FRANCE TO TAX SECOND HOME OWNERS
France is considering a 20 percent tax hike on second home owners including foreigners who own holiday homes, according to financial newspaper Les Echos. The daily said the 20 percent increase on the existing property tax for second homes would be applied to 30 zones across the country including Lyon, Marseille, Bordeaux, the Mediterranean and Atlantic coasts and Paris. In line with the government’s plan to increase the availability of properties in the market, the tax would only apply to unoccupied homes that have not been rented out, the newspaper reported. If approved, the new tax would come into effect on January 1, 2015.