France Becomes Attractive Destination To Invest In Property After Changes To Tax Code
With SeaFrance Ferries Dover Calais making it so easy to hop over the channel and visit France, it comes as no surprise that the Overseas Guide Company has seen a dramatic rise of a 200 per cent increase in sales for guide books which cover France.
The company expects the interest in France to only increase as a result of the economic problems that have struck other popular European destinations including Italy, Portugal, Spain and Greece.
France continues to remain one of the most robust economies in Europe, with the country exceeding economic growth forecasts during the third quarter of the year, leading many from Britain to start taking a serious look at investing in the country by means of a holiday home.
The editor of the guide has said, “President Sarkozy has recently announced that there will be a relief on tax for the wealthy in France and this will encourage wealthy people from the UK to move to the region.”
France’s wealth tax is now only extended to individuals whose net worth exceeds €1.3 million, and for those individuals whose wealth exceeds €3 million, the highest tax bracket now only stands at 0.5%, which implies that most individuals as a rule will now be better off. In contrast the opposite has happened in Spain, making it a far less attractive option for people to move to if they are wealthy.
It is also widely expected that France will change its capital gains tax rule, which will also benefit individuals who have made previous property investments in the country and sell their property within the next half decade, because the tax payable will now be reduced. For those that opt not to sell within the time frame, they are likely to pay more, but will be able to claim inflation as an offset against the tax payable
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