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France To Tax Holiday Homes

Category: Real estate, Posted:15 Jun 2011 | 06:00 am

In a blow to the French property industry the country has unveiled a new draft law aimed at taxing non-resident second or holiday home owners.

Hard hit would be purchasers from the U.K. and surrounding countries who are heavily invested in vacation and countryside properties.
Even expatriate French nationals would fall under the hammer.
A vote is set by the legislative body by midyear and a number of complaints have been made to the EU already by various bodies.
Presently the real estate sector which thrives on transactions from this sector are quite vocal, saying a new tax would be damaging to the industry.

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