Our client was introduced to us via a UK private bank with whom we have a very strong relationship with (in fact, 30% of our clients are introduced to us via their professional advisers).
The client is a US national, currently living and working in the UK but planning to relocate to Paris with his family. He is employed, income made up of salary and bonus earned in the UK but of course subject to US tax.
The French property market is very popular with American buyers, however, there is a severe shortage of local lenders who will accommodate US individuals from a mortgage point of view.
We secured these terms from a European bank with all the licenses and appetite to assist American borrowers.
The client originally preferred a dry mortgage (i.e with no AUM placed with the bank as part of the transaction) however, the very High Loan to Value, positive effect on wealth tax, and long term fixed rate made this solution the most advantageous.
We started and completed this transaction in 2020 and managed to complete all the steps even with the Covid-19 based restrictions and barriers in place thanks to the dedication and commitment of the private bank.
France is one of the most popular property markets for foreign nationals: we are all aware of the chic appeal of Paris, the enduring allure of the Riviera in the summer or the freshness of the mountains in winter.
Covering everything from search and negotiation to making an offer and the legal processes, the guide will help you fulfil your dream of property ownership in France.