- August 11, 2020
- Posted by: Editor
- Category: Law
France can be a great option for citizens looking for modern and excellent standards of living, and that also includes international investors looking to develop and thrive in this country. Persons interested in buying a property and getting the residence permit in France should ask for legal advice and assistance, instead of dealing with such aspects on their own. Our team of immigration lawyers in France is at your disposal for complete guidance and assistance, as they can assist you throughout the entire process of property purchase and residence.
How can I buy a property in France?
The real estate sector in France is quite developed and offers great opportunities in terms of properties to all persons interested. Acquiring a property in France as a foreigner is not a complicated process, however, non-EU citizens will have to pay attention to the visa and residency regulations and policies. Here are a few rules you should pay attention to when buying a property in France:
- It is recommended to have the support of a real estate agent and decide on a specific budget prior to any kind of recommendation.
- You should ask for real estate due diligence and talk to our advisors in this matter.
- You should open a bank account in France before purchasing a property and skip high tax rates applied to money transfers.
- Ask for a preliminary contract (compromise de vente) and let a French attorney make a verification before signing it.
- All documents must be notarized prior to the final sale agreement.
The sale of a property starts with a deposit of 10% of the price, deposited in a local bank account. This is normally paid at the notary when the seller and the buyer meet. You can solicit to be represented by a lawyer in France and deal with all the formalities involved in property acquisition.
What are the requirements for French residency?
In the case of EU, EEA and Swiss citizens, there is no need for a residence permit to stay in France for more than just 3 or 6 months, however, it is recommended to inform the authorities and register as a foreigner living in this country. In the case of non-EU/EEA citizens, things change when it comes to a residence permit and that because there are several types of documents, depending on the length of stay in France, such as:
- Carte de Jour is issued for foreigners who already have a long-stay visa and who intend to live more than just a couple of months in France.
- The EU blue card is needed for non-EU citizens who stay at least 3 years in France and who work in this country.
- Carte de Resident is issued to spouses of French citizens.
In terms of formalities and applications, the Office Francais de l’immigration et de L’integration is the institution that oversees the process and issues the needed residence permits to foreigners in France. It is a great idea to start the preparations within a couple of months prior to your arrival in France and get in touch with one of our French immigration lawyers for legal help and support.
Documents for a residence permit in France
As mentioned earlier, EU citizens do not need a residence permit, but they will have to be registered with the authorities. In the case of non-EU citizens, besides the VLS-TS which is the long-stay visa for France, the following documents are requested:
- Proof of property/residence bought in France.
- A copy of the marriage certificate, if it is the case.
- Bank statements for the past 6 months.
- Medical insurance with international coverage.
All the formalities can be properly handled by our French immigration attorneys who are at your disposal at any time. They can help you obtain a French visa, a permanent residence permit in France, and even citizenship when interested in this aspect.
Our lawyers can provide detailed information on how to apply for French citizenship, if applicable.
Why relocate to France
In terms of business, France has a powerful economy and it is a very much appreciated financial hub that hosts numerous international investors and entrepreneurs. The business climate in France is often on the list of advantages when it comes to company relocation in France, alongside, a skilled and multilingual labor force, first-rate business networks worldwide, and great standards of living. It is not uncommon for foreign nationals to wish to obtain French citizenship and comply with the minimum living requirements for this process. Here are some numbers that strengthen the above-mentioned benefits:
- the recent 2020 World Doing Business report revealed by the World Bank ranks France 32nd out of 190 international economies;
- about EUR 825,000 million was the total FDI stock registered in France in 2018;
- the Netherlands, Belgium, Germany, Italy, Japan, the US, Spain, Canada were the main investors in France in 2018;
- France is the 12th FDI recipient in the world, according to Global Investment Trend Monitor.
If you want to know more details about how you can buy a property in France and obtain residence, feel free to contact our team of immigration lawyers in France.