Known for their mistrust of banks, the French are not just stuffing money into mattresses in these anxious days of recession and minuscule interest rates, they are also putting their hard cash into cows.

For Pierre Marguerit, cows make a safe, secure investment, allowing for long-term growth from a renewable resource. Cow contracts are hardly new, but go back to Richard Cœur de Lion (Richard I).  The French word for livestock, “cheptel,” is the root for “capital.”

These are not literally cash cows. However, Mr. Marguerit says his investment in Holsteins will bring a 4 to 5 percent return a year after taxes, based on natural growth, i.e. the sale of their offspring. That compares to the present interest rate of 0.75% on the basic French bank account.

Mr. Marguerit says that last year his business went up by 40 percent, and so far this year, it has practically doubled.  He is the managing director of Élevage et Patrimoine, a cattle investment firm in eastern France, and president of Gestel, which works with farmers and investors.

The current financial climate has left may people looking for a personal financial rescue plan.  Particularly, those people who have decided to leave the rat-race and live their dream in France, are finding that their financial resources cannot accommodate the recent changes in currency values, investment returns and interest rates.  As a result, many are coming to the conclusion that it is necessary to return to the hurly burly of work if they are to survive.

But does that mean giving up their dreams?

For some the answer is “yes” – but in my view it doesn’t have to be so.

I have been involved in several different businesses throughout my “working” career and have long held the view that, in order to survive financially, it is important to generate income from several different sources and in different currencies.

In other words, I don’t believe in putting all my “eggs” in one “basket”.

You may have noticed on this web log (blog) that there is a significant lack of advertising.  Simply put, I publish the blog because I enjoy writing, I like to share my experience with other individuals and it seems that others like to read.  So this present post is the nearest thing to an advertisement that I have written.

If you are considering giving up on your dreams, read on…

Many banks in France have regional English language websites with English speaking staff.  Banking services and facilities in English may also be found at some branches.  Doy you need a French Bank Account? Read French Bank Account

Opening an Account

A foreigner may open a bank account if they are (or are going to be) resident in France for at least three months.

The following documents are required to open an account:

• EU citizens: Proof of identification (a valid passport or ID card)
• Non-EU citizens: Proof of residence (Carte de séjour)
• Proof of a French address: a utility bill (Electricity, Telephone etc.), rental agreement or property deeds
• Proof of earnings or status: Contract of employment or proof of earnings or proof of status (e.g a student card)
• Reference from another bank where accounts are held (this is usually only required when applying for loans and overdrafts)
• In some instances, a birth certificate.

Opening an account can be done in a day and means of making payments (cash cards and cheque book) will normally arrive within a week, or so, of the account being opened.

Do you really need a French bank account , especially if you’re only buying a holiday home and not moving to France permanently?

Well, it is certainly preferable to have a bank account in France, especially for those looking to move abroad and work, in order to have their salary paid. You also need a French account if you have a French loan or mortgage so that the repayments can be made to your provider.