Deposit for property purchases over €1 million - Private Banks
For property purchases over €1 million euros, we have access to private banks in France, Monaco, Switzerland and Luxembourg.
For private banks in France, the percentage deposit requirements start at approximately 25% of the property price but your application will have a greater chance of success with a deposit of at least 50%.
In monetary terms, the minimum deposit for a French private bank is generally between €100,000 and €1,000,000, depending on the bank. For a couple, the minimum deposit is €200,000.
For deposits of over €1 million, we have access to private banks in Monaco, Switzerland and Luxembourg for property purchases in prime European locations. For our private banks in these countries, the maximum loan can be up to 50% of the property price.
You do not have to be resident in France or a French citizen to obtain a loan from a private bank for a property purchase in France, but you will have access to more banks if you are. Residents of the United States have a much more restricted choice of banks due to US regulation.
Interest-only loans are generally easier to obtain from European private banks as they are not commonly provided by retail banks in France. Private banks also have the capacity to consider more complex cases and are usually able to offer a faster and more personal service.
Even if you have the capacity to purchase a property without a mortgage, purchasing with a mortgage, or obtaining a mortgage on a property that you already own, can be a useful way of minimising the French property wealth tax, known as l’impôt sur la fortune immobilière, which is levied upon relevant individuals with net property assets of €1.3 million and above as of 2022. For non-residents, this tax only concerns the value of your properties in France.
Get in touch
If you are planning to purchase a property over €1 million euros and would like to understand what is available to your particular situations, feel free to get in touch using the contact form below.
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