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We wish you a very Happy New Year and all the best for 2022.
 
We are pleased to present to you this 3rd edition of our Fidal International Mobility Newsletter. Like the previous editions, this third Newsletter is rich in legislative and case law news covering a wide range of topics. For as you know, International Mobility is at the crossroads of numerous tax and legal issues.
This third Newsletter also includes news on International Mobility developments in Belgium, Spain, Italy and Singapore.
 
Fidal’s International Mobility team will be pleased to answer any questions you may have.
 
Enjoy reading!


Impatriate regime – Paris Administrative Court of Appeal’s decision of 16 March 2021

France has an attractive regime to incentivize foreign talents to take up residence in France: the impatriate regime.
 
The regime offers a whole series of tax and social security advantages, provided notably that the person concerned has not been a French tax resident at any time during the five years preceding the year of the move to France.
 
Eligible persons can thus be exempted (temporarily, subject to conditions and limits) ...


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Clarifications on the procedures for accessing information contained in registers of trusts and fiducies

Clarifications have recently been provided, through decrees and an order, on the conditions for accessing and consulting data contained in the registers of trusts and “fiducies” (French-style trusts) kept by the French General Directorate of Public Finances (Direction Générale des Finances Publiques, DGFiP).


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Impatriate regime: exemption from affiliation and from payment of pension contributions

In principle, every employee recruited from abroad to take up a position in France is affiliated to the compulsory French social security schemes for basic and supplementary retirement pension insurance.
However, by exception, these so-termed “impatriate” employees can, upon express and joint request with their employer, elect not to be enrolled therein.
This exemption from affiliation, and accordingly from payment of the related pension contributions, is conditioned on...


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Recent reconsideration of the tax treatment of management packages: Implications in an international context

In three decisions dated 13 July 2021 (nos. 428 506, 435452 and 437 498) and a ruling of 17 November 2021 (no. 439 609), the Conseil d’Etat (French Supreme Administrative Court) has clarified the tax treatment of gains from incentive plans that offer managers an equity interest in the companies they work for  (“management packages”).
 
The decisions concerned warrants, stock purchase options and stock subscription options awarded under non-qualified plans.
 
They conclude, in summary, that the advantages thus conferred on managers – including the gains of acquisition, of exercise of option, or of sale – must be taxed as wages and salaries if they are essentially granted in return for the performance of their duties as chief executives or employees.


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Update on the 2022 Finance Act

In this election year, we have summarized below the changes concerning the recently adopted French Finance Act for 2022


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In focus
International news

SINGAPORE:
  • Updates to Singapore's COVID-19 tax concessions for businesses and employees

BELGIUM:
  • Belgian impatriate regime: new measures for the 2022 budget
  • A new tax treaty is signed

SPAIN:
  • Non-Spanish tax residents who own property in Spain

ITALY:
  • Access to the Italian special regimes: telework and the remuneration of expatriate workers
Read more
Case Law section

Exemption of primary residence and minimum occupancy time
Decision of the Lyon Administrative Court of Appeal of 19 August 2021, no. 19LY01666
 
The Lyon Administrative Court of Appeal’s decision confirms that the duration of occupancy of a primary residence does not undermine the exemption of the capital gain on the sale of such property provided for by Article 150 U 1 of the French Tax Code.
As this Article does not provide for a minimum occupancy time prior to the sale of the property, the owners were able to benefit from the exemption of the capital gain generated on the sale of their home even though the property had only been occupied for 3 months.
 
Sale of securities: how to treat FX gains or losses?
Decision of the Council of State, CE 8th-3rd Ch. 13-9-2021 no. 443914
 
The effective purchase and sale prices of securities must be determined by converting the prices paid upon such transactions into euros, based on the exchange rates applicable respectively on the date of purchase or of sale.
Consequently, foreign exchange gains or losses realized upon the sale of securities are part of the net capital gain or loss and are taken into consideration in the taxable base.
Fidal's International Mobility Team Follow our International Mobility news on our website

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