The financial questions you should start asking before you move

  1. Will you be a fiscal resident in France? This is not a cut-and-dried question, but it is perhaps THE most important financial decision you make having to do with moving to France.  Whether you will be considered a fiscal resident depends on the facts and circumstances of each person’s specific situation.  Among the variables are: 
    • Do you spend more time in France than in any other country?
    • Is your primary residence (home address) in France?
    • Do members of your household live in France?
    • Do you own a business in France? 
    • Do you own any other substantial assets in France?
    • Do you spend more than 183 days/year?

If you answer yes to ANY of these questions, you need to consult a professional financial advisor familiar with both your country and France’s tax and financial laws to determine if you are a fiscal tax residence.  If you do become a French fiscal resident, the date of that residency begins on the first day you enter France.   

    1. Are you a medium or high-net-worth individual? (assets over €500,000), If so, you need to consult a professional financial advisor familiar with both your country and France’s tax and financial laws.
    2. Do you have an estate to leave?  A child or a parent can inherit up to €100,000 tax-free in France.  Spouses/civil partners are exempt.  After that, inheritance taxes are much, much higher in France than in the US, the UK, or Canada.
    3. Do you have trusts?  France treats trusts much differently than the US.  You need to have professional advice pn this BEFORE you move, or enter France on a visa.
    4. Owning stocks not based in your home country, or selling your house in your home country, are among several financial issues where a professional can help you manage or avoid a tax disadvantage,  but only if you consult with them BEFORE you establish residency in France.

As of this writing, we are not recommending any financial professional in particular, but we are stressing that, using the questions above,  if you have any ambiguities in your financial situation, it is VERY IMPORTANT to talk to a financial advisor  — sooner than later.  We do have some knowledge of some professionals, and while we don’t recommend anyone in particular, we will be happy to share some of the feedback about finance professionals that we’ve heard over the years from their customers.  We often do hear that with fairly complex situations, you may need more than one professional  ( eg. a tax attorney AND an accountant