Tranio client's experience: apartment on the French Riviera and obtaining a residence permit for financially independent individuals

France is a country known for its quality of life, economic strength, progressive social welfare, developed infrastructure, high environmental standards and care for historical heritage. A residence permit in France allows you to enjoy all rights and state social programs on an equal basis with citizens of the country, with the exception of political rights.

The common way to get French residency is to obtain a residence permit for a financially independent individual in France. The main conditions for obtaining it:

• to prove your financial independence (to have sufficient passive income);
• to have an official address in France;
• to have a residential property in any other country except France;
• to take an obligation not to get a job and not to run a business in the country.

By purchasing property in France, the investor receives a residence address in France, to which the requested residence permit can be issued.

Nice — the pearl of the French Riviera

Investor Cyrill wanted to purchase property on the French Riviera in order to obtain a residence permit for a financially independent individual and make a secondary residence in the EU. The client considered secondary or primary housing with delivery no later than 2024 in order to receive a resident’s card in a short time after purchasing the property.

In the past, Cyrill has frequently visited the Côte d’Azur and considered this region for the purchase of property, knowing about the good potential income from the rental of French seaside resorts. The investor’s plans were to rent out his apartments when he is not in France. The investor was looking for a respectable apartment in a tourist location, comfortable in terms of transport accessibility, proximity to beaches and famous sights of the old town. As a result, Cyrill made his choice in favour of Nice, a French seaside resort on the Mediterranean coast.

According to the French agency meilleursagents.com over the past year, the cost of property on the Côte d’Azur has increased by an average of 1.3% for apartments and 0.7% for private houses, and over the past 10 years — by 25.1% for apartments and 29.5% for private houses. At the same time, the average cost of a square metre in the Alpes-Maritimes department in 2024 is 5,081 euros when buying an apartment and 5,586 euros when buying a house, and rental rates are 18 and 19.4 euros per square metre for an apartment and a house.

Nice is the pearl of the French Riviera, a resort city that received its status as a vacation destination for the aristocracy and bohemians during the La Belle Époque period, at the end of the XIX — beginning of the XX century. It was during this period that the modern look of Nice’s Promenade des Anglais was formed: the coastal area was completely built up with palaces, grand hotels and casinos. The city also has well-preserved heritage sites of Hellenism and the period when Nice was part of the Duchy of Savoy: buildings in the architectural style of the Italian Baroque, historical monuments and street names. Each quarter of Nice is unique in its own way, has its own historical context and unique atmosphere.

Today, Nice is not only a resort, but also an international business centre, the location of many world political forums and EU summits. Nice International Airport is the third largest passenger traffic in France, the railway network and high-speed highways connect the city with other resorts of the Côte d’Azur, the Principality of Monaco and neighbouring Italy. The city has several museums with a collection of French and world paintings: The Museum of Fine Arts, The Marc Chagall National Museum, The Massena Museum and The Matisse Museum.

Why is it interesting to invest in Nice real estate?

1. Good financial potential. Every year, property in Nice increases in cost even under conditions of global economic instability. Over the period from 2014 to 2024, the cost increased more than 25%.
2. Rental income. Nice is one of the most visited seaside resorts in Europe. Due to the comfortable climate, the flow of tourists does not decrease in the off-season.
3. Good housing stock. Both new buildings and renovated housing in Nice meet the highest European quality standards. The infrastructure for comfortable rest and leisure within one quarter has been created around residential complexes.
4. Secondary residence. Nice’s warm maritime climate with hot summer months and mild winters without snow is the best place for temporary or permanent relocation. Buying a property is the first step in obtaining a residence permit of financially independent individuals in France.
5. Transport infrastructure. Nice is located at the crossroads of land, air and sea routes in Europe. Nice International Airport is the third largest in France and receives daily aircraft from both EU countries, as well as countries in Asia and Africa.
6. A comfortable urban environment. Being the fifth largest city in France, Nice, nevertheless, remains a small seaside resort, where it is convenient to reach any point in the city by foot. Supermarkets, banks, pharmacies, medical and educational centres are within walking distance.
7. Conditions for a good vacation. The Côte d’Azur region provides a cultural and sports programme for every taste: in addition to the beach holidays, vacationers can visit wineries and lavender fields in Provence or ski slopes in the nearby Maritime Alps.

Apartments in the Musicians Quarter

The work with the investor and the full support of the transaction was conducted by Tranio’s expert in the French region, Alexandra Borisova. Alexandra has been working with the French real estate market for more than 4 years and is familiar in practice with all the features of purchasing residential and commercial premises and document management in this country. At the request of the client, the manager can select an investment property in order to receive the highest rental income or comfortable apartments for personal residence with modern infrastructure within walking distance.

Cyrill’s viewing and purchase of property was completely remote. The investor explored several apartment options on the secondary market and one new building with delivery in the 1st quarter of 2024. At the time of viewing, the developer had only 2 last apartments and there was a special offer — a discount of 15 thousand euros. The apartment in the new building fully met the client’s requests, and as a result, Cyrill chose it. The final agreement was concluded on August 10, 2023, payment was made by transfer to a notary in France from an account of Raiffeisen Bank — on the basis of an equity participation agreement.

Cyrill’s choice was a spacious apartment with a terrace in the Musicians Quarter, located in the centre of Nice, costing 699 thousand euros. A special feature of the complex is the preservation of the external historical facade facing a busy street, which hides a completely modern block of buildings built according to modern technological and environmental standards.

Inside the complex there is a courtyard, as well as parking and bicycle storage. The apartment is in bright colours, natural wood parquet is used in the decoration, the bathroom is equipped and furnished. The roller shutters, a security system and a video telephone are installed.

The Musicians Quarter is in great demand due to its advantageous location in the very centre of the city — next door is the Golden Square of Nice and the famous Promenade des Anglais. The spirit of the quarter takes us back to the period of La Belle Époque in France. At the same time, the area itself is very quiet and suitable for a calm, measured life in the centre of a seaside resort town.

Aleksandra Borisova Tranio real estate expert in the region of France

Obtaining a residence permit for financially independent individuals in France

Since the main purpose of the client was to obtain a residence permit, after the conclusion of the final agreement, the investor, with the help of a Tranio lawyer, began collecting documents and preparing for applying for a long-term visa at the consulate. At the end of November, the documents were submitted, and a month later Cyrill and his wife received passports with visas. In mid-January 2024, the investor went to France to validate his visa.

It is necessary to extend the residence permit once a year — two months before the expiration of the residence permit card. After 5 years, the client can apply for long-term permanent residence, and then for citizenship by naturalisation, subject to all necessary conditions and passing an exam on knowledge of the language and culture of France.

The Tranio team will select property in France for any of your investment purposes, advise you on the optimal strategy and help you with obtaining a residence permit after purchase.

Contact us