"Girardin housing" tax reduction for overseas property investment extended to 2017 and increased

Article 20 of the overseas programme Act amends Article 199 undecies A of the General Tax Code. The tax reduction for buying or building homes overseas applies to investments made between promulgation and 31 December 2017 (instead of 31 December 2006) and to French Polynesia, Wallis and Futuna and the French Southern and Antarctic Lands. It is extended to renovation of homes over forty years old and to subscriptions in companies financing overseas businesses. Rates are 25% (main residence, renovation), 40% (letting) and 50% (intermediate letting under conditions and subscriptions), increased by ten points in sensitive urban zones in the overseas departments and Mayotte, and by four points for renewable energy equipment. Expenses are capped at €1,750 excluding tax per m² of living space. The former regime still applies to building sites opened before promulgation.