TAKE THE MONEY AND RUN: Elite Moving Money Out Of Country Ahead Of 75% Millionaire Tax
First, it was French icon Gerard Depardieu departing the European country over planned millionaire taxes on the rich. And now, on Jan. 22, information has surfaced that former French President Nicolas Sarkozy is planning to join the famous actor in becoming an expatriate by moving to Britain, and investing a new billion dollar hedge fund outside of France.
Nicolas Sarkozy is preparing to move to London to set up a billion pounds plus investment fund, it was claimed today.
If the move goes ahead, the controversial Frenchman will become the latest to escape a potential top tax rate of 75 per cent in his home country.
He and his former supermodel third wife Carla Bruni-Sarkozy would be likely to settle in an affluent district like South Kensington – so becoming the most high profile Gallic celebrity couple in the city. – Mail online
Last year, former President Sarkozy lost his bid to win the national election against progressive socialist Francois Hollande, and moved back into private life as a well to do citizen. However, one of Hollande’s first and most controversial platforms was to impose a millionaire tax of 75% of all earnings on citizens making over one million euros per year. Even though this law was thrown out by the Constitutional Council on Dec. 29, the fear of massive taxes on the rich is leading many wealthy elite to seek new refuges to claim as home to avoid a draining of their wealth and earning power.
Becoming an expatriate to avoid taxes is nothing new, and has been the objective of many famous people and institutions in recent years, to include the music band U2. In 2006, the band known for its Irish based anthems left the confines of the green isle to incorporate in Holland, primarily to avoid taxes on their earnings and proceeds.