The amount of money you need to retire in France depends on several factors, such as your age, income, lifestyle, and location. You will need to consider the costs of housing, food, utilities, transportation, healthcare, taxes, and entertainment. You will also need to prove that you have sufficient income or funds to support yourself in France if you apply for a visa or a residency permit.
According to Numbeo, a website that compares living costs around the world, the average cost of living in France is €1,030.64 per month for a single person, excluding rent. However, this figure can vary significantly depending on where you live. For example, Paris is more expensive than other parts of France, with an average cost of living of €1,284.07 per month for a single person, excluding rent. On the other hand, some rural areas or smaller towns may offer lower costs of living.
If you receive a UK state pension, you can transfer it to France without any reduction or currency conversion fees. The full new UK state pension is £179.60 per week in 2021/22, which is equivalent to €209.57 per week or €908.47 per month at the current exchange rate. You may also have other sources of income from private pensions, savings, or investments.
You can also benefit from the double taxation agreement between the UK and France, which means you will not be taxed twice on the same income. However, you will still have to pay income tax in France according to your income level and circumstances. The income tax rates in France range from 0% to 45%, depending on your taxable income. You may also have to pay social charges (CSG/CRDS) on your income from pensions or investments. In addition, you will have to pay an annual residence tax (taxe d’habitation) if you rent or own a property in France.
To obtain a France visa or a residency permit, you need to have income or funds of at least equivalent to the French minimum wage (SMIC), which is €19,237 a year before deductions for tax and social contributions. This works out to €1,603.25 per month or €53.33 per day.
With the above details, the amount of money you need to retire in France may vary from €850 to €2,000 per month or more, depending on your personal situation and preferences. You should do your research and plan your budget carefully before making your decision.
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