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  1. Wealth
September 11, 2012

Guardian: Bernard Arnault unlikely to leave France for tax purposes

By Spear's

Bernard Arnault, the fourth richest man in the world, and the richest man in France as a result of the wealth he has made from selling luxury goods to the world’s mega rich, is, according to press reports, applying for Belgian nationality

Bernard Arnault, the fourth richest man in the world, and the richest man in France as a result of the wealth he has made from selling luxury goods to the world’s mega rich, is, according to press reports, applying for Belgian nationality.

The media are making much of this, suggesting that a flight of the wealthy is about to happen and Arnault may be just the first of many to leave France as a result of the new higher rate taxes targeted specifically at the wealthy that President Hollande is introducing. That, however is both simplistic and quite possibly wrong.

It could be wrong because Arnault says it is. Now, believing a wealthy person’s PR on tax can often be a mistake but in this case it seems there may be merit to his claim. If Arnault keeps French tax residency, as he claims, then he is still going to be paying tax there.

To read the full story, visit guardian.co.uk

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