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Homeowners in France

Benjamin Kergueno is proud to build bridges with foreign legal cultures and aid foreigners in understanding how French tax works

If one often speaks of the cultural exceptions of the hexagon, one forgets that France has tax specificities that you must know as a foreign homeowner.

Without opening a debate or taking sides, my purpose is to alert my clients of the so-called French solidarity tax on wealth - Impôt de Solidarité sur la Fortune - a specific tax that foreigners often ignore the existence of.

When it comes to real estate, the tax is triggered on an annual basis for all properties worth over 1,300,000€ with a progressive rate starting from 0.5% of the property’s value up to 1.5%.This is even if the property is owned under a company vehicle such as a French SCI or a Monegasque SCP.

I regularly encounter foreign clients who are overwhelmed by the situation and ask me for advice because the tax administration has called for wealth tax payments dating back six years. It is frequently the case that no one had ever ‘told’ them that they should have filed such tax returns.

What I am able to do for them, and the fact that I am bilingual in English and French, allows a relationship without misunderstanding. 

Should you like to receive advice on your situation or to determine whether you are taxable in France and to what extent, please do not hesitate to contact me. My first advice is often free of charge and I will be happy to counsel you with the relevant information so that you can enjoy your time on the Côte d’Azur with the calm and serenity that inspires the azure sky of the French Riviera.

 

Benjamin Kergueno

 

Riviera office:

28 rue Gioffredo 06000 Nice

T : +33 (0)4 93 13 33 66

 

London office:

88 Kingsway

WC2B 6AA London

T: +44 0203 755 5316

 

benjamin.kergueno@attorney-counsel.com