Buying in Paris 101 – this can seem daunting for Americans. While it IS a different system, many aspects can be easier than you may think. This is a vastly over-simplified 101 “crash” course, but should not be thought of as a definitive course.
Visa Basics
WE KNOW ABOUT SOME ASPECTS OF THE VISA PROCESS IN FRANCE BUT AS A DISCLAIMER, WE ARE NOT EXPERTS. WE CAN REFER YOU TO EXPERTS. THESE ARE MERELY OBSERVATIONS WE HAVE COLLECTED FROM OUR CLIENTS.
That being stated, there are many ways to approach this but many people decide to make it easy and apply for a VLS-TS long-stay tourist visa that prohibits work.
See https://france-visas.gouv.fr/en/sejour-touristique-de-plus-de-3-mois
You do most of the work in the USA and after all is said and done, you get a visa sticker into your passport.
You have to go to France within 3 months of getting the visa to get it validated (online in France). You can use your hotel or short-term rental as the address apparently when setting up the visa meeting. There is a stamp tax and some other stuff, but it is very straightforward.
You will likely have to go to the medical clinic for a checkup. It is usually very straightforward.
The visa is renewable the next year by simply applying for it online with a long-term address. You have to have a lease, a title, or an attestation that ties to your long-term address.
If you plan to start a business while in France, that is a track that you should embark on from the start when it comes to getting a Visa in France.
French visa requirements are constantly being updated and are becoming more strict, so reach out and we can connect you to experts. If you need a referral to an expert and are in the market for a luxury apartment, please reach out through our contact form.
Real Estate Basics
You will need a buyers agent to help you with any number of details.
There are tons of online listings, but also private ones. It’s not uncommon for your Paris Buyers Agent to unearth listings that are unlisted and off-market.
The online listings do not usually include the address. Many listing agents want to get you to sign with them before giving too much information about the listing and of course people are generally more private in France.
Do not sign an exclusive buyers agent agreement (“Mandat de Recherche”) with a listing agent just because you have found a listing you want to see and the listing agent wants to work with you. Our buyers agents can help you access properties all across Paris and beyond and will always have only your interests guiding the process.
The French like light, so higher in the building is better than lower, generally but you will want an elevator in the building if you pick upper floors. The French don’t like oppressive heat, so never the top floor.
There are no two apartments that look alike. You just have to find the setup you want with neighborhood, metros, views, parks, etc. Many apartments in Paris have odd aspects to the layout or the structure; it’s just part of the charm.
The arrondissements are arranged in a spiral – 1 / 2 / 3 in the center, then the famous Saint Germain and Latin Quarter ones – 4th, 5th, 6th, 7th, and so on and so forth. “Beverly Hills” are the 8th and 9th.
Every sale is online. All prices are transparent. There are tons of ways to access data. The notaires are similar to your lawyer but also the filing clerk, etc.
Many apartments have a cellar (cave). Virtually no apartment has a parking space, but they’re $150/month for nice ones nearby where you would most likely want to store your car anyway.
Buying Real Estate
For anything you’re interested in the seller will provide the inspections, process verbals (proceedings) of the coop, energy ratings, etc. It is usually very straightforward if you have a good buyers agent by your side.
You make an offer with a letter. The format is relatively easy. There are standard escape clauses that everyone uses (mortgage, representations, etc.). It is, however, much less of a process than what we do in the US.
The seller accepts the offer with a signature.
The notaire then writes up a contract that you both get to sign. You deposit 5-10% with the notaire.
You can cancel within 10 days, but the seller cannot cancel.
The notaire then goes through a process that takes 6 weeks to 3 months. Many notaire in France will not have “docu-sign” as part of their software suite. So if you are not in France during these weeks that the notaire is working, you may need to grant power of attorney to them to sign for you. France is still very much a paper culture. If this is a deal breaker for you, the buyers agent will look for a notaire that has the ability to capture signatures remotely as we do in the US.
You give the notaire a check once the process is done. The sellers gives you a key. You’re the proud new owner at that point and a good buyers agent will help you with getting all of your utilities set up. It is important to have the utilities transferred to the new owner so that disconnect and reconnect fees are not incurred by the new owner.
Paris Buyers Agents take pride in helping our buyers with this part of the process.
Banking in France
WE KNOW ABOUT SOME ASPECTS OF FINANCE IN FRANCE BUT AS A DISCLAIMER, WE ARE NOT EXPERTS. WE CAN REFER YOU TO EXPERTS. THESE ARE MERELY OBSERVATIONS WE HAVE COLLECTED FROM OUR CLIENTS.
It is often very difficult for Americans to open a checking account in France due to IRS regulations. When buying in France there are other decisions related to exchange rates that are important to be aware of. And of course there are many tax issues to look into before buying in France, some could be realted to your current resience in the USA or abroad. There are digital banks that many of our clients have used and we can direct you to experts whether finance or tax related. We recommend reaching out to Paris Buyers Agents for a Free Consultation.
Disclaimer: The above content is aggregated observations from our clients and a general sense of subjects and details referenced herein. We make no claims to expertise except as buyers agents and consultants. All other matters should be discussed with licensed experts for any other subjects.