At the centre of a political row over his decision to seek Belgian nationality, France’s richest man insists he is not doing that to avoid paying French tax.
Bernard Arnault, head of the world’s biggest luxury goods firm, LVMH , has insisted he would still pay tax in France and cited personal and business reasons for the nationality move.
French economics magazine Challenges estimates Arnault is worth 21.2 billion euros.
French tax lawyer Marylène Bonny-Grandil with Altexis in Paris told euronews the new socialist government has certainly stirred things up and more people are now asking about their services.
“Since the election and the announcements, including a seventy five percent tax rate for those earning over one million euros a year, we’ve had a lot of inquiries and not necessarily from the super-rich. The atmosphere that has changed, the richer people are considering leaving, not because of higher taxes, but because of the different (political) environment,” she said.
A recent report by the French Senate said people moving to places with easier tax regimes like Belgium, Switzerland and Luxembourg, costs the state 50 billion euros a year.