Do the French have the equivalent stocks and savings account, like an ISA system in The UK?
The basic tax-free savings account is the Livret A. You can open a Livret A with any bank AFAIK.
All banks offer various versions of “Assurance Vie”. These can be as safe or as risky as you like i.e they can be invested in more exotic stocks & shares if you want. They are also a good tax dodge for inherited money as their pay outs are tax free. As the investor you can also access the funds if needs be.
I am not a financial advisor.
Might be worth going into your bank and discussing with them…
There’s a PEA, Plan d’Epargne Actions, for which if I remember correctly the limit is EUR 150,000 and EUR 75,000 for smaller company shares and funds. The rules are rather different from the ISA, and more complicated;
you cannot withdraw money in the first eight years without closing the fund, though you can continue to add money up to the limit;
you are taxed only on the growth element of withdrawals after the eight year period.
Not as simple as the ISA since you still have to calculate tax, but it can help keep savings growing without tax being imposed for the first eight years - if you can afford not to withdraw from the fund. Boursorama offers a cheap PEA plan.
I did go to my bank in both Monaco and France to discuss but they just offered a product which seemed to be a long term bond which gave just over 1% interest a year. Not really what I was after.
Ok thanks maybe I will ask them if they offer this product at the bank.
Ok thanks. I will ask about this product too.