How much does it cost to live in France? Why did David Beckham love and hate this city?

How much does it cost to live in France? Why did David Beckham love and hate this city?

Many people often ask before traveling to France: "How much income do I need to live in France?"

Jenny, a qualified financial advisor from France and UK, shared following information and experience.

Live in France

More than a decade ago, when I first became a consultant in France, most important criterion for people moving to France was capital preservation due to different inheritance rules here. Almost all of our clients have reached a certain age and will make their dreams come true in France after retirement.

Times are changing! Now our clients are becoming more and more diverse, and age range includes those who come for work or business.

Brexit has had a huge impact. Many people are starting to plan their future so that from 2021 they can live in France, although there are still uncertainties and unknowns due to epidemic.

Is there a test for entry into French life?

Despite lack of a test, you must apply for a visa to enter France. You can apply for this through consulate or make an appointment online, which greatly facilitates and saves application process.

The current minimum income standards (2020) are as follows:

Minimum Monthly Income Standard (Effective April 1, 2020)

Children/dependants* Single couples

EUR 0,564.78 EUR 847.17

€1,847.17 €1,016.60

EUR 2,1016.60 EUR 1,186.03

Each child/dependant €225.91 €225.91

Older than 65,903.20 €1402.22

Those who want to live in France often ask these questions:

Can offshore rental income be part of your income?

Yes, we now understand that most forms of regular income are acceptable, including pensions, wages, and rental income.

We will live on our savings until we retire or start our own business. Will it be taken into account?

Well, it's a little tricky. Withdrawing money directly from savings or capital seems to be a stumbling block as it is not currently considered a regular income.

Is there a solution?

One thing you can do is find right home for your money and create a recurring income plan that will help you meet above criteria. Not necessarily in euros. Therefore, if you are willing to hold funds in pounds sterling or US dollars, this is acceptable. This action will also comply with strict taxation standards set by French tax authorities, so you won't be surprised by tax issues in future.