Where France’s wealthy go to escape taxes

They head to an area in Brussels called Uccle

TRD New York TRD WEEKEND EDITION /
May.May 26, 2018 04:24 PM

(Credit: DoD photo by D. Myles Cullen)

The grassy, well-coiffed neighborhood is home to diplomats and a large proportion of French expatriates who’ve moved in to escape taxes.

The trend began in 2000 with French nationals wanting to avoid tax on wealth over about $1.5 million and accelerated in 2012 when the new president François Hollande pledged to create a 75 percent tax bracket for wealth over $1.2 million, according to Mansion Global. The result was a mini-exodus of high-worth individuals to Uccle, where a train to Paris takes under 90 minutes.

Villas in the area sell for up to $4.7 million while apartments go for between $1.2 million and $3.5 million.

Following the Great Recession, prices slipped, however, according to Abraham de Bettencourt, director of Lecobel Vaneau real estate agency, the market has stabilized and more apartments are being added to the existing supply. [Mansion Global]Erin Hudson


Related Articles

arrow_forward_ios
Red Apple Group’s John Catsimatidis and Muss Development’s Jason Muss (Getty; iStock)

Four Brooklyn landlords accused of illegally inflating rents

Four Brooklyn landlords accused of illegally inflating rents
A study found that NYC renters lose $178M per year due to long-term rentals being reallocated to the short-term market (Getty; Pixabay)

Airbnb costs New York City renters $178M a year: study

Airbnb costs New York City renters $178M a year: study
111 West 57th (Photo via FDNY Twitter)

Spinning crane at 111 West 57th Street casts debris on street

Spinning crane at 111 West 57th Street casts debris on street
Caliber Home Loans CEO Sanjiv Das and AmeriHome CEO Jim Furash (Photos via Caliber Home Loans; AmeriHome; iStock)

Two mortgage companies delay IPOs amid market volatility

Two mortgage companies delay IPOs amid market volatility
Denizen Bushwick at 54 Noll Street (Photos via Denizen Bushwick)

All Year nears $650M financing for Bushwick luxury rentals

All Year nears $650M financing for Bushwick luxury rentals
The decline in contract activity may signal a drop in sales in the coming months (iStock)

Pending homes sales dipped in September

Pending homes sales dipped in September
(Getty, iStock)

Refinancings drove up home mortgage apps last week

Refinancings drove up home mortgage apps last week
40 East 72nd Street and Spiros and Antonia Milonas  (Getty; Google Maps)

Under water: Shipping magnate’s troubled UES condo is bankrupt

Under water: Shipping magnate’s troubled UES condo is bankrupt
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...