Janet Coopey, a 70-year-old retired teacher from Devon, relocated to Gouarec in Brittany, north-west France, nearly two years ago, citing affordability and lifestyle reasons for her move. She purchased a detached two-bedroom cottage with a large garden for €143,000 (£122,236), a price she says would have been unattainable in the UK. Coopey emphasized that property prices in central Brittany remain generally lower than in the UK, particularly compared to her previous home region of Devon.
Coopey, who moved alone, noted the importance of joining an established expatriate community to avoid social isolation. “I’m not a big risk taker, so I opted for something I had some knowledge of, as I had been visiting friends in France for several years,” she explained.
Although there were cost savings on property, additional expenses accompany home purchases in France. Coopey paid approximately €9,000 in estate agency fees and €11,000 in notary fees, both notably higher than typical UK charges. She acquired the property through the estate agency Leggett.
In retirement, Coopey’s monthly income amounts to €1,953, drawn from her UK state pension and a final salary teacher’s pension. She maintains a relatively modest lifestyle, spending about €444 (£380) per month, slightly less than her previous expenditure in the UK. She said she rarely eats out or drinks, mirroring her habits before moving.
Healthcare presents a different financial challenge in France. While residents benefit from the public system, which reimburses roughly 60% of medical costs, expatriates may need supplementary health insurance known as a “mutuelle” to cover the remainder. Coopey receives healthcare funded by the UK under an S1 certificate but opts for a mutuelle top-up. She currently pays about £1,280 annually, significantly higher than the £324 she previously paid for private health insurance in the UK. Coopey observed that premiums tend to increase with age, requiring careful consideration of coverage options.
Looking forward, Coopey does not plan to return to the UK but is uncertain about her long-term location, citing financial constraints as a key factor in future decisions. “I don’t have a lot of money so that will always be the guiding force behind my decisions,” she said.
Prospective retirees considering a move to France should be aware of differences in tax and pension regulations. Notably, the common UK practice of drawing 25% of pension lump sums tax-free is not available under French rules. Financial advisors recommend reviewing asset management and inheritance planning, as French laws diverge significantly from UK practices.
One financial product used by British expatriates is the assurance-vie, which functions as an investment wrapper with tax advantages. It permits holding various investments and offers favorable inheritance tax exemptions—up to €152,500 per beneficiary—and improved income tax rates on withdrawals, subject to holding periods and conditions.
Given these complexities, retirees moving to France may benefit from specialized financial guidance to optimize their retirement funds and estate plans under French regulations.