| LUXURY FRENCH PROPERTY – ECONOMY | A luxury French property purchase sounds great with low prices, the laid back lifestyle and easy access from the UK, however, some differences between France and the UK and it’s worth considering these before committing to anything.
Some new tax laws have been introduced recently making luxury French property a very attractive option. The inheritance tax threshold has been tripled, and abolished between spouses, meaning they can inherit from each other tax-free. A tax relief has also been introduced on 20 percent of mortgages up to a maximum of €7,500 per year.
However, don’t assume it is all be this easy. Capital gains tax is payable at 16 percent for European residents, with French nationals paying a further ‘social tax’ of 12.1 percent. With a luxury French property you should look at it as a long-term investment so as not to be too stung by capital gains. And don’t forget that third party liability insurance is compulsory on rented properties for both tenants and owners.
The cost of living is generally acknowledged to be 25 percent less in France than living in the UK, that is unless you eat truffles and drink champagne every day!
The French are usually very accommodating, however, in areas like Normandy where 65 percent of property is owned by Brits, it is worth trying to learn the language. It will certainly make your life easier and it will keep the natives happy.
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