How to Buy a Home in France, Rent It Out and Obtain Residence Permit Status as an FNL

Konstantin (39 years old), a businessman from Moscow, applied to our agency in July this year for assistance in obtaining a French residence permit for himself and his family. The businessman and his wife Natalia (35) were planning to move to Europe together with their two minor children. He has a successful logistics company in Russia with a representative office in the UAE.

In a personal conversation with the agent, the entrepreneur shared that in the future he intended to expand his international business, for which he needed European citizenship. France was chosen as one of the most developed and accessible countries in Europe. We were eager to get to work.

Costing

Assistance in obtaining a residence permit in France for a financially independent person with subsequent registration of French citizenship is the flagship service of the international company GARANT IN. To date, wealthy foreigners wishing to obtain residency status in the country have only 3 key requirements:

• Confirmation of material well-being;
• absence of problems with the law;
• availability of a permanent residence address in France (through purchase or lease).

The client met the first two points perfectly. The only thing that remained to be decided was the question of accommodation. Since Konstantin was planning to settle in Paris, we pre-calculated for him the cost of rent for 6 years at current market prices. In the capital, it is possible to find a decent apartment, the rent of which will cost from 12 000 per 1 m2. There is no minimum housing cost requirement, but there is a rule that there should be at least 9m2 per 1 person. As a result, we concluded that it would be cheaper to buy real estate in France. Konstantin agreed with us and decided that during his absence the apartment could be rented out.

While the businessman was engaged in the selection of a suitable object for purchase, we made an estimate, in which we tried to take into account all the costs. The following list was obtained:

• the amount of savings in a deposit account at the rate of at least 18 255 € per person (ie at least 73 000 € for the family of Konstantin);
• expenses for the purchase of real estate;
• payment of the consular fee to open a visa - 180 € (720 €);
• visa center services - 30€ for 1 person (120€);
• stamp duty and tax for card production - 225€ (900€);
• medical insurance - 300€ per 1 person (1200€);
• expenses for translation and fossilization of documents - 300 €;
• notary commission for real estate transactions - 1-4% of the transaction amount (on average about 5500 €);
• payment of taxes and fees for the registration of the transaction - 6-7% for secondary market properties (about 30 000 €);
• real estate insurance services - 500 €;
• agent's commission - 4-5% of the transaction amount (about 1500 €);
• support of the transaction translator - 350 €.

As a result, the amount of 115 000 € without taking into account the value of the property. The participation of a realtor is not a prerequisite, but involving a specialist, will be easier to understand the legal intricacies. All responsibility for the safety of the transaction is the responsibility of the notary.

On the resource provided by our agent, Konstantin picked up an apartment in Paris with an area of 63m2 and costing 475 000 € on the "secondary" market. According to the manager's calculations, the client's approximate expenses amounted to 590 000€. Konstantin was satisfied with this amount, and nevertheless, we warned him that the migration service would assess the solvency of the applicant according to the real cost of living in the country. Therefore, on our advice, the entrepreneur was ready to provide proof of larger savings - about 35 000 €. Having discussed all financial issues, we proceeded to the procedure of buying real estate in Paris and applying for a French residence permit for FNP.

Stages and terms of the procedure of buying real estate and opening a visa

Having decided on the object, we got down to the preparation of client documents. For the initial issuance of a visitor's visa from Konstantin and Natalia we required:

1. certified copies of internal and foreign passports;
2. marriage certificate;
3. birth certificates of the applicants and their children;
4. photographs of applicants;
5. documents confirming the social and legal status of applicants for residence permit;
6. bank account statements confirming the availability of savings for annual residence abroad;
7. documents confirming the legality of income (commercial business documentation);
8. medical insurance policies;
9. a motivation letter explaining the reasons for moving to France;
10. a written undertaking not to engage in any activities abroad.

We also helped clients fill out application forms to apply to the French representative office in their place of residence and to enroll their children in school.

Given that some French banks refused to accept certificates from Russian banks due to the heightened global political situation, Konstantin's open accounts in the UAE came in very handy. We provided this information as confirmation of the client's financial well-being. It took us 2 weeks to collect the necessary documents. 

In parallel, our agent in France contacted a realtor to reserve the property. Since at the time of purchase Constantine was unable to attend the transaction in person, we offered him to execute a power of attorney for our official representative and conclude it remotely.

The seller provided documentation on the technical condition of the property and then gave us an online tour of the apartment. Konstantin and his wife were satisfied with everything, and we moved on to signing the preliminary contract and opening an account in a French bank. After that, we sent the foreign seller the contract signed by Konstantin by express mail and transferred 10% of the price of the property to the opened account. We spent another 4 days on all these formalities.

Our representative in France contacted a notary to check the object for legal purity. When we were sure of this, we proceeded to the actual signing of the bill of sale and the transfer of the remaining amount. The buyer was represented by our agent. After signing the document, he registered the deed of sale in the Paris registration office, and 2 months later sent Konstantin and Natalia a document on the right of shared ownership of the property.

Together with this, we submitted the family's documents for a long-term visa. It took 2 weeks for the French authorities to check the documents. During this time the migration agent contacted both spouses to clarify some information. Upon its completion, we received a positive answer by e-mail, and Konstantin and Natalia together with their children flew to Paris via Turkey.

After crossing the border, they sent us copies of their passports with visas stamped, which we sent to the French migration service OFII for registration.

After another 1 week, they were invited to the prefecture for biometrics and issuance of residence cards. At the end of September, the happy couple thanked us for our help and professional approach.

What does the French residence permit for FNP give? The type D visitor visa is essentially the equivalent of a residence permit without granting the right to work. It is open for 1 year and can be extended an unlimited number of times. Minors receive a card for 5 years at once. A long-term visa is suitable for wealthy foreigners who can afford to live abroad on savings or income from business in the country of citizenship. After 5 years, residents have the right to request permanent residence in France, and after another year - to apply for a second citizenship. At these stages, knowledge of the French language is a prerequisite. 

Do not forget that the owners of real estate must necessarily pay annual residence and property taxes.

Want to get a residence permit in France and find a suitable property for permanent residence in the country or rent? Specialists of the licensed agency GARANT IN will take care of all issues related to immigration abroad. After all, the realization of your dream is our job!