Possible impact of the ‘Leave’ result

As you can imagine, we have had a very busy start of the week here at CLE FRANCE!

We have sold many properties in France over the years, and are often in touch with our previous customers as well as current ones. It is no surprise therefore that we have had a large number of enquiries from people who are already living there, or own holiday homes, and indeed from those clients who are thinking of purchasing, or are part way through the buying process.

There has of course been much comment on the possible impact of the ‘Leave’ result across the media, and various individuals, companies and organisations have contributed to the debate. So I thought it helpful to those clients who have phoned or e-mailed in to put out a short blog to address some of the points you have raised.

Living and Working in France

One of the principal concerns has been from British people living in France, who are concerned that they may no longer have the right to live and work in France, and that perhaps their access to healthcare might be compromised. The consensus of opinion is that for now not much will change. The process of withdrawing from the EU will not be a speedy one, and the residency of those ex-pats living in France and elsewhere in the EU will no doubt form a part of that negotiation process. And of course we have a large number of French nationals who live and work in London (it is France’s 6th biggest city in terms of the French population).

So there are people living on both sides of the channel whose lives will need to be accommodated. When I moved to France a residency permit known as the ‘Carte De Sejour’ was required; it was a relatively straightforward application process (or at least as straightforward as a French bureaucratic process can be!) Perhaps this could be re-introduced for British residents in the future.

Holiday Home Ownership

In terms of holiday home ownership we sell houses to Americans and Australians etc every week, there's never an issue with that, and I envisage that although it is still early days, British buyers will continue to buy and enjoy their holiday homes, as they always have done. In fact I have been surprised at the number of clients who have contacted us to say that they are proceeding with their plans as before: it seems our love affair with France remains strong.

Mortgages

In terms of financing a purchase abroad there might be more stringent conditions on non EU passport holders getting French mortgages but again non EU applicants do get loans from French banks, so there's no reason to imagine that the British would be treated any differently from those applicants.

Inheritance and Taxation

Another area of concern for clients is that of inheritance rules and taxation, as currently the legislation treats EU and non EU citizens differently. These are areas that will from part of the withdrawal process, and again I don’t anticipate that we will get quick answers to these questions. It may well be that British home owners in France would be treated as Non EU home owners currently are.

Business as Usual

Clearly there are remain many questions to be answered, and fine details to be ironed out. But what is becoming apparent is that this will be a long process, possibly years in the making, and we will of course bring further news as and when it becomes available during the coming months. But in the meantime life continues much as it always has done: the British have always lived, worked and retired to sunnier climes, and that will doubtless continue, even if some administrative aspects of live abroad may change.

So enjoy your summer whether you are in the UK or France!

Do You have a Question?

No doubt following the UK decision to leave the EU you may have a lot of questions surrounding this subject and indeed anything connected with searching for, viewing, making an offer, the buying process, owning a French property and moving to France etc.

If you have a question? just "Ask Alex" and she will do her best to answer you as she has so many times before for many Cle France clients, take a look at the recent and historic 'Frequently Asked Questions".