Proposed elimination of French wealth tax could attract British expats
In an attempt to make France more attractive to the wealthiest foreign expats, President Nicolas Sarkozy has proposed abolishing its wealth tax. Rumors suggest these changes, if passed into law, could be implemented by Spring 2011.
Currently residents with net assets worth over 790,000 Euros, or £675,000, are charged between 0.55% and 1.8%. While the wealthy French are getting a break, British citizens are getting hit with a higher 50% rate on income tax, and a VAT increase to 20% adding insult to injury.
It is likely that more British expats will be attracted to living and working in France, adding to the 135,000 already registered according to the National Institute for Statistics and Economic Studies in France (INSEE). According to the British Consul this number may be closer to 500,000 since many ex-pats have not registered for tax reasons.
While British expats are attracted to the disappearing wealth tax they should also be aware of proposed reforms to France’s healthcare system, forced by a recent drugs scandal. Despite shrinking public expenditure in a year of government austerity, Sarkozy has pushed review of France’s healthcare system and especially its medicines policy to maintain the system as “one of the best in the world.”
British expats and those considering relocating to France may take their questions to Le Tour de Finance, a travelling forum with professionals on hand to answer pressing questions surrounding French healthcare, tax, pensions, mortgages, schools, doing business in France and more. The tour is looking to attract expatriate entrepreneurs, retirees and high net worth individuals.
Similar to its bigger French namesake, the Tour commences March 1st 2011 in the Southern Brittany city of Josselin, moves to various southern cities and circles back to the Alps, Normandy and northern Brittany regions by early June.
Mark O’Sullivan, Director of Dealing at Currencies Direct, a sponsor of Le Tour de Finance, says:
“Those fearing registering may no longer need to live in fear. Le Tour de Finance, which will host free financial forums intended to help British expats with particular advice to living and working in France, commences March 2011. The free forums bring together key players who can assist British expats with settling in their respective local areas in France. It also offers expats a chance to socialise with these professionals and other expats in their communities.”
Invitation to Le Tour de Finance
5.30pm – 8.30pm. Free entry - Free aperitifs.
We’re inviting you to be part of an exciting new free event on the expatriate calendar. Le Tour de Finance is the first forum for expats which will help you with a myriad of different financial products and services. The forum will bring together all the key players who assist British expats settle in France. It will also be an ideal opportunity to socialise over aperitifs and meet people in similar circumstances.
Just as le Tour de France takes a route throughout the regions of France, so too does Le Tour de Finance. We want to bring you information, meet you where you live, so you can seek advice particular to your local area. Tax advice, pensions, mortgages, healthcare, schools and business advice are just some of the services that you can find out about at Le Tour de Finance. It is the ideal opportunity to find answers to the most pressing questions facing British people living in France.
Le Tour Circuit
Date Region Town Postcode
01 Mar 2011 Southern Brittany Josselin 56120
03 Mar 2011 Poitou-Charentes Cognac 16100
15 Mar 2011 Aquitaine Monbazillac 24240
17 Mar 2011 Pyrenees Roussillon Rivel 11230
17 May 2011 Provence Trets 13530
19 May 2011 French Riviera Mougins 06250
24 May 2011 French Riviera Nice 06000
26 May 2011 Alps Chen Sur Léman 74140
31 May 2011 Normandy Ernes 14270
01 Jun 2011 Northern Brittany Loudeac 22600
Free entry and free aperitifs at every event
Doors open at 5.30pm and close at 8.30pm, entry is free. Aperitifs will be provided for attendees to give you an opportunity to mingle while talking to exhibitors and other attendees. During the course of the evening there will be a few brief presentations on hot topics specifically aimed at ex pats and your needs.
Please register for an event in your area at www.letourdefinance.com you’ll be automatically entered into a prize draw to win one of 10 free holidays at a Village Center resort.