Paris cashes in on joie de vivre to attract expat financiiers

France is busily introducing pre-Brexit changes in order to attract the brightest and best expat financial talent.

French PM Edouard Philippe is busily ramping up the charms of Paris in order to tempt financial professionals to cross the Channel and embrace a French lifestyle filled with joie de vivre. Given the increasing number of financial firms at present based in London City but readying themselves for the move, the new measures are aimed at attracting investors as well as bankers. New measures include capping tax at 30 per cent on interest earned by investment funds relocating to Paris as well as the opening of a brand new international school aimed at expat children. An easing of the rules on expansion or the opening of new clearing house businesses is also on the cards for later this year.

The strategy is part of President Macron’s stated aim of boosting Paris as an international financial hub, and includes a gradual lowering of corporation tax to 25 per cent, the removal of wealth taxes on financial assets and the removal of the highest band of payroll tax. In addition, a flat tax on capital income of 30 per cent is already in operation. Paris is a now a strong competitor with the likes of Frankfurt, Luxembourg and Dublin for the top performers in the financial world, with around 3,500 jobs expected to result from the strategy. Wall Street financial firms, French banks relocating back home and HSBC’s move from London will account for the majority of the estimated number of newcomers to the French financial scene.

France is already a popular destination for expat professionals, with Paris as its centre for a high standard of city life and endless business opportunities. The French work-life balance is much appreciated by expats for its shorter working week, and job security as well as safety and stability is also highly rated in expat surveys, in spite of the last several years’ terrorist attacks. Family life and leisure options are praised, and education in the city is excellent, as is healthcare. Some 83 per cent of expat respondents in a recent survey said they were more than happy with their family life since they’d relocated, with only the high price of suitable accommodation causing concern.