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France wants to be new financial force instead of UK

Staff Writer |
The French government pledged to make its tax regime for expatriates the most favorable in Europe after Britain’s decision to quit the European Union.

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“We want to build the financial capital of the future,” Prime Minister Manuel Valls said at visit to the annual conference of France’s financial industry lobby Europlace. “In a word, now is the time to come to France.”

Paris sees an opportunity in last month’s Brexit vote, the regulatory implications of which place a huge question mark over London’s place as the center of Europe’s banking business.

“We are bringing solutions today to companies that are asking questions and expecting answers to prepare for the future,” Valls said. He said France’s already favorable tax regime for expatriates and French nationals returning from stints abroad would in future be applicable for their first eight years in France, up from five currently.

The scheme includes deductions for non-salary perks like employers paying for employees’ children’s school fees and for revenue earned on capital held abroad.

Valls said the government would also set up a one-stop administrative point for foreign firms seeking a foothold in France with service in languages other than French.

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