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Study abroad: the little-known secret to making the most of it

Pursuing an education in a country other than your own not only offers you the possibility of studying at some of the best universities in the world but also provides you with the experience of living in a different country, and immersing yourself in a different culture.  

Study abroad: the little-known secret to making the most of it

After all, studying abroad shouldn’t merely be about your academic education.

Studying abroad should provide numerous personal and professional benefits too, ultimately not only making you a better candidate for companies eager to hire interns and graduates who are flexible, multilingual, and comfortable in a range of situations, but also a more rounded person.

And a big part of this ‘added value’ are the extra-curricular activities offered by educational institutions – the societies, associations and groups that the best schools offer.

“I found it really eye-opening”

To get some insight into this important but less talked-about aspect of international education, The Local spoke to Leonardo Schulze Wierling and Calypso Dubos, both currently studying the three-year Bachelor in Management (BSc) at the ESCP Business School, which has campuses in six major European cities, and which emphasises the importance of developing life skills both on- and off-campus.

“It has really improved my emotional intelligence.” Calypso Dubos

Take this four-minute quiz to see if ESCP’s Bachelor in Management (BSc) could be right for you

“ESCP has a bunch of student societies that focus on, for example, art, debate, music, sport – just to name a few,” Calypso says. “I’m a member of MusicCollective and GirlUp society as well as Agora, the ESCP student union and they’ve all been amazing experiences. But the student ambassador programme really broadened my horizons.”

Student ambassadors offer advice and guidance to potential ESCP students. “I found it really eye-opening,” says Calypso. “It really forces you to reassess your priorities. It kind of pushes you out of the selfish mindset of being super-competitive and into one where you really care about others. Instead of just worrying about your future you end up thinking, ‘We’re all in this together’, and I’m going to give this person the best advice I can because I want them to succeed. You realise there’s so much more to life than your own academic success.”

Leonardo’s main off-campus activity is working as president of JET ESCP, a junior enterprise consulting firm founded in 2004 as a student association within ESCP Business School. The aim of junior enterprises is to give students experience of entrepreneurship at an early stage in their careers, to add practical experience to the theoretical skills and to provide private business with state-of-the-art knowledge from universities.

If you want to study management at a business school which broadens your horizons, learn more about ESCP, which has campuses in six major European cities

Leonardo is thriving in this environment. “I’ve learned real skills – client management, project management, market analysis, due diligence. It’s been really hard work but I’ve had a lot of doors open for me. I’ve had clients asking me if I wanted an internship because of the work I did for them, and I’ve had other students asking me for some mentoring.”

“I’ve learned real skills.” Leonardo Schulze Wiering

But it hasn’t been all plain sailing for Leonardo. “I remember this one client in Spain who was really tough. Spain is a hard place even for graduates – employers expect a master’s degree. So me, a bachelor’s student, I was getting a hard time from this one guy. So I asked him to give me two days and I’d come back with a structured approach on how to deal with the issue we were talking about. Two days later I was back and we won the business.”

“Get out of your comfort zone”

Both Leonardo and Calypso say they’ve learnt a lot off-campus with ESCP. Calypso, especially, thinks that her activities with the societies and associations have helped her grow as a person. “When you enter university it can be very difficult because you think you’re being ripped out of a familiar environment. But being at ESCP has definitely made me less self-centred and more aware of other people and their cultures and opinions. It’s really improved my emotional intelligence.”

Leonardo believes it’s pushed him to grab hold of opportunities when they arise. My time at ESCP has taught me that there are many open doors but that you have to walk through them yourself. Don’t wait to be asked.”

He has one last tip for prospective students, especially off-campus. “Get out of your comfort zone. Don’t stick with just your nationality. I have German friends here for sure, but I have made a point out of seeking people from other countries too. You’re at an international university – make the most of it!”

Take this 4-minute quiz to find out if the Bachelor in Management (BSc) at ESCP could be right for you. Applications are open until July or August depending on your country of residence – find out more about applications and admissions

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TAXES

Explained: France’s exit tax

Planning on leaving France? You may, depending on your circumstances, be charged the 'exit tax'.

Explained: France's exit tax

Like some other European countries, France does have an exit tax for those (French or foreign) who are leaving the country. It’s known by the English name l’Exit tax.

However, it won’t affect most people.

Only those who have been tax resident for a minimum six years of the 10 years immediately before they permanently move out of the country are liable to pay an exit tax – if, that is, they own property, titles or rights worth a minimum of €800,000, or that represent 50 percent of a company’s social profits.

If that affects you, the best advice is to seek expert individual financial advice before moving out of France for good. The relevant page on the French government’s impot.gouv.fr website says it is possible to defer payments, and some relief is available.

Because of the relatively high figures involved, this tax is irrelevant for most people. That said, however, you will still have to inform tax authorities that you are moving out of the country because you may still have income, property and capital gains taxes to pay.

Income tax

You must inform the tax office that you are moving and give them your new address so that your tax declarations can be transferred to your new address.

You are liable for tax on everything you earned in France prior to your departure as well as on any French earnings that are taxable in France under international tax treaties that you earned after your departure.

The year of your departure, you declare your previous year’s earnings as normal – declarations in spring 2024 are for earnings in 2023.

A year later, you will have to declare any earnings taxable in France from January 1st up to the date of your departure, and any French-sourced income taxable source until December 31st of the year of your departure.

If you continue to have any French-sourced income – such as from renting out a French property – you will have to declare that income annually, using the non-residents declaration form.

Property taxes

You will have property taxes to pay if you own a French property on January 1st of any given year – whether it is occupied or not. 

Property tax bills come out in the autumn, but they refer to the situation on January 1st of that year, so even if you sell your property you will usually have the pay a final property tax bill the following year.

Moreover, if you receive income from property in France or have rights related to that property (such as shared ownership or stock in property companies), as well as any additional revenue connected to the property, during the year you leave France, you will be required to pay taxes on these earnings.

If any property assets in France exceed €1.3 million on January 1st of a given year, you may also have to pay the wealth tax (IFI).

READ ALSO What is France’s wealth tax and who pays it?

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Capital gains tax 

If you sell your French property or share of a French property, you may be liable for capital gains tax at a rate of 19 percent. It will also be subject to social security contributions at the overall rate of 17.2 percent.

Capital gains tax varies depending on how long you have owned the property and whether it was a second home or your main residence.

READ ALSO How much capital gains tax will I have to pay if I sell my French property?

The good news is, if you move to another EU country, or any country that has a specific tax agreement with France, you may be exempt from capital gains tax for non-resident sellers on the sale of a property that was your principal residence in France.

If you move elsewhere, you may be able to claim exemption on capital gains tax up to €150,000. As always, you should seek expert financial advice.

Tell Social Security

Inform social security that you are leaving France permanently – and return your carte vitale if you have one. If you do not, you may be liable for any benefits you receive to which you are no longer entitled.

More mundane tasks involve informing utility and water companies, your internet provider, if you have one, the phone company, your insurance companies, banks – and La Poste, who will be able to forward your mail for up to 12 months, for a fee…

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