I have a relative who has a fortune in art collected over many decades.
He would probably have to renounce his citizenship and leave the country if such a policy became law.
Wow it is definitely a fortune if it’s over $100 million. Hope you’re in his will!
“He would probably have to renounce his citizenship and leave the country if such a policy became law.”
There was a time that Paris owned the art market. Then the French government passed a fairly small tax, don’t recall the exact amount, but not much...on the sale of artworks. On a million dollars the amount was significant enough that virtually the entire art market moved to London overnight. The tax was in addition to other taxes and fees and was supposed to go to the descendants of the artist. Can you imagine the job of proving you are descended from someone who lived 250 years ago? And how many descendants will there be. Hint, it can run into the hundreds. It was a stupid idea and like most tax ideas caused a significant loss of French revenue. Just because something is stupid, unworkable and causes a net loss doesn’t mean it won’t happen. History tells us it happens more often than not.