French millionaires on the run

When new French president, François Hollande, was running for office, he promised to stick it to millionaires and tax them at a tax rate of 75%. The French millionaires believe he will do it and they are moving themselves and their money out of France. Money cities like Geneva and Brussels are benefiting from the exodus, but millionaire-friendly London has hit ‘le jackpot’.

Britain offers wealthy foreigners incentives that are practically unparalleled in Europe. For example, the state exempts foreign residents from having to pay tax on income generated outside Britain. For some, having a British residence can save them millions.

“Since February, when Hollande announced his wealth tax, there has been a large rise in web searches from French customers,” said Liam Bailey, head of residential research at London realtors, Knight Frank. More than 300,000 French people are believed to already be living in London, which is more than a medium sized French city.

Not only wealthy French, but Greeks, Italians and Spaniards are seeing the UK as a safe haven for their gotten gains. When the expected rush of patriotic French arrive in London, they will not have to look far to be right at home.

The London suburb of South Kensington already has a French community.

It is the epicenter of elegant French exiles, the bon vivant can get all life’s necessities. There are French creperies, fromageries and rotisseries, as well as French bookstores and bakeries.

There are French-speaking dentists, plumbers and tax accountants, not to mention French schools. There is even a French cinema and a radio station.

No doubt the new London French will get as angry as the Parisian French, if anyone dares to speak English to them.

French are no different to millionaires everywhere. Our very own Mitt Romney uses loopholes, in the pathetic US tax code, to harbor part of his $250 million fortune in a Swiss bank account and in the tax free paradise islands of the Caribbean. The big difference is the IRS allows Romney to maintain a US residence. A real ‘cake and eat it’ situation.

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