Effective from 1st January 2018 the wealth tax, which previously implicated property buyers in France, has been amended.
Back in October 2017, President Macron’s reforms of this notorious wealth tax passed into law and are now in effect as of 1st January 2018 much to the delight of many British expats.
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.
Whilst Macron’s reforms result in no changes to the rates and thresholds themselves, the tax now applies 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. It brings 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.
“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.”
Fleur Buckley, Property Services Manager, FrenchEntree
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.
On the market in Paris:
Incredible St-Germain Apartment with Wrap-Around Balcony
Located on the Rue Bonaparte steps from the Legendary Place Saint Germain des Prés, Café de Flore and Les Deux Magotsthis 173 m² apartment occupies the entire 3rd floor of this Haussmanien building, with a wrap-around balcony.
The apartment ‘s original features still intact with beautiful fireplace, parquet flooring and library. The marble floored entrance leads into a spacious salon with a fireplace and dining room. This, in turn, gives access to the Library with the television and the first suite. This suite has access to the balcony, as well as a dressing room and private bathroom. There is a classic hallway with the guest toilet and guest cloakroom. The second suite has an office area, dressing room, private bathroom and a hammam. The kitchen is fully equipped, with a dining area and a laundry room. Air conditioning, security, home automation system for sound and lighting. Elevator, 24H caretaker services and a cellar.
Gorgeous Historic Apartment in the Marais District
Beautiful apartment in the trendy North Marais, a short walk from the Carreau du Temple and Rue de Bretagne with best shopping and restaurants at your doorstep. Recently renovated to a very high standard preserving all the original period features.
On the 4th floor of a beautiful early 1800’s building, offering a living and dining area, the property includes original beamed ceilings, working fireplace 2 bedrooms and fully equipped kitchen.
Luxury Flat with Stunning Views over Boulevard Saint Germain
Located in the heart of Saint Germain des Prés, surrounded by renowned institutions such as Café le Flore, les Deux Margots, Brasserie Lipp, bookshops and luxury boutiques, this 186 m² apartment on the 4th floor, sits between the Rue des Saints Pères and the Boulevard Saint Germain in this world-famous Parisian neighbourhood.
The entrance hall leads to two large living rooms composed of one lounge area including an original fireplace and dining room, and a separate spacious television lounge area. The first bedroom suite boasts a dressing room and private bathroom. These rooms have a stunning view over the Boulevard Saint Germain. The second suite, which also has its own dressing and private bathroom, is south facing with a view over the garden. This property also includes a separate maid’s room, fully renovated and furnished.