The number of French pensioners who moved abroad for permanent residence has doubled over the last ten years and exceeded the mark of 1 million people.
This was recently reported by the French newspaper Le Figaro, which conducted a new study.
Interestingly, according to its results, Cyprus tops the ranking of countries to which French pensioners most often emigrate. According to Le Figaro, the island state attracts them with its favorable tax regime.
In particular, in accordance with the Franco-Cypriot tax convention of December 18, 1981, French pensioners who move to the island are taxed not in France, but in Cyprus. Their pensions are exempt from tax up to €3420 per tax year. And above this amount, a 5% tax is imposed on their income. In addition, there is no property or inheritance tax in Cyprus.
The top 7 popular countries for living among French retirees also include: Greece, Portugal, Italy, Tunisia, Morocco and Malta.
As for Greece, the publication notes that this country offers a flat tax rate of 7% for 15 years for those who have settled there as a tax resident.
The logic is very simple. We want retirees to move here. We have a beautiful country, a very good climate, so why not? In addition, to take advantage of the tax system, it is not necessary to buy real estate in Greece. It is enough to live in the country 183 days a year and be a citizen of a state with which Greece has a bilateral tax treaty, as in the case of France - emphasizes Athina Kaliva, head of the tax policy department of the Ministry of Finance of Greece.