French Government Offering Tax Incentives to Grab UK Banking Business

July 6, 2016 Share Print 0

The French government has pledged to make its tax regime for expatriates the most favourable in Europe, in a grab for London banking business displaced by Britain’s decision to quit the European Union.

“We want to build the financial capital of the future,” the prime minister, Manuel Valls, said at a hastily arranged visit to the annual conference of France’s financial industry lobby, Europlace. “In a word, now is the time to come to France.”

France’s financial sector has often complained of government ambivalence towards the industry, which is subject to high taxes and sometimes hostile remarks from politicians.

But Paris sees an opportunity in last month’s Brexit vote, the regulatory implications of which place a huge question mark over London’s place as the centre of Europe’s banking business.

via The Guardian

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Alfonso Esparza

Senior Currency Analyst at Market Pulse

Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.