Tax Threat for Second Homes on The Cote d'Azur
Aimed at encouraging owners to rent out second homes & free up housing
The Government proposed 20% tax increases on second homes would severely affect residents all along the French Riviera. However, the good news is that municipal authorities can choose to opt out of the scheme.
And that is exactly what the authorities of Cannes and Nice have done! Due to the large number of second homes in these cities, instead of freeing up housing, it is felt that it will be more likely to impact an already struggling property market.
Mayor of Cannes, David Lisnard, spoke out last Wednesday on France 3, saying, "I have not applied this measure to Cannes; I think it would be extremely detrimental." The city of Nice has now followed suit and is also opposed to the tax.
The proposed tax plans are obviously controversial and many believe that it will not actually have the desired affect of creating more housing in areas of housing shortage but it will in fact impact purchasing in France instead.
With the residents and home owners of Cannes and Nice safe for the moment we will wait to find out about other areas of the Cote d'Azur that may still be affected if the respective authorities do not reject the tax.
