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Month: January 2024

France | Revised tax brackets and rates confirmed ahead of declaration deadlines

by: Stephanie Horsman
11/01/2024

Ahead of tax declaration deadlines in the spring, the French government has announced the annually updated tax brackets and rates applicable to 2023 earnings and income.  

France’s sliding tax scales are set annually, and in 2024, the income tax bands have been increased by 4.8%.  

There are five ascending tax bands, starting with the lowest income earners and going up to the highest.

They are as follows: 

  • Income of €0 to €11,294 will be taxed at 0% 
  • Income of €11,295 to €28,797 will be taxed at 11% 
  • Income of €28,798 to €82,341 will be taxed at 30% 
  • Income of €82,342 to €177,106 will be taxed at 41% 
  • Income above €177,106 will be taxed at 45% 

The tax rate also takes into consideration the quotient familial, which is to be understood as the “number of shares, which depends on your situation and the number of people in your tax household”, according to the government’s website. Typically, an adult equates to one full “part”, while a child’s weighting is 0.5 parts.  

All French residents must pay taxes in France on worldwide income, including money earned from investments, corporate or business income, inheritance, property, wealth, and certain purchased goods and services.  

Deadlines 

Income tax declarations will be accepted from early April.  

Paper income tax declarations must be submitted by 22nd May.  

The deadline for online declarations for French departments numbered 01 through to 19, and non-residents liable for taxation, has been set for 25th May. For departments 20 to 54, the deadline is 1st June, and for the remaining departments, including overseas territories, the deadline is 8th June.  

For more information on the revisions and how to calculate 2023 income tax, click here.

 

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Photo source: Scott Graham, Unsplash

French housing market stagnates and prices falter amid significant drop in demand

by: Elsa Carpenter
11/01/2024

Whether inflation, higher mortgage rates or any other factor is to blame, the story is the same. Demand for properties new and old has dropped significantly in France, prices are falling and even construction has slowed.  

In the first nine months of 2023, prices contracted by 1.94% or 6.33% when adjusted for inflation after falling by 1.3% in 2022, according to data released by INSEE, France’s National Institute for Statistical and Economic Studies.  

But while the capital in particular flounders – prices have been falling steadily in Paris for two years and the wider Île-de-France area is similarly affected – the south of France continues to note increasing prices for both houses and apartments.  

See more: Real estate | How much extra does it cost to own a waterfront property?

Year-on-year, prices in Nice rose by 7.45% from 2022 to 2023 and in Aix-en-Provence, prices were up 7.6%, according to the Observatoire Guy Hoquet. Marseille recorded similar figures, making it one of the rare large French cities to see any progression. 

Demand is falling nationally 

Purchasing property might be popular down south, but demand is falling almost everywhere else and by a not-insignificant amount.  

According to statistics from the General Council for the Environment and Sustainable Development, existing home sales were down by 20% in the 12 months to October 2023. 2022 had recorded a fall of 5.2% after a boom of 14.7% in 2021.  

It is more dire still for sales of new property, which nose-dived by 38.7% between October 2022 and October 2023.  

The final volume of sales concluded in 2023 is yet to be revealed, but, according to the Observatoire Guy Hoquet, should the total fail to reach the one million mark, 2023 will have known the sharpest housing market contraction in a decade.  

Construction slowing 

Even activity in the residential construction sector has cooled off. The number of permits to build fell by 27.3% during the first 11 months of last year, according to INSEE, while the number of projects to get off the ground also dipped by 23.8% over the same time period.

Read related:

New property transactions in Monaco are tumbling, but the news is still good

 

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Photo source: Daniel Stiel, Unsplash

World champion chess players heading to Monaco for two fast-paced tournaments

by: Stephanie Horsman
11/01/2024

Monaco’s Novotel will host two separate chess events this week, beginning with the new Blitz Chess Championship inspired by the popular Manga series before the top-tier European Women’s Rapid tournament takes place. 

Blitz, the chess-focused Manga series produced by Monaco’s Shibuya Productions, is hosting its first event, the Blitz Chess Championship, on Friday 12th January. The format is based on 13 high-intensity single rounds and time controls of three minutes and two seconds as per the Swiss system.  

