Recently ousted French President Nicolas Sarkozy is planning to move to London in order to found a multi-billion dollar hedge fund, a move that would conveniently avoid France’s new tax hike on the super-wealthy and stymie a police investigation into Sarkozy’s allegedly corrupt campaign tactics. Sarkozy’s intentions were discovered in a police raid on his home:
If the move goes ahead, the former French president could escape a planned top tax rate of 75 per cent in his home country.
He and wife Carla Bruni would be likely to settle in an affluent area such as South Kensington, and would become the most high-profile Gallic celebrity couple in the capital.
Though France is currently restructuring its plan to tax citizens with incomes over one million euros ($1.33 million) at a 75 percent marginal rate, Sarkozy is not the first rich man to run away: actor Gérard Depardieu fled to Russia on explicitly tax-related grounds, favorably comparing Russian authoritarianism to French democracy in the process.
Upon taking office in 2007, Sarkozy more than doubled his personal salary.