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A million for Christmas
Old 12-23-2010, 04:33 PM   #1
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A million for Christmas

Woo-hoo! Last day of work before Christmas, and a slight drop in the value of the Euro (about half our portfolio is outside the Euro zone) means that my portfolio tracker spreadsheet has dragged itself over the million Euro mark!

This calls for a Pimm's, which Mrs BigNick has just handed me!
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Old 12-23-2010, 04:34 PM   #2
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Nice!
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Old 12-23-2010, 05:11 PM   #3
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Have another for me.
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Old 12-23-2010, 08:42 PM   #4
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Bien fait!
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Old 12-23-2010, 09:25 PM   #5
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Congratulations!! Well done.
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Old 12-23-2010, 10:01 PM   #6
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C'est tres magnifique. What a great milestone!
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Old 12-23-2010, 10:32 PM   #7
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Nice! As a British citizen living in France, do you have to pay the wealth tax?
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Old 12-24-2010, 06:59 AM   #8
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Nice! As a British citizen living in France, do you have to pay the wealth tax?
French fiscal residents pay the wealth tax once their assets exceed 790.000 Euros. If you move to France, they give you a certain amount of grace period, but after 4 or 5 years, the wealth tax applies to your worldwide assets, to the extent that the French tax people find out about them.

However, because of the nature of my work, DW and I are not French fiscal residents. If we stay in France when I/we pull the FIRE trigger, we will lose that advantage.

Although it's a pain and most other countries, including several with more "progressive" political tendencies than France, have renounced this sort of tax, it's not a huge amount of tax. It starts at 0.5%, so with our million we'd be paying 1050 per year.

Also, quite a lot of our money is in "assurance vie" schemes, which is approximately like a Roth IRA - you pay in out of taxed income, and the payout is not quite tax-free, but it's very favourable. That's massively advantageous for me, since the money which I've been putting in there has been earned while I'm not fiscally resident! So if they end up clawing a little bit of it back, I won't consider that an injustice has been done.
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Old 12-24-2010, 08:49 AM   #9
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French fiscal residents pay the wealth tax once their assets exceed 790.000 Euros. If you move to France, they give you a certain amount of grace period, but after 4 or 5 years, the wealth tax applies to your worldwide assets, to the extent that the French tax people find out about them.

However, because of the nature of my work, DW and I are not French fiscal residents. If we stay in France when I/we pull the FIRE trigger, we will lose that advantage.

Although it's a pain and most other countries, including several with more "progressive" political tendencies than France, have renounced this sort of tax, it's not a huge amount of tax. It starts at 0.5%, so with our million we'd be paying 1050 per year.

Also, quite a lot of our money is in "assurance vie" schemes, which is approximately like a Roth IRA - you pay in out of taxed income, and the payout is not quite tax-free, but it's very favourable. That's massively advantageous for me, since the money which I've been putting in there has been earned while I'm not fiscally resident! So if they end up clawing a little bit of it back, I won't consider that an injustice has been done.
You may be in luck. Sarkozy has promised to abolish the wealth tax (probably before running for re-election in 2012), so by the time you retire you may not have to deal with it anymore.
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