The Swiss System is a chess tournament pairing system that allows all players to play all rounds regardless of whether they win or lose. No one is eliminated due to a loss. Instead, players are paired based upon how well they do in the tournament, with the winningest playing other winners and so forth.  

Blitz’s growing acclaim, which has seen 10 volumes since 2020, has brought chess to a whole new generation, making the game appealing through its youthful characters, detailed artwork, fun story lines and guest appearances by the legendary chess master Gary Kasparov.  

The first match will start at 1.30pm.

TOP INTERNATIONAL FEMALE PLAYERS 

The second tournament, the European Women’s Rapid, will take place from Saturday 13th to Sunday 14th January. There will be 11 rounds with time control in increments of 15 minutes and 10 seconds. 

The event is likely to attract top players such as Alexandra Kosteniuk, Antoaneta Stefanova and Pia Cramling, who will be battling it out for prizes to the tune of €22,500.  

The matches start at 2.15pm.  

For more information on both tournaments, click here. 

 

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Photo source: Je Shoots, Unsplash

Grimaldi Forum toasts success at annual Galette des Rois celebration

by: Cassandra Tanti
11/01/2024

With a packed schedule of events this year, the Grimaldi Forum has already surpassed its turnover record of 2019, confirming Monaco’s position as a key event destination.

More than 500 clients, partners and journalists gathered on Tuesday evening at the Grimaldi Forum Monaco (GFM) for its annual meeting. The event was an opportunity for Sylvie Biancheri, the General Director of the Grimaldi Forum, to give an update on the results of Monaco’s largest congress and exhibition centre, while celebrating the Epiphany with copious amounts of Galette des Rois and champagne.

And there was certainly reason to celebrate. It was revealed that 2023 was a great year for the GFM, with 115 events and exceptional attendance levels. Among the best performing were the luxury trade show Top Marques, which saw 25,000 visitors, and the anti-ageing congress AMWC, which lured in 15,000 attendees. The summer exhibition ‘Monet in Full Light’ pulled in a record crowd of 120,000 in just two months.

See more: ‘Monet en pleine lumière’ breaks records, next three exhibitions revealed

In total, the GFM managed to achieve a 90% turnover of 2019, its best year to date.

Sylvie Biancheri delivering her presentation to the crowd, including Minister of State Pierre Dartout. Photo by Monaco Life

2024 is on track to break all records

The disruptive Covid years appear to be long gone, with Biancheri revealing that the Grimaldi Forum has attracted a host of new events this year, including the Junk Kouture sustainable fashion competition in February, the Padel Best Expo and Moretti Fine Arts in April, and the SLB Digital Forum in September. These are in addition to the GFM’s returning events like the Job Forum in February and Ever Monaco in November.

See more: Upcoming Monaco Pour l’Emploi jobs forum will feature “more ambitious format”

In a continuing show of support for the Grimaldi Forum, CMB Monaco has also renewed its sponsorship agreement with the convention centre for the 19th year running.

“CMB and the Grimaldi Forum both have very strong DNA, but with a vision on the outside world, so we are pleased to be the two organisations that make Monaco shine,” CMB CEO Francesco Grosoli told Monaco Life.

The annual Epiphany celebration and Galette des Rois feast has grown to include a progress report on the GMF. Photo by Monaco Life

The highlight of 2024 will, of course, be the summer exhibition, which this year is themed ‘Turner, the sublime heritage’ (Turner, le sublime héritage), in collaboration with the Tate museum. It will be dedicated to J.M.W. Turner, one of the greatest European painters of the 19th century, and present 80 masterpieces in dialogue with contemporary artists including Katie Paterson, Mark Rothko and Roni Horn. The exhibition will run from 6th July to 1st September 2024.

While this year is set to be record-breaking, 2025 is even more exciting, with the delivery of the extension of the Grimaldi Forum that will add 50% more exhibition space both inside and outside – and all this in its 25th anniversary year.

