Buying a holiday home in sunny France could be a dream for many. However, the reality could be a nightmare if the correct laws are not followed.
Holiday homeowners in France are breaking the law if they hire tradesmen to carry out work out on the property without declaration or insurance.
Traders need to be registered with the Centre de formalités des entreprises (CFE) to have a permit for work. They will also need to be insured under French law. Those who fail to follow the strict codes of practice will face serious consequences.
Whilst the artisan will be liable for working without insurance or declaration, the client or the person who hires them is also at fault for employing someone who doesn’t have the correct legal requirements.
This law applies to French and international tradesmen and companies. For example, a foreign investor or company might buy a property in France, but could face prosecution for hiring staff without the legal tools for the job.
Likewise if a UK-based tradesman or company wants to work in France legitimately, he or she should register in the country as a French subsidiary of the UK company.
Those who believe this may affect them might wish to send money overseas to address the issue.
Transferring money to France
If you are looking to invest in France, think carefully about how you will be transferring money to France. Foreign currency exchange rates quoted by banks are almost always worse than the exchange rates available through specialist currency dealers.
So if you are sending money to France – which you will inevitably have to do if you are looking to make a property investment, be sure to compare the market before you buy your overseas currency.
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