France Raising Taxes on Foreign Property Owners

Paris Real EstateFrance is one more in a long line of Eurozone countries scraping the bottom of the barrel for additional monies, and now France is looking to squeeze foreign owners of vacation homes. The French government’s new tax is part of President Francois Hollande’s plans to tax the rich, but critics note not every foreign holiday-home owner is wealthy. Some 200,000 British homeowners are among those who will fall under the retroactive tax that President Hollande hopes will net him [euro]50 million this year and [euro]250 million in 2013. The tax is expected to hammer the real estate industry as Brits pull further back on spending due to a weaker pound. For more on this continue reading the following article from Property Wire.

Foreign owners of holiday homes in France face a steep increase in taxes after the French government announced it is to increase capital gains tax and tax on rental income. British owners are likely to be the hardest hit as it is estimated that over 200,000 own second homes in France.

It is part of a declaration by new President Francois Hollande that he wants to tax the rich more. However second home owners are not all well off. Many have had to rent out their homes this year as they need the income due to the poor economic outlook.

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