See more in our Instagram reel below…

 

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Main photo source: Grimaldi Forum Monaco

“Astounding” ocean surface temperatures recorded in 2023 spark global concern

by: Stephanie Horsman
11/01/2024

Scientists and climate experts are sounding the alarm after a new study by the Advances in Atmospheric Sciences journal revealed that global ocean temperatures were significantly higher in 2023 than in the previous year. They warn that unless action is taken quickly, the damage being done by manmade pollutants could be catastrophic.  

Last year, surface temperatures reached record levels around the world, with an annual mean of 0.23ºC higher than in 2022, which climbed to an “astounding” 0.3ºC higher in the second half of 2023, according the report put out by the Advances in Atmospheric Sciences journal.

While the Mediterranean basin, a region home to 500 million people, is believed to be warming 20% faster than the global average, the Mediterranean Sea is a considerable source of concern too. Average temperatures recorded in 2023 were the highest on record since the 1950s and the hottest ever reading for the sea was taken during the summer, when a Spanish research unit noted a peak of 28.71ᵒC. 

Globally, the report also noted record levels of stratification, where the warmer surface waters fail to mix with the colder waters deeper down, thus preventing proper oxygenation. This reduces the amount of carbon dioxide the seas can absorb and is a hazard for marine life.  

The study places the blame squarely on greenhouse gas emissions produced through human activities, which have caused “about 90% of the excess heat accumulated in the Earth system [to be] deposited in the world’s oceans”.  

“The ocean is the key to telling us what’s happening to the world and the data is painting a compelling picture of warming year after year after year,” Professor John Abraham, a contributor to the study, told The Guardian. “We’re already facing the consequences and they will get far worse if we don’t take action, but we can solve this problem today with wind, solar, hydro and energy conservation. Once people realise that, it’s very empowering. We can usher in the new energy economy of the future, saving money and the environment at the same time.” 

ON LAND AS AT SEA 

Air temperatures also hit record levels last year: 1.48ºC higher than pre-industrial levels and perilously close to the 1.5ºC target set by the 2015 Paris Agreement. 

Although partly explained by 2023 being an El Niño year, a natural and cyclical phenomenon usually associated with warmer temperatures, damaging emissions are nevertheless a major driver and scientists at the Copernicus Climate Change Service, the EU’s Earth observation programme, suspect thesymbolic 1.5ºC mark will be exceded in the next 12 months.  

 

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Photo source: Despina Galani, Unsplash

Practical info: Grand Circus Parade schedule and traffic disruptions

by: Cassandra Tanti
11/01/2024

This weekend’s Grand Circus Parade and Open Air Circus Show promises to be a spectacular celebration, although traffic disruptions are expected. Here’s everything you need to know about both.

On Saturday 13th January, the Principality of Monaco will celebrate the 46th Monte-Carlo International Circus Festival with a grand parade throughout the city. It begins at 2pm in Fontvielle and will traverse through rue du Campanin, avenue des Castelans, avenue de Fontvieille, place du Canton, boulevard Charles III, Place d’Armes, avenue de la Porte Neuve, avenue Saint Martin, and rue Bellando de Castro.

Around 2:30pm/2:45pm the parade is expected to arrive at the Place du Palais, where there will an Open Air Circus Show. The Place du Palais will be accessible by Porte Neuve following the Grande Parade, the Rampe Major and by bus lines 1 and 2, which will serve the Pêcheurs car park.

Traffic disruptions

Between 2pm and 5pm, while the parade passes and the animals return to the marquee, traffic will be temporarily suspended on avenue des Guelfes, rue du Campanin, avenue de Fontvieille, Charles III tunnel, Canton roundabout, boulevard Charles III, place d’Armes heading north, avenue de la Porte Neuve, avenue Saint Martin, rue Bellando de Castro, and the ramparts.

Bus routes will also be impacted during these hours.

Impact on public car parks

When the Parade passes, access to the following car parks will not be possible: Port car park, Saint-Nicolas, Stade Louis II, Le Triton, des Villas, de la Colle, de la Visitation, de l’Abbaye.

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Photo by Monaco Life