If your thoughts are turning to emigration during these gloomy times, you may want to add France to your list of possible destinations, says Alexandra Goss in The Sunday Times.
President Nicolas Sarkozy recently signalled that he plans to scrap the country's wealth tax. It affects thousands of Britons living in France, as well as those who own holiday homes there. The tax is levied at rates from 0.55% to 1.8% of net assets above €790,000 annually.
Other measures have been introduced in recent years too. "These include a 30% reduction in income tax on money earned in France" and a "50% reduction in tax on interest, capital gains and dividends generated in any country within the EU or a country with a tax treaty with France" for those who move there temporarily.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
If you do buy a property before the wealth tax is scrapped, try and reduce your liability by taking out a mortgage (there are some good deals around), as the French authorities look at the net value of a property, advises Sarah Cormack of the law firm Withers.
-
House prices rise 2.9% – will the recovery continue?House prices grew by 2.9% on an annual basis in September. Will Budget policies and ‘higher-for-longer’ rates dent the recovery?
-
Nvidia earnings: what to expectNvidia announces earnings after market close on 20 November. What should investors expect from the semiconductor giant?
