tax exile

After publishing the real figures of the tax exile as part of the IREF research, this book tells the story of these exiles who are leaving not only for tax reasons, but also because they had enough with this France. A country where more than half of the population is living thanks to public money!

This book is written as a testimony from daily facts encounters by a tax lawyer, whose main activity is to support those who wish to leave France. Among them: industrial, retirees, entrepreneurs, young people, old people… This is an important part of the French wealth that goes … For the first time, a tax lawyer talks openly!

1,130: here is the number of Americans who gave up their citizenship and left the US territory. Taxation made them leave.
Who said the US was a tax haven? It is true that tax pressure on individuals and companies is much lighter than in France. Furthermore there is a real tax competition between the States. Yet, it is not sufficient.
Many American taxpayers left because of Obama’s policy and tax increases. Thus, in Q2 of this year, 1130 US taxpayers gave up their citizenship because of taxation.
It is twice as much as the whole year 2012, and ten times more than in 2007, one year before Obama’s election.

Here is a new and big campaign against tax havens. But tax exile will last as long as confiscatory and arbitrary taxes will last. It is the case in France. Should not a tax amnesty be proposed? The IREF is making the proposal that all sorting out that has begun this year should reach an agreement within a short delay and be adjusted at a standard cost of 50% of the total incomes (interests, dividends, add-value)made on these account since 2006. Those who managed their assets through companies or whose accounts were subject to donations or inheritance should not be penalized. Such a measure would yield about a billion euros.

Gilles Hennesy, an LVMH director who is executive vice-president of commercial at Moët Hennesy, and Christophe Navarre, chief executive of Moët Hennesy, are both moving to London. Bernard Charlès, chief executive of Dassault Systèmes, declared that some Dassault’s top managers already from France to other countries for fiscal reasons. The press is talking about fiscal exodus, yet it is not accurate: it would be better to talk about fiscal competition.

Fighting tax exile: this is Yann Galut’s aim. This French Socialist representative is at the head of a Committee created in the National Assembly to think out measures against tax exile. The work of this committee should end up in bills introduced in the Parliament as soon as May.

By Jean-Philippe Delsol

The fiscal frenzy which has seized the French socialists not only means that the economy grinds to a halt. It is attacking the very foundations of society by destroying entrepreneurship and responsibility. Taxes are raining on the people and the promised shelters often disappear before they have even been introduced. The 2013 finance bill has announced confiscatory tax rates on incomes, capital gains, and the payroll taxes will be increased as well. But the socialists are shooting themselves in the foot: such tax rates will destroy wealth and drive out entrepreneurs, capital, businesses and young people. Thus tax revenues will fall.