French-wealth-tax-changes-welcomed-by-British-expats

French wealth tax changes welcomed by British expats

02.01.18

Changes to wealth tax in France are being welcomed by overseas buyers, after they passed into law this month.

Back in October 2017, President Macron's reforms of the notorious wealth tax, which previously implicated property buyers in France, passed into law. The impôt de solidarité sur la fortune (ISF) was previously an annual levy of up to 1.5% on property and assets held worldwide by residents over €1.3 million.

The changes were enforced as of January 1, and whilst Macron's reforms result in no changes to the rates and thresholds themselves, the tax will now apply almost exclusively to the property and assets of French residents' only.

"The implementation of these new tax changes on 1st January 2018 is certainly welcomed by expatriates with property and assets in France,” says Fleur Buckley, Property Services Manager, FrenchEntree. “It will bring a renewed surge of interest from buyers and investors alike into some of the prime real estate markets in France including Paris, the Alps and of course Provence-Cote d'Azur.”

She adds: "This comes at a time when agents are particularly proactive at bringing new properties to market in the anticipation of gearing up for spring interest from new buyers."

One market set to benefit from these tax changes is the French capital, Paris. Typically, demand for property in Paris is greater than the supply but this will start to balance in the New Year with the buyers' market becoming more competitive once again with the easing of the wealth tax.

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