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French joie de vivre in retirement

25th July 2007 | back to article listings BACK    print this article PRINT

Despite competition from emerging markets in Europe and exotic yet far-off destinations such as South Africa and New Zealand, it seems Britons are still most likely to choose to retire in Europe.

The close proximity to the UK and increasing accessibility through a multitude of low-cost airline routes make property investment in Britain's nearest neighbours more favourable. For retirees this is particularly important, as they are likely to place high value on visits to and from children, grandchildren and friends back home.

According to figures released by the Institute for Public Policy Research, a fifth of Britons are likely to spend their retirement abroad by 2050. Last year one in 12 British pensioners already lived in foreign countries.

But those choosing to invest in property in nearby France should heed the fact that there are different laws in place governing investment, according to one expert.

Alisa Ogilvie, the director of retirement membership organisation Heyday, has warned those considering buying a French property to take care to avoid the potential pitfalls of investing abroad. She noted that many people might be thinking, incorrectly, that the laws of the UK and France are the same.

"Buyers should be aware that French inheritance laws will apply to property in France," Ms Ogilvie stated, adding that "appropriate legal advice" is necessary for those investing in property in the country.

For instance, she highlighted that people should have a will drawn up in France in order to include their home in the country, as an English will "may not apply". In addition, Ms Ogilvie noted that there are implications for those receiving state benefit and that healthcare available in France should also be considered.

However, it seems that France's property market still offers safe and solid investment prospects for the savvy investor. It is indeed the favourite choice for those over the age of 45 who are considering overseas property investment, according to a recent survey.

In a Bank of Scotland poll about the place where Britons would most like to live, France came out tops for those aged over 45. And 49 per cent of all respondents between the ages of 45 and 54 said they have considered making their dream a reality by buying property abroad.

A separate survey by GE Money Home Lending found that France's culture is one of the main elements that make people want to move there.

And in France, they will be spoilt for choice on where to live. While Paris or some of the larger cities might not appeal to those who would like to spend their retirement at a slower pace, the countryside offers a host of towns and villages where retirees will be able to sample traditional French life, while southern France has all the makings for a retirement spent in the lap of luxury.

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