Reply With QuoteWhat makes London preferable at the moment?Originally Posted by Breakfast in Vegas
Some have left. French expats are all over the world. Don't fool yourself.
Those that stayed behind did so because the current levels of taxation are not enough of a disincentive for them. If the government really goes after them more will leave.
What makes London preferable at the moment?
I know lots of wealthy French folk I only know one that has domiciled in the UK I actually know more Danes that pay tax in the UK. By and large I find the French to be a homely bunch of folk who are very attached to their culture and country.
Who is fooling who here? I AM an Albanian expat. Going away from your mother/father-land is not manically related to taxation. French who do move, do so because they are well taught, inventive and generally cosmopolitan. So trying to make it in New York, Shanghai or elsewhere cannot be resumed into tax-evasion. That is a terribly simplistic POV.
And, apparently, moving to a tax-haven if the unwashed voters don't see things your way.
And it has started!!! See here :
http://twitpic.com/9i4frk
Is the economic crisis in Europe and the regime change in France responsible for foreign residents' renewed interest in investing in Israel?
If the interest shown by French Jews at the Israeli apartment fair held in Paris earlier this month is anything to go by, the answer would be a resounding yes.
More than 5,000 people visited the fair where apartments in Israel were up for grabs. According to organizers, the fair broke records in terms of interest in Israeli apartments.
http://www.ynetnews.com/articles/0,7...230253,00.html
are the rich still in france? Can a french member of mp.net tell us?
There was some French chap here a few years ago who insisted to me his village had the best food in the world, great climate etc and would never need to go anywhere.
It's the same with the Spanish, not so fond of leaving even if there are no jobs. Maybe the Spaniards go to S.America. You rarely meet American's who travel outisde US unless young students..... or soldiers
Brits and Irish seem to go all over the world in expat roles. Good to be able to leave when SHTF. Live is very short to waste it fapping about hoping your country can get you and everyone else out of whatever hole they are in.
If I got the right pay and could bring my missus (or she could bring me), I'd go again. So comfortable to be out of your comfort zone.
fresh news from bloomberg.
Swiss bankers plan for french emigres as Hollande wins:
http://www.bloomberg.com/news/2012-0...s-victory.html
"The number of French asking for assistance has tripled in the last 18 months.”
"....Switzerland, a haven for refugees since Jean Calvin arrived in Geneva in the 16th century, had 5,445 people in the forfait system at the end of 2010 and more than 33 percent of those are French, Micheloud said. Of the 300 richest people and families in Switzerland, 43 are French.."
"...“We’ll see another wave of people and companies moving abroad,” said Olivier Cadic, a French businessman who moved his firm to the U.K. and is standing for one of the seats in Parliament reserved for nationals residing abroad. “The big wave will come in 2013, when people see the kind of taxes they are paying.”..." Dude is talking about promised rise of corporate taxes(in some fields doubled), cutting tax breaks etc.
From one other site:
"Back in April, Hollande pledged to return to the old wealth tax scale (ISF), in force prior to the 2011 reform, an altogether more complicated and burdensome regime, applied to wealth above EUR800,000 (USD1m) at varying rates of between 0.55% and 1.8%.
In contrast, within the framework of the country’s 2011 supplementary finance bill, the former French government introduced measures providing for a solidarity tax on wealth comprising of just two tax brackets: a 0.25% tax rate imposed on individuals with net taxable wealth in excess of EUR1.3m, and a 0.5% tax rate levied on individuals with net taxable assets above EUR3m.
Hollande also announced plans to introduce changes to the taxation of capital gains, applicable to the sale or transfer of a property, and therefore directly affecting Belgian residents.
In accordance with Hollande’s proposals, the current system of taxing income derived from capital will in future be aligned with the taxation of income from work, following the progressive income tax scale. Although Belgian residents have up until now been taxed at a flat rate of 19%, they could in future be taxed at up to 45% on income exceeding EUR150,000.
The newly elected French President’s tax plans might therefore deter property-hungry Belgians in future. His determination to increase the tax on the rich may even lead to a fiscal exodus of top income earners in France to Belgium, particularly given the absence of wealth tax across the border, and the limited taxation of interest from capital, coupled with Hollande’s plans to tax at 75% annual income in excess of EUR1m.
"
"...Following the upcoming legislative elections in June, French lawmakers are to convene during an extraordinary session in July to examine a bill containing the fiscal pledges outlined by Hollande during his election campaign, expected to increase the fiscal burden on households in France to the tune of around EUR14bn."
so let sit and wait for july
I hear Somaliland has not income tax or corporate tax. Maybe they should move there.
I hear North Korea has a 110% tax rate. Perhaps Hollande could seek to become president there after France is toast.
I thought the rich loved to be fleeced?
It will take time for the rich to move, since kids at least have to finish school. I believe people will not volunterely agree to give out 75% of their income to the state.
No. No they aren't. They have gone underground and are paying big money to cross into Switzerland through smugglers routes. Others are being rounded up by the IRS stormtroopers as I type. Me, I'm going to forge my tax declaration forms so it looks like I only earned 3,000 Euros in 2011 in case I run into a roving IRS investigation force.
In this modern economy, wealthy people (and corporations) wanting to evade/pay less taxes have the means to do so, and from what I can see they haven't waited for François Hollande's election to do just that...
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