm just a bit unsure how this is works and would be grateful for any relevant advice.
Thank you, Barbara

Re: Advice sought, please.
 

I am not sure why you think the French government will lock your money away?
What they are looking for is for a Visa Applicant to have a regular secure source of income equivalent to the French minimum wage(SMIC) of just over €1700 per month prior to tax Obviously it will be a bit more for a couple.It needs to be a regular source ie a pension or such like and not just living off savings.For your first five years in France you will need to prove your income to get a Carte de Sejour.that is it in a nutshell but any further questions please ask.

Re: Advice sought, please.
 

Can you be more specific about that statement? .... If I have £100,000 in savings that generates £3,000 in income (this year), and I draw that plus £7,000 in capital, so I have £10,000 to live on, sounds like that is what you mean by "living on savings"? And obviously next year I would probably only have £2,700 in income, and would have to draw £7,300 in capital to get me the £10,000 income I need.

Now instead, say I buy an annuity with £200,000, that pays me a lifetime income of £10,000pa. That presumably is not "living off savings"? :unsure:

Now instead suppose I have an investment portfolio of £300,000 that produces annual income of £12,000, but I only draw £10,000 to live on. Is that living on savings? .... It is cutting fairly close to the line, risking that a fall in investment performance could leave me short of the £10,000 I need to help meet the minimum income requirement.

Now instead suppose I have a £1,000,000 portfolio of investments that generates £30,000 of income, of which I only rely on £10,000 to meet the minimum income requirement.

Is there a rule that determines which of these scenarios are acceptable for meeting the minimum income requirements, and which are disqualified because they are "living on savings"?

Re: Advice sought, please.
 

Never move to France, Pulaski. You’re far too logical.

Re: Advice sought, please.
 

If there's one thing you can be absolutely certain of, after death and taxes, it is that I would never move to France. 😃

Re: Advice sought, please.
 

Pulaski
Basically if you have a situation where you are drawing down from your lump sum savings in order to live,then that would not be acceptable.If you had an annuity which most private pensions are then that would be OK as the income is regular and guaranteed.If you are living on a portfolio of savings stocks etc then you would need to show a track record of safe investing IMO
Basically the "rule" for visa applicants is that they have to show that they are not going to be a drain on the state and the french minimum wage is the usual bench mark as below this an applicant could start applying for benefits etc.However the French state operates on the principle of "subsidiarity" ie decisions being made at the lowest level and some flexibility is allowed so if you are just below the bench mark income wise but have a large banked savings amount this could be accepted.
Bear in mind also that for the first five years after your visa is granted you need to apply annually for a Carte de Sejour and part of that process is checking your income level so any "backsliding " will be picked up

Re: Advice sought, please.
 

Thank you everyone for your answers, they were very helpful.
The reason I was asking about the government holding the money was because this is the way some visas operate in other countries, you invest a set amount for a set amount of time and the government allows you entry.
I was also a bit confused by the way it seemed that you cannot use your savings to live on, but that it has to be a form of income or regular payment. I feel clearer on that part now.
I completely understand and agree with the French not wanting people to move to France and be dependent on the system.
We have a long way to go with preparations but one step at a time.
Thanks again everyone.:thumb:

Re: Advice sought, please.
 

In the eyes of French Administrations, savings can be spent from one day to the next.....

Re: Advice sought, please.
 

Thank you, that is pretty much what I had expected to be the case. :)