Why move to France under the French Tech Visa?
As one of the world's largest economies at the heart of the European Union, France is both fertile ground for start-ups as well as an attractive country to reside in. Foreign entrepreneurs with innovative ideas can apply for the France Tech Visa, alternatively dubbed the "Talent Passport", that grants successful applicants and their dependents a renewable residence card valid for 4 years.
This long-term temporary resident card is different from the usual France resident permit, which is normally issued for one year. After five years of legal and uninterrupted stay in France in which the applicant has not lived outside of France for more than 10 months, holders of this residence card can apply for permanent residence and then citizenship under a simplified procedure. If the holder is already living in France under a different type of residence permit, they would need to apply for a change of status to convert their previous residence permit into a "Passport Talent" residence permit.
Holders of this residence permit would enjoy the right to live, work and study in France and free mobility within the Schengen Area for up to 6 months per year without having to meet any education or language requirements for themselves and their dependents including their spouse and children below 18.
Requirements for Foreign Investors and Start-Up Founders:
Entrepreneurs will need to provide evidence of an innovative business project and secure recognition of the project by a public-sector body as well as have sufficient annual financial means corresponding to the statutory national minimum wage, of which was EUR 20,511.40 on January 1st, 2023.
One key benefit of the France Tech Visa is that it can be obtained through a variety of different investment options. This opens the program to both start-up founders and investors. Foreign investors can make a direct investment of at least EUR 300,000 personally, via a company that they control or a company in which they have at least a 30% shareholding. They must also be committed to creating or protecting jobs within four years after the investment has been made.
The main requirements for foreign investors are:
- Must make a direct investment of at least EUR 300,000 in fixed tangible or intangible assets that must be made (i) personally, (ii) via a company that they control or (iii) via a company in which they have at least 30% shareholding. Examples of direct investment include share capital investments and reinvested earnings.
- Must be committed to creating or protecting jobs within four years after the investment has been made.
Foreign start-up founders with an innovative business project would need to:
- Apply to one of the French Tech Visa partner incubators and accelerators via a selective process or an incubator or accelerator supported by the French Tech Capital, or two members of the French Tech ecosystem and become admitted to that incubator or accelerator.
- Apply for the recognition of the innovative nature of his or her project through the dedicated website and receive an official letter of acknowledgement of the innovative nature of the project from the relevant authority.
Additionally, as part of the process, investors will need to provide an investment plan and a letter of commitment to creating jobs in France as well as proof that of a direct investment or a commitment to invest directly. As part of becoming accepted by a business incubator, entrepreneurs would need to comply with the commitments that they set out in the approved business plan.
Through the France Tech Visa program, entrepreneurs can secure long-term residency permits for themselves and their dependents with a fast-track route to French permanent residency and citizenship through a relatively simple process. If you are interested in applying for the French Tech Visa program or learning more about the French Tech Visa program, please do not hesitate to contact us at contact@harveylawcorporation.com or visit our website here.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
