There is a lot of confusion today regarding the new “unrealised capital gains” law in France 🇫🇷. Let me clarify the situation:
The news refers to amendments adopted by the Senate on 23/01/2025 as part of the financial budget for 2025. This is not yet adopted as it must still be made into a final version by a joint-commission (on the 30/01/2025), before being finally voted by the National Assembly.
These exact proposals have already been voted by the senate in 2022, 2023 and 2024 but were put down by the National Assembly each time.
The two proposed amendments relating to crypto-assets are:
* Increase in the tax rate on realised capital gains from 30% to 33%. Currently, the annual tax-free allowance is €305, and all gains above that are taxed 30%.
* Rebranding of the “Tax on real-estate fortunes” to the “Tax on unproductive assets fortunes” which widens the scope of assets considered.
Note: This is not a tax on unrealised capital gains but rather an annual tax calculated on the total net value of your wealth on the 1st January of each year.
If adopted, the following changes will apply:
a) Beyond real-estate, assets now include financial accounts (current accounts, investment accounts, funds), tangible personal property (luxury items, cars, yatchs, private jets), Intellectual property of which you are not the author or inventor, and crypto-assets. Art pieces, collectibles and antiquities are exempt.
b) The applicability threshold for this tax will be raised from €1.3m to €2.57m to account for the larger scope of assets;
c) Tax brackets are as follows:
- Less than €800k = 0%
- >€800k-1.3m = 0.5%;
- >€1.3m-2.57m = 0.75%;
- >€2.57m- 5m = 1%;
- >€5m-10m = 1.25%;
- >€10m = 1.5%.
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#france #tax #unrealisedcapitalgains #crypto #bitcoin
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