The Short Guide To Buying Property In France For Americans
Published on
November 11, 2024
You will not be the first or the last to dream of buying property in France. Many from the United States decide to ‘up sticks’ and swap the American lifestyle with something a little more je ne sais quoi. Frenchisms aside, living on the French Riviera, in beau Paris or even in a lesser-known part of la Métropole, in la France ‘profonde’ can be a wonderful experience, pre or post-retirement.
You will not be the first or the last to dream of buying property in France. Many from the United States decide to ‘up sticks’ and swap the American lifestyle with something a little more je ne sais quoi. Frenchisms aside, living on the French Riviera, in beau Paris or even in a lesser-known part of la Métropole, in la France ‘profonde’ can be a wonderful experience, pre or post-retirement.
Imagine morning trips to the best boulangerie in town, being on first-name terms with those manning market stalls in Cannes, and ending long cultured days soaking up cityscapes, sea views and other glorious vistas from your own slice of paradise… This is your short guide to buying property in France.
1. Locate The Regions You Love
If you are looking to buy property in France, it is likely that you have a town or region in mind. From an apartment in Bordeaux to a hilltop villa on the French Riviera, there are many wonderful places to consider for real estate in France. If you are undecided or open to exploring areas you may not know so well, be sure to visit towns and regions in person, for longer than a week, as there is only so much you can feel for a place over a video call with an estate agent or via a post on Instagram. Be sure to look at the calibre of properties and understand the real estate market in that area.
It’s important to think about how you want your lifestyle to look out there too, much of this will naturally depend on whether it will be your forever home or second home. Here are some questions to consider:
Are there schools nearby?
What is the safety rating?
Will I be able to integrate into the community?
By all means, begin online for initial research, but for such an investment, it is worth taking the time out to see what places speak to you and to connect with others who have made the move themselves.
2. Check Visa Requirements
An article first published in July 2024 on Connexion France, noted that Americans were the fifth largest nationality to have obtained resident cards in France, in 2023; 12,153 Americans. To join them, and ensure you can live out your dream of buying property in France as an American, having a thorough understanding of your visa requirements is important.
For stays longer than 90-days that are covered by a "Uniform Schengen, short-stay visa", US citizens will need a long-stay visa. A long-stay visa serving as a residence permit (VLS-TS) allows you to extend your stay and apply for a resident card. This lasts for 10 years, and is issued by a Prefecture or sub-Prefecture once in France. Note you will need to apply within three months of arrival in France and this procedure is now entirely online. Be sure to check the latest requirements on France-Visas.
3. Make Property Market Connections
Once you know the area you wish to buy property in and are certain you meet the criteria for long-term residency, you can begin looking even more vigorously at what is available on the property market.
Seek out local estate agents who know the area well, this will make all the difference, and one of our top tips when buying a holiday home is to ‘Make key local connections early on’, after all. From finding gems that are ripe for a home renovation, to helping you navigate finer legalities of the real estate market in France, it pays off to have contacts you can rely on - especially when you are not (yet) in the country full-time.
4. Property Acquisition And Due Diligence
Even buying a vacation house in France requires due diligence and comes with complex legalities. As we share in our piece on whether an American can buy a vacation home in France, there are different contacts to navigate and so working with a professional in the real estate industry can help with each step; from selecting a property to the final ‘Acte de Vente’.
You will also want to hire a notary to oversee the final contract signing and registering the sale. The US embassy has a list of English-speaking notaries in Paris with some suggestions outside of Paris too, for if you are buying in the South of France, for example.
5. Ensure Finances And Taxes Are In Order
As expected, the tax landscape can be an area of complication when buying and living abroad. In addition to notary fees and the initial real estate acquisition costs, consider the following:
Property Tax
Taxe d'habitation (council tax) in France was abolished for primary homes in January 2023 but currently still applies to second homes in France.
Taxe foncière, however, is an annual fee and as French real estate site, Pretto, notes, it is divided into two categories: for built and unbuilt properties. For built properties, it is calculated at 50% of the cadastral value and for unbuilt properties, 20%. It is revalued each year.
Income Tax
When it comes to income tax, understanding whether or you are a ‘tax resident’ of France is important. This would mean you are taxable on income from French and foreign sources. ‘Tax residents’ will match one of the following: have a primary home in France, have a centre of economic interest in France, carry out a salaried or non-salaried profession in France, as explained on France’s official online services of the General Directorate of Public Finances (DGFiP), impot.gouv.f. It is worth noting here that the US France tax treaty prevents double taxation. With that said, it may be beneficial to hire a US tax advisor in France to keep your books in order presently and, especially if you decide to resell your French property in the future, as this would incur a capital gains tax.
Despite the fine detail and legal landscape to navigate, buying property in France is possible for Americans. To dive into French culture, arrange a call to find out more.
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