Julien invested in Cannes from the US
Can you invest in Cannes as a US resident? After systematic refusals from French banks, Julien bought a 36 m² two-room apartment listed at €140,000 and secured for €135,000, i.e. €3,750/m² against an average of €5,920/m² in Cannes. Renovated and let short term, it targets a 21% gross yield.
United States
Julien’s flat in Cannes
RecreatedAfter
RecreatedAfter
RecreatedAfterWhat Julien had to overcome from from the US
FinancingTurned down before he had even started
A year before joining ImmoPourExpat, Julien sent his father, who lives in France, to ask banks whether a US resident and citizen could open an account. The answer was always no. American banks do lend for France, but at 8% and with a huge deposit. Using the method, he presented a serious project, backed by a builder’s quote. Two banks made him an offer: the first approval fell through, and he signed the second, at 4% over 25 years.
LettingAirbnb in Cannes, with weeks kept for himself
Julien is going for short-term letting: Cannes has the film festival, but also conventions all year round. According to his research, the flat can be let for €120 to €130 a night, up to €300 at peak season. He will block a few weeks a year for the couple’s holidays. For the bank, he presented a long-term rent of €1,000 to €1,100 a month, a 7.5 to 7.7% gross yield; for short-term letting, Frédéric works out 21% gross.
Remote managementTax on both sides of the Atlantic
Julien thought that by investing in France he would be “slaughtered on both sides”, in France and in the US. He consulted the accountant recommended by ImmoPourExpat: between the works, the loan interest and the Airbnb cleaning, he should pay no tax for at least nine years. And whenever he panicked over the bankers or the notary, Frédéric and Baptiste answered straight away.
Renovation worksAn F energy rating to improve
The flat has an F energy rating, which, according to Julien, put other buyers off. On his own he would “never have dared”, but the lessons explain how to improve the rating. Needing a quote quickly for the bank, he emailed local tradespeople using the platform’s tips: €31,000 to insulate, add air conditioning and redo the floors, walls, kitchen and bathroom. He wants a high-end finish and expects €35,000 instead.
How Julien invested in Cannes from from the US
US East Coast
Dreaming of a base in Cannes
Julien is a full-time firefighter in the US, and his wife teaches economics. He grew up in Cannes, where the couple go on holiday every year, wishing they had a small flat there, for their stays and perhaps retirement. His father, who lives there, sounds out French banks: refused every time. The couple conclude it will never happen.
Late July
An advert on Facebook
An ImmoPourExpat advert keeps appearing on Facebook. The couple find it “too good to be true” and look into it: Google reviews, research. Reassured, they book a first call with Thomas, who explains the programme. Julien joins in late July, aiming to have an offer in sight before the end of the year.
August and September
A gem ten minutes from the Palais
Julien works through the whole method, then searches around Cannes. He hesitates between two properties and chooses a 36 m² flat, a ten-minute walk from the Palais des Festivals, with an F energy rating. Listed at €140,000, he gets it for €135,000, or €3,750 per m² when the Cannes average is around €5,920. His offer, made in mid-September, is accepted at the end of September.
After the offer
4% over 25 years
Julien then approaches the banks, explaining his project and his quotes to improve the energy rating. His wife is still only American: they open a joint account and apply as a couple. A first approval falls through; he finally goes with a 4% rate and a 25-year term, a rare length for this kind of purchase.
Late 2024, early 2025
A four-star-hotel style renovation
The €31,000 quote covers everything: insulation, air conditioning, floors, walls, paint, kitchen and bathroom. The room is opened up and the kitchen fitted along the corridor to save space. Julien wants a high-end result and is budgeting closer to €35,000, for a total cost of around €170,000.
The strategy
Short-term letting, 21% gross yield
The flat will be let on Airbnb, at €120 to €130 a night and up to €300 during the festival. The couple will block it when they come on holiday. Let long term at €1,000 or €1,100 a month, it already pays for itself; let short term, Frédéric works out a 21% gross yield, and “easily around 15%” after costs.
Today
From a holiday base to an investor’s project
According to the accountant recommended by ImmoPourExpat, Julien should pay no tax in France for at least nine years. The couple kept part of their savings, and Julien is already working on a second project. At first, all he wanted was a holiday base.
Julien tells the story
“At first I just wanted a little holiday base, and now I can see there’s real potential: it’s opened a new door for me.”
Julien, who lives in the United States
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