France To Lure London Bankers With Tax Breaks

By by Ulrika Lomas,, Brussels 11 July, 2016

France is hoping to capitalize on the uncertainty surrounding the United Kingdom's finance industry in the wake of the Brexit vote by offering improved tax incentives for expatriate workers.

The idea was mentioned by Prime Minister Manuel Valls at the annual conference of Europlace in Paris on July 6. It could form part of a package of measures designed to lure finance industry firms and their employers to Paris and boost the competitiveness of the French capital's finance center.

Certain expatriate employees working for a company based in member states of the EU or EEA are already entitled to full or partial exemptions from French tax on their salaries. However, Valls said the Government wishes to improve on France's already generous expat tax schemes by, for example, extending the period that expat workers can exclude foreign properties and assets from the calculation of wealth tax to eight years from the current maximum of five years.

The Prime Minister also said that he wants to see a one-stop-shop point-of-entry for expats that will provide advice on everything from taxes to schooling, health, and housing.

Tags: Expatriates | Wealth | Tax | Tax Incentives | Financial Services | Employees | United Kingdom | France | Services |


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