Whorty

.... to move to France, make a living and live comfortably?

For a bit of fun, assuming you buy a reasonable home for about 250k .... and need to earn 25-30k sterling (or Euro equivalent) to cover cost of living, health insurance etc ...

How much do you need, what would you do with it and where?

e.g. if you think a 1 million sterling win, then maybe 250K to live in property, leaving 750k to buy 4 (?) other properties to rent out/holiday gites give the desired income? Buy a wine business? B&B?

Could you do this on less, or would you need significantly more?

Where would you move to in France?

I'd probably look at a gite or B&B business in Dordogne (I know, it's a British cliche) but that part of France is just so spectacular and romantic. Just need to choose the winning numbers now

Chatter Static

Every other house in France is either a B & B or a Gite, If you want to make money open a theme park like Puy du fou you will make money hand over fist.

Whorty

That's interesting .... I work for an entertainment/theme park company in the UK.

Chatter Static

Well there is good money in a badly cooked steak if the only other choice is a duff pizza. A captive audience will empty it's wallet in search of leisure and filling it's stomach.....

bobbi2

A decent Indian restaurant ANYWHERE in France would be a dream

Touraine

Easy

You buy a brand new 3 bed family flat in a 'sort after' suburb of Paris for 800,000. Which does not really buy much BTW but enough.

You rent it out for 3000 euros per month.

Forget gîtes and the Dordogne for crying out loud. Pointless waste of time and money.

Trouble is where do you live ?

Whorty

Sounds like London ... but at some stage the bubble must be due to burst, surely! People are paying ridiculous money in London these days for areas that 15 years ago you wouldn't drive through in an armoured car Seems Paris might be the same

cyrian

The property market in France (including Paris) is nothing like the UK because the french banks do not throw money at people as they have done in the UK.
In addition, more people rent in France.
If you want financial appreciation in your property, then buy in London.
If you are happy to receive rental income alone then buy in France.

Touraine

Yes you are confused.

You said 'I'd probably look at a gite or B&B business in Dordogne (I know, it's a British cliche) but that part of France is just so spectacular and romantic'

You would have to be very stupid to do that.

Novocastrian

Or very British.

Whorty

Going back to the original question .... if you won a million how would you spend/invest it?

It was a kind of leading question as a chap at work thinks he and his Mrs will have about that much when he gets to 55. They want to 'retire' early and are planning to buy a 250k house in the UK as a base, then draw down about 25k a year from the remaining 750k for 30 years to live on. Spend it all before they die is the plan I guess

I was thinking, couldn't you invest that dosh and make some money instead and keep the capital and if so what would others do with such a nice windfall ....

cyrian

Not really appropriate to the french forum then.
Perhaps better asked in the lounge.
I assume that it would be the total of pensions of both of them otherwise they should watch the budget in March.
The budget may reduce their final figure also.
They would currently be able to withdraw £250k tax-free.
They could then invest some in a distribution "bond" which allows them to withdraw 5% of the initial capital tax-free each year.
i.e. a £500k investment allows £25k a year tax-free.
The interest or income of the bond accumulates until maturity and is taxable (as a Capital Gain at a lower rate of tax) only when withdrawn.

Shirtback

I wouldn't.

I've crunched the numbers on that more than once over the last 20 years, for several "Brit-popular" regions. I never manage to make said numbers even come close to a break-even point.

InVinoVeritas

It's an interesting question and one that I guess many people are asking themselves.

Your "chap at work" is too young to retire, there are too many imponderables within the remaining 30-year time-span and, even with a £1M portfolio it could all go horribly wrong. If one still has a job at age 55 it would be crazy to give it up and then to find one needs to work at age 75. The conventional wisdom is that we all need to work 5 years longer not 5 years less.

If he is intent on doing it then I would suggest that with £1M he would be better retiring outside of Europe, where the cost of living is much lower and the financial buffer would go further. In fact, many people choose to do this AND to keep a property in the UK; renting it out provides an income plus the house provides a safe haven to return to should the need arise. It does however reduce the available capital so that £1M may well not be enough.