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'Americans: Buying real estate in France - what you need to know.'

'Americans: Buying real estate in France - what you need to know.'

'French culture and fashion? Do you want the adventure of restoring an old house or something modern or even an apartment under construction? Even if your only concern is better access to the ski slopes, you still have plenty of places in the French Alps to consider! Looking for luxury with a chateau, a vineyard or an exclusive apartment in Paris? Take a look at Leggett Prestige, which features over 500 prestigious properties for sale throughout France, selected by experts from France's leading real estate agency, Leggett International Real Estate. If you are looking for a new career, you may also be interested to know that Leggett International Real Estate is currently recruiting independent sales agents across France. Thinking of buying''your own French home? Find the right property for your needs and budget with Leggett International Real Estate.

2. What kind of visa will you need?

France offers a wide range of visas for non-EU citizens. You may find it difficult to understand the options, so let's take a closer look at them. If you are hired as an employee, your employer will sponsor your work visa (although you may have to fill out the paperwork yourself). If you are self-employed or setting up your own company in France, you can also apply for a work visa with a detailed business plan and proof that you can support yourself initially. What if you are buying a second home and want to stay''in France for more than 90 days out of every 180 days allowed on a Schengen short-term visa? If you're ready to make France your primary residence, you can apply for a long-term visa equivalent to a residence permit (VLS-TS), which lasts up to 12 months, and spend as many days as you wish in your French property. Not ready to take this step yet? You'll need a six-month visitor visa (VLS-T), which gives you fewer rights but also fewer responsibilities. You can also apply for a spouse visa if you are marrying a French citizen.

3. Will you be eligible for health care in France?

For most types of French visas, you will first need to prove that you''You may be able to pay for medical expenses. You will probably need private insurance to cover medical expenses (including repatriation) up to a certain amount, usually around €30,000. But if you are moving to France, you are entitled to register with the French public health system after living in the country for just three months. Once your registration is complete, you will receive a carte vitale (an insured health card) and the French state will reimburse most of your expenses for medicines, treatments and medical appointments. You can then decide to cancel the private insurance you needed to get your visa. However, most people in France buy additional health insurance, known as''mutuelle, which typically provides 100 percent reimbursement of your expenses. Start your search for a French home with Leggett International Real Estate, a family-owned business with over 8,000 properties on the market throughout France.

4. What will your tax liability be?

There are two property taxes: property tax (paid by the owner) and occupancy tax (traditionally paid by the occupant). If you own and live in a French property, you usually pay both taxes. However, the occupancy tax is now abolished for people who are not high earners or second home owners.

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Some municipalities are allowed to levy an additional tax for second home owners. But most of them do not''levy it in 2022, so it's worth looking into this in more detail before deciding on your preferred neighborhoods. As for tax returns, you'll need to complete a new Declaration of Use indicating whether the property is your main residence or second home (these are additional documents, but not a tax bill!). The Paris apartment now for sale, overlooking the gorgeous garden courtyard where the Emily of Paris series on Netflix was filmed. Photo: Leggett International Real Estate If you plan to rent out your home, the rental income you receive is taxable and you need to learn how to properly declare it. That said, sooner or later, with U.S. citizenship you must continue''file an annual U.S. tax return.

5. How will this affect your retirement plans?

Whatever your age, it makes sense to explore the implications of moving abroad on your retirement plans. If you'll be an employee in France, you'll be required to join a state pension scheme, and your employer may offer you a private pension. But as an American, you may need to consult an international financial expert to properly understand the implications of the latter. Some French pension products, such as the Plan Epargne Accion (PEA), allow you to withdraw cash within five years of opening. But the Internal Revenue Service (IRS) doesn't consider this a real''pension. Americans living in France who have opened a PEA emphasize that they must pay taxes every year. U.S. citizens can transfer any U.S.-related pension to France, but you need to inform the U.S. tax authorities that you will pay French income tax. If you retire in France, you must list your U.S. pension on your French tax return. But don't worry, that doesn't mean you'll have to pay taxes twice; after declaring your American pension, France will give you a credit equal to the French tax.

6. Do you need property management services?

If you are buying a second home, you have additional questions. Will you be renting it out when''Will you be there to receive a return on your investment? If so, will you only accept short stays or can paying guests enjoy staying in your valuable property for extended periods? And if you prefer to leave it unoccupied when you're in the U.S. (or elsewhere), how will you secure it? Either way, you should look into a property management service. With Leggett Property Management, you can choose from a number of plans. Whether it's regular inspections and garden maintenance, or full rental management and a personalized concierge service, you'll be able to find a solution that makes your life easier. Ready to start searching for your dream French property? Take a look at the properties currently available''time on a home sale with Leggett International Real Estate.

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