Retiring to France – pensions in France and other advice
Retiring to France is an ambition of thousands of people approaching pension age and some a good few years younger. Before doing so you must find out about your pensions in France, and think seriously whether setting up home in France is for you.
Retiring to France – the benefits
If you choose to set up home in France in one of the warmer regions then the climate, active lifestyle and diet can lead to improvements in various ailments and a higher quality of life.
France is a country synonymous with high taxes but, in actual fact, there are financial benefits associated with retiring to France. A professional tax advisor will be able to advise you on optimising your pension in France.
With Eurostar and the growth of budget airlines, your home in France might only be a few hours travel from your family and so they can nip over for a visit and vice versa.
Is it not better for you and your partner to be collecting your pensions in France rather than seeing out your golden years in the rain?
Retiring to France – the drawbacks
A number of retired couples find French life not to be what they expected. The main barrier they encounter is failing to fully discuss the implications of setting up home in France. Problems may arise when relatives and close friends are left behind and in some cases the retiree emigrants are overwhelmed by homesickness.Before setting up home in France there are a number of things you should consider before deciding whether retiring to France is for you:
- Rent a home in France for a few months before committing to buy. This allows you to experience living abroad and see how homesick you are.
- Viseurosit at two different times of year if possible. You will find out what the country is like when colder and quieter and help you decide whether a home in France is for you.
- If either you or your partner suffers from ill-health you will need to consider the availability and proximity of medical services.
- Think about what type of environment you want to live in (ie beach, rural or urban)
Pensions in France and other information for those retiring to France
If you have decided on retiring to France here is a guide to some of the steps you should take before jetting off.
You can still collect UK state pensions in France and should contact your local social security office to complete the correct forms.
You should also write to the Pensions Service to tell them you are moving abroad and give them your new address.
Extensive information on your rights to pensions in France can be obtained here, a government website which provides information for those moving from Britain to France.
Personal and company pension schemes can usually be paid anywhere and it may be a good idea to transfer your pension fund abroad. This would eliminate any exchange rate risk although all such international transfers must be approved by the Inland Revenue.
You should note that your pensions in France may be subject to taxation. Again, it is advisable to consult a professional to reduce the amount of your pensions in France liable to tax. These steps are vital to ensure you make the most of retiring to France and your new home in France.
