The wealthy British are moving to France
Many wealthy British citizens are voting with their feet and escaping Britain to avoid the 50% income tax that will come into action in April. The introduction of a 50% top rate income tax will have a huge impact on some individual’s earnings. France has been offering a range of incentives to make British entrepreneurs choose France as their new home country.
In previous years tax havens such as Switzerland and Monaco have been destinations of choice for rich Brit’s looking to avoid the British taxation system, however today the type of person looking to relocate abroad is far younger and many are still working and have families living in the UK. Because of this France is becoming ever more popular thanks to its commutable location.
Since 2008 French tax rules exempt assets outside of France from any wealth tax, they also offer a 50% rebate on interest, capital gains and dividends from any country within the EU and have lowered income tax by 30%.
How to become a non-resident?
Firstly you must spend less that 91 days in the UK and work full time outside of the UK for one year. You are not allowed to work in the UK during this time.
Why are more and more Brit’s moving to France?
Britain will shortly become the most expensive place in the world to live. From April 2010 a person living and working in the UK earning £200,000 with a non-working partner and two children will pay £77,520 in tax, if that same person was living and working in France they would pay only £45,935 in tax, a staggering saving of £31,585.
Many self employed people can operate their business from anywhere in the world with the only tie to Britain being friends and family. The close proximity to the UK that mainland France offers is making it more and more popular.
If you are considering moving overseas you will find our money transfer comparison table extremely useful. Here you will find information on the UK’s leading foreign exchange brokers who can help you to get the best exchange rate when moving your money overseas. Many specialise in sending money abroad to buy a property in France.
For more information about sending money abroad check out my need to know guide to sending money overseas.
