Taxes in France. Do not forget about taxes after moving.

After moving, the majority of immigrants are dominated by very untrivial questions: Pay taxes? When? How many? And often why?

Using France as an example, here are some short “helpful tips”:

• it is generally accepted that the level of personal income taxes in France is extremely high. The only "corps" that does not agree with this statement is the French tax authorities. This circumstance should be taken into account when interacting with officials of relevant departments at all levels;
• Despite the very “threatening reputation” of the French tax authorities, it is not forbidden to visit their office and discuss issues of interest to you. But you should not rely on “oral” advice, as as a result of misunderstanding you can become the owner of a council of dubious value;
• If you are a resident of France, but have an income below the tax threshold, do not forget to file a tax return. This procedure will take you less time & effort than subsequent “showdowns” with the tax authorities;
• if you are not a tax resident of France, but receive income in the territory of this country, then you, as a rule, are also required to file a tax return;
• if you have doubts about the appropriateness of recognizing you as a tax resident of France, you can eliminate such risks by retaining property in your home country (outside France) and not staying 183 days a year in France;
• income on capital placed in banks of EEA countries, as well as a number of other states, is now brought to the attention of French tax authorities;
• Having become the owner of a house in France, be sure to carry out work aimed at energy conservation and get tax benefits, access to interest-free mortgages and & or other grants;
• place part of your savings in state-regulated bank accounts to receive tax deductions and benefits for contributions to the Social Insurance Fund (for the amount of interest earned);
• if you are willing to invest a significant (fixed) amount, then a life insurance policy has significant tax advantages;
• if you have a relatively low income, then you can apply for deductions for local property taxes;
• rent unfurnished premises and get tax benefits (up to 30%) on tax on income from rental income or get the opportunity to take into account the costs associated with the rental (including mortgage interest);
• organize the accreditation procedure of your furnished real estate and receive benefits (up to 71%) on tax on income from rental income;
• develop and organize a program for the transfer of inheritance to your relatives in order to minimize gift and inheritance taxes;
• Use the right to gift the reversible interest of the property that you own.

We deliberately limited ourselves to a very simplified presentation of the material. For all questions you are interested in, contact the specialists of our company.