Expats moving to France will have to pay income tax and social security contributions, but can also benefit from tax deductions and financial help. In case of illness or unemployment, they are usually entitled to support from social security. If they retire in France, they may also receive a French pension.
It’s often said that France imposes a huge tax burden on its residents, locals and expats alike. In fact, this mostly affects top earners and those with a considerable personal fortune, who may have to pay up to 75% of their annual revenues in income and wealth taxes. For those with an average income, taxes are far more moderate. However, some of their gross income will be automatically deducted for social security contributions. Filing your taxes in France can be difficult: you may even be fined for handing in your tax return late! Even if you decide to hire a conseiller fiscal (professional tax accountant), it helps to be familiar with the basics, such as fiscal residency, taxable income sources, common tax reductions, tax brackets and the “family co-efficient”, and more.