Posted on 05/19/2012 1:07:54 PM PDT by Olog-hai
Real estate agents have been aware of a new wave of interest for months, but it's been especially noticeable since Feb. 28. The night before, the then Socialist candidate for French president, François Hollande, who famously said "I don't like the rich," announced that, if elected, he would raise the top rate of tax on incomes over €1 million to 75 percent. At home, he got much applause for the announcement. But in London, the news produced a reaction that was noticeable on the computers of the London-based property company Knight Frank.
"Since February, when Hollande announced his wealth tax, there has been a large rise in web searches from French customers," Liam Bailey, head of residential research at Knight Frank, recently told the Daily Telegraph. …
Now, that the Socialist politician has moved into the Élysée Palace, an exodus of the wealthy is on the horizon. Geneva and Brussels are also profiting from the rush of tax refugees. But no other city is as successful at attracting wealthy immigrants as London, whether it's oligarchs from Russia, China's nouveau riche, oil princes from the Middle East—or rich French fleeing Hollande.
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.
London Mayor Boris Johnson, who speaks perfect French, recently encouraged workers in France's financial sector to move to the City. "Bienvenue à Londres," he said in February. "This is the global capital of finance. It's on your doorstep." …
(Excerpt) Read more at spiegel.de ...
And Arthur Laffer ascends yet another rung up the ladder to demigod status.
Pot full of flowers. If you remove all of the flowers, all you have is an EMPTY POT..
Oh well.....Socialism loses yet again.
If you are going to beat your slaves, its is wiser to beat the poor ones that cannot relocate. You risk waking the rich to the weakness of their chains.
Now, that the Socialist politician has moved into the Élysée Palace...It happens that fast after the election in France?
Correct. They do not wait for months to transfer power.
le HA...HA!
Apparently they wake up faster than most Americans. We are too consumed with American Idol, Keeping Up With The Kardashians, Lady Gaga, etc,etc,etc. to worry about stupid thibngs like taxes.
In this case, the immediate transfer of power is worse for the rich who want to get out. I imagine it’s a mad scramble before the national socialists figure out ways to keep you trapped in France.
So I wonder how many of those wealthy Frenchmen are going to America?
Not that we want them here.
“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.”
I wonder how this works. Perhaps the Brits get tax revenues if the the income is in British banks, investments, etc. It also seems like a good opportunity to have a bunch of Somalis live in England and suck the system dry while keeping their earnings from Omar’s Rugs & Tent Emporium safe.
They’ll probably go to Montreal first.
If I were French, I’d get my asset over England, too.
The citizens of the world are on the run. :)
“Move Your Big Assets to London!” ping.
Thanks Olog-hai.
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