Inca Posted October 10, 2004 Share Posted October 10, 2004 We are in process of buying a house in France. We have been told that if we needed to sell at a future date it is difficult to transfer the funds from our French account back to our UK bank account (we find that hard to believe). Can anyone please advise. Mike/Linda Link to comment Share on other sites More sharing options...
Boiling a frog Posted October 10, 2004 Share Posted October 10, 2004 Another urban myth French banks are quite capable of transferring the money to the UK or any other country. Link to comment Share on other sites More sharing options...
Inca Posted October 10, 2004 Author Share Posted October 10, 2004 What we are being told is there are rules which could prevent us from returning the money to the UK, though there is no problem in buying another property in France - or is this also urban myth ?Mike/Linda Link to comment Share on other sites More sharing options...
Iceni Posted October 10, 2004 Share Posted October 10, 2004 Whatever the rules may be now is irrelevant - what REALLY matters is what the rules will be if/when you sell. Exchange control regulations have been known to change.Johnbtw - who is telling you this - some expert in the public bar of the Dog & Duck or someone who knows ? Link to comment Share on other sites More sharing options...
M Posted October 10, 2004 Share Posted October 10, 2004 Surely under EU law there should be no hindrance on the free movement of goods, people and capital within and between EU member states? So how could there be any restrictions on moving money from France to the UK?regards,Malcolm Link to comment Share on other sites More sharing options...
Inca Posted October 11, 2004 Author Share Posted October 11, 2004 Thank you for your views which make sense. Friends who own a holiday Home in France told us of this myth, perhaps they were misinformed in the local bar. Regards Mike Link to comment Share on other sites More sharing options...
Diandgarry Posted October 13, 2004 Share Posted October 13, 2004 The only consideration would be the capital gains tax if you are non resident, any outstanding taxes and also if a mortgage is used to purchase the property, the penalty for early repayment (which can be negotiated out of the contract at the time you take out the mortgage).Tax advisers must be employed over a certain limit (at your expense) to ensure that the french government get what they are due. Also a recent change in the law means that notaires can be held accountable and responsible for any unpaid taxes as a result of their own mistakes - so you can bet they will do a thorough job before releasing the funds to you bank. Once done the money can be transferred anywhere you like but if over 10,000 sterling equivalent the banks are duty bound to report its transfer to the authorities in case of money laundering.All this can take some time so if you need a quick pay out - plan ahead!Hope that helps a bit Link to comment Share on other sites More sharing options...
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