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12-23-2010, 03:33 PM
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#1
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Thinks s/he gets paid by the post
Join Date: Jun 2010
Location: Palma de Mallorca
Posts: 1,419
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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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12-23-2010, 03:34 PM
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#2
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Recycles dryer sheets
Join Date: Oct 2010
Posts: 392
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Nice!
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12-23-2010, 04:11 PM
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#3
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Thinks s/he gets paid by the post
Join Date: Dec 2009
Location: Alberta/Ontario/ Arizona
Posts: 3,393
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Have another for me.
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12-23-2010, 07:42 PM
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#4
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Administrator
Join Date: Apr 2006
Posts: 23,037
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Bien fait!
__________________
Living an analog life in the Digital Age.
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12-23-2010, 08:25 PM
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#5
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Moderator Emeritus
Join Date: Jan 2007
Location: New Orleans
Posts: 47,500
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Congratulations!! Well done. 
__________________
Already we are boldly launched upon the deep; but soon we shall be lost in its unshored, harbourless immensities. - - H. Melville, 1851.
Happily retired since 2009, at age 61. Best years of my life by far!
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12-23-2010, 09:01 PM
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#6
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Thinks s/he gets paid by the post
Join Date: Nov 2009
Location: SF East Bay
Posts: 4,342
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C'est tres magnifique. What a great milestone!
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12-23-2010, 09:32 PM
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#7
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Moderator Emeritus
Join Date: May 2007
Posts: 12,901
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Nice! As a British citizen living in France, do you have to pay the wealth tax?
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12-24-2010, 05:59 AM
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#8
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Thinks s/he gets paid by the post
Join Date: Jun 2010
Location: Palma de Mallorca
Posts: 1,419
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 Quote:
Originally Posted by FD
Nice! As a British citizen living in France, do you have to pay the wealth tax?
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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.
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12-24-2010, 07:49 AM
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#9
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Moderator Emeritus
Join Date: May 2007
Posts: 12,901
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Quote:
Originally Posted by BigNick
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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