The Finance Bill covering the latest tax reforms in France was presented to the Council of Ministers on Wednesday 11th May 2011.
Amongst the measures proposed is a new tax on second homes owned by foreigners :
From 1st January 2012, non-residents who own a second home in France will be charged an annual tax of 20% of the cadastral value of the property. This is like a second Taxe Foncière.
Expatriates overseas for professional reasons will not be affected.
Some good news - Wealth Tax
Abolition of the Bouclier Fiscal, except for people on very low incomes whose Taxe Foncière on their main home exceeds 50% of their income. The threshold is increased to €1.3m. Wealth between €1.3m to €3m taxed at 0.25%. Over €3m taxed at 0.5%.
The declaration of wealth tax is usually due by mid June, but the deadline is being extended to end of September.
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