Wealthy French are moving to Britain to escape Hollande's plan for 75% tax on rich

Large numbers of France's well-heeled families are selling up and moving to 'wealth-friendly' nations

British estate agents say they have sold more £1m-plus properties since April than last year







It is thought many are leaving France to avoid Hollande's (pictured) proposed tax rate

France's super-rich are flocking to 'wealth-friendly' nations like Britain and Switzerland to escape looming tax hikes announced by the country's new socialist government.

Large numbers of France's most well-heeled families are selling up and moving to neighbouring countries, estate agency figures have shown.

It is thought many are leaving France to avoid a proposed tax rate of 75 per cent on earnings of more than 1million euros - £780,000.

The countries previous top tax bracket of 41 per cent on earnings over 72,000 euros is also set to increase to 45 per cent.

British estate agent Sotheby's said it's French offices sold more than 100 properties over 1.7 million euros between April and June this year - a marked increase on the same period in 2011.

Sotheby's French boss Alexander Kraft said: 'The result of the presidential election has had a real impact on our sales.

'Now a large number of wealthy French families are leaving the country as a direct result of the proposals of the new government.

'These properties are then bought up by foreign investors looking for a stable real estate market like France to invest in.

'It shows the high-end property market is holding up very well, even in these difficult times.'

Swiss tax consultant Gilles Martin also told his country's 20 Minutes newspaper: 'Since the socialists came to power in France, I have been deluged with inquiries from rich French people who would rather pay their tax in Switzerland.'

David Cameron with Francois Hollande last week. Britain's Prime Minister angered the French last month when he said he would 'roll out the red carpet' to wealthy French citizens and firms who wanted to pay their taxes in Britain

A report earlier this year by London estate agents also showed France's richest people were heading to Britain to escape new higher taxes.

Inquiries from wealthy French for London homes worth more than £5million soared by 30 per cent in the first three months of this year, UK estate agency statistics showed.

And interest in homes worth between £1million and £5million rose by 11 per cent, it was found.

According to British estate agent Knight Frank, French interest in luxury London homes has rocketed since the tax plans.

Exodus: Scores of wealthy French families are considering turning their backs on cities like Paris (picture)

Rolling out the red carpet: Wealthy French citizens and firms are looking at luxury homes in London (pictured) and are considering paying their taxes in Britain

Liam Bailey, Knight Frank's global head of residential research, said: 'It is too early to see the impact of the proposed wealth taxes in France in terms of actual purchases in London.

'But there is strong evidence from our web search statistics. This evidence from web search activity backs up a noticeable spike in anecdotal comments from our office network, where French applicants have become much more noticeable in recent months.'

'These properties are then bought up by foreign investors looking for a stable real estate market like France to invest in'

Prime minister David Cameron angered the French last month when he said he would 'roll out the red carpet' to wealthy French citizens and firms who wanted to move out and pay their taxes in Britain.

He told the B20 business summit in Mexico in June: 'I think it's wrong to have a completely uncompetitive top rate of tax.

'If the French go ahead with a 75 per cent top rate of tax we will roll out the red carpet and welcome more French businesses to Britain and they can pay tax in Britain and pay for our health service and schools and everything else.'

The comments left French politician so offended he suggested Mr Cameron must have been 'drunk' when he made them.

Gallic MP Claude Bartolone, a staunch ally of President Hollande, said: 'I hope that it was an after-dinner remark and that he didn't have all his wits about him when he said these things.

'He can't have had his wits about him because if he had, he would have paid more attention to all those Europeans who go to work in England but who come for medical treatment in France and who put their children in French schools because there are no more public services in England.'

France's European Affairs Minister Bernard Cazeneuve also told Canal Plus television: 'What I can answer to this statement from the British prime minister is that French bosses are patriots.