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Best way for Britons in France to manage ‘lump sums’ of money

Partner article: Consider putting money from UK ISAs, property sales or investments into a French ‘Assurance Vie’ says Daniel Butcher, founder of DTB Wealth Management

Older couple looking at laptop

Native English speakers cannot open an ‘assurance vie’ policy that is only written in French Pic: Friends Stock /Shutterstock

Now that Brexit has taken place Daniel from DTB – a Conseil en Gestion de Patrimoine, qualified in family law, accountancy, real estate and wealth management – reviews the best way to bring financial lump sums from the UK into France or the EU.

Read more: Clinging to UK assets while living in France might not make tax sense

Read more: France’s LEP tax-free savings account at 2.2% interest: Who qualifies?

“I recommend Assurance Vie, an insurance-based investment scheme, as the starting point,” says Daniel. 

“It is an excellent product for those with assets such as ISAs, General Investment Accounts, liquidations assets or property sale proceeds which now need bringing into France.

“English advisers are not allowed to give advice in the EU, so as French advisers with a British background, we are perfectly positioned to give British expats the best investment advice possible.”

Assurance Vie investment products are an optimal choice for expats looking to: generate an income (with low tax), plan their succession, reduce their overall tax burden and generate capital growth.

DTB Wealth Management currently has two favoured Assurance Vie products. 

The first is for those who are residents in France looking to invest at least €100,000 and who want to have access to their money at any time. 

“The other is a new scheme that has been 100% designed for British expats in France and is managed by a well-known firm in Ireland, so all the paperwork is in English,” says Daniel, adding that both are “Brexit proof”.

Know the rules for foreigh nationals in France

“It is now a legal requirement that you can only sign an Assurance Vie policy written in your native language, so English speakers can’t open a policy that is only written in French.”

Expats currently navigating the Assurance Vie sector should know that advisors in France are required by law to provide at least two investment proposals for which fees must also be disclosed.

An engagement letter must also be signed before the commencement of any investment in France.

Daniel concludes: “It is important that expats choose a knowledgeable, qualified and client-dedicated advisor, who will match the right independent Assurance Vie products with the people and the portfolio in hand.

“DTB Wealth Management is more than just an independent financial advisor. We hold the CJA (Code de justice administrative) in notarial, civil and family law, so we are also trained lawyers, and can offer our clients everything they need to make the best decisions for their assets.”

Related articles

Helpguide - Income Tax in France 2022 (for 2021 income)

Six common pitfalls financial experts see when people move to France

How to work out if you owe French property wealth tax in 2022

 

 

 

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