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This page is intended to keep our nonresident contacts informed of pertinent legislative developments or new legal precedents concerning international affairs which may impact their operations and require preemptive action.

Published on Thursday 26/06/2014

The French decree n°2014-544 (JORF n°0123 from May, 28th 2014) from May, 26th 2014 that will enter into force on October, 1st 2014 defines the conditions in which individuals could take out a loan in a foreign currency to one of the EU member States and repay it in Euros.

The borrower would only be able to subscribe a loan if:

    - He receives at least half of his annual income in the currency involved (for example in case of a transboundary or binational couple);

    - Or if his personal wealth in this currency represents at least 20 % of the amount of the loan on the day of signature of the loan contract.

The decree also provides for specific information of the borrower before the contract is issued. The more important one is that the client must be given a briefing paper containing two simulations of the impact on the cost of the credit in case of an unfavourable evolution of the exchange rate of 10 % and 20 %. In addition, it specifies the possibility to convert the loan in Euros.

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The interdisciplinary expertise of the Selarl Bruno Bedaride, notaire in Paris covers the following areas: corporate law, international contracts law, legal and tax advice, advice for international transmission, real estate law, family office, real estate and company finance law. We offer more particularly our services to non residents or foreign company who wish to invest, move or create a business in France.