I am thinking about buying a house in France, but I'm concerned about the EU exit. Is there any information yet about how Brexit will impact on UK home owners in France or how it will change the purchasing process?
Unfortunately we can't be certain what the effects of Brexit are going to be on home ownership in France, or other EU countries. During the transition period not much should change, but after that there are some likely changes.
If you need to take out a mortgage, Brexit will change the parameters for you. At present an EU citizen may borrow up to 80% of the value of the property, but a non-EU resident can only borrow between 60-65% of the value of the property. If you plan to let out your home the tax from income you receive may change. At present UK residents get a "no double tax" relief because of their EU status. However this should change after Brexit and you may be liable for tax in both France and the UK.
During the transition period you should not need a visa if you move to France. However, as a non-EU citizen, if you plan to live in France full time, and don't move before the transition period ends, you will probably need a visa.
The buying process will change slightly in that British solicitors will no longer be able to act in France unless they have taken a new test to qualify as a French avocat and can speak French.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.