Sarkozy's plans 'to dodge new 75% French tax rate by moving to London

[mocgator]

You simply can't make this stuff up. May you live in interesting times my friends...

http://www.dailymail.co.uk/news/article-2266331/Nicolas-Sarkozy-Carla-Bruni-dodge-new-French-tax-hike-moving-London-setting-1billion-fund.html

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. But the former president is under investigation for corruption in France, and if he does cross the Channel there will be outrage.

[gatorev12]

Capital will always gravitate towards areas where the investment/business climate is better.

[channingcrowderhungry]

Capital will always gravitate towards areas where the investment/business climate is better.

Especially nowadays where most super rich people can work remotely. Internet is a hell of an equalizer in this.

[G8trGr8t]

move to the us virgin islands and open a business there and employ enough people (3 last time I checked, can be maid, cook, and lawn care) and cut US income and corporate taxes to 10%. better deals in the Mariannas but that is a long plane ride even on a private jet. look at where the Rockefeller trust is incorporated. Their money fled a long time ago even if they do still live here.

got some premium land and contacts on St. Croix if anybody is interested.

Tremendous amount of unused band width on St. Croix as they have a hub there where the net meets..fed by S. America, cable through Panama to US west coast, and cable to Vero Beach. little secure area on the west shore where the cables all meet and they have now set up enough switches to tap into it.

can't figure out why more IT companies are not migrating there to take advantage of no repatriation costs, low taxes, incredible internet speed/volume available.

[ArtVandelay]

He belongs in jail...

[Dreamliner]

He belongs in jail...

If he returns to France they probably will jail him for the high crime of being un-French and refusing to acknowledge that his wealth is an affront to the citizenry.

The French are repugnant.

[VAg8r1]

Interesting, since the 75% tax rate was held unconstitutional almost a month ago.
French Council Strikes Down 75% Tax Rate
By SCOTT SAYARE
Published: December 29, 2012

PARIS — France’s Constitutional Council on Saturday struck down the Socialist government’s plan to impose a 75 percent marginal income tax rate on the wealthy, a measure that figured prominently among the campaign promises of President François Hollande and that had become a divisive emblem of his approach to cutting the budget deficit.
NY Times (http://www.nytimes.com/2012/12/30/world/europe/french-council-strikes-down-75-tax-rate-on-rich.html?_r=0)

Sarkozy may be moving his assets to London, but it's more likely to protect them in the event he is convicted of corruption than to avoid the now unconstitutional 75% tax rate.

[ArtVandelay]

He belongs in jail...

Before some people put words in my mouth...he doesn't belong in jail if he tries to avoid the 75% tax.

He belongs there because he is corrupt and needs to be punished!

[mocgator]

move to the us virgin islands and open a business there and employ enough people (3 last time I checked, can be maid, cook, and lawn care) and cut US income and corporate taxes to 10%. better deals in the Mariannas but that is a long plane ride even on a private jet. look at where the Rockefeller trust is incorporated. Their money fled a long time ago even if they do still live here.

got some premium land and contacts on St. Croix if anybody is interested.

Tremendous amount of unused band width on St. Croix as they have a hub there where the net meets..fed by S. America, cable through Panama to US west coast, and cable to Vero Beach. little secure area on the west shore where the cables all meet and they have now set up enough switches to tap into it.

can't figure out why more IT companies are not migrating there to take advantage of no repatriation costs, low taxes, incredible internet speed/volume available.

The EDC tax program for the US VI's is great. We are starting an office in St. Croix actually as we speak. I may have to go down there for a few months to make sure all is well. :)

[GatorAbe7]

WHo can blame 'the American' Sarkozy for fleeing a 75% tax rate? And let the French get outraged for once. They've been some of the most apathetic peoples lately.

[wgbgator]

Interesting, since the 75% tax rate was held unconstitutional almost a month ago.

NY Times (http://www.nytimes.com/2012/12/30/world/europe/french-council-strikes-down-75-tax-rate-on-rich.html?_r=0)

Sarkozy may be moving his assets to London, but it's more likely to protect them in the event he is convicted of corruption than to avoid the now unconstitutional 75% tax rate.

Yeah, you've got to question someone's judgment if their only reason for moving to the UK is to avoid taxes. Monaco and Switzerland are right there, and they speak French.

[ArtDeco]

Interesting, since the 75% tax rate was held unconstitutional almost a month ago.

NY Times (http://www.nytimes.com/2012/12/30/world/europe/french-council-strikes-down-75-tax-rate-on-rich.html?_r=0)

Sarkozy may be moving his assets to London, but it's more likely to protect them in the event he is convicted of corruption than to avoid the now unconstitutional 75% tax rate.

If I may interrupt, the tax itself wasn't unconstitutional, just the way it was written.
So Sarkozy knows it will be back in a new form.
If only they had a John roberts in France, they could have skipped this step.

[Swampmaster]

move income to another country to avoid a 75% tax rate? that's not nice.

[ArtDeco]

move income to another country to avoid a 75% tax rate? that's not nice.

If you discover how to move income without any government knowing, let me know.
He's moving assets. My understanding is that the new French government wants to tax wealth and assets as well. In other words, if you paid your income tax and were left with $100, and put that in the bank, they would take $75 of that $100 the next year for being stupid enough to save it.

[ncgatr1]

I wonder how the giving attitudes of the wealthy and upper middle class will change after this election. It seems that a lot of people I know in this class have given up on saving this Country. Now they are only focused on protecting and securing their family's futures. They seems to care less about the less fortunate and giving to charitable causes. I don't think this can be underestimated, I wonder if this is a localized attitude or it's a national attitude. When you look around realize people are becoming more callous towards the needs of others, it's never a good thing.

[gatorev12]

Yeah, you've got to question someone's judgment if their only reason for moving to the UK is to avoid taxes. Monaco and Switzerland are right there, and they speak French.

He's moving to avoid higher taxes and to set up an investment fund. Monaco and Switzerland might tax him less than France, but neither locale is a center for international trade/finance; London is.

[G8trGr8t]

The EDC tax program for the US VI's is great. We are starting an office in St. Croix actually as we speak. I may have to go down there for a few months to make sure all is well. :)

check your pm's

[Swampmaster]

If you discover how to move income without any government knowing, let me know.

companies do it all the time, with transfer pricing strategies. In this case, he's moving income by shifting income producing assets---basic strategy, easy to do. Only a fool would pay 75% tax to a corrupt government.

[Gatorrick22]

He belongs in jail...

Yeah, that damned tax dodger. :laugh:

How dare he think he can keep his own hard earned money.

[brainstorm]

move to the us virgin islands and open a business there and employ enough people (3 last time I checked, can be maid, cook, and lawn care) and cut US income and corporate taxes to 10%. better deals in the Mariannas but that is a long plane ride even on a private jet. look at where the Rockefeller trust is incorporated. Their money fled a long time ago even if they do still live here.

got some premium land and contacts on St. Croix if anybody is interested.

Tremendous amount of unused band width on St. Croix as they have a hub there where the net meets..fed by S. America, cable through Panama to US west coast, and cable to Vero Beach. little secure area on the west shore where the cables all meet and they have now set up enough switches to tap into it.

can't figure out why more IT companies are not migrating there to take advantage of no repatriation costs, low taxes, incredible internet speed/volume available.

If you can provide me a little financial backing I will move there in a heartbeat :laugh:

I have a buddy who went there on a diving trip and never went home. On his second wife - married up and living well.