Thousands of households in France, owning real estate worth more than 1.3 million EUR, did not pay income tax in 2024, according to data from the French Ministry of Economy and Finance, cited by Le Monde.
In its reports, the ministry indicates that there are 18,800 such households. Without excluding non-residents or those who died during the year, this figure is 13,300.
„There are indeed thousands of the richest households that do not pay income tax. And this is only the number of households that own real estate, which puts them in the top 0.5% of wealthy individuals in the country. If we include their other assets, such as stocks, this phenomenon would be even more pronounced“, said Claude Reynal, chairman of the Senate's Finance Committee (the upper house of parliament).
The newspaper cited several possible explanations for why this scenario is possible. One reason could be a sharp rise in the value of real estate owned by a person with a low income. This could also happen if a person who owns expensive real estate resides abroad and pays taxes in another country. Finally, a third option involves the presence of tax-exempt income, including, among other things, dividends from savings in stocks, as well as tax breaks and deductions that allow some wealthy families to even report negative income on their tax returns.
“Taxation of the rich will inevitably be a topic of the presidential campaign. "It is best to approach this issue with an accurate assessment of the current situation and concrete proposals," Reynal said.
The French Senate and the National Assembly (the lower house of parliament) sent inquiries to the ministry after former Economy and Finance Minister Eric Lombard told the newspaper Lib ration in January that there are thousands of wealthy citizens who do not pay income tax. For several weeks, deputies and senators sought confirmation from the ministry, despite refusals from the minister responsible for public accounts, Amélie de Montchalin. Ultimately, the parliamentarians believe that the information they have received confirms the former minister's claims and will now need to gather additional information to complete their analysis. They expect to prepare a report by the summer, when negotiations on the 2027 budget begin.
Detailed statistics on average property prices in Bulgaria by city and neighborhood can be found at imot.bg