Buyers of real estate in France carefully study the taxation of a potential property owner before making a decision.
Buying property in France you pay:
- registration fees (also called the notary fees) around 7.5 % of the purchase price
- pro rata land tax ( the seller pays this annual tax, but you repay the notary the amount for the current year, calculated from the day of completion).
When you are the owner of property in France:
The owner of real estate in France pays two basic taxes: land tax (taxe foncière) and residence tax (taxe d'habitation).
Taxe d’habitation – a local community tax paid by the owner, or tenant living in the apartment on the 1st January of the current year.
This tax depends on the property and your income in France.
Gradually the residence tax in France is due to be abolished for the main residence.
WEALTH TAX IN FRANCE – The “French exception”
Land tax and residence tax do not put off future buyers of real estate in France.
Most discussion is about the wealth tax called IFI ( Impot sur la fortune immobilière).
The wealth tax, which is quite unusual in other countries, is often referred to as the "French exception" or the "ideological tax."
WHO PAYS WEALTH TAX IN FRANCE
This tax must be paid by both residents and non-residents if their estate assets exceed 1.3 million euros.
Non-residents in France pay the tax only on their real estate located in France.
French residents pay the wealth tax on their worldwide properties after 5 years residency in France, and there is a 30% discount for their main residence.
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